Q2 2024 Xvivo Perfusion AB Earnings Call Transcript
Key Points
- Xvivo Perfusion AB (XVIPF) reported the strongest quarter in its history with record sales of SEK210 million.
- Gross margins remained strong at 75%, with plans to improve abdominal gross margins to 70% by 2027.
- EBITDA showed a significant improvement to 24%, indicating a scalable and profitable business model.
- Increased interest and growth in thoracic and abdominal segments, particularly in the US market.
- Successful milestones in heart and kidney projects, with production capacity scaling up as planned.
- Q3 is expected to be sequentially weaker due to lower activity during the summer months.
- Gross margin for abdominal disposables decreased to 63% from 70% last year due to interim production costs.
- Service segment growth remains modest, with a 10% increase in sales but still recovering from the loss of high-volume centers.
- Continued heavy investment in commercial and field force, which may impact short-term profitability.
- Uncertainty around the exact timeline and outcomes of ongoing clinical trials and regulatory approvals.
Thank you so much, and welcome to XVIVO's earnings call for the second quarter of 2024. As we see on the first slide, we have today's presenter here. It's me, Christoffer Rosenblad, CEO of XVIVO; and Kristoffer Nordström, CFO, today calling in from Philadelphia.
If we go to the second slide in the deck, we see Q2 financial at a glance. And I'm proud and happy to report the strongest quarter in XVIVO's history and that Q2 shows improvement on top line as well as EBITDA. More importantly, the Q2 shows that XVIVO has a scalable business model with improving margins with increasing sales, even though we continue and will continue to invest in the organization for future growth.
Sales came in a record SEK210 million. The gross margins are continuing to show strength. We plan and reported that we plan to improve the abdominal gross margin to 70% at the latest in 2027 or earlier when we reach economies of scale in production, and we see that we continue to produce according to that goal. The EBITDA shows a strong improvement
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