Release Date: July 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Xvivo Perfusion AB (XVIPF, Financial) reported strong growth in specific segments, with US lung sales to clinics and OPOs growing by 26%, liver sales in Europe increasing by 32%, and kidney sales in the US rising by 47% during the second quarter.
- The company achieved significant milestones for future growth, including a 76% risk reduction in severe PGD from the European Heart Study, which led to improved patient survival.
- There is a high interest in starting EVLP programs, with four new XPS customers in the US in the first six months of 2025, indicating potential for future growth.
- Xvivo Perfusion AB (XVIPF) maintained a stable gross margin of 74% despite currency headwinds, demonstrating resilience in its business model.
- The company is preparing for the launch of heart products in Europe and has seen high interest from clinics, indicating potential for future revenue growth in this segment.
Negative Points
- Xvivo Perfusion AB (XVIPF) reported negative top-line growth in Q2 2025 compared to the same quarter last year, primarily due to a slower-than-expected lung market, lack of heart sales, and a weaker US dollar.
- The company's EBITDA as a percentage of sales decreased this quarter, reflecting challenges in maintaining profitability amidst sales declines.
- There was a significant destocking issue with the largest US lung customer, impacting sales negatively by approximately USD 1.5 million.
- Heart sales were significantly lower in Q2 2025 compared to last year, with only SEK3 million in sales versus SEK19 million last year, due to the absence of trial revenue.
- The US service business progress was unsatisfactory, with a strategic review indicating a need for improvement in this area.
Q & A Highlights
Q: Can you provide more details on the destocking issue with your largest lung customer and when it might end?
A: The destocking was unexpected due to slower growth in the EVLP market. It will likely stop when the market returns to normal growth levels. If the market stabilizes, we don't expect further inventory reductions. The impact in Q2 was approximately USD 1.5 million. – Christoffer Rosenblad, CEO
Q: With new EVLP centers ramping up in the US, do you expect growth from direct US lung customers to accelerate?
A: We aim to accelerate growth by investing in customer-facing personnel to ramp up new accounts. We are planning for a better second half compared to the first half. – Christoffer Rosenblad, CEO
Q: What is the expected sales contribution from heart products in Europe if approval is received in Q3?
A: Sales will ramp up gradually as we list the product country by country and activate clinics. We expect increasing sales quarter-on-quarter rather than a high initial launch volume. – Christoffer Rosenblad, CEO
Q: What is the status of the liver trial and the continuous access protocol for heart in the US?
A: The first patient for the heart protocol could be any day, depending on waitlist matching. For the liver trial, we aim to include the first patient by the end of Q3. – Christoffer Rosenblad, CEO
Q: How is the interest from OPOs affecting your strategy, and what is the timeline for supporting them?
A: We see OPOs as a crucial customer group due to the NRP trend. We have some homework to do to best cooperate with them, but we expect to be ready to support them in less than 12 months. – Christoffer Rosenblad, CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
