Xvivo Perfusion AB (XVIVO) AI Stock Analysis

• Market Cap: kr5.76B
• Dividend Yield: N/A
• Average Volume (3M): 168.41K
• Price to Earnings (P/E): 233.6
• Beta (1Y): 1.18
• 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): 3.9
• Revenue Forecast (FY): kr975.15M

• Rating: 49 Neutral
• Price Target: kr180.00 ▼(-6.59% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by deteriorating 2025 operating results and weak cash flow conversion, alongside a technically bearish setup. A strong balance sheet provides some support, but the very high P/E meaningfully worsens the risk/reward profile.

Positive Factors

Strong balance sheet

Low leverage and sizable equity give XVIVO financial flexibility to fund R&D, commercial expansion or withstand cyclical softness. A stronger balance sheet supports durability through transplant adoption cycles and reduces refinancing risk over the next 2–6 months.

Recurring consumables revenue model

A device-plus-consumables model creates recurring, per-procedure revenue and higher customer switching costs. This structural revenue stream supports predictable demand and margin resilience as clinical adoption grows across transplant centers over time.

Historic revenue growth & healthy gross margins

Sustained revenue expansion and healthy gross margins through 2024 indicate product-market fit and pricing power. These fundamentals mean that if demand normalizes, unit economics can restore profitability without requiring radical cost cuts.

Negative Factors

2025 revenue and margin pullback

A sharp year-over-year decline in revenue and collapse in net margin signals structural demand, pricing, or cost issues. If persistent, lower scale and compressed margins will reduce reinvestment capacity and pressure long-term growth prospects.

Weak cash flow conversion

Inconsistent OCF and repeated negative free cash flow restrict internally funded growth and increase reliance on external capital. Over a multi-month horizon, this limits capex, commercialization pace, and makes the company more vulnerable to execution setbacks.

Declining return on equity

A fall to low-single-digit ROE reduces the company's ability to generate shareholder value from existing capital. Persistently low ROE can signal structural inefficiencies or margin pressure that hamper long-term investor support and strategic options.

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

Strong balance sheet with modest leverage supports resilience, but 2025 shows weaker revenue (down ~18% YoY) and a sharp profitability reset (net margin ~3% vs ~21% in 2024). Cash flow quality is a major weakness with inconsistent conversion and historically negative free cash flow (2022–2024), limiting internally funded growth.

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: Negative
• Last Price: 192.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 192.7 is above the 20-day moving average (MA) of 182.01, below the 50-day MA of 195.42, and below the 200-day MA of 199.24, indicating a neutral trend. The MACD of -2.39 indicates Negative momentum. The RSI at 47.62 is Neutral, neither overbought nor oversold. The STOCH value of 50.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:XVIVO.

Xvivo Perfusion AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CEVI	76 Outperform	kr3.43B	24.49	17.89%	1.61%	1.53%	0.79%
GETI.B	57 Neutral	kr49.19B	26.39	6.91%	2.16%	6.74%	21.40%
PAX	56 Neutral	kr1.02B	-74.03	-4.20%	―	21.71%	-80.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XVIVO	49 Neutral	kr5.76B	233.59	1.20%	―	8.39%	-85.36%
VITR	49 Neutral	kr11.91B	-3.70	3.34%	0.80%	-1.29%	―
SEDANA	44 Neutral	kr847.34M	-17.24	-4.42%	―	13.48%	28.98%

Xvivo Perfusion AB Corporate Events

XVIVO Perfusion Updates Board Proposals Ahead of 2026 AGM

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 re-election of Gösta Johannesson, Camilla Öberg, Erik Strömqvist, Dellgren and Paul Marcun, while current directors Lars Henriksson and Lena Höglund have declined to stand again.

The committee is also proposing the election of two new board members, industry veterans Emil Billbäck and Anne-Karen Hunt, both deemed independent of the company, management and major shareholders. Their extensive international experience in healthcare and medtech, including senior roles at Bonesupport, GE Healthcare and Demant, is set to strengthen XVIVO’s governance and strategic capabilities as it advances its position in the global organ transplantation market.

The most recent analyst rating on (SE:XVIVO) stock is a Hold with a SEK198.00 price target. To see the full list of analyst forecasts on Xvivo Perfusion AB stock, see the SE:XVIVO Stock Forecast page.

XVIVO Perfusion nominates experienced healthcare leaders to strengthen board

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’s 27 April 2026 annual general meeting. The proposed appointments bring extensive international leadership experience from listed and private equity-owned healthcare and medical technology companies, signaling a continued strengthening of governance and strategic capabilities as XVIVO pursues its global transplantation-focused growth ambitions.

The most recent analyst rating on (SE:XVIVO) stock is a Hold with a SEK198.00 price target. To see the full list of analyst forecasts on Xvivo Perfusion AB stock, see the SE:XVIVO Stock Forecast page.

XVIVO Elevates CFO to Lead Global Strategy as It Targets U.S. Growth

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 management team. The new global role, with a particular focus on the U.S. market and leadership of the U.S. service organization, is designed to support a wave of upcoming product launches in heart, kidney, and liver transplantation and to strengthen the company’s commercial presence as it invests for growth, with a search underway for a new CFO.

XVIVO’s decision to redeploy a seasoned financial executive into a business-focused strategic role underscores the importance of the U.S. market in its growth agenda. The move signals a sharpening of corporate strategy and operational support around forthcoming transplant technology launches, which could reinforce the company’s competitive position in organ preservation and benefit stakeholders through a stronger U.S. organization and potentially accelerated commercialization.

The most recent analyst rating on (SE:XVIVO) stock is a Hold with a SEK198.00 price target. To see the full list of analyst forecasts on Xvivo Perfusion AB stock, see the SE:XVIVO Stock Forecast page.

XVIVO Delays Q1 2026 Report to Spotlight Key U.S. Heart Study

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 adjustment is necessary because the initial reporting date overlaps with the presentation of its U.S. heart preservation study, PRESERVE, at the ISHLT conference in Toronto, signaling the strategic importance of the clinical data showcase for its transplant-focused portfolio.

By prioritizing the timing of the PRESERVE study presentation, XVIVO underscores the central role that heart preservation technology and clinical evidence play in its growth trajectory and visibility in the transplant medicine community. Investors and other stakeholders will receive the quarterly financial update two days later than planned, but the move suggests the company is concentrating efforts on maximizing the impact of its scientific results among key opinion leaders and potential partners in its core market.

The most recent analyst rating on (SE:XVIVO) stock is a Hold with a SEK210.00 price target. To see the full list of analyst forecasts on Xvivo Perfusion AB stock, see the SE:XVIVO Stock Forecast page.

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.