Strong close to 2013

January 1 - December 31, 2013

Net sales increased by 6 % to 179.9 million (169.5).
Operating profit increased by 25 % to SEK 25.9 million (20.7).
Profit before tax increased to SEK 24.7 million (18.6).
Earnings per share increased to SEK 0.79 (0.27)
Cash and cash equivalents increased to SEK 57.9 million (46.2) at the end of the year.
More sales channels in EMEA through agreements with Beckman Coulter and Abbott.
A new product, DI-60, that has been integrated in our partner Sysmex automated line for blood analysis, made a positive contribution to sales in Q3 and Q4.
Increased initiatives in China generated strong sales growth.
The Board of Directors proposes an increased dividend to SEK 0.50 (0.40) per share for 2013.

October 1 - December 31, 2013

Net sales increased by 29 % to SEK 64.9 million (50.4).
Operating profit increased to SEK 16.3 million (6.8).
Profit before tax increased to SEK 16.2 million (6.1).
Earnings per share increased to SEK 0.54 (-0.13).
Strong sales growth in North America.
Continued sales growth in the Asia Pacific region.

Comments by CellaVision's CEO Yvonne Mårtensson:

"After an excellent finish to 2013 we achieved six per cent sales growth and an operating margin of more than 14 per cent for the full year, despite a weak first half year.

The historically strong fourth quarter exceeded our expectations with growth of 29 per cent compared with the same period in the previous year. The sales growth and the strong result can be explained by business brought forward from Q1 2014, our hard work during the year to support our partners in sales processes, and sound cost control at all stages. With an operating margin of more than 14 per cent for the full year, we are approaching our target of 15 per cent, while there is some way to go before we achieve the average sales growth target of 15 per cent per year.

Initiatives in Asia and the Pacific region have turned out well and sales in the region have almost trebled compared with the previous year. Sales in EMEA and North America recovered in the second half of the year, but were down six and ten per cent respectively for the full year. It is gratifying that the integrated CellaVision and Sysmex product, DI-60, was well received and has now generated sales from all three geographical markets.

In October a term sheet was signed with the Chinese distributor Mindray and an agreement is under discussion. In the year's closing quarter we also had the honor of receiving two Swedish industry awards; the LabTech Award and the PhotonicSweden Award. This is important confirmation of our competence in product development and successful global commercialization of our product idea.

We continue to strengthen our market position with our unique concept that replaces manual microscopes and improves the process of blood analysis. During the year we extended our global partnerships and the work of making CellaVision the natural choice for large laboratories is continuing. Interest in our concept is increasing and we have confidence in our ability to utilize the great potential for further market penetration that exists."

Net sales $+6%$ Operating profit SEK 25.9 million Operating margin 14.4%

Net sales (Q4) $+29%$ Operating profit (Q4) SEK 16.3 million

Strong second half of the year

Key ratios

(SEK million)	Oct-Dec 2013	Oct-Dec 2012	Full year 2013	Full year 2012
Net sales	64.9	50.4	179.9	169.5
Gross profit or loss	39.8	31.7	112.6	110.1
Operating profit	16.3	6.8	25.9	20.7
Operating margin, %	25.1	13.5	14.4	12.2
Profit/loss before tax	16.2	6.1	24.7	18.6
Return on operating capital %			45	46
Cash flow for the period	15.3	$-6.4$	11.6	$-10.6$

Sales, earnings and investment

January 1 - December 31, 2012

Net sales for the Group rose during 2013 to SEK 179.9 million (169.5), an increase of 6 % compared with the previous year. The gross margin for the year was 63 % (65). The cost of goods sold includes amortization of intangible assets of SEK 7.9 million (6.4).

The Group's operating profit for the year rose to SEK 25.9 million (20.7), an increase of 25 %. Total operating expenses for the year decreased to SEK 86.7 million (89.4).

Capitalized expenditure for development projects during the year was SEK 10.2 million (9.3).

Investments in property, plant and equipment during the year amounted to SEK 1.6 million $(1.9).$

October 1 - December 31

Net sales for the Group in the fourth quarter of 2013 were SEK 64.9 million (50.4), an increase of 29 per cent compared with the same period in 2012.

The gross margin for the quarter was 61 % (63). CellaVision usually has large gross margin variations from quarter to quarter. This is dependent on the share of sales via distributors or via CellaVision's own sales companies, the product mix and exchange rates.

The Group's operating profit for the fourth quarter increased to SEK 16.3 million (6.8), a result of increased sales and sound cost control. Total operating expenses for the quarter decreased to SEK 23.5 million (24.9).

CellaVision is conducting several development projects, aimed at strengthening the product portfolio in relation to customers in the field of hematology. Capitalized expenditure for development projects was SEK 2.9 million (2.7) for the quarter.

Investments in property, plant and equipment during the quarter amounted to SEK 0.5 million $(0.7)$ .

Sales per quarter and rolling 12 months (SEK million)

Net sales SEK 179.9 million

Net sales SEK 64.9 million

Development in geographical markets

In 2013 North America accounted for the largest percentage of sales, 51 % (60), Europe accounted for 29 % (33), and Asia and the Pacific region for 20 % (7). During the year the Asia Pacific region reported stable sales growth, while North America and Europe had an unevenly distributed flow of orders. Increased efforts in China have resulted in more sales via the region's distributors and in Japan sales development was positive, mainly due to the new DI-60 product.

After a subdued start to the year, business in North America was strong in the fourth quarter and accounted for 66 % (57) of sales. Europe accounted for 18 % (29) and Asia and the Pacific region for 16 % (14) of sales.

Sales in international markets are mainly in USD and EUR, which means that the company's sales and results are impacted by changes in these currencies. The company hedges 50-75 per cent of planned currency flows to compensate for any foreign exchange fluctuations.

Like others in the medical devices industry selling capital equipment, CellaVision's inflow of orders is unevenly distributed over the year, depending on distributors' sales, inventory levels and contracted volumes. Consequently, the variation in order volume in individual quarters may be great in the different geographical markets.

Net sales per geographical market, SEK million

North America

In the fourth quarter market conditions in the USA improved and sales grew to 42.7, an increase of almost 50 % compared with 2012. In local currencies the increase was 53 %. The growth is partly attributable to sales of the new integrated DI-60 product in the USA.

For the full year 2013 sales in the region were SEK 91.7 million (101.8), a decrease of 10 %. In local currencies the decrease was 8 %.

CellaVision is experiencing a boost in the American market but has not yet seen a definite trend improvement. When uncertainties as to the effects of the on-going health care reform and financial austerity have subsided in the USA, the region should again have good prospects of stable development.

Interest in CellaVision's digital solutions for blood analysis is great among the North American laboratories and the company is continuing its close partner cooperation to increase market penetration. The new integrated product, DI-60, has had a good sales start through our partner Sysmex which is expected to further strengthen interest in digital image analysis.

Strong fourth quarter in the US

CellaVision's new web-based quality assurance software, CellaVision® Proficiency Software, also fills an important function in marketing CellaVision's digital solutions.

In the USA CellaVision collaborates with the four most prominent distributors of hematology analyzers. Together with Sysmex, Beckman Coulter and Siemens and support from our own company CellaVision Inc., CellaVision is highly visible in the market. By means of a comarketing agreement, the company also works closely with the fourth largest player, Abbott.

In Canada, where CellaVision sells directly via its own organization, sales have been subdued during the year due to uncertainty about economic developments. Many investment decisions have been slowed down in 2010-2013, due to appreciable caution in Canadian health care funding.

As of January 1, 2014 direct sales in Canada will be supplemented by co-marketing agreements with Beckman Coulter. At the same time product registration of the DI-60 was completed with sales through Sysmex. All in all this will increase the market penetration of CellaVision's products in Canada.

Europe, the Middle East and Africa (EMEA)

In 2013 sales in the region were just under the 2012 level in both SEK and local currencies. Sales were SEK 52.1 million (55.3), a decrease of 6 %.

In the fourth quarter sales in the region were SEK 12.0 million (14.8), a decrease of 19 % in both SEK and local currencies.

During the year investments in medical devices were affected by the generally tough economic climate in Europe and uncertainty about health care budgets and investment decisions. The weak economic situation was partly compensated by our partners' efforts in the region and Sysmex' market introduction of the new integrated DI-60 analyzer, which was particularly clear in the third quarter.

In Europe CellaVision's products are sold largely via procurements in which laboratories increasingly require that purchases of hematology analyzers and equipment for image analysis are made via one and the same supplier. In 2013 CellaVision increased its ability to offer its products in competitive tenders by signing agreements with another three distribution partners. CellaVision now sells its products in EMEA via the four most prominent suppliers of cell counters: Sysmex, Siemens, Beckman Coulter and Abbott.

A significant sale during the year was the license order for new CellaVision Proficiency Software to the quality organization Equalis. During the year the product was introduced into the organization's quality assurance program targeting all Sweden's hospital laboratories in Clinical Chemistry.

The Asia Pacific region

During the year sales almost tripled in both SEK and local currencies. Sales were SEK 36.1 million (12.4).

Sales increased in the fourth quarter to SEK 10.2 million (7.0), an increase of more than 45 % in both SEK and local currencies. Growth is attributed to analyzer sales in China and Japan, which are CellaVision's priority markets in the region. CellaVision assesses that in the long term, above all these markets and countries in South East Asia have the potential for strong growth.

In China CellaVision's solution will be marketed to training and research hospitals with more than 500 beds. CellaVision's main focus is to support the work of the three distributors, Sysmex, Beckman Coulter and Vastec, in building awareness and acceptance for the company's products in the Chinese market. Determined market penetration has resulted in many sales during the year.

To increase market exposure of the company's products in China and other growth markets, CellaVision is currently evaluating the Chinese company Mindray as a potential distribution partner. Early in the fourth quarter a term sheet was signed between the companies.

Strong sales channels and the new DI-60 partly compensated for the weak economic situation

Increased sales in China and Japan

Research h and dev velopmen nt

mers.

CellaVision is portfolio in r s conducting relation to cus several deve stomers in the lopment proj e sub-field of jects, aimed a f hematology. at strengtheni ing the produ uct

At the start o internal and external qua can train and valuable stat at all withou of the year Ce external qua ality bodies, tr d test their kn tistics. The pro t downloadin ellaVision® Pro lity assurance raining units a nowledge of a ogram is web ng software. oficiency Softw e of laboratory and hospital l assessing abn b-based, whic ware was intr y analyses. Th laboratories. W ormal blood h means it ca .roduced, a pro he product's t With the prod cells and gain an be run from oduct for target group i duct bioanaly n access to m any comput is ysts ter

In July the ne Sysmex. The standardized Sysmex cell c product line developed o ew DI-60 was e product is ad d analysis pro counter and s without man on CellaVision s completed, w dapted to the ocess. By integ sample prepa nual handling n's latest hardw which was de e needs of larg grating CellaV aration modu of samples d ware platform eveloped for a ge laboratorie Vision's image le, customers during the ana m. and together es for an effec e analysis tech s can be offere alysis process with our part ctive and hnology with ed an automa s. It was tner the ated

During the y blood cells, t year new softw to be launche ware was also ed in 2014. o being develo oped for mor re advanced a analysis of red

CellaVision c expenditure continuously c for developm capitalizes ex ment projects xpenditure on s during the ye n new develop ear was SEK 1 pment. Capita 0.2 million (9 alized 9.3).

Financin ng

opinion-form

The funds at of which SEK credit. t the Group's d K 57.9 million disposal at th (46.2) was ca he close of the sh and cash e e year amoun equivalents an ted to SEK 62 nd SEK 5.0 mi 2.9 million (51 illion unutilize d.2), ed

The year's ca operating ac ash flow from ctivities for th operating ac e fourth quar ctivities was S rter was SEK 1 EK 27.3 millio 4.3 million ( on (11.5). Cash 1.8). h flow from

The total cas year is mainl dividend of S sh flow for the ly due to a str SEK 9.5 millio e year was SE rong operatin n distributed K 11.6 million ng profit and n by the comp n (-10.6). The i new loans. Th pany in the sec improvement he cash flow in cond quarter t on the previ ncludes the . ous

Parent c ompany

Parent comp was SEK 2.2 m million (51.6 company ha subsidiary of Japan to the through the company. pany sales du million (15.5) 6). The result b as recognized f SEK 14.5 mil e company's s subsidiary. Th ring the year . Parent comp before tax for an impairme lion. The imp ales taking pl his means tha were SEK 166 pany sales for the quarter w ent loss on rec pairment loss lace to a grea at invoicing a 6.8 million (16 r the fourth qu was SEK -4.7 m ceivables and is due to adap ter extent via nd business f 61.9). The resu uarter amoun million (4.7). T shares in the pting the bus a partners inst flows go via th ult before tax nted to SEK 61 The parent e Japanese siness model i tead of direct he parent 1.4 in ly sC

The parent c during the y (-6.6). company's inv ear amounted vestments in p d to SEK 10.8 property, plan million (10.7) nt and equipm ) and the cash ment and inta h flow was SE angible assets K 8.5 million

In other resp pects please re efer to the inf formation for the Group. Ex po xtended p ortfolio roduct

U fu S Unappropria funds SEK 62.9 m ated million

f S Cash flow for the year SEK 11.6 million

Personnel

The number of employees of the Group, restated as full-time positions, was 69 (65) at the year-end. Of these, 41 (37) were men and 28 (27) women.

At the beginning of the year the management team was augmented with Karin Dahllöf as VP Sales and Marketing and Maria Morin as VP Human Resources. During the year Magnus Blixt was appointed as the company's Chief Financial Officer and Göran Grangvist as VP Quality with responsibility for the Group's quality strategies and regulatory work.

Significant events after year-end

There are no significant events to report.

Other information

Group

On December 31, 2013 the Group consisted of the parent company and the wholly-owned subsidiaries CellaVision Inc. (USA), CellaVision Canada Inc. (Canada), CellaVision Japan K.K. (Japan) and CellaVision International AB.

Dividend

The Board of Directors proposes to the Annual General Meeting an increased dividend to SEK 0.50 (0.40) per share for 2013.

CellaVision has decided not to announce a dividend policy for coming years since the company is undergoing strong growth and still requires operational investments. A decision on share dividend will instead be made from year to year, based on the company's development and capital requirements for financing the company's intended growth.

Accounting policies

The consolidated accounts are prepared in accordance with International Financial Reporting Standards, IFRS. The interim report for the Group was prepared in accordance with IAS 34, Interim Financial Reporting, the Annual Accounts Act and in accordance with the Stockholm Stock Exchange rules and regulations for companies listed on NASDAQ OMX Stockholm. The interim report for the parent company was prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2, Accounting for Legal Entities. The interim report has been prepared in accordance with the accounting policies and valuation methods presented in the Annual Report for 2012, with the exception of the changes presented below.

IFRS 13 Fair value measurement

The new International Financial Reporting Standard IFRS 13 applies to fair value measurement of both financial and non-financial items and replaces previous quidance contained in individual standards referring to fair value measurement. IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the "exit price"). IFRS 13 has been applied prospectively from January 1, 2013. The application of IFRS 13 has not had any impact on the Group's results and financial position regarding the valuation of the Group's financial instruments.

IFRS 13 requires that several quantitative and qualitative disclosures should be presented in the financial statements in respect of fair value. As a result of these disclosure requirements in IFRS 13, IAS 34 Interim Financial Reporting was also updated.

IAS 1 Presentation of financial statements

As of 2013, an amendment to IAS 1 has been introduced which involves regrouping items presented in other comprehensive income into items that will be reclassified to profit or loss Number of employees

and items that will not be reclassified to profit or loss. CellaVision's application of the amendments to IAS 1 is presented in the Group statement of comprehensive income.

Other new standards and interpretations that came into force on January 1, 2013 have not had any impact on CellaVision's financial reporting for the interim report period.

Financial instruments

Derivatives held for foreign currency hedging are valued at level 2, financial instruments, where fair value is determined on the basis of valuation models based on other observable data for the asset or liability than listed prices included in level 1, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Currency forwards are valued on the basis of observable information referring to exchange rates on the balance sheet date and market rates for remaining maturities. The value of CellaVision's derivatives is SEK-0.2 million at December 31, 2013.

The carrying amount of financial instruments measured at amortized cost is consistent with fair value at December 31, 2013.

Segment reporting

CellaVision's operations only comprise one operating segment; automated microscopy systems in the field of hematology, and therefore reference is made to the income statement and balance sheet regarding operating segment reporting.

Information concerning risks and uncertainties

Reduced demand and changes in exchange rates constitute uncertainties but not material risks. For a more detailed description of the risks and uncertainties facing CellaVision, please refer to the risk and sensitivity analysis in the Annual Report for 2012.

Review

This report has not been reviewed by the company's auditors.

Related party transactions

In 2013 CellaVision had transactions with member of the Board Sven-Åke Henningsson, who was the company's acting Chief Financial Officer on a consultant basis from September 2012 to May 2013. The transactions are priced on market terms and have not had any material impact on the company's financial position and performance. The transactions amounted to SEK 0.07 million. No other related party transactions have taken place with any legal or natural person.

The Nomination Committee for the Annual General Meeting in 2014

In accordance with a resolution of the 2013 Annual General Meeting the Nomination Committee shall consist of the Chairman of the Board and one representative of each of the four largest shareholders in terms of voting rights at the end of September 2013. For the 2014 Annual General Meeting the Nomination Committee consists of Lennart Hansson, Chairman (Stiftelsen Industrifonden), Aleksandar Zuza (Metallica Förvaltnings AB), Christer Fåhraeus (Christer Fåhraeus and companies), Caroline af Ugglas (Skandia) and Chairman of the Board Lars Gatenbeck.

Shareholders wishing to submit proposals to the Nomination Committee can send an email to [email protected], or to: The Nomination Committee, CellaVision AB, Ideon Science Park, SE 223 70 Lund

Annual General Meeting 2014

CellaVision's Annual General Meeting in 2014 will be held on May 7, 2014 at 16.00 at CellaVision AB, Scheelevägen 19 A, Ideon, in Lund, Sweden.

Shareholders wishing to have matters considered at the Annual General Meeting can send a written request by email to [email protected] or ordinary mail to: The Board of

Financial c calendar

Interim Repo ort January - M March:	May 6 6, 2014
Annual Gene eral Meeting 2 2014:	May 7 7, 2014
Interim repo ort January – J July:	July 1 8, 2014
Interim repo ort January – S September:	Nove mber 5, 2014
Year-end bu lletin 2014:	Febru uary 12, 2015

		Year-end bu Y ulletin 2013
Directors, Ce ellaVision AB, received at t the latest seve in the notice e to attend an	Ideon Scienc e Park, SE 223 en weeks befo ore the Annua nd thus the ag genda of the A	3 70 Lund. Th e request mu ust have been al General Me eeting in orde er to be includ ded Annual Gener ral Meeting.
Financial c calendar
Interim Repo ort January - M	March: May 6	6, 2014
Annual Gene eral Meeting 2	2014: May 7	7, 2014
Interim repo ort January – J July:	July 1	8, 2014
Interim repo ort January – S	September: Nove	mber 5, 2014
Year-end bu lletin 2014:	Febru	uary 12, 2015
The interim r reports are av available on CellaVision's	vailable at ww ww.cellavision website in W Week 16.	n.com. The an nnual report fo or 2013 will b be
The Board of f Directors an provides a tr rue and fair vi position and d performance company an nd the compa	d the Preside ent/Chief Exec iew of the par rent company e and describ bes material ri nies in the Gr roup are expo	cutive Officer certify that th he interim rep port y's and the Gr roup's busine ss, financial sks and unce rtainties to w hich the pare ent osed.
Lund, Februa ary 13, 2014
Lars Gatenbe eck Chairman of f the Board	Chr rister Fåhraeu Mem mber of the Boa ard	s Sven-Åk ke Henningss on Member r of the Board d
Lars Henrikss son Member of t the Board	Rog ger Johanson Mem mber of the Boa ard	Torbjörn n Kronander Member r of the Board d
Anna Malm B Bernsten Member of t the Board	Yvo onne Mårtens Pres sident/CEO	son
Questions c concerning th	he report can n be address	ed to:
Yvonne Mårt tensson, Pres Tel: +46 708 33 77 82. Em	ident/CEO, Ce ellaVision AB ail: yvonne.m martensson@c	cellavision.se
Magnus Blixt t, CFO, CellaV Tel: +46 708 33 81 68. Em	Vision AB ail: magnus.b blixt@cellavisi	on.se
Publication
The informat tion in this int Securities Ma arket Act and released for public disclos	terim report i is disclosed b d/or the Finan cial Instrume sure on Febru uary 13, 2014	y CellaVision AB (publ) pur rsuant to the nts Trading A Act. The inform mation was at 8.20.
Address
CellaVision A AB, Ideon Scie Web: www.c cellavision.com	ence Park, SE 2 223 70 LUND m Blog: http:/ //blog.cellavis	, Corporate id dentity numb er: 556500-09 998 sion.com App p: CellAtlas
CellaVision is s listed on the	e NASDAQ OM MX Stockholm	m, Small Cap l list. Ticker sym mbol CEVI and d

Questions c concerning th he report can n be address ed to:

Publication

Address

CellaVision is ISIN code SE s listed on the 0000683484. e NASDAQ OM MX Stockholm m, Small Cap l list. Ticker sym mbol CEVI and

Consolidate ed Income St atement in S Summary

All amount in ' 00	Oct-Dec 2	Oct-Dec 2	Jan-Dec 2	Jan-Dec 20
00 SEK	2013	2012	013	012
Net sales	64 88	50 40	179 85	169 5
	85	05	51	512
Cost of goods so	-25 10	-18 70	-67 22	-59 4
old	00	09	25	456
Gross profit	39 78	31 69	112 62	110 0
	85	96	26	056

Sales and marke	-10 01	-11 53	-39 34	-38 8
eting expenses	18	31	44	859
Administration ex	-8 15	-7 45	-26 65	-29 0
xpenses	53	59	53	060
R&D expenses	-5 31	-5 89	-20 68	-21 4
	17	92	83	435
Operating resul	16 29	6 81	25 94	20 7
lt	97	14	46	702
Interest income a and financial excha ange rate gains	22 21	5 53	59 94	2 225
Interest expense e and financial exch hange rate losses	-27 71	-73 36	-1 85 50	-2 3 376

Result before in	16 24	6 13	24 69	18 5
ncome tax	47	31	90	551
Tax	-3 41	-9 32	-5 75	-12
	16	25	58	100
Net result	12 83	-3 19	18 93	6 4
	31	94	32	451


Other compreh ensive income:
Components not to be reclassified to net profit:	-	-	-	-

Components to b be reclassified to n net profit:
a) Financial asse ets at fair value
Reclassified to o	-7	-2	-2 49	99
operating result	75	26	93
Revaluation of fin	-41	-1 50	-20	2 3
nancial assets	14	09	04	342
Income tax relati ing to financial ass sets	9 91	50 09	56 60	-5 537
b)Translation diffe ference
Translation differe	12	11	35	31
ence in the group	23	2	50
Sum of Compone ents to be reclassi ified to net profit:	-27 75	-91 4	-1 78 87	1 9 935

Sum of other com mprehensive incom me:	-27 75	-91 4	-1 78 87	1 9 935
Comprehensive e result for the pe eriod	12 55 56	-4 10 08	17 14 45	8 3 386

Per share data	Okt-Dec 2	Okt-Dec 2	Jan-Dec 2	Jan-Dec 20
	2013	2012	013	012
Earnings per sha	0,5	-0,1	0,7	0
are, SEK */	54	3	79	0,27
Equity per share	5,5	5,2	5,5	5
, SEK	56	24	56	5,24
Equity ratio, %	70	70	70%	7
	%	%	%	70%
Number of share	23 851 54	23 851 54	23 851 54	23 851 5
s outstanding	47	47	47	547
Average number of shares outstand ding	23 851 54 47	23 851 54 47	23 851 54 47	23 851 5 547
Stock exchange	15,4	14,7	15,4	14
rate, SEK	40	70	40	4,70

*/ In relation to net p rofit and average outs standing shares

Quarterly R Results

All amount in ' 000 0 SEK	Q4 201 3	Q3 2013 3	Q2 2013 3	Q1 2013 3	Q4 2012 2	Q3 2012
Net sales	64 88 5	45 076 6	36 095 5	33 795 5	50 4 05	35 332
Gross profit	39 78 5	27 465 5	23 398 8	21 978 8	31 6 96	22 591
Gross margin in %	6 61	6 1	65 5	65 5	63	64
Overhead cost	-23 48 8	-16 774 4	-23 755 5	-22 663 3	-24 8 82	-18 609
Operating result	16 29 97	10 69 1	-357 7	-685 5	6 8 14	3 982
Net result	12 83 1	7 913 3	-314 4	-1 498 8	-3 1 94	3 892
Cashflow	15 25 7	1 513 3	-11 420 0	6 296 6	-6 3 89	5 150

Consolidated Balance Sheet in Summary

All amount in '000 SEK	2013-12-31	2012 12 31
Assets
Intangible assets	26 4 6 6	24 152
Tangible assets	3 1 9 5	2693
Deferred tax	33 078	37 994
Financial assets	83	91
Inventory	16797	16 356
Trade receivables	43 3 3 8	40 632
Other receivables	7734	10 402
Cash and bank	57882	46 236
Total assets	188 573	178 556

Equity and liabilities
Equity	132 516	124 912
Short term debt	22 990	20802
Short term debt with interest	19 978	14 27 2
Trade payables	10 641	16458
Other liabilities	2448	2 1 1 2
Total equity and liabilities	188 573	178 556

Consolidated statement of changes in equity

All amount in '000 SEK	2013 12 31	2012-12-31
Balance at the beginning of the year	124 912	126 067
Dividend	$-9541$	$-9541$
Net profit for the year	18932	6451
Comprehensive result for the period	$-1787$	1935
Balance at the end of the year	132 516	124 912

Cash Flow Analysis in Summary in Summary

All amount in '000 SEK	Oct-Dec 2013	Oct-Dec 2012	Jan-Dec 2013	Jan-Dec 2012
Result before taxes	16 247	6 1 3 1	24 690	18551
Adjustment for items not included in cash flow	10 051	3532	13 309	7668
Taxes	$-842$	$-790$	$-842$	$-790$
Cash flow from operations before changes in working
capital	25 4 56	8873	37 157	25 4 29

Changes in working capital	$-111140$	$-10715$	$-9885$	$-13936$
Cash flow from operations	14 3 16	$-1842$	27 272	11 493

Capitalisation of development costs	$-2937$	$-2724$	$-10196$	$-9256$
Aquisitions in financial non-current assets	$-5$	10	$\Omega$	23
Aquisitions in tangible non-current assets	$-543$	$-703$	$-1.597$	$-1854$
Cash flow from investment activities	$-3485$	$-3417$	$-11793$	$-11087$
New loans and instalments of dept	4426	$-1130$	5708	$-1447$
Dividend	$\Omega$		$-9541$	$-9541$
	4426	$-1130$	$-3833$	$-10988$
Cash flow from financing activities
Total cash flow	15 257	$-6389$	11 646	$-10582$

Liquid funds at beginning of period	42 625	52 625	46 236	56818
Liquid funds at end of period	57882	46 236	57882	46 236

Income Statement - Parent Company

All amount in '000 SEK	Oct-Dec 2013	Oct-Dec 2012	Jan-Dec 2013	Jan-Dec 2012
Net sales	61415	51 561	166757	161 949
Cost of goods sold	$-33289$	$-27593$	$-83619$	-78 322
Gross profit	28 1 26	23 968	83 138	83 627
Sales and marketing expenses	$-5786$	$-5234$	$-18293$	$-15705$
Administration expenses	$-4350$	$-7459$	$-23923$	$-29060$
R&D expenses	$-8000$	$-5892$	$-22766$	$-21435$
Operating result Interest income and financial exchange rate gains	9990 46	5383 52	18 15 6 225	17427 217
Interest expense and financial exchange rate losses	$-212$	$-753$	$-1684$	$-2106$
Write-down of receivables and shares in group companies	$-14546$	٠	$-14546$

Result before income tax	$-4722$	4682	2 1 5 1	15 538
Tax	$-2616$	$-8553$	$-4128$	$-11408$
Net result	7338	$-3871$	$-1977$	4 1 3 0

Statement of Comprehensive Income

All amount in '000 SEK	Oct-Dec 2013	Oct-Dec 2012	Jan Dec 2013	Jan-Dec 2012

Net result for the period	$-7338$	$-3871$	$-1977$	4 1 3 0
Other comprehensive income:	-	۰
Sum of other comprehensive income:	$\Omega$	$\Omega$
Comprehensive result for the period	-7338	$-3871$	$-1977$	4 1 3 0

Balance Sheet - Parent Company

All amount in '000 SEK	2013-12-31	2012-12-31
Assets
Intangible assets	26 4 66	24 15 2
Tangible assets	1685	2 1 2 6
Deferred tax	32 963	37 092
Financial assets	106	9852
Inventory	14 370	12 2 8 6
Trade receivables	39 5 93	31840
Receivables from group companies	5 3 5 6	12 642
Other receivables	7 1 8 6	7762
Cash and bank	50785	42 301
Total assets	178 510	180 053

Equity and liabilities
Equity	119892	131 410
Short term debt	17876	16086
Short term debt with interest	19 978	14 27 2
Liabilities to group companies	7 9 0 5
Trade payables	10412	16 173
Other liabilities	2 4 4 7	2 1 1 2
Total equity and liabilities	178 510	180 053

This is CellaV Vision

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CellaVision's work flows a SEK 179.9 m increase by a s analyzers rat and competen illion, corresp at least 15 % a tionalize man ncy developm ponding to an annually over nual laborator ment within an n increase of 6 r an economic ry work and se nd between h 6 %. The targe c cycle. ecure and sup hospitals. In 2 et is for sales t pport effectiv 2013 sales wer to continue to ve re ople

The product ts replace ma anual micros scopy in labo oratories for blood analys ses

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What is driv ving growth? ?

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Five founda ations for gro owth

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Company c important to are importan in image ana of IT knowled culture. Satisfi o us that our e nt factors beh alysis, artificia dge, we can d ied employee employees fee hind CellaVisio al intelligence develop solut es create the c el involved an on's positive d e and automat tions that brin conditions fo nd motivated development ted microsco ng considerab r satisfied cus d. Initiative an t. With leading py, as well as ble gains to ou stomers. It is d responsibil g-edge exper a great quan ur customers ity rtise ntity .

About Cella aVision's geo ographical m arkets

North Americ ca

North Ameri most import laboratories. world are pa solutions tha volumes. On sample volu Beckman Co CellaVision's closely with customer. ca is CellaVisi tant driver for . The growing articularly evid at ensure effe n top of the re mes are grow oulter and Siem s own sales or the fourth lar ion's most im r meeting gre g staff shortag dent in the US ective and sec equirements f wing due to th mens sell Cel rganization. B rgest player, A portant grow eater effective ges that exist SA and Canad cure managem for reduced la he ageing pop laVision's pro By means of a Abbott. In Can wth market. Au eness requirem in laboratory da. Laboratori ment of large abor costs and pulation. The oducts in the U co-marketing nada CellaVis utomation ha ments in Nort operations in ies are therefo and growing d shorter resp distributors S USA in paralle g agreement, ion sells direc as long been t th American n the western ore seeking g sample ponse times, Sysmex Amer el with we also work ctly to the end the nica, kdeuple

Europe, the M Middle East an nd Africa

Europe is Ce transition fro of years in th productivity distributors S Marketing w ellaVision's lar om manual m he European c y and offset th Sysmex, Siem work has just s gest market i microscopy to countries. The he coming yea mens, Beckma started in the n terms of the CellaVision's e laboratories ars' shortage n Coulter and Middle East a e number of a method has b s are seeking s of biomedica d Abbott sell C and Africa. analyzers sold been in full sw solutions that l analysts. In E CellaVision's p d to date. The wing for a cou t can increase Europe the products. eng

The Asia Paci ific region

CellaVision p and quality a potential and the distribut products are a assurance pot d demand is g tors Sysmex, S also appreciat tential. China gradually star Siemens and B ted in Asia an , Japan and S rting to take o Beckman Cou nd the Pacific outh East Asi off. In most m ulter. region for the a are markets markets CellaV eir time-savin s with long-te Vision sells via erm

There are mo consists of a office in Chin ore than 20,0 bout 800 of C na with two e 00 hospitals i China's largest employees wh n China. The t hospitals. In ho support th target group 2012 CellaVi e region's dis for CellaVisio sion establish stributors. on's products hed a market

Japan is a ma facing severa population t well able to s health care s company's te the distribut arket with im al challenges that at the sam solve quality sector. Since t echnology to tor Sysmex als portant grow with funding me time dem and efficiency the start in 20 o the thousand so sells CellaV wth potential f g problems as ands better q y problems a 008 CellaVisio d or so major Vision's produ for CellaVision s expenditure quality. Conse re highly inte n's subsidiari r clinical labor ucts. n. Japanese h increases for equently, prod resting to the es have mark ratories in Jap health care is r an ageing ducts that are e Japanese keted the pan. Since 201 ae10