• Xvivo Perfusion failed to live up to our high set expectations in Q3, causing us to revise our estimates with lower sales growth in the near-term. Going forward, we expect to see a gradual margin expansion, affected by the increased investment in R&D. • The recently obtained reimbursements codes for the EVLP procedure constitute a significant milestone for the company and strengthens our belief in strong sales growth for STEEN Solution in 2018. Following an update on the research portfolio from management, we adjust the commercialisation timeline for PrimECC and expect no broad market launch before the completion of the upcoming clinical trial. • Out fair value remains unchanged at SEK 105 per share, offering an upside of about 16 percent from the current price.