CellaVision — AGM Information 2012

May 2, 2012

CellaVisionAnnual General Meeting 2012

Digital solutions for analysis of blood and other body fluids

• • Efficiency cost reduction, increased productivity and shorterresponse times
• • Proficiency increasedquality of results
• • Connectivity between sites; enhanced opportunity for collaboration andsharing of competences

Market

• • CellaVision is world leader in ^a market with large potential, offering automated digital cellmorphology
• • The hematology analysis market comprises more than 1 billion CBC tests ^a year manual differential work equivalent to more than USD1 billion
• • CellaVision's market includes products to about 15,000 laboratories worldwide the market value is estimated tominimumSEK 5 billion

	Annual sales, MSEK
Hematology 1	11 600
CellaVision's current
target market 4	1 000
CellaVision's sales	155

CellaVisionin short

• •Headquarters in Lund, Sweden.
• • 64employees.
• • Sales through distributors. Direct sales through subsidiaries in the Nordic countries, theUS, Canada and Japan.
• •Manufacturing outsourced to Kitron AB, Sweden.
• • Competition: manual microscopy and competing products in early phase.

Global customerbase

>1000systems mainly in Europe and North America

• • Global distribution through Sysmex and BeckmanCoulter
• • Direct sales in the US, Canada, Japan and the Nordiccountries
• • Hospital and commercial hematology laboratories
• • The hospital demand for efficiency and cost reductionmakes automation the obvious choice
• • The labor shortage of biomedical scientists is ^a marketdriver

CASE: Karolinska University Hospital, Stockholm Faster, safer, and more standardized results

Stockholm's county council's successful investment in hematology was awarded the GoldenApple. Six laboratories are linked together.

Financial performance 2007–2011

1,000 systems sold, increased sales for the tenth year in succession, and profit for the fifth year in succession

2011: Major growth in North America and improved delivery capacity with strengthened cash flow

M S E K	Q 4 2 0 1 1	Q 4 2 0 0 1	l l F u y e a r 2 0 1 1	l l F u y e a r 2 0 0 1
l N t e s a e s	% 1 1 4 6 4 +	4 1. 9	% 1 8 1 5 5 4 +	1 3 1. 6
f G i t r o s s p r o	3 2. 2	2 8 9	1 0 1. 4	8 7 6
f O i i t t p e r a n g p r o	6 9	9 1	8 1 7	1 3 9
i i % O t p e r a n g m a r g n	1 5 0	2 1. 7	1 1. 5	1 0 6
f f b P i t t r o e o r e a x	7 4	9 5	1 8 5	1 0 7
h f l C a s o w	1 3 8	1 5	2 1. 0	1 3 8

• • Celebrationof ten years as ^a trading company and delivery of the thousandth analyzer.
• • The distribution strategy with parallel, global sales channels makes ^a considerable contribution tothe positive sales trend, above all in the USA.
• • A stable rate of production and delivery has had ^a positive impact on our cash flow, particularly in the fourth quarter.
• • Goodfinancial position. The Board of Directors proposes ^a dividend of SEK 0.40 per share.

Salesper geographical region, full year

2011 2010

Continued growth through global expansion andpartnerships

• • Major growth in North America. The distribution strategy with parallel, global sales channels in the US makes a considerable contribution to the positive sales trend.
• • In Europe, acceptance of CellaVision's digital technology is particularly widespread in in Germany, France, Benelux, Spain and the Czech Republic and the United Kingdom. Growing interest can be noted in several countries of the Middle East. The analyzer for middle sized laboratories, CellaVision DM1200, accounts for anincreased percent of sales.
• • Demand for our products is beginning to take off in in Hong Kong, China and South‐East Asia. Great long‐term potential. Ourpartners are actively trained and supported.
• • In Japan, our sales organization and Sysmex continue their work in parallel. Low activity on the market due to the natural disaster in2011.

Improved production and supply potential

• • Stable production and delivery rates adapted to higher sales targets. Positiveimpact on our cash flow, particularly in the fourth quarter.
• • Key components for the CellaVision DM1200 analyzer were secured, for example through design changes and own purchase department.

Q1 2012: Stronger quarter than expected More than30 per cent growth and doubled profit

M S E K	Q 1 2 0 2 1	Q 1 2 0 1 1	l l F u y e a r 2 0 1 1
l N t e s a e s	% 3 2 4 0 4 +	3 0 6	% 1 8 1 5 5 4 +
f G i t r o s s p r o	2 7 1	2 0 8	1 0 1. 4
f O i i t t p e r a n g p r o	5 4	2. 5	8 1 7
i i % O t p e r a n g m a r g n	1 3 4	8 2	1 1. 5
f b f P i t t r o e o r e a x	4 4	0 3	1 8 5
h f l C a s o w	0 3 ‐	4 4	2 1. 0

• • Our parallel sales channels makes ^a considerable contribution to the positive sales trend, above all inthe USA.
• •Strengthened presence in China; establishment of ^a Business Support Office in Shanghai.
• • Launchof ^a blood analysis system for the veterinary market in North America.
• • Goodfinancial position. The Board of Directors proposes ^a dividend of SEK 0.40 per share.

Financial performance 12months rolling and per quarter Q408–Q112, MSEK

Product for large veterinary laboratories in NorthAmerica

CellaVision®DM96 Vet

• • Analyzer for the veterinary market in the US and Canada.
• • An adapted version of the existing analyzer for human blood with the capacity for the most commoncompanion animals.
• • Marketed to about 100 large veterinary laboratories inthe US and Canada in Q1.

Newproduct for collaborating laboratories

CellaVision®Image Capture System

• • Complementary product for satellite laboratories in^a health network.
• • A camera, computer and software enables laboratories to digitalize their manual blood analyses and via the network perform the analysis where there is ^a CellaVision's analyzer. the result is in the same format as test samples analyzed on CellaVision's DM analyzer.
• • Tobe launched at ISLH, Nice, France in May.

Themarket confirms added value

Resolves skills shortage at our small sites "The Image Capture System could be placed in our smaller, remote regional laboratory sites where maintaining proficiency in blood film examinationhas been difficult".

Monika Hudoba, VancouverGeneral Hospital, Kanada

Further improves our turn‐around times "You have captured the capabilities of the system and how it could further improve our turn‐around times andprovide further efficiencies."

Teresa Di FrancescoHRLMP, Hamilton, Kanada

Centralization of our blood analysis – notravelling for patients

"Why should ^a patient have to travel to a major healthcare facility when their blood smear can be sent digitally to UHN?

Tom Clancy University Health Networks, Toronto, Kanada

175/2/2012

Shareholders

h h l d S a r e o e r s	%
f l d f d S i I i t t t e s e n n u s r o n e n	1 5, 0
l l l i i M F ö A B t t e a a r a n n s c v g	1 1, 6
å h h l. C i F i i t r s e r r a e u s n c c o m p a n e s	1 0, 1
f k k d i ö ä i S i L A B r s r n g s a n a v	6, 8
d l h A A i t n e r s n	4, 0
d f d S H j A B T P‐ r e e o n e n :	3, 4
b d L F a n n e o o n e r	3, 4
f d S j ä A P‐ t t e o n e n	2, 7
i k i A P F ö ä A B v a n z a e n s o n r s r n g	2, 4
U i n o n e n	2, 1
h O t e r	3 8, 5

• Listed at NASDAQ OMX Stockholm, SmallCap on May 31, 2010.

•Market Cap: ~380 MSEK

Share performance 2009 ‐2012

Boardand Management

Ledning Styrelse

Yvonne MårtenssonCEO

Johan WennerholmCFO

RonHagner

VPSales &

Development

Business

Hans‐Inge Bengtsson QA Manager

Peter WilsonMarketing Manager

Lars

Fåhraeus

Henriksson Roger Johanson

MalmBernsten

Stefan Bengtsson COO

Torbjörn Kronander

Sven‐ÅkeHenningsson

Lars GatenbeckChairman

Christer

Anna

Learnmore!

• •Web: www.cellavision.com
• •Blog: http://blog.cellavision.com
• •App: CellAtlas®
• •Introduce: www.introduce.se
• •Redeye: www.redeye.se