GOTHENBURG, SE / ACCESSWIRE / January 28, 2025 / XVIVO Perfusion AB (STO:XVIVO)(LSE:0RKL)(FRA:3XV)
Fourth quarter 2024 (October 1 - December 31)
• Net sales amounted to SEK 227.6 million (155.7), corresponding to growth of 46 percent in SEK and 45 percent in local currencies.
• Organic growth accounted for 44 percent and acquired growth for 1 percent. All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 50 percent, Abdominal disposables 35 percent and Services 16 percent.
• Gross margin for disposables was 82 percent (81). The total gross margin increased to 77 percent (75).
• Operating income (EBIT) increased to SEK 15.5 million (-16.1) and includes a write-down of intangible assets of SEK -20.1 million (-16.4) related to discontinued development projects. Adjusted EBIT amounted to SEK 36.6 million (0.8).
• Operating income before depreciation and amortization (EBITDA) increased to SEK 51.9 million (20.7), corresponding to an EBITDA margin of 23 percent (13). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 52.9 million (21.2), corresponding to an adjusted EBITDA margin of 23 percent (14).
• Net profit amounted to SEK 36.4 million (68.5) and was impacted by financial expenses of SEK -0.4 million (73.7) attributable to fair value valuation of financial liabilities.
• Earnings per share amounted to SEK 1.16 (2.17).
• Cash flow from operating activities was SEK 62.1 million (18.1). Total cash flow amounted to SEK -51.7 million (-38.2) primarily impacted by investments in R&D projects, production facilities and the acquisition of FlowHawk.
Significant events in the quarter
• Enrollment of patients completed five months early in XVIVO's clinical trial in the US evaluating heart preservation technology
• Lena Hagman is appointed deputy CEO
The period 2024 (January 1 - December 31)
• Net sales amounted to SEK 822.4 million (597.5), corresponding to growth of 38 percent in SEK and 39 percent in local currencies.
• Organic growth accounted for 39 percent, currency effect -1 percent. All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 46 percent, Abdominal disposables 32 percent and Services 7 percent.
• Gross margin for disposables was 81 percent (81). The total gross margin increased to 75 percent (74).
• Operating income (EBIT) increased to SEK 88.4 million (4.2) and includes a write-down of intangible assets of SEK -20.3 million (-16.4) related to discontinued development projects. Adjusted EBIT amounted to SEK 115.6 million (42.7).
• Operating income before depreciation and amortization (EBITDA) increased to SEK 176.1 million (80.5), corresponding to an EBITDA margin of 21 percent (13). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 183.1 million (102.6), corresponding to an adjusted EBITDA margin of 22 percent (17).
• Net profit increased to SEK 172.2 million (91.8) and was impacted by financial income of SEK 59.0 million (72.0) attributable to fair value valuation of financial liabilities.
• Earnings per share amounted to SEK 5.47 (3.07).
• Cash flow from operating activities increased to SEK 111.3 million (46.3). Total cash flow amounted to SEK -143.4 million (303.2) primarily impacted by investments in R&D projects, production facilities, and the acquisition of FlowHawk.
Significant events in the reporting period
• First-ever transplantation of a donor heart transported across the Atlantic - made possible by XVIVO's heart technology
• Study in extended hypothermic (cold) perfusion of liver using Liver Assist shows that preservation can last up to 20 hours.
• New clinical study, 'HOPE at Heart', started by XVIVO in Europe on DCD hearts in 20 patients
• Unique initiative, 'The Bridge - Lungs for Life', started to increase lung transplants in Sweden and Denmark
• Results of XVIVO's European heart preservation study published in The Lancet
• XVIVO signs agreement to acquire FlowHawk - a unique communication platform for the transplant process. The transaction was completed on October 11
Events after the end of the period
• IDE application filed with the FDA in the US for approval to start a clinical trial with Liver Assist
• XVIVO has entered into a revolving credit facility of EUR 20 million with a three year term. The credit facility provides XVIVO with further flexibility for strategic management of growth opportunities, financing working capital and general business purposes
CEO comment
"During 2024 we estimate that more than 12,000 patients were given a lifesaving transplant using XVIVO's products or services. It has been a strong year for XVIVO, marked by topline growth and encouraging progress in clinical and regulatory activities. As we look ahead, we remain committed to our vision that ' no one should die waiting for a new organ' . We will continue to push the boundaries of organ transplantation and improve outcomes for patients worldwide. The achievements of the past year, combined with the exciting opportunities on the horizon, position XVIVO for rapid but sustained growth. None of this would be possible without the trust and enthusiasm of our customers and the dedication of our employees. Together, we are shaping the future of organ transplantation, and I am confident that 2025 will be another impactful year for XVIVO." - Christoffer Rosenblad, CEO
For further information, please contact:
Christoffer Rosenblad, CEO, +46 73 519 21 59, e-mail: christoffer.rosenblad@xvivogroup.com
Kristoffer Nordström, CFO, +46 73 519 21 64, e-mail: kristoffer.nordstrom@xvivogroup.com
Conference Call
Christoffer Rosenblad, CEO and Kristoffer Nordström, CFO, will present the report in a conference call today at 2.00 PM CET / 8.00 AM EST. For registration to the conference call, see information in previous press release: https://www.xvivogroup.com/pressreleases/conference-call-on-year-end-report-2024/
About Us
Founded in 1998, XVIVO is the only medical technology company dedicated to extending the life of all major organs - so transplant teams around the world can save more lives. Our solutions allow leading clinicians and researchers to push the boundaries of transplantation medicine. XVIVO is headquartered in Gothenburg, Sweden, and has offices and research sites on two continents. The company is listed on Nasdaq Stockholm under the ticker symbol XVIVO. More information can be found on the website www.xvivogroup.com.
This information is information that XVIVO Perfusion AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-01-28 07:30 CET.
Attachments
XVIVO Year End Report 2024
SOURCE: XVIVO Perfusion AB
View the original press release on ACCESS Newswire
