reports
- Maria Vara
XVIVO: US heart trial enrolment completed five months ahead of schedul...
Yesterday post-market, XVIVO announced that it has completed enrolment in its US clinical trial, PRESERVE evaluating its heart preservation technology, five months ahead of schedule. Initially, enrolment was expected to take 18 months, as the trial involves 141 patients across 14 leading heart tran
- Maria Vara
XVIVO: slower abdominal and service sales, but margins overall steady
XVIVO reported Q3 2024 results, with sales coming in below expectations at SEK198.5m (vs. consensus SEK206m). The miss was largely due to slower progress in the abdominal segment, where sales increased by only 12% year-on-year but dropped 16% quarter-on-quarter. Additionally, the service segment un
- Maria Vara
XVIVO: acquisition of an innovative communication platform to save mor...
XVIVO is expanding its service offering with the acquisition of the FlowHawk software platform from OmniLife, aiming to streamline the complex planning and communication involved in organ transplantation, ensuring that "no one should die waiting for a new organ." The FlowHawk platform has proven it
- Douglas Lindahl
- Joachim Gunell
- Johan Skoglund
- Johannes Grunselius
- Jonatan Andersson
- Karl-Johan Bonnevier
- Martin Arnell
- Maria Vara
XVIVO: a scalable profitable business, yet fully valued at this level
Following the outstanding Q2 2024 earnings report on Friday, we updated our DCF model (WACC 9%, TGR 3%) (unchanged) reflecting XVIVO's improved Lung outlook, Abdominal sales to pick up from Q4 2023, as well as the positive progress on gross margin and EBITDA, which we anticipate to reach 30% in 202
- Jonatan Andersson
- Maria Vara
XVIVO: Solid sales growth, adj. EBITDA hit 24%
XVIVO reported Q2 2024 results demonstrating continued financial growth and solid clinical progress. Revenues hit over cons. at SEK 210m (BG est. of SEK SEK 205m) representing a YoY organic growth of 35% (adj. for currency), and 13% QoQ. The solid performance was driven by the thoracic business rep
- Jonatan Andersson
XVIVO Perfusion (Buy, TP: SEK520.00) - All gas no brakes heading into ...
We expect total Q2 sales growth of 31% YOY, at a 13.9% adj. EBIT margin, with solid momentum in most segments. We reiterate our BUY and have raised our target price to SEK520 (468) on 2024–2026e sales and peer-group multiple changes.
- Jonatan Andersson
XVIVO Perfusion (Buy, TP: SEK468.00) - Bullish start to the year
We have increased our 2024–2026e EBITDA by 8–15% on the strong Q1 report, with sales and EBITDA well above expectations. We reiterate our BUY and have raised our target price to SEK468 (439), due to estimate changes and peer group valuations.
- Maria Vara
XVIVO: delivering a solid Q1 2024 performance
XVIVO reported Q1 2024 results with a YoY organic growth of 32% (32% adj. for currency) in net sales raising to SEK 186m. The solid performance was driven by i) thoracic business reporting a 33% YoY growth, totalling SEK 121m sales, with disposables sales rising by 39% as of larger utilization in t
- Jonatan Andersson
XVIVO Perfusion (Buy, TP: SEK439.00) - All eyes on the heart
We expect total Q1 sales growth of 19% YOY, at a 10.7% adj. EBIT margin, with solid momentum in most segments. The company will present key data at ISHLT on its Heart Box, which we view as a share price driver. We reiterate our BUY and have raised our target price to SEK439 (418) on 2024–2026e sales and peer-group multiple changes.
- Maria Vara
XVIVO: 12h transatlantic heart preservation case ahead of EU launch mi...
Yesterday, XVIVO reported the first-ever transatlantic heart transplantation case performed, enabled by the use of XVIVO Heart Transport Assist, a non-ischemic heart preservation system. Following 12 hours of transportation, 10 hours of perfusion and 6750 km of commercial flight, the brain-dead don
- Maria Vara
- Oscar Haffen Lamm
Coverage update
Given team and strategy changes, Oscar Haffen Lamm is now assuming coverage of Medincell, Camurus, Valneva, Aelis Pharma, Abivax, Calliditas, Egetis Therapeutics, Basilea, Geneuro, Achilles, Valerio, Innate Pharma, Morphosys, Inventiva Pharma, Vicore, DBV Technologies, and Genfit.Maria Vara is now
BSLN BASILEA PHARMACEUTICA AG
IPH INNATE PHARMA SA CLASS A
VLS VALNEVA SE
ALMDT MEDIAN TECHNOLOGIES
EGTX EGETIS THERAPEUTICS AB
7CA CAMURUS AB
VICO VICORE PHARMA HOLDING AB
5142 ACHILLES CORP.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
XVIVO XVIVO PERFUSION AB
GNRO GENEURO SA
BONEX BONESUPPORT HOLDING AB
MOR MORPHOSYS AG
MED MEDARTIS AG
MEDCL MEDINCELL SA
CALTX CALLIDITAS THERAPEUTICS AB
IVA INVENTIVA ADS
CLNK B CELLINK AB
GNFT GENFIT
AELIS AELIS FARMA SA
ONWD ONWARD OPPORTUNITIES LIMITED
ALONX ONXEO
ABVX ABIVAX
- Johan Skoglund
- Jonatan Andersson
- Alex Cogut
- Maria Vara
2023 a year of growth
XVIVO reported FY 2023 results with sales growing by 44% resulting in net sales of SEK 598m, in line with our estimate of SEK 615m. As we acknowledge in our recent re-initiation of coverage, the Thoracic business was the major driver, however, we started to see the resurge of abdominal sales which
- Jonatan Andersson
XVIVO Perfusion (Buy, TP: SEK452.00) - Set for record quarter
We expect total Q4 sales growth of 38% YOY at a 13.6% adj. EBIT margin, with high growth from all business areas. We reiterate our BUY and have increased our target price to SEK452 (430) on our raised Q4e and 2024–2025e sales and peer group multiples.
- Jonatan Andersson
XVIVO Perfusion - Initiation of coverage - Organ(ic) growth story
XVIVO Perfusion is a pioneering medtech company and market leader in organ transplantation. We believe it offers robust exposure to rapidly growing segments, and see a 2023-2026e organic sales CAGR of 41%, with a similar pace long-term. We look for solid EBIT margin expansion, to >40% long-term. We initiate coverage with a BUY and SEK430 target price.
- Alex Cogut
- Maria Vara
Bridging the organ gap! Reinitiating coverage on a high growth market ...
As we dived into the status of the organ perfusion market with our industry report, we re-initiate of coverage on XVIVO, reiterating our BUY rating and adjusting our PT to SEK 340, resulting in a 40% upside. With more than >20 years of experience in the field, the undisputed EU lung/liver leader
- Dylan Van Haaften
XVIVO PERFUSION BUY | SEK400
XVIVO PERFUSION BUY | SEK400 Reassuring CMD heading into clinically and commercially eventful 2023 º New guidance in line with our estimates XVIVO about the iver and heart IDE studies in 2023, competition for TMDX XVIVO valuation substantially more palpable at 12.0x 2022e sales vs peers, Buy reiterated and SEK400 PT
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