XVIVO

Xvivo Perfusion

Research update

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Xvivo Perfusion: Pipeline lifts fair value

• Sales in Q4 came in lower than expected. The discrepancy could mainly be attributed to the sales of durable goods. With four machines delivered during the quarter and a steadily growing installed base, we see no reason to worry. Our view of the company’s long-term growth potential remains positive.

• With the heart project ready to enter clinical studies and more cash at hand, we believe that Xvivo Perfusion has the necessary means to accelerate the project’s development. We also see that the improved financial strength increases the company’s possibilities to establish a significant market share for PrimECC in its targeted market.

• We have now included Heartadex, HS1 and PrimECC in our estimates. The changes have resulted in a new fair value of SEK 105 (60) per share, offering an attractive upside from current levels. The development risk is deemed to be low, but we also recognise that clinical trials for new medical devices often take longer than expected.

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