XVIVO delivered an organic growth surprise at 32% (CER) during Q1 a quarter, with a substantial contribution from both the thoracic and abdominal business, whilst the OPEX level is contained. The outlook remains positive, and the critical US Heart study is underway. Our updated base case is SEK 460 (425) with a Bull of SEK 925 (850) and a Bear of SEK 115 (95).