Interim report January-March 2025

First quarter 2025 (Jan-Mar)
• Net sales increased to SEK 218.6 million (186.0), corresponding to growth of 18 percent in SEK and 16 percent in local currencies. Organic growth amounted to 14 percent in local currencies.
• The Business areas Thoracic and Abdominal delivered sales growth in local currencies: Thoracic 16 percent and Abdominal 28 percent. Services delivered negative growth of -6 percent.
• Total gross margin was 73 percent (73). The gross margin for the business areas amounted to: Thoracic 82 percent (81), Abdominal 63 percent (68) and Services 38 percent (36).
• Operating income (EBIT) increased to SEK 26.6 million (19.0). Adjusted EBIT increased by 50 percent to SEK 29.8 million (19.9).
• Operating income before depreciation and amortization (EBITDA) increased to SEK 43.0 million (36.0), corresponding to an EBITDA margin of 20 percent (19). Adjusted EBITDA increased to SEK 46.2 million (36.9), corresponding to an adjusted EBITDA margin of 21 percent (20).
• Net profit amounted to SEK -12.4 million (22.8), impacted by currency effects in cash and cash equivalents of SEK -22.5 million (8.3). Earnings per share amounted to SEK -0.39 (0.72).
• Cash flow from operating activities was SEK -15.3 million (1.6). The quarter was impacted by increased working capital tied up due to higher sales, as well as the annual payout of employee-related liabilities. Total cash flow amounted to SEK -77.2 million (-43.3), primarily impacted by investments in R&D projects of SEK -40.1 million.

Significant events in the quarter
• Rapid FDA approval of the IDE application for the DELIVER study using Liver Assist
• FDA approval for continued use of XVIVO’s heart technology through the PRESERVE CAP study