Q4 Revenue and Growth
Q4 net sales SEK 226 million with 10% organic top-line growth (12% organic growth adjusting for U.S. heart trial revenue) and thoracic Q4 sales SEK 147 million (9% organic, 12% excl. trial).
Full-Year Sales and Organic Growth
Full-year sales SEK 812 million with 3% organic growth (8% organic growth excluding U.S. heart trial revenue).
Record Quarterly EBITDA and Positive Cash Flow
Adjusted EBITDA of 25% in Q4 (company record) and rolling 12-month EBITDA of 20%; first ever positive total cash flow in a quarter of +SEK 18 million and operating cash flow SEK 87 million.
Strong Abdominal Performance
Abdominal net sales SEK 61 million in Q4 with 30% organic growth (quarter and full year). Liver sales +36% in Q4 (+31% full year); kidney sales +20% in Q4 (local currencies) and +29% full year.
EVLP and Thoracic Momentum
EVLP disposable sales grew 33% in Q4; Perfadex Plus grew 8% globally for the year; continued heart adoption with Q4 heart sales SEK 60 million and first XPS installation at a U.S. OPO (new EVLP-OPO service model launched).
Major Clinical and Regulatory Milestones for Heart
More than 500 patients transplanted with Heart Assist; European superiority trial showed a 76% risk reduction of severe PGD with very high statistical significance; Benelux DCD direct procurement study enrolled all 40 patients; CAP (U.S.) passed the 30-patient mark and 12-month follow-up completed.
Liver Market Leadership and Approvals
Liver Assist reached ~25% penetration in core EU markets, positive 5-year follow-up data published for DHOPE DCD liver, and Liver Assist & Kidney Assist Transport regulatory approved in Canada. Liver Assist has FDA breakthrough designation and company is exploring expedited U.S. regulatory routes.
Operational Scaling Initiatives
Production capacity project on track to scale disposable volumes x10; hub footprint and surgical roster for organ recovery doubled in H2 2025 to reduce costs and increase recoveries.
Strategic Partnerships and Service Expansion
Launched first EVLP-OPO model through a perfusion partnership and expanded service offering to include NRP (TA-NRP) to address customer demand and prepare for heart launch.
Impact on Patient Lives
XVIVO enabled ~13,000 life-saving transplants during 2025, ~1,000 more than prior year, highlighting clinical impact and adoption.