A world leader in organ preservation
Latest information
Q1 2025 highlights
Our equity story
Continue through the remainder of this page to explore our full equity story — how XVIVO creates long-term value through innovative preservation and perfusion technologies, and its commitment to the vision that nobody should die waiting for a new organ.
XVIVO at a glance
Geographical sales distribution in 2024:
Its proprietary perfusion method HOPE, Hypothermic Oxygenated Perfusion extends organ viability and reduces complications like primary graft dysfunction. Even as the number of transplants grows by 5–7 percent annually, the market potential is ten times larger than that of traditional ice storage. Backed by proven results, XVIVO is uniquely positioned to lead this shift—offering life-saving impact and sustainable growth for investors.
Its technologies, developed in collaboration with leading scientists and hospitals, have successfully reached market in a highly regulated environment. XVIVO is the global leader in lung preservation, the European leader in liver, and recently launched a transportable kidney perfusion device using the HOPE method.
The heart technology is set to launch in Europe in 2025. With plans to introduce its heart and liver solutions to the U.S.—the world’s largest transplant market— in the coming years, XVIVO is well-positioned to unlock significant global growth opportunities in organ transplantation.
XVIVO serves as an extension of transplant teams, providing organ recovery services, experienced perfusionists, and advanced transplant communication software.
Together, these solutions empower clinics to overcome logistical hurdles, optimize staffing and enhance the overall success of their transplant programs.
XVIVO’s organ preservation technologies are backed by an extensive body of clinical evidence, published in leading peer-reviewed journals such as The Lancet and New England Journal of Medicine.
For example, our liver perfusion technology has achieved the highest level and certainty of clinical evidence. This robust scientific validation underscores the efficacy and safety of our technologies, giving transplant professionals the confidence to adopt them.
By continuously generating clinical data that supports our innovations, XVIVO solidifies its position as a trusted partner for transplant clinics globally.
With a focus on continuous innovation, evidence based technologies and services that address critical needs in transplantation, XVIVO is uniquely positioned to meet the growing demand for new technologies for organ preservation.
Our solutions not only tackle the global organ shortage but also generate significant cost savings for healthcare systems, creating strong incentives for healthcare providers, authorities and governments to further prioritize organ transplantation in the years and decades ahead.
Our three business areas
In lung transplantation, XVIVO leads globally with PERFADEX Plus for cold preservation and XPS with STEEN Solution for machine perfusion.
For heart transplantation, the heart technology comprises a machine, a disposable unit and a perfusion solution with a supplement customized for heart.
In heart transplantation, XVIVO is introducing a pioneering preservation technology expected to receive CE marking in the first half of 2025, enabling a European launch. Regulatory approval will also be pursued in Australia, with a streamlined process anticipated. A U.S. clinical study completed enrollment in November 2024, and one-year follow-up data is pending. The technology consists of a machine, disposables, and a specialized perfusion solution.
Each installed machine—used for preservation, assessment, or transport—requires single-use disposables per organ. These consumables are the primary revenue source.
Gross margin in 2024 was strong: 85% for Thoracic machine perfusion and 65% for Abdominal.
For liver transplantation, XVIVO markets Liver Assist, the leading perfusion technology in Europe.
For kidney transplantation, Kidney Assist and Kidney Assist Transport are used for machine perfusion.
In Italy, XVIVO also offers a perfusion service, with employed perfusionists supporting clinics in using the company’s technologies.
In heart transplantation, XVIVO is introducing a pioneering preservation technology expected to receive CE marking in the first half of 2025, enabling a European launch. Regulatory approval will also be pursued in Australia, with a streamlined process anticipated. A U.S. clinical study completed enrollment in November 2024, and one-year follow-up data is pending. The technology consists of a machine, disposables, and a specialized perfusion solution.
Each installed machine—used for preservation, assessment, or transport—requires single-use disposables per organ. These consumables are the primary revenue source.
Gross margin in 2024 was strong: 85% for Thoracic machine perfusion and 65% for Abdominal.
XVIVO’s recovery team is available 24/7 to retrieve thoracic organs and deliver them to transplant centers. In October, XVIVO acquired FlowHawk—a HIPAA-compliant tool that enables real-time communication between transplant teams. It is now available in the U.S. market.
In heart transplantation, XVIVO is introducing a pioneering preservation technology expected to receive CE marking in the first half of 2025, enabling a European launch. Regulatory approval will also be pursued in Australia, with a streamlined process anticipated. A U.S. clinical study completed enrollment in November 2024, and one-year follow-up data is pending. The technology consists of a machine, disposables, and a specialized perfusion solution.
Each installed machine—used for preservation, assessment, or transport—requires single-use disposables per organ. These consumables are the primary revenue source.
Gross margin in 2024 was strong: 85% for Thoracic machine perfusion and 65% for Abdominal.
Our market
- only 10% of global demand is met.
Factors that limits the use of marginal organs
XVIVO’s products & services address the limitations of the current transplant system.
Reports show that the health economic benefits of replacing organs on-demand are in line with curing cancer².
Strategy 2027
Lung transplantation is complex—only two in ten available lungs are used. With ex vivo lung perfusion (EVLP), marginal lungs can be assessed, which creates potential for more lungs, beyond standard criteria, to be transplanted. By combining the technology with centralized organ perfusion through the establishment of EVLP hubs, the number of transplants can increase even more. XVIVO is driving the increased use of EVLP and the hub concept.
In addition, the segment for cold static lung preservation is expected to grow steadily during the strategy period.
Our innovative technology will make it possible to preserve hearts in optimal condition outside the body for significantly longer than today’s limit of approximately four hours. This will open up possibilities for using more of the donated available hearts, better matching with recipients and transporting hearts for longer distances. Within a clinical trial, today’s record for preserving a heart outside the body is 12 hours 6 minutes using our technology, followed by a successful transplant.
The heart technology is so evolutionary that it has the potential to change the entire process used today for heart preservation, in other words: change the paradigm.
Kidneys are the most commonly transplanted organ, with about 113,000 procedures in 2023, including 28,000 in the U.S. The Kidney Assist Transport device, which uses the HOPE method, is available in all our major markets. It is supported by strong clinical evidence, including studies published in The Lancet.
Management & board
Born 1975, M. Sc. Mech. Eng. and B. Sc. Fin Ec. Previously Acting CEO, COO, CFO and Head of North America at XVIVO, before that financial positions at Ciba Vision Nordic AB and LG Electronics.
Born 1965, B.Sc. in Chemistry and Textile Engineering from Chalmers University of Technology, Gothenburg. Previously Executive Vice President for Quality compliance, Regulatory and Medical Affairs at Getinge group for 7 years, and before that more than 20 years in leading positions with global responsibilities in R&D, supply chain and quality/regulatory/medical affairs within the medical device industry.
Born 1970, M. Sc. Business Administration and Finance at University of Gothenburg. Previously Executive VP Marketing at Permobil, before that various senior management positions within sales, marketing and business development at Lohmann & Rauscher and Mölnlycke Health Care.
Born 1985, M. Sc. Business and Economics from University of Borås. Previously Head of Accounting and Controlling at XVIVO, before that Senior Manager and Authorized Public Accountant at KPMG Sweden.
Born 1963, MBA at Western University, London, Canada; B. Comm (Marketing) and BA (Economics) at McGill University, Montreal, Canada. Former President of Atos Medical, Inc, EVP of Global Sales at IMRIS, Inc., Regional VP with Medtronic Neuromodulation and Area Director (Canada) of Howmedica, Inc.
Born 1987, B.S. Neural Science candidate at New York University and PICTOR (Pulmonary & Intensive Care Translational Outcomes Research) Scholar at Columbia University. Previously North American Clinical Affairs Director and Clinical Research Program Manager at XVIVO, before that published Senior Research Program Manager at University of Pennsylvania and Columbia University overseeing studies in organ perfusion, transplant, and oncology.
Born 1970. M.Sc. Business Administration and Economics, International Business Program at Gothenburg School of Economics & Commercial Law, Gothenburg University. Previously Vice President for HR and Internal Communications at TitanX, and before that more than 20 years in leading positions with global responsibility in HR, internal communications and strategy in multi-cultural business settings within industries such as MedTech, IT Tech, Construction and Automotive.
Born 1977, Doctor of Medicine from Karolinska Institutet. Board exam in Cardiothoracic surgery. PhD in Lung Transplantation at University of Gothenburg. Previously Consultant Cardiothoracic Surgeon at Sahlgrenska University Hospital and before that Cardiothoracic Surgery Fellow at Alfred Health, Melbourne.
Born 1959. Board member since 2013. Independent in relation to the company and company management but not independent in relation to the company’s major shareholders.
B.Sc. in Business Administration and Economics. Senior adviser at Bure Equity AB. Other Board assignments: Vice Chairman of the board in Interflora AB, board member in Mentice AB (publ), Yubico AB, Scandinova Systems AB and others. Earlier Partner at Provider Venture Partners, before that executive position at Öhman Fondkommission and Handelsbanken Markets.
Born 1961. Board member since 2022. Independent in relation to the company, company management and major shareholders.
Thoracic surgeon and a leader in research and development in transplantation nationally and internationally for the past 15 years. Currently Professor of Thoracic Surgery at Sahlgrenska Hospital and Chairman of Department of Surgery at Blekinge Hospital. Göran Dellgren has and has had several assignments, including as chairman of the Swedish Association for Cardiothoracic Surgery, President of the European Society for Heart and Lung Transplantation (ESHLT) and as Director of the International Society for Heart and Lung Transplantation (ISHLT).
Born 1955. Board member since 2020. Independent in relation to the company, company management and major shareholders.
DDM at Gothenburg University. Over thirty years’ experience from leading commercial positions in the medtech industry. Previously Executive VP at Dentsply and Dentsply Sirona. Other Board assignments: Board member at AddBio.
Born 1960. Board member since 2020. Independent in relation to the company, company management and major shareholders.
30 years’ experience from leading commercial positions at Elekta. VP Clinical Marketing Neuro Solutions. Other Board assignments: Chairman of Leksell Gamma Knife Society and boardmember of Bergvik Group AB.
Board member since 2025. Independent in relation to the company, company management and major shareholders.
Leading positions at multiple global medical device companies. Most recently Executive Officer and Executive Vice President Growth at Coloplast. Most recent, leading positions at companies such as Getinge, Stryker and Johnson & Johnson. MBA, Corporate Finance and Marketing at University of Technology, Sydney and Bachelor of Veterinary Science at University of Melbourne, Australia.
Other Board assignments: None.
Born 1970. Board member since 2023. Independent in relation to the company, company management and major shareholders.
M. Sc. Chemical Engineering. Multiple leading positions in the GE Healthcare Group, most recently as the General Manager of Cyclotrons & TRACERcenter, GE Healthcare. Other Board assignments: Chairman of the Board of Directors in MedTrace Pharma A/S and member of the Board of Directors in Atley Solutions AB, Celcibus AB and Studsvik AB (publ.).
Born 1964. Board member since 2016. Independent in relation to the company, company management and major shareholders.
B.Sc. in Business Administration at Stockholm school of economics. CFO at Yubico AB. Before that CFO at Cybercom and Logica. Other Board assignments: Board member in Instalco.
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