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Xvivo Perfusion AB
(XVIVO)
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Rating:71Outperform
Price Target:
kr243.00
▼(-10.79% Downside)
Action:Upgraded
Date:08/12/26
The score is driven primarily by strong fundamentals and earnings-call execution signals (solid growth, improving EBITDA and operating cash flow, and a very strong balance sheet). Technicals support the uptrend but are somewhat overheated, while valuation is the biggest offset due to the very high P/E and lack of dividend support.
Positive Factors
Strong organic growth
Strong organic growth indicates expanding adoption of XVIVO’s transplantation products and workflows. Broad commercial momentum can improve operating leverage, support continued investment in regulatory and production capacity, and strengthen the company’s position with transplant centers over the next several quarters.
Negative Factors
Abdominal margin pressure
Lower abdominal margins weaken the quality of growth, particularly as kidney products expand at lower profitability. Recovering economics depends on better geographic mix, pricing and cost improvements, so margin normalization may take time and could limit earnings conversion during continued expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong organic growth
Strong organic growth indicates expanding adoption of XVIVO’s transplantation products and workflows. Broad commercial momentum can improve operating leverage, support continued investment in regulatory and production capacity, and strengthen the company’s position with transplant centers over the next several quarters.
Read all positive factors
Xvivo Perfusion AB (XVIVO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.07B
Dividend YieldN/A
Average Volume (3M)53.70K
Price to Earnings (P/E)78.4
Beta (1Y)1.17
Revenue Growth8.79%
EPS Growth-20.48%
CountrySE
Employees197
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)2.81
Shares Outstanding31,499,470
10 Day Avg. Volume72,762
30 Day Avg. Volume53,698
Financial Highlights & Ratios
PEG Ratio-2.73
Price to Book (P/B)2.78
Price to Sales (P/S)7.24
P/FCF Ratio-38.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.43
Revenue Forecast (FY)kr990.90M
Xvivo Perfusion AB Business Overview & Revenue Model
Company Description
Xvivo Perfusion AB (publ) is a medical technology company that creates and supplies advanced solutions for the preservation and perfusion of organs, tissues, and cells, primarily for use in transplantation. The company's global reach extends acros...
How the Company Makes Money
XVIVO primarily makes money by selling transplantation-related products to healthcare customers involved in organ transplantation (e.g., transplant centers, hospitals, and organ procurement-related organizations). Key revenue streams include: (1) ...
Xvivo Perfusion AB Earnings Call Summary
Earnings Call Date:Jul 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial picture: strong organic revenue growth (36% in Q2), robust profitability (19% Q2 EBITDA margin; rolling 12-month EBITDA 21%) and improving cash generation (positive operating cash flow and SEK 305m cash balance). Commercial momentum is broad-based (notably thoracic/EVLP, kidney, and heart pre-launch adoption) and supported by strong clinical evidence (heart trial outcomes and >600 heart transplants). Key risks include services underperformance, margin pressure in abdominal products driven by mix and pricing, elevated R&D/CapEx and regulatory timing uncertainty (CE mark and U.S. pathways). Overall the positive growth, profitability and clinical/regulatory progress outweigh the identifiable execution and timing risks.Positive Updates
Strong Top-Line Growth
Q2 net sales SEK 239 million, representing 36% organic growth versus the same quarter last year; first six months sales SEK 480 million with 29% organic growth.
Negative Updates
Services Segment Weakness
Services net sales SEK 15 million, down 25% year-over-year; organ recovery volumes remain below expectations, driving a services gross margin of just 10% due to underutilization and capacity investments.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Q2 net sales SEK 239 million, representing 36% organic growth versus the same quarter last year; first six months sales SEK 480 million with 29% organic growth.
Read all positive updates
Company Guidance
Guidance from the call was that XVIVO will submit the U.S. heart filing this quarter (with an anticipated FDA turnaround of ~30 days that could enable U.S. transplants in Q3), decide the U.S. Liver Assist regulatory route and report back by the Q3 report, and expects CE‑mark feedback for heart during Q3; commercially it is scaling the U.S. sales force (~10–13 additional hires next year) and expanding an OPO EVLP rollout pipeline of 45 OPOs (three onboarded, pilots showing ~20 LP in one OPO H1), while continuing to invest in sales, regulatory and production scale‑up to lower disposable costs mid‑next year. Financially the company reiterated strong growth and scalability — Q2 net sales SEK 239m (organic +36%), H1 sales SEK 480m (organic +29%), thoracic SEK 158m (+53%, EVLP disposables +69%), heart SEK 24m, abdominal SEK 65m (+26%, kidney +72%, liver +11%), services SEK 15m (-25%, FlowHawk +48%); gross margin 71% (thoracic 83%, abdominal 57%, services 10%); Q2 EBITDA SEK 45m (19%, YTD 20%, rolling 12m 21%); operating cash flow Q2 SEK 63m (YTD SEK 129m), cash position SEK 305m, investment cash outflow Q2 -SEK 68m and H1 total cash flow essentially break‑even — management expects margins to improve over time and aims to end 2026 cash‑positive while continuing to self‑fund growth.Xvivo Perfusion AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 895.23M | 812.16M | 822.41M | 597.54M | 415.29M | 258.39M |
| Gross Profit | 562.62M | 533.50M | 616.41M | 445.11M | 296.96M | 188.28M |
| EBITDA | 184.14M | 153.14M | 272.97M | 35.05M | 39.21M | 39.20M |
| Net Income | 88.57M | 25.16M | 172.18M | 91.82M | 18.43M | 8.15M |
Balance Sheet | ||||||
| Total Assets | 2.53B | 2.37B | 2.40B | 2.20B | 1.73B | 1.54B |
| Cash, Cash Equivalents and Short-Term Investments | 304.96M | 292.09M | 415.52M | 546.09M | 246.54M | 398.70M |
| Total Debt | 121.62M | 124.72M | 34.04M | 31.44M | 10.01M | 5.72M |
| Total Liabilities | 326.64M | 260.65M | 245.97M | 250.57M | 302.95M | 257.15M |
| Stockholders Equity | 2.20B | 2.11B | 2.16B | 1.95B | 1.43B | 1.29B |
Cash Flow | ||||||
| Free Cash Flow | 191.56M | -151.84M | -81.86M | -97.65M | -103.09M | -106.13M |
| Operating Cash Flow | 236.35M | 101.07M | 111.29M | 46.29M | 27.86M | -12.06M |
| Investing Cash Flow | -249.36M | -258.41M | -243.81M | -161.62M | -197.62M | -187.70M |
| Financing Cash Flow | -12.14M | 72.25M | -10.90M | 418.55M | -6.84M | 234.61M |
Xvivo Perfusion AB Technical Analysis
Negative
272.40
Price Trends
262.60
Negative
266.02
Negative
241.04
Negative
Market Momentum
-10.49
Positive
23.18
Positive
15.60
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:XVIVO, the sentiment is Negative. The current price of 272.4 is above the 20-day moving average (MA) of 247.47, above the 50-day MA of 262.60, and above the 200-day MA of 241.04, indicating a bearish trend. The MACD of -10.49 indicates Positive momentum. The RSI at 23.18 is Positive, neither overbought nor oversold. The STOCH value of 15.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:XVIVO.
Xvivo Perfusion AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | kr67.30B | 25.23 | 8.88% | 1.92% | -3.56% | 79.60% | |
71 Outperform | kr7.07B | 78.36 | 4.13% | ― | 8.79% | -20.48% | |
57 Neutral | kr12.49B | -2.58 | -53.29% | 1.16% | -4.21% | -1194.93% | |
52 Neutral | kr1.50B | -1.84 | -49.84% | ― | -15.45% | -164.23% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | kr985.42M | -27.34 | -3.99% | ― | -0.34% | 29.54% | |
41 Neutral | kr218.63M | -1.00 | -303.61% | ― | 51.21% | 42.24% |
* Healthcare Sector Average
SE:XVIVO
Xvivo Perfusion AB
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50.60
29.83%
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Xvivo Perfusion AB Corporate Events
XVIVO Perfusion Sets 2027 Nomination Committee and Invites Shareholder Input
Sep 30, 2026
The following members have been appointed to XVIVO Perfusion’s nomination committee ahead of the 2027 annual general meeting: Henrik Blomquist, representing Bure Equity AB; Thomas Ehlin, representing The Fourth Swedish National Pension Fund;...
XVIVO Files FDA PMA for Heart Assist Transport System After Key U.S. Trial
Sep 28, 2026
XVIVO Perfusion AB has submitted a Premarket Approval application to the U.S. Food and Drug Administration for its XVIVO Heart Assist Transport System, supported by data from the 141-patient PRESERVE IDE trial at 14 leading U.S. heart transplant c...
XVIVO Wins CE Mark for Heart Preservation System, Expanding European Transplant Access
Aug 11, 2026
XVIVO Perfusion has secured CE certificates for its XVIVO Heart Assist Transport system, a hypothermic oxygenated perfusion-based technology designed to preserve donor hearts in an oxygen-rich, controlled environment. This approval makes the syste...
XVIVO Wins Expanded U.S. Enrollment for Heart Transport Trial
Aug 3, 2026
XVIVO Perfusion AB has secured U.S. regulatory clearance to enroll an additional 60 patients in the PRESERVE Continued Access Protocol study for its investigational XVIVO Heart Assist Transport device, following completion of the initial cohort ac...
Xvivo Perfusion Delivers Strong Growth While Ramping Heart R&D Spend
Jul 14, 2026
Xvivo Perfusion AB reported strong growth in the second quarter of 2026, with net sales rising 34 percent to SEK 239 million and organic growth of 36 percent in local currencies. Thoracic and abdominal product sales expanded sharply, while service...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.