GOTHENBURG, SWEDEN / ACCESSWIRE / July 13, 2022 / XVIVO Perfusion AB (STO:XVIVO)(LSE:0RKL)(FRA:3XV)
Strong sales growth and increased gross margins
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Second quarter 2022 (Apr 1 – Jun 30)
• Net sales amounted to SEK 94.3 million (59.3), corresponding to an increase of 59 percent in SEK and 44 percent in local currencies.
• All business areas delivered underlying organic growth adjusted for currency effects; Thoracic 24 percent, Abdominal 51 percent and Services 40 percent. Acquired growth amounted to 16 percent.
• Gross margin for disposables increased to 78 percent (76). Total gross margin was 72 percent (75) due to the segment mix.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK 14.4 million (-1.5) corresponding to an EBITDA margin of 15 percent (-3).
• Adjusted operating profit before depreciation and amortization (EBITDA) amounted to SEK 11.3 million (8.4), corresponding to an adjusted EBITDA margin of 12 percent (14).
• Operating profit (EBIT) amounted to SEK 4.1 million (-9.3). Adjusted EBIT amounted to SEK 1.1 million (0.6).
• Net profit increased in the period and amounted to SEK 7.5 million (-8.9). Earnings per share amounted to SEK 0.26 (-0.31).
• Cash flow from operating activities increased to SEK -1.6 million (-13.4) and comprised payments attributable to the share based incentive program for employees abroad of SEK 5.8 million. Total cash flow amounted to SEK -36.6 million (-36.1) impacted by investments in R&D projects of SEK -30.5 million.
Significant events during the quarter
• The first Kidney Assist Transports were delivered to US hospitals
• An IDE application for the heart preservation study in the US was submitted to the US FDA. Additional documentation being prepared
• Entered into partnership with the Cleveland Clinic for advanced analytics of perfusion data
• The number of shares and votes in XVIVO Perfusion AB (publ) increased by 63,301 following exercise of warrants under incentive program 2020/2022
The period 2022 (Jan 1 – Jun 30)
• Net sales amounted to SEK 186.9 million (117.6), corresponding to an increase of 59 percent in SEK and 45 percent in local currencies.
• All business areas delivered underlying organic growth adjusted for currency effects; Thoracic 29 percent, Abdominal 33 percent and Services 46 percent. Acquired growth amounted to 15 percent.
• Gross margin for disposables increased to 78 percent (76). Total gross margin was 71 percent (74) due to the segment mix.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK 29.1 million (9.7) corresponding to an EBITDA margin of 16 percent (8).
• Adjusted operating profit before depreciation and amortization (EBITDA) amounted to SEK 26.7 million (14.7), corresponding to an adjusted EBITDA margin of 14 percent (12).
• Operating profit (EBIT) amounted to SEK 8.8 million (-6.2). Adjusted EBIT amounted to SEK 6.4 million (-1.2).
• Net profit increased and totaled SEK 12.3 million (-2.9). Earnings per share amounted to SEK 0.42 (-0.10).
• Cash flow from operating activities was SEK -10.9 million (-3.0). Total cash flow amounted to SEK -100.2 million (-46.3), and included a final additional purchase consideration payment relating to the acquisition of Organ Assist (XVIVO B.V.) of SEK -21 million and investments in R&D projects of SEK -57.5 million.
Significant events in the reporting period
• XVIVO’s heart technology used in the world’s first ever successful heart xenotransplantation (pig to human)
• Kidney Assist Transport receives 510(k) clearance by US FDA
• XVIVO obtains its first certificate under EU Medical Device Regulation (MDR) for Kidney Assist Transport
• XVIVO gains regulatory approval in China for PERFADEX® Plus
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CEO comment
“Once again XVIVO delivered a quarter with good sales growth across all business areas. Sales in the second quarter amounted to SEK 94 million (59), equivalent to growth of 59 percent. Organic growth amounted to 28 percent adjusted for currency effects.
Given the current inflationary climate and the uncertainty currently within the world, I am convinced that a profitable core business is key, now more than ever. Hence, it is pleasing that we continue to generate solid gross margins in disposables. Thoracic’s margins increased to 82 percent (80) and Abdominal’s margins increased to 56 percent (50), which were driven by the price increases incorporated across all markets together with focus on production profitability.
The launch of Kidney Assist Transport in the US has started and we are experiencing a significant interest amongst kidney clinics. We have a concept and structure in Europe which has enabled us to become market leader within liver transplantations in Europe and I am excited to start the same journey in the US with kidney transplants. ” – Dag Andersson, CEO XVIVO
For further information, please contact:
Dag Andersson, CEO, +46 76 643 30 31, e-mail: [email protected]
Kristoffer Nordström, CFO, +46 73 519 21 64, e-mail: [email protected]
About Us
Founded in 1998, XVIVO is the only medical technology company dedicated to extending the life of all major organs – so transplant teams around the world can save more lives. Our solutions allow leading clinicians and researchers to push the boundaries of transplantation medicine. XVIVO is headquartered in Gothenburg, Sweden, and has offices and research sites on two continents. The company is listed on Nasdaq and has the ticker symbol XVIVO. More information can be found on the website www.xvivogroup.com.
This information is information that XVIVO Perfusion AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-07-13 07:30 CEST.
Attachments
XVIVO Interim Report Jan Jun 2022
SOURCE: XVIVO Perfusion AB
View source version on accesswire.com:
https://www.accesswire.com/708386/XVIVO-Presents-Interim-Report-January-June-2022