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Xvivo Perfusion (OM:XVIVO) Q3 Results Put Margin Recovery Back In Focus

Simply Wall St · 1d ago

Xvivo Perfusion came into today with a tired chart, the share price down about 5% over the past month and slightly weaker over three months. Then Q3 2026 landed with SEK 252.6m in sales and SEK 1.42 in basic earnings per share, both solid prints for a specialist organ perfusion business that depends on procedure volume and disposable usage.

The stock closed at SEK 223.40, and the muted short term return contrasts with a quarter that put profitability back in focus through a SEK 44.6m net income line. Expectations and reality just parted ways.

Love that Xvivo Perfusion is back to printing earnings per share but uneasy about a share price that has gone sideways. If you want businesses that pair resilient profit lines with stronger market momentum, scan our list of solid balance sheet and fundamentals stocks (204 results)

Q3 2026 Earnings Summary

  • Revenue (Q3 2026 vs Q3 2025): SEK 252.6m vs. SEK 189.1m (up about 34%)
  • Net Income (Excl. Extra Items, Q3 2026 vs Q3 2025): SEK 44.6m vs. SEK 4.3m (up more than 9x)
  • Basic EPS (Q3 2026 vs Q3 2025): SEK 1.42 vs. SEK 0.14 (up more than 9x)
  • Trailing 12-Month Net Profit Margin (Q3 2026 vs prior year): 13.4% vs. 3.7% (margin expanded by about 9.7 percentage points)

Ask Charlie what Xvivo’s U.S. heart timeline really implies.

OM:XVIVO Trailing 12-Month Revenue & Expenses Breakdown as at Oct 2026
OM:XVIVO Trailing 12-Month Revenue & Expenses Breakdown as at Oct 2026

Evaluating Xvivo’s Heart And OPO Milestones

Optimistic views on Xvivo Perfusion lean heavily on turning regulatory wins into high quality recurring revenue and profit.

"A key requirement is that Xvivo Perfusion continues to convert clinical and regulatory milestones, such as the European heart approval and U.S. heart and liver filings, into broad commercial uptake at acceptable gross margins."

On that score, Q3 hits some clear checkpoints. CE approval for Heart Assist Transport is secured, the U.S. heart PMA is filed and accepted, and heart revenue reached SEK 22m from Australia, Europe and the U.S. Product gross margin, excluding services, was around 75%, which indicates that early heart and lung kit economics are aligning with this view, even if adoption is still in the early stages.

The price and this Narrative do not agree. → Uncover what this Narrative says Xvivo Perfusion is actually worth.

Xvivo Perfusion: Mix Risks Still On The Table

Bearish investors worry that Xvivo Perfusion can grow its top line while profit quality stalls because the wrong parts of the portfolio are doing the heavy lifting.

"Even though Xvivo Perfusion currently reports around 20% EBITDA margins and neutral to positive cash flow that indicate a scalable model, the services segment with SEK 15–16 million of net sales in Q2 2026, an organic decline of 10–25%, and only 10–18% gross margin shows that fixed cost service infrastructure may stay underutilized, which can drag on group EBITDA margin even if thoracic and abdominal revenue continues to increase."

Q3 keeps that concern alive. Services revenue fell to SEK 14m and margins were described as negative, directly weighing on a 70% group gross margin even as thoracic strength and a 21% EBITDA margin highlight solid overall profitability.

Hunt For Disconnected Fundamentals

Xvivo Perfusion just showed how solid operating progress can sit alongside a flat share price. The real opportunity is spotting stocks that could be undervalued before the market closes that gap.

  • Company 1 - 49% below our estimate - relies on a record backlog of higher margin mega projects and Indo Pacific military contracts that depend on disciplined bidding and clean execution.
  • Company 2 - 46% below our estimate - targets rising sterile injectable demand by adding contract manufacturing capacity while heavy R&D aims to push new long-acting treatments through its pipeline.
  • Company 3 - 28% below our estimate - supplies photonics systems tied to AI infrastructure and defense orders, betting current backlog converts into profitable volumes despite weakness in older metrology operations.

Three companies from the same screener. Open every one of the 194 undervalued companies on it →