olivLaw · European equity research
XVIVO Perfusion AB (publ) XVIVO.ST
Sweden · Nasdaq Stockholm · ISIN SE0004840718 · Vertical: Listed companies from Sweden
XVIVO Perfusion develops and sells perfusion and preservation technologies for donated organs, plus support services for transplant clinics, covering lung, heart, liver and kidney. The company argues that demand for organs far exceeds supply, which makes wider use of machine perfusion relevant, with over 108 000 patients on the US waiting list at the end of 2025.
At the close of 05 Nov 2026, XVIVO Perfusion AB (publ) (XVIVO.ST) stock was 199.30 SEK (−0.85% on the day), with market capitalisation 6.3 bn SEK, P/E 249.1 on diluted EPS of 0.80 SEK over the last 12 months, beta 0.90, 52-week range 162.40–309.00 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.3
- weak (30–45)
- Bollinger (20, 2)
- 188.47 – 236.59
- in the lower half of the band · %B 0.23 · band width 22.6%
- SMA 50 / 200
- 230.89 / 243.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -9.10 / -8.67
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.3% | −0.6% | −7.7 pp | — |
| 3 months | −26.6% | −4.2% | −22.5 pp | — |
| 6 months | −29.3% | +4.3% | −33.6 pp | — |
| Year to date | +6.8% | +7.5% | −0.7 pp | — |
| 1 year | +13.3% | +9.9% | +3.4 pp | −8.5% |
| 3 years | −16.1% | +49.8% | −65.9 pp | +12.3% |
| 5 years | −40.9% | +42.8% | −83.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 4-quarter history (min 89.9, median 170.3, max 295.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | ⚠ 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 415.3 m | 597.5 m | 822.4 m | 812.2 m |
| Revenue YoY | unavailable | +43.9% | — | −1.2% |
| Net income | 18.4 m | 91.8 m | 172.2 m | 25.2 m |
| Net income YoY | unavailable | +398.3% | — | −85.4% |
| Diluted EPS | 0.62 | 3.07 | 5.44 | 0.80 |
| Diluted EPS YoY | unavailable | +395.2% | — | −85.3% |
| net % | 4.4% | 15.4% | 20.9% | 3.1% |
| Free cash flow | 9.7 m | 3.3 m | 40.6 m | 7.3 m |
The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 292.1 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 2.1 bn SEK
- Total assets
- 2.4 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 5.77x
- ROE
- 1.2%
- ROA
- 1.1%
- FCF margin
- 0.9%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 415.3 m | 597.5 m | 822.4 m | 812.2 m | esef· 26 Oct 2026verified |
| Cost of revenue | 118.3 m | 152.4 m | 206.0 m | 212.7 m | esef· 26 Oct 2026verified |
| Gross profit | 297.0 m | 445.1 m | 616.4 m | 599.5 m | esef· 26 Oct 2026verified |
| Research & development | 69.3 m | 135.9 m | 148.3 m | 132.0 m | esef· 26 Oct 2026verified |
| Operating income | 6.4 m | 4.2 m | 88.4 m | 88.4 m | esef· 26 Oct 2026verified |
| Interest expense | 55.7 m | 46.3 m | 35.9 m | 89.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 22.3 m | 94.5 m | 199.9 m | 38.6 m | esef· 26 Oct 2026verified |
| Income tax | 3.9 m | 2.7 m | 27.8 m | 13.4 m | esef· 26 Oct 2026verified |
| Net income | 18.4 m | 91.8 m | 172.2 m | 25.2 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.62 | 3.07 | 5.44 | 0.80 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 29.5 m | 29.9 m | — | — | esef· 23 Apr 2024verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 246.5 m | 546.1 m | 415.5 m | 292.1 m | esef· 26 Oct 2026verified |
| Inventories | 106.6 m | 141.6 m | 227.4 m | 248.5 m | esef· 26 Oct 2026verified |
| Current assets | 467.5 m | 826.4 m | 813.1 m | 688.2 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 47.6 m | 97.6 m | — | — | esef· 23 Apr 2024verified |
| Goodwill | 625.3 m | 591.4 m | 682.5 m | 610.1 m | esef· 26 Oct 2026verified |
| Total assets | 1.7 bn | 2.2 bn | 2.4 bn | 2.4 bn | esef· 26 Oct 2026verified |
| Short-term debt | 5.6 m | 10.3 m | — | — | esef· 23 Apr 2024verified |
| Long-term debt | 4.5 m | 21.2 m | — | — | esef· 23 Apr 2024verified |
| Current liabilities | 134.9 m | 134.5 m | 177.5 m | 119.4 m | esef· 26 Oct 2026verified |
| Total liabilities | 302.9 m | 250.6 m | 246.0 m | 260.7 m | esef· 26 Oct 2026verified |
| Equity | 1.4 bn | 1.9 bn | 2.2 bn | 2.1 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 29.7 m | 29.9 m | 31.5 m | 31.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 27.9 m | 46.3 m | 111.3 m | 101.1 m | esef· 26 Oct 2026verified |
| Capex | 18.2 m | 43.0 m | 70.7 m | 93.7 m | esef· 26 Oct 2026verified |
| Free cash flow | 9.7 m ≈ | 3.3 m ≈ | 40.6 m ≈ | 7.3 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -197.6 m | -161.6 m | -243.8 m | -258.4 m | esef· 26 Oct 2026verified |
| Financing cash flow | -6.8 m | 418.5 m | -10.9 m | 72.2 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.3 bn SEK
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.1% | 36 (vs peers) | 11% |
| FCF conversion · Quality | 29.2% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 25.1% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 8.9% | 59 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 5.8x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 249.1x | 0 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.1% | 1 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth80/100 · 2/2 factors with a value
- Quality18/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation1/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Xvivo Perfusion Aktiebolag (XVIVO.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 812.2 m SEK in 2025; YoY growth -1.2%; net margin 3.1%; ROE 1.2%.
The estimated value range is 12.42–27.03 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 17.02 SEK, the price of 199.30 SEK leaves a potential of -91.5% (value / price − 1) and a margin of safety of -1,071.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 25.1%
- Current ratio: 5.8x
What contradicts it
- FCF conversion: 29.2%
- Interest coverage: 1.0x
- P/E (TTM): 249.1x
- FCF yield: 0.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| XVIVO.STXvivo Perfusion Aktiebolag | 6.3 bn | 249.1 | 1.2% | 3.1% | −1.2% | +7% / −25% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for XVIVO.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 130.24 Total return -35% · Per year -35% | 229.20 Total return 15% · Per year 15% | 343.79 Total return 73% · Per year 73% |
| 3 years | 154.48 Total return -22% · Per year -8% | 303.11 Total return 52% · Per year 15% | 495.06 Total return 148% · Per year 35% |
| 5 years | 183.24 Total return -8% · Per year -2% | 400.86 Total return 101% · Per year 15% | 712.89 Total return 258% · Per year 29% |
- Exit P/E± 75.78
- Net margin± 53.04
- Annual revenue growth± 39.56
- Annual dilution± 4.46
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
XVIVO Perfusion develops and sells perfusion and preservation technologies for donated organs, plus support services for transplant clinics, covering lung, heart, liver and kidney. The company argues that demand for organs far exceeds supply, which makes wider use of machine perfusion relevant, with over 108 000 patients on the US waiting list at the end of 2025 1.
SWOT
Strengths
- Leading position in lung preservation, with a solution used by most transplant clinics worldwide 1.
- A portfolio covering four organs that combines products with services, giving a system-level advantage.
- Published clinical evidence, especially for liver and heart, that supports reimbursement arguments.
Weaknesses
- Dependence on funding and reimbursement decisions of national health systems.
- The US launch of liver and heart products depends on regulatory approvals whose timing has already shifted.
- The need to build a scalable commercial organisation in the US, where the company is still developing its presence.
Opportunities
- Wider adoption of machine perfusion as a standard method, especially in Europe, could raise sales volumes.
- US launches of HOPE for hearts and Kidney Assist Transport could open new market segments.
- Retrieval services and perfusionist hubs could be replicated in other European countries.
Threats
- FDA delays or refusals could postpone planned launches.
- Macroeconomic uncertainty and possible trade barriers could affect short-term results.
- Competitors with established warm technologies in the US could limit adoption of cold products.
Risks
- US regulationhigh
FDA approvals for liver and heart are uncertain and the timetable could slip, weighing on US growth.
- Reimbursement and fundingmedium
Adoption depends on national decisions about transplant costs, and unfavourable changes could slow sales.
- US executionmedium
Building a scalable commercial organisation in the US requires investment and time, and results could fall short of expectations.
- Macroeconomics and tradelow
Macroeconomic changes and trade barriers could affect short-term financial results.
- Technology competitionlow
Competing alternatives or new technologies could reduce market share if clinics prefer other solutions.
Investment thesis
What would need to be true (bull case)
- If demand for machine perfusion keeps rising, the company could benefit from its leading lung position and from expansion into heart and liver.
- Services offered alongside products could make XVIVO the clinics' preferred partner, which could strengthen long-term relationships.
- CE approval of HOPE for hearts in Europe and planned US launches could open new revenue sources.
What would break the thesis
- FDA approval delays could postpone US launches more than the company currently expects.
- Adoption of perfusion depends on reimbursement, and policy changes could slow growth.
- Competition from warm technologies and execution difficulties in the US could limit market share.
What to watch
- CE approval of the HOPE technology for hearts2026
- Filing of the PMA application with the FDA for the HOPE heart technologyfirst half of 2026
- Full US launch of Kidney Assist Transport2027
- Decision on the 510(k) regulatory route for the liver technologynext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
XVIVO is a medical technology company headquartered in Göteborg, Sweden, with about 200 employees and offices and development centres in the US and Europe 1. It operates in the ex vivo phase of transplantation, from organ retrieval to transplantation in the recipient, offering products for organ preservation and evaluation and services such as organ retrieval 1. Its Strategy 2027 aims to position the company as the preferred partner in the transplant process rather than only an equipment supplier 1.
The portfolio covers the four most transplanted organs and relies on PERFADEX Plus for cold static lung preservation, the XPS system and STEEN Solution for EVLP, the HOPE method for hearts and Liver Assist for the liver 1. Services include a US retrieval service through partner PSI and perfusionist teams in Italy 1.
Sales are directed mainly at hospitals and transplant clinics, and demand depends on health system funding and on national systems reimbursing transplant costs 1.
Segments
Thorax (lung)
The lung segment is the most consolidated, with XVIVO described as the market leader in lung machine perfusion and cold preservation, and PERFADEX Plus used by over 90 percent of transplant clinics worldwide 1. The company states that lungs initially judged suboptimal can be evaluated with EVLP and used 1.
Heart and liver
For the heart, the HOPE method is presented as an innovation that can extend preservation time; the company expects CE approval in Europe in 2026 and plans to file with the FDA 1. For the liver, Liver Assist is presented as the leader in Europe, while for the US the company paused a PMA study and is exploring a 510(k) route 1.
Kidney
In kidney, Kidney Assist Transport is approved in Europe and the US, and the company estimates that a full US launch could take place in 2027 after certain technology modifications 1.
Market context
The transplant market is limited by organ availability rather than demand, and the company shows that a significant share of donated organs is not used because of uncertain quality, limited capacity and logistics 1. For hearts, about 80 percent of donors are declined by transplant teams, and US liver transplants reached a record in 2025 1.
The company expects demand for machine perfusion to develop positively in 2026, supported by structural needs in health systems and a focus on resource efficiency, though this outlook depends on market adoption and reimbursement 1.
Competitive position
The organ perfusion market includes both cold solutions and warm systems, and in the US the warm technologies dominate, with cold products competing as differentiated alternatives 1. The source does not name competitors, so the analysis remains limited to the company's own statements 1.
The company's claimed advantage lies in the volume of clinical evidence, especially for Liver Assist, and in combining products with services, which could make it harder to displace if it remains the clinics' preferred partner 1.
- Makers of warm perfusion systems
Described generically in the company report as dominant in the US market; not named in the available text.
- Suppliers of cold preservation solutions
Generic competition in cold static preservation; names not specified in the source.
- Organ retrieval and service providers
Partners and service providers for retrieval, with a mixed role as partner or competitor.
- Transplant clinics building in-house systems
Clinics can set up EVLP systems themselves with equipment available in the hospital, indirectly competing with XVIVO products.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / XVIVO Perfusion AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.