Xvivo Perfusion AB (XVIVO) AI Stock Analysis

• Market Cap: kr7.09B
• Dividend Yield: N/A
• Average Volume (3M): 168.41K
• Price to Earnings (P/E): 281.9
• Beta (1Y): 1.41
• Revenue Growth: 8.39%
• EPS Growth: -85.36%
• Country: SE
• Employees: 193
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 1.04
• Shares Outstanding: 31,499,470
• 10 Day Avg. Volume: 158,765
• 30 Day Avg. Volume: 168,408
• PEG Ratio: -2.74
• Price to Book (P/B): 2.78
• Price to Sales (P/S): 7.24
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: kr241.00 ▲(25.06% Upside)

The score is held back primarily by weakened 2025 financial performance and uneven cash-flow conversion, alongside a very demanding valuation (high P/E). These are partially offset by strong technical momentum and a mixed-but-constructive earnings update driven by Abdominal growth and improving profitability, though regulatory delays and Thoracic softness remain meaningful risks.

Positive Factors

Conservative balance sheet with very low leverage

Very low leverage and a large equity base provide durable financial flexibility to fund clinical programs, scale production, and withstand regulatory delays. This resilience reduces refinancing risk and supports long-term investments in commercial expansion and R&D.

High, stable gross margins across products

Sustained gross margins around 71–75% indicate strong product economics and pricing power for perfusion solutions. High product margins cushion operating leverage, support reinvestment into service and consumables, and make long-term profitability more achievable as revenues scale.

Strong Abdominal segment growth and product traction

Rapid, sustained abdominal segment growth diversifies XVIVO away from Thoracic exposure and drives recurring consumable and service revenue. Structural adoption in liver and kidney markets supports scale, improves utilization of installed base, and strengthens long-term commercial momentum.

Negative Factors

TTM profitability step-down and margin volatility

A sharp drop in trailing profitability suggests either elevated operating costs, normalization from a strong prior period, or margin pressure. Persistent margin volatility undermines free cash flow predictability and constrains the company's ability to fund trials and scale without dilution.

Inconsistent free cash flow and past negative FCF history

Uneven free cash flow history signals reliance on sporadic cash inflections or financing to support investment. Ongoing variability increases funding risk for clinical programs and service expansion, and raises the need for disciplined capex and working-capital management to sustain growth.

U.S. regulatory delays for heart and paused liver PMA

Extended timelines and paused trials materially postpone U.S. market entry for heart and liver products, delaying significant revenue opportunities. Regulatory uncertainty increases development costs, prolongs cash burn, and heightens execution risk for scaling U.S. commercial operations.

Xvivo Perfusion AB Business Overview & Revenue Model

Company Description

Xvivo Perfusion AB (publ), a medical technology company, develops solutions for organ, tissue, and cell preservation and perfusion in connection with transplantation in Sweden, the United States, North America and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company offers XVIVO System (XPS), an integrated off-the-shelf cardiac bypass system that includes various components needed to safely run normothermic ex vivo lung perfusion (EVLP); XPS Disposable Lung Kit that contains disposables and pre-packed products to suit requirement for sterility; and STEEN Solution, a buffered extracellular solution optimally designed to perfuse the isolated donor lung during EVLP. It also provides Perfadex Plus, an extracellular, low potassium, dextran-based electrolyte preservation solution; XVIVO Silicone Tubing Set for rapid flushing of donor lungs during procurement; and XVIVO LS and XVIVO Disposable Lung Set, a device for EVLP. In addition, the company offers XVIVO Organ Chamber, a single-use sterile disposable container intended to be used as a temporary receptacle for isolated lungs in preparation for eventual transplantation into a recipient; and XVIVO Lung Cannula Set, a single-use, sterile disposable product. The company was incorporated in 1998 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

XVIVO generates revenue primarily through the sale of its organ preservation and perfusion products to hospitals, transplant centers, and organ procurement organizations. The company's revenue model is built on direct sales of its specialized medical devices and solutions, as well as recurring revenue from consumables used in the perfusion processes. Significant partnerships with healthcare institutions and collaborations with research organizations also contribute to its earnings, as they help to expand market reach and enhance product development. Additionally, XVIVO may benefit from grants, research funding, and strategic alliances that support its innovation efforts in organ transplantation technologies.

Xvivo Perfusion AB Financial Statement Overview

Summary

Balance sheet strength and low leverage support financial flexibility, but 2025 shows a clear reset in operating performance (revenue down ~18% YoY and net margin down to ~3% from ~21% in 2024). Cash flow quality is a key risk due to inconsistent conversion and historically negative free cash flow, with 2025 only around breakeven.

Income Statement

Revenue growth has been strong over 2021–2024, but 2025 shows a notable pullback (down ~18% year over year), signaling a weaker near-term trajectory. Profitability improved materially from losses in 2020 to solid margins in 2023–2024, but 2025 saw a sharp compression in net profitability (net margin fell to ~3% from ~21% in 2024), suggesting higher costs, mix pressure, or non-recurring headwinds. Gross margin remains healthy, but the step-down versus 2024 indicates some pressure on pricing or cost of goods.

Balance Sheet

The balance sheet is a clear strength with low leverage across most years and a still-manageable debt position in 2025 (debt is ~11% of equity). Equity is sizable relative to assets, providing a cushion and financial flexibility. The key weakness is profitability on shareholders’ capital in 2025, with return on equity dropping to low-single-digits after stronger performance in 2023–2024, which reduces the quality of the balance sheet’s earning power.

Cash Flow

Operating cash generation is positive in recent years and improved substantially versus 2020–2021, but conversion is inconsistent: operating cash flow is below net income in 2023–2025, and free cash flow has been negative in multiple years (2022–2024) with 2025 at roughly breakeven. This pattern suggests meaningful reinvestment needs and/or working-capital volatility, limiting internally funded growth and making results more sensitive to execution.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	812.16M	822.41M	597.54M	415.29M	258.39M
Gross Profit	533.50M	616.41M	445.11M	296.96M	188.28M
EBITDA	153.14M	272.97M	35.05M	39.21M	39.20M
Net Income	25.16M	172.18M	91.82M	18.43M	8.15M
Balance Sheet
Total Assets	2.37B	2.40B	2.20B	1.73B	1.54B
Cash, Cash Equivalents and Short-Term Investments	292.09M	415.52M	546.09M	246.54M	398.70M
Total Debt	237.89M	34.04M	31.44M	10.01M	5.72M
Total Liabilities	260.65M	245.97M	250.57M	302.95M	257.15M
Stockholders Equity	2.11B	2.16B	1.95B	1.43B	1.29B
Cash Flow
Free Cash Flow	0.00	-81.86M	-97.65M	-103.09M	-106.13M
Operating Cash Flow	101.07M	111.29M	46.29M	27.86M	-12.06M
Investing Cash Flow	-258.41M	-243.81M	-161.62M	-197.62M	-187.70M
Financing Cash Flow	72.25M	-10.90M	418.55M	-6.84M	234.61M

Xvivo Perfusion AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 192.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:XVIVO, the sentiment is Positive. The current price of 192.7 is below the 20-day moving average (MA) of 207.58, above the 50-day MA of 190.00, and below the 200-day MA of 219.91, indicating a bullish trend. The MACD of 11.91 indicates Negative momentum. The RSI at 61.76 is Neutral, neither overbought nor oversold. The STOCH value of 57.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:XVIVO.

Xvivo Perfusion AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VITR	71 Outperform	kr15.74B	35.68	3.34%	0.80%	-1.29%	―
CEVI	71 Outperform	kr3.52B	23.22	17.89%	1.61%	1.53%	0.79%
XVIVO	60 Neutral	kr7.09B	281.92	1.32%	―	8.39%	-85.36%
GETI.B	57 Neutral	kr53.22B	23.57	6.91%	2.16%	6.74%	21.40%
PAX	52 Neutral	kr1.08B	171.03	1.41%	―	21.71%	-80.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEDANA	48 Neutral	kr997.34M	-24.54	-4.42%	―	13.48%	28.98%

Xvivo Perfusion AB Corporate Events

XVIVO Perfusion Balances Organ Business Growth With Heavy R&D Spend in 2025

XVIVO Perfusion reported largely flat full-year 2025 net sales of SEK 812.2 million, with modest 4 percent growth in local currencies and 3 percent organic growth, as strong 30 percent growth in the Abdominal business offset weaker Thoracic and Services performance and lower revenues from heart trials. Profitability remained solid with a 74 percent gross margin and unchanged EBIT of SEK 88.4 million, but net profit fell sharply to SEK 25.2 million due to negative currency effects, while elevated R&D investments of SEK 152.8 million and use of a credit facility weighed on cash flow, underscoring the company’s continued push to expand its technology platform despite near-term earnings pressure.

The most recent analyst rating on (SE:XVIVO) stock is a Hold with a SEK236.00 price target. To see the full list of analyst forecasts on Xvivo Perfusion AB stock, see the SE:XVIVO Stock Forecast page.

XVIVO Schedules Conference Call for 2025 Year-End Results

XVIVO Perfusion AB has invited investors, analysts and other stakeholders to a conference call and webcast on 27 January 2026 to present its Year-end Report 2025, with CEO Christoffer Rosenblad and CFO Kristoffer Nordström leading the presentation. The year-end report will be published the same morning ahead of the call, and participants will be able to follow the event via webcast or teleconference, submit questions, and access accompanying presentation slides on the company’s website, underscoring XVIVO’s ongoing efforts to maintain active and transparent communication with the capital market.

The most recent analyst rating on (SE:XVIVO) stock is a Hold with a SEK217.00 price target. To see the full list of analyst forecasts on Xvivo Perfusion AB stock, see the SE:XVIVO Stock Forecast page.

XVIVO CEO to Spotlight Organ-Transplant Technology at J.P. Morgan Healthcare Conference

XVIVO Perfusion AB announced that CEO Christoffer Rosenblad has been invited to present at J.P. Morgan’s 44th Annual Healthcare Conference in San Francisco on January 14, 2026, where he will also participate in a Q&A session. His presentation will address the future of the organ transplant industry and highlight how new technologies, including XVIVO’s Heart Assist Transport system currently in U.S. clinical trials, are expanding access to donor organs and improving organ utilization, underscoring the company’s efforts to position itself at the forefront of advanced organ preservation solutions.

The most recent analyst rating on (SE:XVIVO) stock is a Hold with a SEK189.00 price target. To see the full list of analyst forecasts on Xvivo Perfusion AB stock, see the SE:XVIVO Stock Forecast page.