Interim Report January – June 2015

SECOND QUARTER 2015 (APR – JUN)

 • Net sales in the quarter amounted to SEK 29.1 (18.5) million, corresponding to an increase of 58 percent.
• Operating income before depreciation and amortization (EBITDA) amounted to SEK 4.3 (1.8) million, corresponding to an EBITDA margin of 15 percent.
• Net income amounted to SEK 1.3 (0.8) million, resulting in earnings per share of SEK 0.06 (0.04). The figures are affected by amortization and depreciation of SEK 2.8 (0.4) million.
• Cash flow from operating activities was SEK 8.8 (0.8) million.
• Net sales of non-Durable goods* in the quarter amounted to SEK 27.4 (18.5) million, corresponding to an increase of 48 percent in SEK. Sales of non-Durable goods increased by 26 percent in local currency.
• Products for warm perfusion (STEEN Solution™ and products related to the use of the XPS™) accounted for 35 (23) percent of total sales of non-Durable goods. In total, products for warm perfusion and the XPS™ accounted for 39 (23) percent of total sales.
• During the quarter rolling 12 month sales amounted to SEK 108.9 million and were above SEK 100 million for the first time.
• XVIVO Perfusion’s share warrant program 2015/2017, which was offered to employees, was fully subscribed.

THE PERIOD 2015 (JAN – JUN)

 • Net sales in the period amounted to SEK 60.9 (26.7) million, corresponding to an increase of 66 percent.
• Operating income before depreciation and amortization (EBITDA) excluding one-time expenses amounted to SEK 8.8 (6.1) million, corresponding to an EBITDA margin of 14 percent. One-time expenses of SEK 1.7 (1.3) million related to the dispute regarding three Vivoline patents/patent applications have been charged against the period. Operating income before depreciation and amortization (EBITDA) amounted to SEK 7.2 (4.9) million, corresponding to an EBITDA margin of 12 percent.
• Net income amounted to SEK 0.3 (2.6) million, resulting in earnings per share of SEK 0.01 (0.13). The figures are affected by amortization and depreciation of 5.7 (0.7) million.
• Cash flow from operating activities was SEK 2.9 (-2.6) million.
• Net sales of non-Durable goods* in the period amounted to SEK 52.5 (36.7) million, corresponding to an increase of 43 percent in SEK. Sales of non-Durable goods increased by 22 percent in local currency.
• Products for warm perfusion (STEEN Solution™ and products related to the use of the XPS™) accounted for 33 (24) percent of total sales of non-Durable goods. In total, products for warm perfusion and the XPS™ accounted for 42 (24) percent of total sales.
• XVIVO Perfusion and Vivoline have reached an agreement whereby, amongst other things, XVIVO Perfusion withdraws its claim at Lund District Court and compensates Vivoline for trial costs. Through this agreement, the parties' differences in regard to the dispute have been definitively settled.
• XVIVO Perfusion has received TGA approval of XPS™ (Xvivo Perfusion System). This enables sales of XPS™ in Australia.
• The United States Patent and Trademark Office (USPTO) has approved a third patent in the “Preservation and evaluation solution” family.  This means that STEEN Solution™ has broader patent protection in the USA.

SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER

• Two XPS™ contracts were signed after the end of the quarter. When the report was published 21 clinics have access to the XPS™, of which 18 are located in the US.
• The first clinical liver transplant with a liver perfused with STEEN Solution™ was performed in Toronto, Canada. In total three successful liver transplants have been performed as part of a phase 1 clinical trial.
• The company has taken a policy decision to apply for a listing on Nasdaq Stockholm’s main list during 2016. This will entail one-time expenses for the company which will be recognized and reported on an ongoing basis during the coming year.

CONFERENCE CALL

CEO Magnus Nilsson will present the report in a conference call at 2 p.m. CET on Thursday, August 13, 2015. Telephone: +44 (0) 1452 555566, enter code 59833055.

August 13, 2015
Gothenburg
XVIVO Perfusion AB (publ)
Magnus Nilsson, CEO

* Durable goods are sales revenues from the XPS™.