Xvivo Perfusion

Interim / Quarterly Report • Apr 24, 2025

Interim report January March 2025

XVIVO Perfusion AB (publ)

Interim report January – March 2025

• •
• •
• •

• •

• •

• •
• •
• •
• •

This is XVIVO

At XVIVO, we have millions of reasons to go to work every day, namely all the people who desperately are in need of new lungs, a new kidney, a new liver, or a new heart. Founded in 1998, XVIVO is the only MedTech company dedicated to extending the life of all major organs - so transplant teams around the world can save more lives. X\/I\/O is a global company headquartered in Gothenburg, Sweden.

170.000

organ transplants each year, only

10%

With only

of total global demand is met

XVIVO's offering increases availability of transplantable organs

Business concept

X\/I\/O's business concept is to develop and market effective, innovative technology for preserving, transporting and assessing organs outside the body while avvaiting transplant, and to facilitate the transplant process by offering service solutions to support hospitals.

Our goal

To become the global leader in the preservation of organs outside the body for all major organs (lung, heart, liver and kidney) and establish machine perfusion as the standard method for preserving, transporting and assessing donated organs ahead of transplantation.

Purpose and vision

VVe believe in an extended life of organs. Nobody should die waiting for a new organ.

XVIVO as an investment

Investing in XVIVO means being part of a journey to solve the global organ shortage crisis while driving strong, sustainable growth. With proven technologies and a solid track record on execution, XVIVO is uniquely positioned to lead the future of transplantation and unlock the untapped market potential.

The XVIVO share is listed on NASDAQ Stockholm and traded under the XVIVO ticker

CEO comment

A quarter with important regulatory achievements

Net sales in the first quarter amounted to SEK 219 million, corresponding to organic growth of 14 percent in local currency. Abdominal grew by 28 percent, Thoracic by 16 percent, while Services decreased by 6 percent. Topline growth resulted in an improved adjusted EBITDA margin of 21 percent (20) in a quarter where we continued to expand our customer-facing organization and invest to strengthen back-end.

Christoffer Rosenblad, CEO

In an ever-changing world, where each company must find its way to navigate successfully, I will start by addressing the global trade policy situation. First and foremost, I want to emphasize that regardless of any changes in global trade policies, our primary commitment remains to all patients and their families worldwide who desperately need a new organ. Secondly, transplantation is key to reducing government spending on healthcare, and therefore XVIVO works persistently to make sure clinics have the best opportunity to both save lives and reduce costs. This is why XVIVO exists.

Regarding the current tariffs imposed on the US market, we have both short- and long-term plans for how to navigate the emerging landscape. Our XPS machine and parts of the lung disposables are manufactured in the US and will remain largely unaffected by these tariffs. Our kidney technology, as well as other perfusion and preservation solutions for lungs, are manufactured in Europe, and in the short-term price adjustments are needed to maintain profitability. Our heart and liver technologies have not yet been commercialized in the US, which provides us with some flexibility. In the medium to long-term, the company aims to set up machine manufacturing in both Europe and the US in order to increase on-time delivery and build reserve capacity.

From a regulatory perspective, the year started off on a very positive note with several key milestones achieved during the first quarter. I am very pleased to announce that the PRESERVE CAP (Continued Access Protocol) Study has received FDA approval to enroll up to 60 heart patients during six months across the 26 sites that previously participated in the PRESERVE Trial. Enrollment of the first patient is expected in the second quarter this year.

Additionally, our Liver IDE application was approved by the FDA in record time. The trial is set to begin in the third quarter and will include 215 patients across 20 American transplant clinics.

We also reached a milestone in Canada following MDSAP approval. Our product offering is now available for Canadian kidney, liver, and lung patients, and we recently hired our first Canadian employee. Our heart technology will be introduced in Canada as well, once we obtain the European CE mark.

In European patients, clinics and XVIVO are awaiting final approval for the CE mark of Heart. We maintain a constructive dialogue with our notified body as well as the two medical agencies -

"Regardless of any changes in global trade policies, our primary commitment remains to all patients and their families worldwide who desperately need a new organ."

EMA and the Swedish Medical Products Agency (MPA). XVIVO is focusing on what we can effect, which is fast and high-quality answers to the agencies and launch readiness.

We are currently looking forward to ISHLT in Boston in the last week of April, where the 12month data from our European heart trial will be presented. 3-month data published in The Lancet last year showed a 76 percent risk reduction in severe primary graft dysfunction (PGD), which is a remarkable result as severe PGD is the key indicator of both short- and long-term survival.

Clinical data using the XVIVO Heart technology shows that cold (hypothermic) oxygenated perfusion (HOPE) is favorable and should be the preferred method for all heart transplants. Our ambition is for the Heart technology to become the new gold standard-just as PERFADEX has been for cold static lung preservation for decades. Early-stage adoption in Australia/New Zeeland proves that we are serious; last year, 28 percent of all transplanted hearts in Australia/New Zealand were preserved using XVIVO Heart Assist Transport-and when looking only at DBD hearts, that number rises to 33 percent. The first quarter of 2025 also started on a high note, with 61 percent sales growth in Australia/New Zealand.

Lung sales started somewhat weaker than expected this year. Growth was hampered by a relatively strong comparison quarter in 2024, and limited access to new XPSs during the previous six months due to limitations in the supply chain. Our dedicated work led to the delivery of XPS machines to four new customers at the end of March - two in the US and two in Europe. We continue to see growing interest in XPS from new transplant clinics and are optimistic about 2025. However, the limited production rate is expected to continue in Q2-Q3 with approximately three machines per quarter.

During the first quarter, two EVLP studies from the US were published. The first study' demonstrated that EVLP with STEEN Solution is feasible also for high-risk patients and that STEEN Solution with the XPS outperforms the competition in terms of survival. The second study2 demonstrated that, for centers performing more than three EVLPs per year, the procedure was associated with a lower cost per transplant.

In Europe, the abdominal portfolio continued to perform well in the first quarter with Kidney growing around 50 percent and Liver growing by 25 percent. In the US, we are beginning to see early signs of progress for Kidney Assist Transport, with growth of 108 percent in disposables in year-on-year terms. However, there are two key areas we need to improve in order to fully address the market: design updates and collection of US patient data. The work is on-going.

Providing various service models to transplant clinics rather than just products is becoming increasingly important, especially in the US, in order to be a true partner and support clinics in strengthening and expanding their transplant programs. The service industry in the US is developing rapidly. XVIVO has important platforms in place and will conduct a complete strategic overview of our service and product offering in the US during the first half of 2025.

As we look ahead, we remain committed to our vision that 'nobody should die waiting for a new organ.' The achievements of the past year, combined with the exciting opportunities ahead, position XVIVO for rapid yet sustained growth. I am confident that 2025 will be another highly impactful year for XVIVO.

Christoffer Rosenblad, CEO

¹ https://doi.org/10.1016/j.jtcvs.2024.10.041

² https://doi.org/10.1111/ctr.70096

Market approval and clinical trials

In order to document the safety and efficacy of our products, we conduct pre-clinical and clinical trials in collaboration with leading researchers and clinics. Clinical data is the foundation for obtaining market approval for the products, but is also critical for demonstrating their value to our target groups.

Regulatory approval status in core markets

Status of ongoing clinical studies and estimated timeline

Heart

In Europe, XVVO included the last patient in the heart preservation study NHP2019 in total 202 patients from 15 transplanation clinics in 8 European countries enrolled. Compelling 3-month data was published in The Lancet in August 2024. 12-month data will be presented at ISHLT in Boston at the end of April 2025. XVIVO is currently awaiting regulatory approvals required to apply for CE marking. In selected European markets, XVIVO's heart technology is currently available use provisions. Commercial launch in Europe is expected in 2025, pending CE marking approval.

In Australia and New Zealand, a study involving 36 patients was conducted across in 2023. The study focused on Iong-distance donors and transplants in which the heart is extended out-of-body time. The results were published in the Journal of Heart & Lung Transplantation in November 2023. XVIVO's heart technology is currently being sold in Australia under a special access scheme. In 2024, the technology was used in approximately one-third of all heart transplants in Australia and New Zealand is expected to follow one CE marking has been obtained.

In the US, the final transplant procedure in the PRESERVE study was performed in November 2024. The study included 141 patients across 20 transplant centers and was fully enrolled in just 13 morths due to strong interest. Follow-up period, concluding in November 2025, the data will be analyzed and form the basis for a PMA marketing application to the FDA. XVIVO is planning for a commercial launch in the United States in early 2027, subject to obtaining PMA approval.

Liver

In the US, Liver Assist has been granted Breakthrough Designation by the FDA, and in February 2025, the FDA application for DeLIVER a multicenter study involving 215 patients in need of liver transplant centers. The first patient is expected to be included during the third quarter of 2025. The timeline for PMA approval and subsequent commercial launch can be estimated with greater accuracy once patient enrollment is complete and the 12-month follow-up period has concluded.

Compilation of net sales and KPIs

Compilation of net sales and KPIs
	January-March	January-March	Full year
SEK Thousands	2025	2024	2024
Net Sales Thoracic	141 698	120 886	555 235
Net Sales Abdominal	56 560	43 998	179 420
Net Sales Services	20 330	21 138	87 760
Net Sales Total	218 588	186 022	822 415
Gross profit Thoracic	116 858	97 803	463 597
Gross margin Thoracic, %	82%	81%	83%
Gross profit Abdominal Gross margin Abdominal, %	35 875 63%	29 688 67%	117 340 65%
Gross profit Services	7 641	7 615	35 478
	38%
Gross margin Services, % Gross profit Total	160 374	36% 135 106	40% 616 415
Gross margin Total, %	73%	73%	75%
Selling expenses	-73 710	-64 584	-283 982
Administrative expenses	-23 023	-21 409	-95 788
Research and development expenses	-35 478	-30 588	-148 329
Other operating income and expenses	-1 597	468	37
Operating Income (EBIT)	26 566	18 993	88 353
EBIT, %	12%	10%	11%
EBIT (adjusted) 1)	29 767	19 937	115 633
EBIT (adjusted), %	14%	11%	14%
Amortization and depreciation cost of goods sold	561	513	1 956
Amortization and depreciation administrative expenses	1 265	1 375	24 828
Amortization and depreciation research and development expenses	7 917	9 462	5 181
Amortization and depreciation selling expenses	6 658	5 599	55 751
EBITDA (Operating income before depreciation and amortization)	42 967	35 942	176 069
EBITDA, %	20%	19%	21%
EBITDA (adjusted) 1)	46 168	36 886	183 058
EBITDA (adjusted), %	21%	20%	22%
1) Adjusted for the effect of non-recurring costs of SEK -3.2 (-0.9) million for the quarter. For specification, see Reconciliation of alternative performance measures.
Changes in Net Sales
SEK Thousands	January-March 2025	January-March 2024	Full year 2024
Organic growth in local currency, %	14	32	39
Acquired growth, %	2	-	-
Currency effect, %	2	-	-1
Total growth, %	18	32	38

Changes in Net Sales
	January-March	January-March	Full year
SEK Thousands	2025	2024	2024

Summary

January-March 2025

Net sales and income

Net sales in the quarter amounted to SEK 218.6 million (186.0), an increase of 18 percent yearon-year, of which 14 percent derived from organic growth. The Business areas Thoracic and Abdominal delivered underlying sales growth in local currencies: Thoracic 16 percent and Abdominal 28 percent. Services delivered negative growth of -6 percent. For a description of development within each business area, see pages 10-11.

The total gross margin for the quarter was 73 percent (73). For comments regarding the margins in each business area, see pages 10-11.

Operating expenses by function were in line with the previous year in relation to net sales. Selling expenses in relation to total sales amounted to 34 percent (35) for the quarter. R&D expenses amounted to 16 percent (16) of sales, and administration expenses amounted to 11 percent (12) of sales. During the quarter, XVIVO continued to invest in its organization and intends to further expand both its team and customer offering over time to meet the growing interest in and demand for machine perfusion and related service solutions.

Operating income before depreciation and amortization (EBITDA) amounted to SEK 43.0 million (36.0), corresponding to an EBITDA margin of 20 percent (19). EBITDA was affected by acquisition and integration expenses related to the acquisition of FlowHawk totaling SEK -3.2 million (-0.9). Adjusting for these items, EBITDA amounted to SEK 46.2 million (36.9), corresponding to an adjusted EBITDA margin of 21 percent (20).

Operating income (EBIT) amounted to SEK 26.6 million (19.0). EBIT adjusted for the aforementioned specific expenses amounted to SEK 29.8 million (19.9) and an adjusted EBIT margin of 14 percent (11).

Capitalization and amortization

During the quarter, SEK 40.1 million (24.3) of development expenses were capitalized as intangible assets. The development expenses essentially related to expenses for R&D projects with the aim of obtaining regulatory approval in the US, Europe and Australia/New Zealand in heart and liver perfusion. Amortization of capitalized development expenditure was SEK 5.1 million (7.4) in the quarter.

Cash flow

Cash flow from operating activities for the quarter amounted to -SEK 15.3 million (1.6), impacted by increased working capital tied up due to higher sales and the annual payout of employee-related liabilities. Cash flow from investing activities amounted to SEK -58.9 million (-42.5), of which SEK -40.8 million (-24.5) was invested in intangible assets and SEK -18.2 million (-18.0) was invested in property, plant and equipment. Cash flow from financing activities amounted to net SEK -3.0 million (-2.4). Exchange rate differences impacted the cash flow for the quarter by SEK -22.5 million (8.3). Cash and cash equivalents at the end of the quarter amounted to SEK 315.9 million (511.2).

Financing

XVIVO

XVIVO's operations shall be conducted with sustainable and efficient capital structure. The company's equity/assets ratio is strong and amounted to 91 percent (89) at the end of the company's total credit facilities include a revolving credit facility, which stood at EUR 20 million (-) at the period, with EUR 0.0 million (0.0) drawn.

Net sales by business area (R12) SEKm

EBITDA and EBITDA margin (adjusted, R12)

Significant events in the quarter

Rapid FDA approval of the IDE application for the DELIVER study using Liver Assist

The Investigational Device Exemption (IDE) application for Liver Assist was submitted to the FDA at the end of January and approved within 30 days-thanks to thorough preparation and close collaboration with the agency to ensure a protocol that addresses key regulatory aspects. Like XVIVO Heart Assist Transport, Liver Assist has received Breakthrough Device Designation, a part of the FDA's program to expedite the development and review of technologies with the potential to significantly improve patient outcomes.

The upcoming clinical study, titled DELVER: A Prospective, Multi-Center, Single-Arm, Open Label Trial of Deceased Donor Livers Transplanted After HOPE with eXVIVO LIVER Perfusion will involve 215 patients across up to 20 US clinical centers.

The study will focus on two primary outcomes of early allograft dysfunction (EAD) and the number of patients with functioning liver transplants six months after transplantation. Patients in the study will receive liver donations from deceased donors either with extended criteria for brain death (ECD-DBD) or after circulatory death (DCD), where the organs have been preserved using dual hypothermic oxygenated perfusion (DHOPE) with Liver Assist.

The approval process with the institutional review boards (RB) and contract review are currently underway. The first patient is expected to be enrolled during the third quarter of 2025.

FDA approval for continued use of XVIVO's heart technology through the PRESERVE CAP study

The PRESERVE CAP study (Continued Access Protocol) has received FDA approval to include up to 60 patients at the 26 clinical centers that previously participated in the PRESERVE study.

The CAP paves the way for so-called compassionate use and enables continued access to XVIVO Heart Assist Transport (XHAT) while the FDA reviews the company's application for market approval (PMA). The protocol allows study clinics to continue offering XHAT to patients who meet the original inclusion criteria, while safety and efficacy are evaluated by the FDA. The criteria and study design for the CAP study are unchanged compared to the previous IDE study, PRESERVE.

Interest in the CAP study has been strong among the participating clinics, and with ethical approval (IRB) currently under review, the first patient is expected to be enrolled during the second quarter of 2025.

Business area development

				500 400 300 200
SEK Thousands	January-March 2025	January-March 2024	Full year 2024	100
Net sales	141 698	120 886	555 235
Lung	133 810	109 178	489 886	0
Heart	7 888	11 708	65 349	Lung Heart
Gross margin, %	82	81	83

Machine perfusion, 60% Static preservation, 38% Other, 2%

North and South America 66% EMEA 27% APAC 7%

	January-March	January-March	Full year	180 160 140 120 100 80 60 40 20 0
SEK Thousands Net sales	2025 56 560	2024 43 998	2024 179 420
Liver	42 655	33 362	126 813	Liver Kidney
Kidney	13 905	10 636	52 607
Gross margin, %	63	68	65

SEK Thousands 2025 2024 2024 Net sales 20 330 21 138 87 760 Gross margin, % 38 36 40

January-March	January-March	Full year

North and South America 13% EMEA 85% APAC 2%

Other information

Sustainability

Our greatest contribution to sustainability is creating opportunities to save more lives enhance the quality of life for patients and improve healthcare economics so that healthcare systems all over the world can afford to do even more. Our core business is based on our vision that nobody should die waiting for a new organ. For more detailed information regarding our sustainability work, see our 2024 Annual Report.

Organization and employees

The XVIVO Group has 193 employees, of whom 97 are women and 96 men. Of these, 61 are employed in Sweden and 132 outside Sweden. The head office is located in Gothenburg, Sweden and we have active subsidiaries in the US, Netherlands, Italy, France, Brazil and Australia. XVIVO also has employees based in several other countries globally.

Related-party transactions

There were no related-party transactions during the period.

Risk management

XVIVO works continuously to identify, evaluate, and manage risks in different systems and processes. Risk analyses are carried out continuously regarding normal operations and in connection with activities that are outside XVNO's regular quality system.

Global health crises, such as pandemics, can have a temporary negative impact on organ transplantation. The market risks that are deemed to have a particular impact on XVIVO's future progress are linked to the availability of financial and medical resources in cilnics around the world. Operational risks are risks that limit or prevent XVIVO from developing, manufacturing and selling highquality, efficient and safe products. The number of organ transplants is marginally affects. Mainly in new treatment methods, such as warm perfusion of lungs, slightly occurs during the summer months because there is less training and learning the summer vacation period. Legal and regulatory risks may arise from changes in legislation or policy decisions that may affect the Group's ability to conduct or develop the business. Financial risks include exchange rate risks.

More information regarding strategic and operational risks is described in the management report in our 2024 Annual Report.

Annual General Meeting

The Annual General Meeting of XVIVO Perfusion AB (publ) will be held on April 25, 2025 at 1:00 p.m. CEST at the Swedish Exhibition & Congress Center in Gothenburg (Svenska Mässan). The following people have been appointed to be part of XVIVO Perfusion AB's Nomination Committee for the 2025 Annual General Meeting:

Henrik Blomquist, appointed by Bure Equity AB Thomas Ehlin, appointed by Fourth AP Fund Martin Lewin, appointed by Eccenovo AB Gösta Johannesson, Chairman of the Board

The appointment has been made in accordance with the current instructions regarding the principles for the nomination committee in the company. The shareholders who appointed the members of the Nomination Committee jointly represented 28.7 percent of all shares in the company on August 31, 2024.

Outlook

Despite the uncertainty in the external environment, including potential trade barriers and possibly increased cost pressures in healthcare, we remain confident about 2025. The need for life-saving organ transplants continues to grow globally, and our technology is well-positioned to meet this demand. Transplantation care remains a priority in both the US and Europe-markets where we hold a leading position and have established partnerships. Our focus is on continuing to deliver innovative solutions that improve patient outcomes and streamline healthcare workflows. We are financially strong, with a clear strategy for profitable growth and continued expansion across all four solid organs. With a continued focus on quality, evidence, and customer value, we are confident that 2025 will be a step forward-both for us and for transplantation care.

For 2025, we see several kev milestones ahead of us, including the commercialization of our heart technology in Europe and Australia/New Zealand, as well as the inclusion of the first patient in our liver study in the US. In terms of sales, we anticipate that EVLP in the US, as well as liver and kidney in Europe, will be the primary drivers of sales growth throughout the year, until the US studies for heart and liver are fully underway and until we can launch our heart technology in Europe, which will happen as soon as we have obtained CE marking.

2025 will also be a year where we continue to invest in the future. The key regulatory investments for the next two years will be our US studies, and the PMA approval processes for heart and liver. We will also need to invest further in our commercial capacity in our key markets-proximity to the customer will be crucial in making machine perfusion the standard of care. One final investment area worth mentioning is inventory. To reliably meet the growing demand in the coming years, we need to build additional inventory for lung and liver, and this work was initiated in the first quarter of 2025. The company has increased its credit facilities to EUR 20 million to enable higher inventory buildup and increased accounts resulting from higher sales.

To summarize, we assess that the number of transplants in the world will continue to increase. Transplantation is lifesaving and has the potential to save significant money and resources for healthcare systems. Growth will be fueled by machine perfusion and service models that facilitate the work of transplantation clinics, and XVIVO will continue to invest in the significant existing market potential.

Mölndal, Sweden, April 24, 2025

Christoffer Rosenblad CFO

No events occurred after the end of the reporting period that affect the financial information in this report.

This report has not been reviewed by the company's auditors.

This information is information that XVIVO Perfusion AB (publ) is obliged to make public pursuant to the EU Market Abuse Requlation. The information was submitted for publication through the agency of the contact person set out below on April 24, 2025 at 7.30 am CEST.

Financial calendar

• · Interim Report January-June 2025: Friday, July 11, 2025
• Interim Report January-September 2025: Thursday, October 23, 2025
• · Year-End Report 2025: Tuesday, January 27, 2026

CEO Christoffer Rosenblad and CFO Kristoffer Nordström will present the Interim Report in a conference call at 2.00 p.m. CEST on Thursday, April 24.

For access via conference call, click here

For access via webcast, click here

Contact

Christoffer Rosenblad, CEO tel: +46 735 19 21 59 email: christoffer.rosenblad@xvivogroup.com

Kristoffer Nordström, CFO tel: +1 484 437 1277 email: kristoffer.nordstrom@xvivogroup.com

Financial statements

Financial statements
SEK Thousands	January-Mars 2025	January-Mars 2024	January-December 2024
Net sales	218 588	186 022	822 415
Cost of goods sold	-58 214	-50 916	-206 000
Gross profit	160 374	135 106	616 415
Selling expenses Administrative expenses	-73 710 -23 023	-64 584 -21 409	-283 982 -95 788
Research and development expenses	-35 478	-30 588	-148 329
Other operating income and expenses	-1 597	468	37
Operating income	26 566	18 993	88 353
Financial income and expenses Income after financial items	-40 617 -14 051	11 015 30 008	111 595 199 948
Taxes	1 652	-7 223	-27 766
Net income	-12 399	22 785	172 182
Attributable to Parent Company's shareholders	-12 399	22 785	172 182
Earnings per share, SEK	-0.39	0.72	5.47
Earnings per share, SEK 1)	-0.39	0.72	5.44
Average number of outstanding shares	31 499 470	31 499 470	31 499 470
Average number of outstanding shares 1)	31 650 106	31 499 470	31 650 106
Number of shares at closing day	31 499 470	31 499 470	31 499 470
Number of shares at closing day 1)	31 650 106	31 499 470	31 650 106
	42 967	35 942	176 069
EBITDA (Operating income before depreciation and amortization)
Depreciation and amortization on intangible assets	-7 796	-9 313	-55 273
Depreciation and amortization on tangible assets	-8 605	-7 636	-32 443
Operating income	26 566	18 993	88 353
1) After dilution
	January-Mars	January-Mars	January-December
SEK Thousands Net income	2025 -12 399	2024 22 785	2024 172 182
Other comprehensive income
Items that may be reclassified to the income statement
Exchange rate differences	-52 671	34 770	31 303

Earnings per share, SEK 1)	-0.39	0.72	5.44
EBITDA (Operating income before depreciation and amortization)
1) After dilution
	January-Mars	January-Mars	January-December
SEK Thousands	2025	2024	2024
Net income	-12 399	22 785	172 182
Other comprehensive income
Items that may be reclassified to the income statement
Exchange rate differences	-52 671	34 770	31 303
Total other comprehensive income	-52 671	34 770	31 303
Total comprehensive income	-65 070	57 555	203 485
Attributable to
Parent Company's shareholders	-65 070	57 555	203 485

SEK Thousands		250331	241231
ASSETS
Goodwill		636 841	682 483
Capitalized development expenditure		703 629	676 092
Other intangible assets		43 735	48 704
Property, plant & equipment		151 811	149 036
Financial assets		32 646	33 352
Total non-current assets		1 568 662	1 589 667
Inventories		225 875	227 406
Current receivables		184 670	170 149
Liquid funds		315 871	415 521
Total current assets		726 416	813 076
Total assets		2 295 078	2 402 743
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity, attributable to the Parent Company's shareholders		2 092 401	2 156 778
Long-term interest-bearing liabilities		20 285	23 126
Long-term non-interest-bearing liabilities		42 763	45 329
Short-term interest-bearing liabilities		9 023	10 917
Short-term non-interest-bearing liabilities		130 606	166 593
Total shareholders' equity and liabilities		2 295 078	2 402 743
	January-March 2025	January-March 2024	January-December 2024
Income after financial items	-14 051	30 008	199 948
Adjustment for items not affecting cash flow	61 963	8 620	741
Paid taxes	-2 968	-842	-10 284
Change in inventories	-6 230	-3 895	-77 515
Change in trade receivables	-26 106	-23 438	-17 772
Change in trade payables	-27 859	-8 862	16 172
Cash flow from operating activities	-15 251	1 591	111 290
Cash flow from investing activities	-58 942	-42 495	-243 814
Cash flow from financing activities	-2 997	-2 368	-10 902

Income after financial items -14 051 30 008 199 948 Adjustment for items not affecting cash flow 61 963 8 620 741 Paid taxes -2 968 -842 -10 284 Change in inventories -6 230 -3 895 -77 515 Change in trade receivables -26 106 -23 438 -17 772 Change in trade payables -27 859 -8 862 16 172 Cash flow from operating activities -15 251 1 591 111 290 Cash flow from investing activities -58 942 -42 495 -243 814 Cash flow from financing activities -2 997 -2 368 -10 902 Cash flow for the period -77 190 -43 272 -143 426 Liquid funds at beginning of period 415 521 546 088 546 088 Exchange rate difference in liquid funds -22 460 8 337 12 859 Liquid funds at end of period 315 871 511 153 415 521 Attributable to Parent Company's shareholders Retained earnings incl. Sum Other paid in profit for the shareholders´ Share capital Reserves SEK Thousands capital year equity Shareholders´ equity as of January 1, 2024 805 1 763 782 60 884 119 574 1 945 045 Total comprehensive income January - March 2024 - - 34 770 22 785 57 555
Redovisningseffekt av incitamentsprogram enligt IFRS 2 - 506 - - 506
Shareholders´ equity as of March 31, 2024 805 1 764 288 95 654 142 359 2 003 106
Total comprehensive income April - December 2024 - - -3 467 149 397 145 930
Share warrant program - 7 742 - - 7 742
Shareholders´ equity as of December 31, 2024 805 1 772 030 92 187 291 756 2 156 778 Total comprehensive income January - March 2025 - - -52 671 -12 399 -65 070
Accounting effect of incentive programs according to IFRS 2 - 693 - - 693
Shareholders´ equity as of March 31, 2025 805 1 772 723 39 516 279 357 2 092 401

		Attributable to Parent Company's shareholders
		Other paid in		Retained earnings incl. profit for the	Sum shareholders´
SEK Thousands	Share capital	capital	Reserves	year	equity
Shareholders´ equity as of January 1, 2024	805	1 763 782	60 884	119 574	1 945 045
Total comprehensive income January - March 2024	-	-	34 770	22 785	57 555
Redovisningseffekt av incitamentsprogram enligt IFRS 2	-	506	-	-	506
Shareholders´ equity as of March 31, 2024 Total comprehensive income April - December 2024	805 -	1 764 288 -	95 654 -3 467	142 359 149 397	2 003 106 145 930
Share warrant program	-	7 742	-	-	7 742
Shareholders´ equity as of December 31, 2024	805	1 772 030	92 187	291 756	2 156 778
Total comprehensive income January - March 2025	-	-	-52 671	-12 399	-65 070
Accounting effect of incentive programs according to IFRS 2 Shareholders´ equity as of March 31, 2025	- 805	693 1 772 723	- 39 516	- 279 357	693 2 092 401

	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun
SEK Thousands	2025	2024	2024	2024	2024	2023	2023	2023
Net sales	218 588	227 564	198 480	210 349	186 022	155 740	146 614	154 573
Cost of goods sold	-58 214	-52 430	-50 549	-52 105	-50 916	-38 506	-39 016	-39 111
Gross profit	160 374	175 134	147 931	158 244	135 106	117 234	107 598	115 462
Selling expenses	-73 710	-80 983	-67 474	-70 941	-64 584	-64 804	-66 554	-52 528
Administrative expenses	-23 023	-22 865	-28 452	-23 062	-21 409	-17 309	-13 392	-27 258
Research and development costs	-35 478	-55 808	-30 863	-31 070	-30 588	-51 014	-27 126	-31 629
Other operating income and expenses	-1 597	-16	-670	255	468	-231	4 776	-245
Operating income	26 566	15 462	20 472	33 426	18 993	-16 124	5 302	3 802
Financial income and expenses	-40 617	34 154	67 207	-781	11 015	81 686	-4 348	7 638
Income after financial items	-14 051	49 616	87 679	32 645	30 008	65 562	954	11 440
Taxes	1 652	-13 229	-1 862	-5 452	-7 223	2 912	1 330	-4 554
Net income	-12 399	36 387	85 817	27 193	22 785	68 474	2 284	6 886
Attributable to
Parent Company's shareholders	-12 399	36 387	85 817	27 193	22 785	68 474	2 284	6 886
Earnings per share, SEK	-0.39	1.16	2.72	0.86	0.72	2.17	0.08	0.23
Earnings per share, SEK 1)	-0.39	1.15	2.71	0.86	0.72	2.17	0.08	0.23
Average number of outstanding shares	31 499 470	31 499 470	31 499 470	31 499 470	31 499 470	31 499 470	30 139 116	29 872 450
Average number of outstanding shares 1)	31 650 106	31 650 106	31 685 836	31 617 251	31 499 470	31 499 470	30 139 116	29 872 450
Number of shares at closing day	31 499 470	31 499 470	31 499 470	31 499 470	31 499 470	31 499 470	31 499 470	29 899 470
Number of shares at closing day 1)	31 650 106	31 650 106	31 685 836	31 617 251	31 499 470	31 499 470	31 499 470	29 899 470
EBITDA (Operating income before depreciation and	42 967	51 884	37 099	51 144	35 942	20 746	18 931	17 216
amortization)
Depreciation and amortization on intangible assets	-7 796	-27 605	-8 732	-9 623	-9 313	-30 025	-7 725	-7 715
Depreciation and amortization on tangible assets	-8 605	-8 817	-7 895	-8 095	-7 636	-6 845	-5 904	-5 699
Operating income	26 566	15 462	20 472	33 426	18 993	-16 124	5 302	3 802
1) After dilution
	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun
SEK Thousands	2025	2024	2024	2024	2024	2023	2023	2023
Net income	-12 399	36 387	85 817	27 193	22 785	68 474	2 284	6 886
Other comprehensive income
Items that may be reclassified to the income statement:
Exchange rate differences	-52 671	34 640	-30 987	-7 120	34 770	-51 948	-10 520	32 690

Earnings per share, SEK 1)	-0.39	1.15	2.71	0.86	0.72	2.17	0.08	0.23
EBITDA (Operating income before depreciation and
Net income	-12 399	36 387	85 817	27 193	22 785	68 474	2 284	6 886
Other comprehensive income
Items that may be reclassified to the income statement:
Exchange rate differences	-52 671	34 640	-30 987	-7 120	34 770	-51 948	-10 520	32 690
Total other comprehensive income	-52 671	34 640	-30 987	-7 120	34 770	-51 948	-10 520	32 690
Total comprehensive income	-65 070	71 027	54 830	20 073	57 555	16 526	-8 236	39 576
Attributable to

	January-March	January-March	January-December
SEK Thousands	2025	2024	2024
Gross margin, %	73	73	75
EBIT, %	12	10	11
EBIT (adjusted), %	14	11	14
EBITDA, %	20	19	21
EBITDA (adjusted), %	21	20	22
Net margin, %	-6	12	21
Equity/assets ratio, %	91	89	90
Income per share, SEK	-0.39	0.72	5.47
Shareholders' equity per share, SEK	66.43	63.59	68.47
Share price on closing day, SEK	282	275	489
Market cap on closing day, MSEK	8 867	8 662	15 403
	January-	January-	January-
SEK Thousands	March 2025	March 2024	December 2024
Net sales	108 222	99 293	453 072
Cost of goods sold	-23 576	-25 103	-98 081
Gross profit	84 646	74 190	354 991
Selling expenses	-20 039	-21 734	-84 074
Administrative expenses	-23 313	-21 376	-100 459
Research and development expenses	-20 485	-19 976	-105 605
Other operating income and expenses	-1 265	824	5 058
Operating income	19 544	11 928	69 911
Financial income and expenses	-36 928	13 028	53 526

	January- March	January- March	January- December
SEK Thousands	2025	2024	2024
Net sales	108 222	99 293	453 072
Cost of goods sold	-23 576	-25 103	-98 081
Gross profit	84 646	74 190	354 991
Selling expenses	-20 039	-21 734	-84 074
Administrative expenses	-23 313	-21 376	-100 459
Research and development expenses	-20 485	-19 976	-105 605
Other operating income and expenses	-1 265	824	5 058
Operating income	19 544	11 928	69 911
Financial income and expenses	-36 928	13 028	53 526
Income after financial items	-17 384	24 956	123 437
		-7 141	-24 872
Taxes Net income	2 949 -14 435	17 815	98 565
SEK Thousands		250331	241231
ASSETS
Intangible assets		581 068	554 548
Property, plant and equipment		66 592	58 105
Financial assets		917 132	904 218
Total non-current assets		1 564 792	1 516 871
Inventories		80 859	75 751
Current receivables		65 171	62 811
Cash and bank		182 872	270 882

SEK Thousands	250331	241231
ASSETS
Intangible assets	581 068	554 548
Property, plant and equipment	66 592	58 105
Financial assets	917 132	904 218
Total non-current assets	1 564 792	1 516 871
Inventories	80 859	75 751
Current receivables	65 171	62 811
Cash and bank	182 872	270 882
Total current assets	328 902	409 444
Total assets	1 893 694	1 926 315
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity	1 814 818	1 828 078
Provisions	2 862	3 014
Provisions Short-term non-interest-bearing liabilities	12 698 63 316	12 698 82 525

Notes

TSEK 250331 241231 Opening balance 5 448 64 415 Revaluation of additional purchase considerations -478 -58 967

TSEK	250331	241231
Opening balance	5 448	64 415
Revaluation of additional purchase considerations	-478	-58 967
Closing balance	4 970	5 448

Closing balance							4 970	5 448
	Thoracic		Abdominal	January-March	Services		Total consolidated
SEK Thousands	2025	2024	2025	2024	2025	2024	2025	2024
Lung	133 810	109 178	-	-	-	-	133 810	109 178
Heart	7 888	11 708	-	-	-	-	7 888	11 708
Liver	-	-	42 655	33 362	-	-	42 655	33 362
Kidney	-	-	13 905	10 636	-	-	13 905	10 636
Service	-	-	-	-	20 330	21 138	20 330	21 138
Net sales	141 698	120 886	56 560	43 998	20 330	21 138	218 588	186 022
				January-March
			Abdominal	2024	Services 2025		Total consolidated
	Thoracic					2024	2025	2024
SEK Thousands	2025	2024	2025
USA	87 874	74 113	6 933	6 120	20 330	21 138	115 137	101 371
Americas, excl USA EMEA	5 280 38 247	8 378 30 641	206 48 198	- 36 265	- -	- -	5 486 86 445	8 378 66 906
APAC	10 297	7 754	1 223	1 613	-	-	11 520	9 367

		January-March
		Thoracic		Abdominal		Services		Total consolidated
SEK Thousands	2025	2024	2025	2024	2025	2024	2025	2024
USA	87 874	74 113	6 933	6 120	20 330	21 138	115 137	101 371
Americas, excl USA	5 280	8 378	206				5 486	8 378
EMEA	38 247	30 641	48 198	36 265			86 445	66 906
APAC	10 297	7 754	1 223	1 613		-	11 520	9 367
Not onloa	000 NY W	490 000	CC CCO	42 000	20 220	94 420	940 COO	100 000

				January-March			Total consolidated
	Thoracic		Abdominal		Services
SEK Thousands Net sales	2025 141 698	2024 120 886	2025 56 560	2024 43 998	2025 20 330	2024 21 138	2025 218 588	2024 186 022
Cost of goods sold	-24 840	-23 083	-20 685	-14 310	-12 689	-13 523	-58 214	-50 916
Gross profit	116 858	97 803	35 875	29 688	7 641	7 615	160 374	135 106
Gross margin (%)	82	81	63	67	38	36	73	73
TSEK					January-March 2025	January-March	2024	January-December 2024
Opening balance					682 483	591 392		591 392
Acquired goodwill					-		-	56 630
Exchange-rate differences Closing balance					-45 642 636 841	26 533 617 925		34 461 682 483

Acquired goodwill	-	-	56 630

Reconciliation of alternative performance measures SEK Thousands 2025 2024 2024 Operating income 26 566 18 993 88 353 Depreciation and amortization on intangible assets 7 796 9 313 55 273 Depreciation and amortization on tangible assets 8 605 7 636 32 443 December January- March SEK Thousands 2025 2024 2024

	January- March		January-
EBITDA (Operating income before depreciation and amortization)	42 967	35 942	176 069

measures
	January-	January-	January-
	March	March	December
EBITDA (Operating income before depreciation and
amortization)	42 967	35 942	176 069
	January-	January-	January-
	March	March	December
SEK Thousands	2025	2024	2024
EBITDA (Operating income before depreciation and amortization)	42 967	35 942	176 069
Acquisition costs	300	-	5 559
Integration costs	2 901	944	1 430
EBITDA (adjusted)	46 168	36 886	183 058
	January-	January-	January-
	March	March	December
SEK Thousands	2025	2024	2024
EBIT (Operating income )	26 566	18 993	88 353
Acquisition costs	300	-	5 559
Integration costs	2 901	944	1 430
Write-down of intangible asset	-	-	20 291
EBIT (adjusted)	29 767	19 937	115 633
		January-	January-
		March	December
SEK Thousands	2025	2024	2024

	January-

EBITDA (Operating income before depreciation and
	January-
EBITDA (Operating income before depreciation and
	January-	January-	January-
	March	March	December
Write-down of intangible asset	-	-	20 291
EBIT (adjusted)	29 767	19 937	115 633
	January-	January-	January-
SEK Thousands	March 2025	March 2024	December 2024
Operating income
Net sales	218 588	186 022	822 415
Operating expenses
Cost of goods sold	-58 214	-50 916	-206 000
Gross profit	160 374	135 106	616 415
Gross margin %	73	73	75
SEK Thousands		250331	241231
Shareholders' equity		2 092 401	2 156 778
Total assets		2 295 078	2 402 743
Equity/assets ratio %		91	90

SEK Thousands	250331	241231

KPI definitions

Key ratios	Definition	Purpose
Gross margin, %	Gross profit for the period divided by net sales for the period.	I he company believes that the key ratio provides an in-depth understanding of the company's profitability.
EBITDA margin, %	EBITDA (operating income before depreciation and amortization for the period) divided by net sales for the period.	The company believes that the key ratio provides an in-depth understanding of the company's profitability.
Adjusted EBITDA margin,%	EBITDA (operating income before depreciation and amortization for the period) adjusted for items affecting comparability and divided by net sales for the period.	The company believes that the key ratio provides an in-depth understanding of the company's profitability. The company also considers that adjusted EBITDA provides a more true and fair view of the company's EBITDA for the core operations.
Adjusted EBIT margin,%	EBIT (operating income for the period) adjusted for items affecting comparability, divided by net sales for the period.	The company believes that the metric provides an in-depth understanding of the company's profitability. The company also considers that adjusted EBIT provides a more true and fair view of the company's EBIT for the core operations.
Operating margin, %	Operating income for the period divided by net sales for the period.	I he company believes that the key ratio provides an in-depth understanding of the company's profitability.
Net margin, %	Operating income for the period divided by net sales for the period.	The company believes that the key ratio provides an in-depth understanding of the company's profitability.
Equity/assets ratio, %	Shareholders' equity divided by total assets.	The ratio indicates what percentage of total assets consists of shareholders' equity and it has been included to help provide investors with an in depth understanding of the company's capital structure.
Shareholders' equity per share, SEK	Shareholders' equity in relation to the number of shares outstanding on the balance sheet date.	The key ratio has been included to give investors an overview of how the company's equity per share has evolved.
Earnings per share, SEK	Income for the period divided by the average number of shares before dilution for the period.	The key ratio has been included to give investors an overview of how the company's earnings per share have evolved.
Earnings per share after dilution, SEK	Income for the period divided by the average number of shares after dilution for the period.	The key ratio has been included to give investors an overview of how the company's earnings per share after dilution have evolved.
Organic growth	Organic growth refers to sales growth compared to the same period the previous year, adjusted for currency translation effects and acquisitions. Acquisitions are adjusted for by excluding net sales during the current year for acquisitions made during the current or previous year where the net sales relate to the period when the acquisition did not contribute to sales in both years. Currency effects are calculated by recalculating the period's and previous period's sales in local currencies in SEK at the same exchange rate.	Organic growth enables comparison of net sales over time, excluding the impact of currency translation effects and acquisitions.

Glossary

The following explanations are intended to help the reader understand certain specific terms and expressions in XVIVO's reports:

DBD	Donation after brain death.
DCD	Donation after circulatory death.
DHOPE	Double hypothermic non-ischemic machine organ perfusion, i.e. cold oxygenated machine organ perfusion using double cannulation
Assessment	Assessment of the function of an organ.
Ex vivo (Latin for "outside a living organism")	Biological processes in living cells and tissues when they are in an artificial environment outside the body. The opposite of in vivo.
	EVLP (Ex Vivo Lung Perfusion) Perfusion of a lung outside is normally carried out to assess a lung before transplantation.
FDA or US Food and Drug Administration	The FDA is the US tood and drug authority with responsibility for food, dietary supplements, drugs, cosmetics, medical equipment, radiology equipment, and blood products. FDA approval is required to market a medical device on the US market.
HDE or Humanitarian Device Exemption	A humanitarian device exemption (HDE) application can be submitted to the FDA for a medical device that is intended to benefit patients by treating or disease or condition that affects or is manifested in fewer than 8,000 individuals in the US per year. A HDE is similar in both form and content to a Premarket Approval (PMA) application but is exempt from the efficacy requirements of a PMA.
HOPE	Hypothermic non-ischemic machine organ perfusion, i.e. cold oxygenated machine organ perfusion
IDE-application	An Investigational Device Exemption (IDE) is an application that must be submitted to receive the Food and Drug Administration's (FDA) approval to use a novel medical device in a clinical study.
Clinical study/trial	A study in healthy or sick people to examine the effect of a drug or treatment method.
Machine perfusion	New technology that improves preservation and assessment of organs, which means more organs can be used for transplants. In the Thoracic business area, this includes STEEN Solution™, XPS™, Lung Assist and Heart Assist as well as other products and services related to the use of those machines. In the Abdominal business area, this includes Kidney Assist Transport, Kidney Assist as well as other products and services related to the use of those machines.
NRP	Normothermic regional perfusion. Treatment method in DCD donation where organs are perfused in the donor.
OPO or Organ Procurement Organization	In the US, an organ procurement organization (OPO) is a non-profit organization responsible for the assessment and procurement of deceased-donor organ transplantation. There are approximately 58 such organizations in the US.
Perfusion	Passage of a fluid through an organ's blood vessels.
	PMA or Premarket Approval efficacy of a medical device.
Pre-clinical study	Research performed before a drug or method of treatment is sufficiently documented to be studied in humans.
Preservation	Storage and maintenance of an organ outside the body before transplantation.
Reimbursement	Reimbursement is used in the health insurance system to enable healthcare providers to be reimbursed faster and more easily for accrued expenses from a private or public insurance company (in the US, e.g. Medicare),
Static preservation	Static preservation refers to preservation methods where the organ is cooled during transport and before transplantation. In the Thoracic business area, this includes Perfadex® Plus as well as other products and services related to the use of that product.
Xenotransplantation	Transplantation of cells, tissues or organs from one species to another.
Other sales	The Other sales product category refers to revenues relating to freight, service and training,

XVIVO

Gemenskapens gata 9 SE-431 51 Mölndal Sweden Corp. ID No. 556561-0424

info@xvivogroup.com www.xvivogroup.com