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Xvivo Perfusion

Research note


Xvivo Perfusion Q1: Falls short of high expectations

Total sales in Q1 failed to meet our expectations, but sales related to warm perfusion (excl. durable goods) continued to witness strong growth. The gross margin came in higher than expected, but higher operating expenses than anticipated resulted in an EBIT lower than our forecast. We have a neutral view of the report, but keep our positive view of the company’s future growth potential.

Xvivo Perfusion had sales of SEK 37.5 (33.5) million in Q1, corresponding to a growth of 12 (5.4) percent. The number was lower than what we had expected, forecasting a sales growth of 20 percent during the quarter. The sales related to warm perfusion (excl. durable goods) continued to witness strong growth, but failed to meet the high expectations that were set. The sales totaled to SEK 12.1 (9.0) million, corresponding to a growth of approximately 34 percent. Two XPS were delivered during the quarter, becoming the first machines to be sold to the Netherlands and Australia.


Boosted by a beneficial currency effect, the gross margin amounted to 72 percent during the quarter, compared to the forecasted 71 percent. The discrepancy was largely a result of lower sales related to warm perfusion (excl. durable goods) than expected. The operating expenses were slightly higher than expected, which largely could be attributed to higher SG&A than we had accounted for in our prognosis. The EBIT result came in at SEK 0 million, compared to the forecasted SEK 2.7 million.


Overall, our view of the report was neutral. Though the report failed to meet our high expectations, the continued strong growth of sales related to warm perfusion (excl. durable goods) gives grounds for a positive view of the future. We will only do minor adjustments in our forecast going forward and will keep our fair value of SEK 105 per share. The share is currently traded at SEK 85.5 per share, about 2.8 percent lower than yesterday's closing price.



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