Xvivo Perfusion Ab · OMXSTO:XVIVO
Xvivo Perfusion Ab — Q3 2025 Earnings Presentation
30 slides from Xvivo Perfusion Ab's earnings presentation, Oct 23, 2025
Slide 1: Interim report Q3 2025
Interim report Q3 2025 Earnings call, October 23, 2025
Slide 2: Today's presenters
Today’s presenters Christoffer Kristoffer Rosenblad Nordström CEO CFO 2 DOC ID: Interim report Q3
Slide 3: Q3 Financials – at a glance
Q3 Financials – at a glance Organic growth, local currencies Net Sales Thoracic Net sales SEK 189 Million Net Sales SEK 115 million -12%** Gross margin 89% Sales growth Organic Abdominal Net sales growth -1%* Net Sales SEK 55 million Gross margin 60% +47% - Acquired growth +2% - Currency effect -6%
Slide 4: YTD Financials – at a glance
YTD Financials – at a glance Organic growth, local currencies Net Sales Thoracic Net sales SEK 586 Million Net Sales SEK 362 million -6%** Gross margin 85% Sales growth Organic Abdominal Net sales growth +1%* Net Sales SEK 164 million Gross margin 64% +31% - Acquired growth +2% - Currency effect -4%
Slide 5: Q3 highlights
Q3 highlights Alex Moroianu Heart transplant recipient, AU 5 DOC ID: Interim report Q3
Slide 6: US organ transplant system under federal review
US organ transplant system under federal review • The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), has launched a comprehensive review of the organ transplant system • XVIVO is well-informed and engaged in the current situation,
Slide 7: Lung update US
Lung update US Lung transplant activity continues to grow, albeit moderated by short-term disruptions Lung Transplants US 2020-2025 1000 3000 900 The softer market remained in Q3 800 2500 700 2000 • Lung tx growth rate 1 % (10%) in Q3 and 4 % (10%) YTD 600 Quartely Annually 500 1500 • US organ trans
Slide 8: Lung update US
Lung update US EVLP activity remained low in Q3, but long-term outlook is solid Q3 EVLP Sales update Growth initiatives Outlook 2026-2027 • EVLP activity remained soft over • Partnership entered in Q3 with • Interest in starting new EVLP the summer one of the fastest growing programs remains high am
Slide 9: XVIVO EVLP Masterclass - 2025 edition
XVIVO EVLP Masterclass - 2025 edition This year: Malmoe, Sweden Next year: Cleveland Clinic, US • Through a mix of lectures and discussions - Guidelines - EVLP selection criteria - Lung donors - Clinical trials - The future of EVLP • 100 leading clinicians from 19 countries 9 DOC ID: Interim report
Slide 10: PRESERVE & CAP study update
PRESERVE & CAP study update The PRESERVE trial enrolled its last patient in November 2025. The CAP study follows the PRESERVE Trial and allows for the enrollment of up to 60 patients across 26 US transplant centers. CAP status CAP progress tracker and forecast • The CAP (Continued Access Protocol) s
Slide 11: Strengthened Organ Recovery offering
Strengthened Organ Recovery offering Increased surgical capacity Donor heat map XVIVO Services 2025 – surgeon roster doubled Introduction of NRP services in partnership with a nation-wide perfusion provider Full-service aviation & ground Hub footprint doubled and optimized: transportation partnershi
Slide 12: EU/RoW update
EU/RoW update A record quarter with sales of 46 MSEK (40) Abdominal Strategic focus areas 2026 • Continuing to build on our market leading position • Perfusion service models on select in Europe for Liver Assist. Sales grew 31% in Q3 markets • Strong growth in Kidney, 54% in Q3 • Leverage our leadin
Slide 13: Regulatory & Clinical updates
Regulatory & Clinical updates 13 DOC ID: Interim report Q3
Slide 14: Regulatory approval status in core markets
Regulatory approval status in core markets PMA approval for STEEN Solution STEEN Solution, XPS & STEEN Solution, XPS & & XPS / PERFADEX 510(k) cleared PERFADEX CE marked PERFADEX approved by the TGA Kidney Assist Transport Kidney Assist Transport Kidney Assist Transport 510(k) cleared CE marked appr
Slide 15: Clinical Trial Status & Tentative Timeline
Clinical Trial Status & Tentative Timeline REVIEW & PRECLINICAL CLINICAL MARKET APPROVAL FOLLOW-UP • Patient enrolment completed May 2023 • 204 patients included across 15 centres 12-month 12-month patient Commercial launch across 8 countries patient follow-up completed pending CE-mark* • Results we
Slide 16: Changing the paradigm in heart preservation
Changing the paradigm in heart preservation More than 500 patients across three continents have now been safely and successfully transplanted using XVIVO Heart Assist Transport Clinical superiority with HOPE N = 204 101 patients – XVIVO Heart Assist Transport 103 patients – control group A risk redu
Slide 17: Changing the paradigm in heart preservation
Changing the paradigm in heart preservation More than 500 patients across three continents have now been safely and successfully transplanted using XVIVO Heart Assist Transport Redefining what’s possible in heart transplantation • The use of XVIVO Heart Assist Transport in Australia has increased fr
Slide 18: Liver assist US update
Liver assist US update Regulatory pathway under re-evaluation • XVIVO’s Liver Assist was granted Breakthrough Device Designation in 2022 • For the PMA study in the US, we have obtained the regulatory approvals necessary to initiate the study • XVIVO has decided to temporarily pause trial activities
Slide 19: Financial Performance Q3
Financial Performance Q3 19 DOC ID: Interim report Q3
Slide 20: Net sales and key ratios Q3
Net sales and key ratios Q3 Jul-Sep Jul-Sep YTD YTD SEK Million 2025 2024 2025 2024 Net sales 189 198 586 595 Sales growth, % -5 % +35 % -1 % +35 % - Organic growth*, % -1 % +41 % +1 % +36 % - Organic growth* excluding trial revenue, % +6 % +32 % +6 % +29 % Gross profit 142 147 435 441 Gross margin,
Slide 21: Thoracic – Q3 Highlights
Thoracic – Q3 Highlights Net sales by Net sales by Net sales by organ Net Sales region product category 115 MSEK (141) 9% 1% Organic growth 24% -12 % (62) 49% 50% Organic growth (excl. heart trial revenue) 11% 65% -4 % (45) 91% Gross margin 89 % (82) Lung Heart Americas APAC Machine perfusion Static
Slide 22: Abdominal – Q3 Highlights
Abdominal – Q3 Highlights Net sales by Net Sales Net sales by organ region 55 MSEK (39) 16% Organic growth 47 % (16) 35% 7% Gross margin 65% 60 % (64) 77% Liver Kidney Americas APAC EMEA Liver sales Kidney sales Q3 36 MSEK (28) 19 MSEK (11) Liver sales Kidney sales YTD 117 MSEK (94) 47 MSEK (36) 22
Slide 23: Services – Q3 Highlights
Services –Q3 Highlights Net Sales Net sales by service 2025-2026 focus areas: 18 MSEK (18) Organ Recovery • ”Return to growth” – leveraging strengthened surgical capacity and NRP Organic growth 19% service offering -9 % (-7) • Preparations for US heart launch Acquired growth 2025-2026 focus: 17 % (-
Slide 24: EBITDA
EBITDA Q3 2025 EBITDA (adj), by quarter EBITDA (adj), R12 months • XVIVO is a growth company, and our scalable SEKm SEKm business model combined with strong gross margins provides a solid foundation for 40% 250 40% increasing profitability over time 70 225 35% 35% • R12 Trend weakened due to sales 2
Slide 25: Cashflow and financial position
Cashflow and financial position Cash flow from Cashflow from Q3 Cashflow operating activities (R12) investing activities • Cash flow from operating R12 SEKm activities SEK +21 million (+23) Q3 Q3 YTD YTD 150 • Investments SEK -61 million (-41) +77m SEKm 2025 2024 2025 2024 125 • Financing activities
Slide 26: Outlook
Outlook Alex Moroianu Heart transplant recipient, AU 26
Slide 27: Outlook and focus areas
Outlook and focus areas 2025-2026 • Obtaining CE-mark and start commercialization of XVIVO Heart Assist Transport-technology in Europe • Lazer focus on driving EVLP adoption in the US by leveraging perfusion service models • Establish standardized NRP procurement as a core XVIVO service offering in
Slide 28: Long term outlook
Long term outlook • The demand for transplants are x 10 of today’s supply • Sales value of machine perfusion vs cold static storage is ~x 10 • Machine perfusion and service models have proven to increase the number of organs used for transplantation • XVIVO has unique, innovative and world leading p
Slide 29: Nobody should die waiting for a new organ
Nobody should die waiting for a new organ Fredrica Höglund Liver transplant recipient, Sweden 29 DOC ID: Interim report Q3
Slide 30: Financial calendar & contacts
Financial calendar & contacts Financial reports 2025/2026 Investor Relations Year-end report 2025: January 27, 2026 Christoffer Rosenblad, CEO Telephone: +46 735 19 21 59 Interim report January – March 2026: April 22, 2026 E-mail: christoffer.rosenblad@xvivogroup.com Interim report April – June 2026