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XVIVO

Xvivo Perfusion

Research update

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Xvivo Perfusion: Patience is a virtue

• Sales in Q1 fell short of our high expectations, but compared to last year sales related to warm perfusion (excl. durable goods) continued to witness strong growth. Two XPS were delivered during the quarter, becoming the first machines to be sold to the Netherlands and Australia.

• Going forward, we believe that the ramp-up of sales related to warm perfusion will be more gradual than what we previously accounted for. We also believe that the increased investments in sales will continue, resulting in an increasing cost base. The investments are, however, expected to generate a significant increase in sales, resulting in a significant margin expansion in the upcoming years.

• Our fair value remains unchanged at SEK 105 per share, offering an attractive upside from current levels.

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