Xvivo Perfusion AB (SE:XVIVO)
:XVIVO
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Xvivo Perfusion AB
(XVIVO)
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Rating:60Neutral
Price Target:
kr258.00
▲(33.89% Upside)
Action:ReiteratedDate:04/02/26
The score is held back primarily by deteriorating 2025 financial performance and weak cash-flow quality, plus very expensive valuation (P/E ~233.6). Offsetting these are strong technical momentum (price above major moving averages) and a generally constructive earnings-call outlook supported by clinical milestones and Q4 profitability/cash-flow improvement, though 2026 investment and execution/regulatory/FX risks remain meaningful.
Positive Factors
Balance sheet strength
Low leverage and a sizable equity cushion provide durable financial flexibility, helping fund production scaling, regulatory activities, and commercial expansion without immediate reliance on dilutive capital. This reduces execution risk and improves the company's ability to sustain multi‑quarter investments.
Negative Factors
Inconsistent cash conversion
Volatile cash conversion and repeated negative free cash flow constrain the firm's ability to self‑fund growth and make scaling dependent on external financing or careful working‑capital management. This raises execution risk for multi‑year investments like U.S. launches and capacity expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Low leverage and a sizable equity cushion provide durable financial flexibility, helping fund production scaling, regulatory activities, and commercial expansion without immediate reliance on dilutive capital. This reduces execution risk and improves the company's ability to sustain multi‑quarter investments.
Read all positive factors
Xvivo Perfusion AB (XVIVO) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr8.32B
Dividend YieldN/A
Average Volume (3M)168.41K
Price to Earnings (P/E)233.6
Beta (1Y)1.23
Revenue Growth8.39%
EPS Growth-85.36%
CountrySE
Employees193
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.04
Shares Outstanding31,499,470
10 Day Avg. Volume158,765
30 Day Avg. Volume168,408
Financial Highlights & Ratios
PEG Ratio-2.74
Price to Book (P/B)2.78
Price to Sales (P/S)7.24
P/FCF Ratio0.00
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)3.76
Revenue Forecast (FY)kr972.83M
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...
How the Company Makes Money
XVIVO primarily makes money by selling products used in organ transplantation workflows, with revenues typically generated from (1) consumables and solutions (single-use or recurring-use products such as organ preservation/perfusion solutions and ...
Xvivo Perfusion AB Earnings Call Summary
Earnings Call Date:Jan 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Positive
The call presented several strong, company-defining positives: record quarterly EBITDA, first positive quarter cash flow, meaningful growth and market penetration in abdominal and liver segments, significant clinical milestones for Heart Assist (including a 76% reduction in severe PGD) and expanding EVLP service models. However, meaningful near-term challenges were also highlighted: weakness in Services, inventory write-offs depressing margins, earlier-than-expected EVLP shortfalls due to U.S. field force gaps, regulatory timing uncertainty, and currency risks. The company is taking corrective actions (hiring, partnerships, scaling production) and plans heavy investments in 2026 to support launches and future growth. On balance the clinical breakthroughs, record profitability metrics for Q4, and operational scaling progress outweigh the operational and timing challenges, but the near-term path will include planned investments and execution risk.Positive Updates
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).
Negative Updates
Services Segment Weakness
Services sales were disappointing with a negative organic growth of 21% in Q4; Services gross margin decreased to 25% due to investments in surgical capacity and expansion, and near-term profitability will be impacted as the company prepares for the U.S. heart launch.
Read all updates
Q4-2025 Updates
Positive
Negative
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).
Read all positive updates
Company Guidance
The guidance emphasized that 2026 will be a year of investment to prepare the U.S. heart launch and scale EVLP and service models, with management noting the baseline annual EBITDA going into 2026 is ~20% (Q4 adjusted EBITDA hit a record 25% and adjusted EBIT was 16%) but that the Q4 margin should not be expected for the full year as the company will invest heavily in the U.S. commercial organization; FY2025 sales were SEK 812m (Q4 SEK 226m) with organic growth 3% for the year (8% excl. U.S. heart trial) and Q4 organic growth 10% (12% excl. trial). Key segment metrics called out include Thoracic Q4 sales SEK 147m (Q4 EVLP disposable sales +33% YoY; Perfadex +8% FY; Q4 heart sales SEK 60m), Abdominal Q4 sales SEK 61m (organical growth +30% Q4 and FY; liver +36% Q4/+31% FY; kidney +20% Q4 local/+29% FY), Services Q4 sales SEK 18m (organic -21%, gross margin 25%) with a clear target to return to growth in 2026. Profitability and margin context: total gross margin Q4 73% (FY 74%), thoracic gross margin 85%, abdominal Q4 margin 56% (impact from R&D write‑offs); cash and FX notes: operating cash flow Q4 SEK 87m, total positive cash flow +SEK 18m, cash SEK 280m plus SEK 120m credit facility (SEK 400m available); USD exposure ~55% of sales (~SEK 450m) where a 10% USD weakening could cut sales by ~SEK 45m (~5% of sales) and lower EBITDA by ~2 percentage points. Clinical/operational milestones reiterated: Heart Assist >500 patients transplanted, CAP >30 patients with 10 activated U.S. centers (6 enrolling) and plans to seek a +60 patient CAP extension, Benelux DCD study enrolled 40 patients, production capacity build to scale disposables ~x10 on track for summer 2026, and organ‑recovery hub and surgeon footprint expansions expected to show results from Q2 2026.Xvivo Perfusion AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
78
Positive
Cash Flow
34
Negative
| 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
Positive
192.70
Price Trends
200.31
Positive
193.90
Positive
194.92
Positive
Market Momentum
17.68
Negative
78.72
Negative
88.09
Negative
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 214.36, below the 50-day MA of 200.31, and below the 200-day MA of 194.92, indicating a bullish trend. The MACD of 17.68 indicates Negative momentum. The RSI at 78.72 is Negative, neither overbought nor oversold. The STOCH value of 88.09 is Negative, 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr3.60B | 24.49 | 17.89% | 1.61% | 1.53% | 0.79% | |
60 Neutral | kr8.32B | 233.59 | 1.20% | ― | 8.39% | -85.36% | |
57 Neutral | kr52.28B | 17.16 | 6.91% | 2.16% | 6.74% | 21.40% | |
56 Neutral | kr1.07B | -74.03 | -4.20% | ― | 21.71% | -80.37% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr13.10B | -0.87 | 3.34% | 0.80% | -1.29% | ― | |
44 Neutral | kr921.85M | -17.24 | -4.42% | ― | 13.48% | 28.98% |
* Healthcare Sector Average
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Xvivo Perfusion AB Corporate Events
XVIVO Perfusion Calls 2026 AGM, Proposes New Board Members and Incentive Plan
Mar 19, 2026
XVIVO Perfusion AB has called its Annual General Meeting for 27 April 2026 in Gothenburg, Sweden, inviting shareholders who are registered with Euroclear Sweden or have arranged voting rights registration to participate. Shareholders may attend in...
XVIVO Perfusion Updates Board Proposals Ahead of 2026 AGM
Feb 20, 2026
XVIVO Perfusion’s nomination committee has corrected its earlier communication ahead of the 27 April 2026 annual general meeting to clarify that board member Göran Dellgren is proposed for re-election. The updated slate now includes the...
XVIVO Perfusion nominates experienced healthcare leaders to strengthen board
Feb 20, 2026
XVIVO Perfusion’s nomination committee has proposed the re-election of four current board members and the addition of two new directors, healthcare veteran Emil Billbäck and medtech executive Anne-Karen Hunt, ahead of the company’...
XVIVO Elevates CFO to Lead Global Strategy as It Targets U.S. Growth
Feb 19, 2026
XVIVO Perfusion AB has reassigned its Chief Financial Officer, Kristoffer Nordström, to the newly created position of Senior Vice President Corporate Strategy Business Development, effective April 1, 2026, while he remains on the executive m...
XVIVO Delays Q1 2026 Report to Spotlight Key U.S. Heart Study
Feb 10, 2026
XVIVO Perfusion AB has rescheduled the publication of its interim report for the January–March 2026 period, moving the release to Friday, April 24, 2026, from the previously planned date of Wednesday, April 22. The company said the adjustmen...
XVIVO Perfusion Balances Organ Business Growth With Heavy R&D Spend in 2025
Jan 27, 2026
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 Se...
XVIVO Schedules Conference Call for 2025 Year-End Results
Jan 15, 2026
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 present...
XVIVO CEO to Spotlight Organ-Transplant Technology at J.P. Morgan Healthcare Conference
Jan 6, 2026
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 QA session. His presentation...
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.