A world leader in organ preservation
Latest information
Q1 2026 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 perfusion technologies and services, and its commitment to the vision that nobody should die waiting for a new organ.
XVIVO at a glance
Geographical sales distribution in 2025:
Investment case
XVIVO’s technologies for lungs, hearts, livers, and kidneys enable more donated organs to be utilized rather than discarded. As adoption grows, the market potential for machine perfusion is estimated to be up to ten times larger than that of conventional ice-based preservation.
and reduces healthcare costs
Kidney transplantation highlights the economic benefits. In the US, kidney failure patients make up 1% of Medicare beneficiaries but account for 7% of costs. A transplant reduces expenses significantly, saving about two-thirds of dialysis costs over ten years. It also improves quality of life and increases life expectancy by an average of 15 years.
Its offerings vary by market and include services such as organ recovery, perfusion, NRP, and the communication platform XVIVO FlowHawk, alongside its products. These services help clinics expand transplant programs, improve efficiency, and enhance patient outcomes. At the same time, they strengthen customer relationships and create a stable foundation for continued growth.
XVIVO’s technologies are backed by extensive clinical evidence published in leading journals such as The Lancet and New England Journal of Medicine. By continuously generating new data, XVIVO strengthens its credibility and reinforces its position as a trusted partner for transplant centers worldwide.
In the coming years, XVIVO plans to launch its heart technology in Europe in 2026 and in the US in 2027, along with introducing liver perfusion technology in the US, the largest transplant market. These launches unlock significant market potential.
Together, this creates strong incentives for healthcare providers and policymakers to prioritize transplantation, strengthening XVIVO’s long-term growth prospects.
Our three business areas
In lung transplantation, XVIVO leads globally with PERFADEX Plus for cold preservation and XPS with STEEN Solution for assessment of lungs.
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.
- Revenue modelWithin the Thoracic and Abdominal business areas, the objective is to increase the installed base of machines for all organs among customers aiming to start or expand their transplant programs. For each installed machine, regardless of whether it is intended for preservation, assessment of organs or transport, disposables are used for each handled organ. These disposables and solutions comprise the business areas’ main source of income, as they are considered one-time use consumables.
Profitability therefore lies in increasing the utilization rate per machine and thereby maximizing sales of consumables. Revenue from the machines themselves is not significant; machines are either sold, leased or loaned to customers depending on the situation and market. The gross margin is strong and amounted to 85 percent (85) for machine perfusion in Thoracic in 2025. In Abdominal, the gross margin was 61 percent (65).
For liver transplantation, XVIVO markets Liver Assist, the leading perfusion technology in Europe.
For kidney transplantation, Kidney Assist Transport and Kidney Assist 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.
- Revenue modelWithin the Thoracic and Abdominal business areas, the objective is to increase the installed base of machines for all organs among customers aiming to start or expand their transplant programs. For each installed machine, regardless of whether it is intended for preservation, assessment of organs or transport, disposables are used for each handled organ. These disposables and solutions comprise the business areas’ main source of income, as they are considered one-time use consumables.
Profitability therefore lies in increasing the utilization rate per machine and thereby maximizing sales of consumables. Revenue from the machines themselves is not significant; machines are either sold, leased or loaned to customers depending on the situation and market. The gross margin is strong and amounted to 85 percent (85) for machine perfusion in Thoracic in 2025. In Abdominal, the gross margin was 61 percent (65).
XVIVO’s organ recovery teams are available 24/7 to recover thoracic organs and transport them to transplant centers. XVIVO FlowHawk software platform enables HIPAA-compliant direct communication with collaborating teams, ensuring that the right information reaches the right people at the right time. 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.
- Revenue modelThe revenue model for organ recovery consists of revenue per recovered organ. XVIVO offers US customers (hospitals) a high-quality complete solution that involves coordinating between donor hospital, recipient hospitals and OPO (Organ Procurement Organization), clinical organ recovery by a surgical team, and ground and air transport offered in collaboration with logistics partners. XVIVO offers organ recovery for all donor types, such as DBD and DCD, as well as Normothermic Regional Perfusion (NRP). Hospitals have flexibility in the scope of service, with most opting for a 24/7 solution, while others have chosen on-demand, one-off recovery services. Revenue from XVIVO FlowHawk is based on Software-as-a-Service (SaaS) model, meaning XVIVO provides the communication platform through a subscription-based offering. This model generates recurring revenue instead of one-time sales, contributing to a stable and predictable revenue stream over time.
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
- Accelerate market leadership in lungWith over 25 years’ experience in lung transplantation, XVIVO is the clear market leader in both machine perfusion and static cold lung preservation. XVIVO developed EVLP technology, built the market for the assessment of donated lungs and has led its development. In the US, during 2025 XVIVO initiated a partnership with Perfusion Solution Inc. (PSI) with the aim of establishing perfusion hubs together with selected OPOs.
Its PERFADEX Plus solution is used by over 90% of transplant centers globally and continues to grow. - Change the paradigm of heart preservationXVIVO aims to become the market leader in preserving hearts outside the body and to make our technology the gold standard for preservation and transportation of donated hearts. The heart technology addresses the current limitation of only 3–4 hours of viability for a heart preserved on ice, which restricts transplant use. The technology using the HOPE method significantly extends preservation time, with clinical results showing successful transplants after over 12 hours. This innovation enables broader use of donor hearts and has the potential to transform the market. CE marking in Europe and FDA submission in the US are planned for 2026.
- Become market leader in kidney perfusionKidney transplantation is the most common organ transplant globally, and XVIVO is driving innovation in this established market with its Kidney Assist Transport using the HOPE method. The portable system is approved in Europe and the US and is gaining traction, particularly in Europe’s growing DCD segment. Further modifications are underway to support a broader US launch, expected in 2027.
- Accelerate market leadership in liver perfusionXVIVO is the market leader in liver perfusion in Europe, with its Liver Assist technology supported by strong clinical evidence, where clinical studies have shown improved organ survival, generate cost savings for hospitals, and enable extended preservation times. The company aims to further strengthen its position while expanding into the US, the world’s largest liver transplant market, where the product is not yet launched. XVIVO is currently exploring faster regulatory pathways with the FDA to accelerate market entry and unlock this significant commercial opportunity.
Management & board
Born 1975. M.Sc. (Mech. Eng.) Chalmers Institute of Technology and B.Sc. (Econ.) Gothenburg School of Economics. Formerly Business Controller at Ciba Vision Nordic AB and various financial positions at LG Electronics.
Other assignments: Board member of Sedana Medical AB (publ) and Bentley Endovascular Group AB (publ).
Born 1965. B.Sc. Chemistry and Textile Engineering, Chalmers University of Technology. Formerly Executive Vice President, Quality Compliance, Regulatory & Medical Affairs Getinge AB, and many other leading positions at Getinge Group, in quality, R&D and operations. Previously also held leading positions at Capio, Neoventa Medical AB and Mölnlycke Health Care.
Born 1970, M.Sc. Business Administration and Finance at University of Gothenburg. Formerly Executive VP Marketing at Permobil, before that various senior management positions in 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. 10 years of experience as Authorized Public Accountant and Senior Manager at KPMG Sweden.
Born 1963. MBA from Western University in London, Canada, and a degree in Marketing and Economics from McGill University in Montreal, Canada. Former President of Atos Medical Inc., EVP of Global Sales at IMRIS Inc., Regional VP at Medtronic Neuromodulation, and Area Director (Canada) at Howmedica Inc.
Born 1987. B.Sc. (Neural Science) New York University, and PICTOR (Pulmonary & Intensive Care Translational Outcomes Research) scholar at Columbia University. Formerly North American Clinical Affairs Director and Clinical Research Program Manager with XVIVO, before that Senior Research Program Manager at University of Pennsylvania and Columbia University for studies in organ perfusion, transplantation and oncology.
Born 1970. M.Sc. (Econ.), Gothenburg School of Economics. Previously: Vice President HR & Internal Communications, TitanX, and a range of senior positions as HR consultant and interim manager over 8 years in various sectors and companies, including Mölnlycke Health Care, RO-Gruppen, Sigma ITC and Jeppesen. Previously also leading global positions in AB Volvo, Volvo Group and Volvo Cars over 19 years.
Born 1959, MBA from Uppsala University. Senior advisor at Bure Equity AB.
Other assignments: Board member of Yubico AB, Nodica Group AB, among others. Gösta Johannesson was previously a partner in Venture Partners, before that in leading positions in Öhman Fondkommission and Handelsbanken Markets. Gösta Johannesson is dependent in relation to the company’s major shareholders but independent in relation to the company. Gösta Johannesson has been a Board member of the company since 2013.
Born 1970. Board member since 2026. 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; Economics and Marketing, Karlstad University, Sweden. Most recently CEO of Bonesupport AB (publ.), and prior to that held senior roles at BSN medical GmbH, including Executive Vice President, Chief Commercial Officer and Vice President Global Marketing.
Other Board assignments: None.
Born 1961. Thoracic surgeon and a leader in research and development in transplantation nationally and internationally for the past 16 years. Currently Chief Physician and Professor of thoracic surgery and transplantation at Sahlgrenska University Hospital and Gothenburg University.
Other assignments: Göran Dellgren holds and has held several assignments, including as Chairman of the Swedish Association for Cardiothoracic Surgery, President of the European Society for Heart and Lung Transplantation (ESHLT), and Director of the International Society for Heart and Lung Transplantation (ISHLT). Göran Dellgren is independent in relation to the company and the company’s major shareholders. Göran Dellgren has been a Board member of the company since 2022.
Born 1977. Independent in relation to the company and company management but not independent in relation to the company’s major shareholders.
Master’s in Business Administration, University of Düsseldorf, Bachelor’s Degree in Marketing and Economics, University of Bayreuth, Germany. Currently President Diagnostics at DEMANT, and prior to that General Manager and President, Ultrasound International, at GE Healthcare, and she has also held senior positions at ABBOTT, TERUMO Interventional Systems and JOHNSON&JOHNSON.
Other Board assignments: None.
Born in 1966. Holds an MBA in Corporate Finance and Marketing from the University of Technology, Sydney, and a Bachelor of Veterinary Science from the University of Melbourne, Australia. Has held senior positions at several global medical technology companies. Most recently served as Executive Officer and Executive Vice President Growth at Coloplast. Previously held senior positions at companies including Getinge, Stryker and Johnson & Johnson.
Other assignments: -. Paul Marcun is independent in relation to the company and the company’s major shareholders. Paul Marcun has been a Board member of the company since 2025.
Born 1970, M.Sc. (Chem. Eng.), Chalmers University of Technology. A range of senior positions in GE Healthcare Group, most recently as General Manager of Cyclotrons & TRACERcenter, GE Healthcare.
Other assignments: Chairman of MedTrace Pharma A/S and of Atley Solutions AB. Erik Strömqvist is independent in relation to the company and the company’s major shareholders. Erik Strömqvist has been a Board member of the company since 2023.
Born 1964, MBA from the Stockholm School of Economics.
Other assignments: Board member of Instalco AB (publ) and Consafe Logistics AB. Former Chief Financial Officer of Yubico AB, Cybercom Group AB and Logica Sweden. Has also held senior positions at WM-data, Swegro Group and Lexicon. Camilla Öberg is independent in relation to the company and the company’s major shareholders. Camilla Öberg has been a Board member of the company since 2016.
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