initiation of coverage XVIVO PERFUSION, BUY - TP SEK440 | An overture for organic grow
We initiate XVIVO with a BUY and SEK 440 target price, as we believe XVIVO is a natural leader of the deceased donor organ transplant field with a complete suite of devices that is planned to roll out over 2021e-2024e. With demonstrated commercial traction in Lung transplant both in static preservation and organ perfusion where XVIVO has >90% market share, and warm perfusion with the XPS device and STEEN solution – which XVIVO invented, we believe XVIVO is best positioned to capitalize on the emerging deceased donor transplant field – which offers up a USD2.5bn TAM in Kidney (2022e de novo 510(k)), Liver (2022e de novo 510(k)) , Heart (2024e CE, 2025e PMA) and Lung.Xvivo Perfusion AB is a Sweden-based medical technology company focused on developing optimized solutions for organ, tissue and cell preservation in connection with transplantation. The Company operates in two segments: Durable goods and Non-Durable goods. The Durable goods segment comprises sale and rental income from XVIVO Perfusion System (XPS) machines. The Non-Durable goods segment implies revenue from the sale of products and services that are solutions and disposable items. The Company's product portfolio consists of Perfadex, STEEN Solution, XPS, XPS Disposable Kit, XVIVO Lung Cannula Set, XVIVO Organ Chamber, XPS PGM Disposable Sensors and Silicone Tubing Set. The Company markets its products in Europe, Asia, Middle East, and North & South America.
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