XVIVO Perfusion Interim report January – June 2016

ACQUISITION OF VIVOLINE STRENGTHENS XVIVO’S PRODUCT AND R&D PORTFOLIO
SECOND QUARTER 2016 (APR – JUN)

• Net sales in the quarter amounted to SEK 34.5 (29.1) million, corresponding to
an increase of 18 percent. Net sales of non-Durable goods* in the quarter
amounted to SEK 29.8 (27.4) million, corresponding to an increase of 9 percent
in SEK and 11 percent in local currency.
• Operating income before depreciation and amortization (EBITDA) excluding one
-time expenses increased by 51 percent and amounted to SEK 6.9 (4.6) million,
corresponding to an EBITDA margin of 20 percent. One-time expenses of SEK 2.2
million related to the Nasdaq Stockholm main market listing and the public offer
for Vivoline have been charged against the quarter. EBITDA amounted to SEK 4.8
(4.6) million, corresponding to an EBITDA margin of 14 percent.
• Net income amounted to SEK 1.5 (1.0) million, resulting in earnings per share
of SEK 0.07 (0.05), affected by amortization and depreciation of SEK 3.1 (2.9)
million.
• Cash flow from operating activities was SEK 8.1 (8.8) million.
• Total sales from warm perfusion (STEEN Solution™, products and services
related to the use of the XPS™ and XPS™) accounted for 42 (39) percent of the
total sales.
• 3 XPS™ contracts were signed in the USA during the quarter, whereof 2 were
shipped.
• During the quarter XVIVO Perfusion acquired 97 percent of the shares and 99
percent of the 2015/2016 warrants in the listed company Vivoline Medical AB. The
combined company creates more resources and competence to take Professor Stig
Steen’s world-leading research in the field of heart transplantation to a
commercial phase. The acquisition also strengthens XVIVO Perfusion’s market
position in the field of lung transplantation.
• The first patient in the clinical study with PrimECC® was included. PrimECC®
is a CE marked and patent-protected product, developed to prime the heart-lung
machine before open heart surgery.
• STEEN Solution™ was used for the first time to give localized delivery of a
chemotherapy agent to a patient suffering from metastatic lung sarcoma through
In-Vivo Lung Perfusion (IVLP).
• XVIVO Perfusion’s share warrant program 2016/2018, which was offered to
employees, was fully subscribed.

THE PERIOD 2016 (JAN – JUN)

• Net sales in the period amounted to SEK 68.0 (60.9) million, corresponding to
an increase of 12 percent. Net sales of non-Durable goods* in the period
amounted to SEK 58.8 (52.5) million, corresponding to an increase of 12 percent
in SEK and 13 percent in local currency.
• Operating income before depreciation and amortization (EBITDA) excluding one
-time expenses increased by 56 percent and amounted to SEK 14.2 (9.1) million,
corresponding to an EBITDA margin of 21 percent. One-time expenses of SEK 4.6
million related to the Nasdaq Stockholm main market listing and the public offer
for Vivoline have been charged against the period. EBITDA amounted to SEK 9.6
(7.5) million, corresponding to an EBITDA margin of 14 percent.
• Net income amounted to SEK 2.6 (1.0) million, resulting in earnings per share
of SEK 0.12 (0.05), affected by amortization and depreciation of SEK 6.2 (5.6)
million.
• Cash flow from operating activities was SEK 13.3 (2.9) million. Cash at bank
increased by SEK 0.6 million to SEK 41.8 million during the period, even though
the Vivoline acquisition affected cash with SEK -7.6 million.
• Total sales from warm perfusion (STEEN Solution™, products and services
related to the use of the XPS™ and XPS™) accounted for 41 (42) percent of the
total sales.
• During the period 5 XPS™ were sold, of which 2 to Europe and 3 to the US.
France and Switzerland were new countries that got access to the XPS™ during the
period.
• XVIVO Perfusion AB’s shares were admitted for trading on Nasdaq First North
Premier 8 February 2016. The company's shares will continue trading with the
same short name and ISIN code.

SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER

• On July 14 the extended acceptance period for the offer for the shares and
warrants of series 2015/2016 in Vivoline Medical AB was closed. During the
extended acceptance period further 179,097 shares and 28,155 warrants were
accepted, whereby XVIVO Perfusion became the owner of 98.6 percent of the shares
and 99.6 percent of the warrants. Therefore, the Board decided to issue 30,065
new shares in XVIVO Perfusion as payment for the acquired shares and warrants.
• At the time of publication of this report, 39 clinics have access to the XPS™
and LS-1**, including 20 clinics in the US and 19 clinics in Europe and the rest
of the world.

CONFERENCE CALL

CEO Magnus Nilsson will present the report in a conference call at 2 p.m. CET on
Friday, July 15, 2016. Telephone: +44 (0) 1452 555566, enter code 41101325.

July 15, 2016
Gothenburg
XVIVO Perfusion AB (publ)
Magnus Nilsson, CEO

* Durable goods are sales revenues from the XPS™.
** LS-1 is the Vivoline EVLP machine.
For further information please contact:
Christoffer Rosenblad, CFO, +1 720 616 2101,
christoffer.rosenblad@xvivoperfusion.com
Magnus Nilsson, CEO, +46 31 788 2150, magnus.nilsson@xvivoperfusion.com
For further information on XVIVO Perfusion’s business, please refer to the
company’s website, www.xvivoperfusion.com

The information was submitted for publication on July15, 2016 at 8:30 a.m.

This is a translation of the Swedish version of the press release. When in
doubt, the Swedish wording prevails.
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XVIVO Perfusion AB is a medical technology company which develops solutions and
systems for assessing and preserving organs outside the body and for selecting
usable organs and maintaining them in optimal condition pending transplantation.
The company is headquartered in Gothenburg, Sweden, and has one office in Ludn,
Sweden and one office in Denver, the USA. The XVIVO share is listed on NASDAQ
First North premier and has the ticker symbol XVIVO. More information can be
found on the website www.xvivoperfusion.com. The Certified Adviser is Redeye,
www.redeye.se.
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XVIVO Perfusion AB (publ), Box 53015, SE-400 14 Göteborg. Corporate identity
number 556561-0424.
Tel: 46 31 788 21 50. Fax: 46 31 788 21 69.
E-mail: info@xvivoperfusion.com. Website: www.xvivoperfusion.com