Xvivo Perfusion Q4: Strong end to 2018

Research Note

2019-02-08

09:00

Sales in Q4 came in higher than expected and sales related to warm perfusion showed continued strong growth. The gross margin for non-durable goods was in line with our forecast and although operating expenses were slightly higher than our expectations, the higher-than-expected sales growth resulted in an EBITDA in line with our forecast. Overall, we keep a positive view on the report, focusing on the strong result for sales related to warm perfusion. Our fair value (base case) remains unchanged.

AN

Arvid Necander

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