Xvivo's OPO Hub Model and Heart Data Signal a Scalable Inflection
Q2 organic growth of 36% with a new OPO revenue channel and compelling PDD reduction data
XVIVO.ST · Earnings Call · 2026-07-14
The quarter in numbers
Xvivo Perfusion delivered another strong quarter in Q2 2026, with net sales up 36% organically to SEK 239 million, EBITDA at SEK 45 million (19% margin), and operating cash flow of SEK 63 million. The company's ability to self-fund growth investments is a key milestone, as CFO Kristoffer Nordström noted: “Over the past three quarters, we have demonstrated our ability to largely self-fund both our operating investments, but also our growth investments, our CapEx.” — Kristoffer Nordström, CFO · 2026-07-14 This is a step change from prior years of negative cash flow.OPO hub model: a new growth engine
Perhaps the most significant new narrative is the rollout of the OPO (Organ Procurement Organization) EVLP hub model. The company has now onboarded its third OPO and has identified 45 in the pipeline. According to CEO Christoffer Rosenblad: “we are running an OPO EVLP hub pilot that is successfully now up and running... we have identified 45 OPOs in the rollout pipeline, where of the third OPO was onboarded last week.” — Christoffer Rosenblad, CEO · 2026-07-14 The first OPO has already performed around 20 EVLPs in the first half, and the CFO described it as "a very strong start." This model could dramatically expand the reach of lung perfusion beyond traditional transplant centers. Just a few quarters ago, the company was talking about 4-5 OPO targets, as the CEO said in Q4 2025: “Yes, we have ongoing discussions and high interest from OPOs for starting OPO programs.” — Christoffer Rosenblad, CEO · 2026-01-27 The acceleration is clear.Heart data and regulatory progress
The European randomized trial for XVIVO Heart Assist delivered striking results, with a 76% reduction in severe PDD and a six percentage point improvement in survival. The CEO highlighted: “In the analysis of the trial data, it was noted that the XVIVO group had a reduction of severe PDD by 76%... leading to increased survival of six percentage point in the XVIVO group versus the control group.” — Christoffer Rosenblad, CEO · 2026-07-14 This data strongly differentiates the technology from static cold storage. Regulatory progress continues: the CE mark for the heart is in late stages, and the U.S. submission is expected this quarter. As the CEO stated in Q1: “We are sitting with the file right now.” — Christoffer Rosenblad, CEO · 2026-04-24 The company is now preparing for the U.S. launch in 2027. Meanwhile, other product lines are also performing well: Kidney Assist Transport grew 72%, and FlowHawk, the digital workflow solution, grew 48%, indicating broad-based adoption.Looking ahead
The company is investing heavily in sales force and commercial capabilities, with a plan to add 10-13 commercial headcounts for the U.S. heart launch. The OPO model, combined with strong clinical data, positions XVIVO to capture a larger share of the transplant market, which remains 10 times undersupplied. As the CEO concluded:The company's focus on reducing mortality and extending donor organ utilization is clearly resonating.We hope that you, dear listener, in the future, when you fly, you might be seated near to an XVIVO HeartBox with a heart being transported to a patient whose life is about to change soon.