Xvivo Perfusion: Margin expansion ahead

Research Update

2017-07-28

09:06

• Sales in Q2 came in below our expectations, with lower than expected sales of XPS and STEEN Solution. With the results in hand, we lower our sales estimates for the second half of 2017. We still predict that 2018 will be the year of STEEN Solution, where a broader clinical acceptance and obtained reimbursement will drive strong sales growth. • Profitability in Q2 exceeded our expectations by a wide margin. We believe that Xvivo Perfusion has reached a margin inflection point and expect to see strong margin expansion from the end of the year and onwards. • We maintain our fair value of SEK 105 per share. The share has had a positive development in the second quarter, but we see no major catalysts before Q4, where the initial results from the PrimECC study likely will be presented.

AN

Arvid Necander

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