CellaVision — Earnings Release 2021

Feb 4, 2022

Strong fi nish to the year 24 percent full-year organic sales growth

Organic sales growth: Q4, 2021: 25% (-6)

EBITDA margin: Q4, 2021: 37% (31)

"With our strong momentum and updated strategic direction, we intend to accelerate our eff orts in developing additional industry-leading solutions for the benefi t of patients, and laboratory personnel throughout the world."

Simon Østergaard, President and CEO

	Oct-Dec		Full year
(MSEK)	2021	2020	2021	2020
Net sales	164	131	566	471
Gross profi t	114	86	392	313
EBITDA	60	41	196	143
EBITDA margin, %	37	31	35	30
Profi t/loss before tax	51	36	158	112
Total cash fl ow	18	9	27	1
Equity ratio, %	66	64	66	64

1 October-31 December 2021

• Net sales increased by 25% to SEK 164 million (131).
• Sales increased organically by 25% (-6), currency eff ect <1%.
• EBITDA amounted to SEK 60 million (41).
• EBITDA margin amounted to 37% (31).
• Profi t before tax amounted to SEK 51 million (36).
• Earnings per share before and after dilution were SEK 1.67 (1.20).
• Cash fl ow from operating activities amounted to SEK 46 million (26).

1 January-31 December 2021

• Net sales increased by 20% to SEK 566 million (471).
• Sales increased organically by 24% (-10), currency eff ect 4%.
• EBITDA amounted to SEK 196 million (143).
• EBITDA margin amounted to 35% (30).
• Profi t before tax amounted to SEK 158 million (112).
• Earnings per share before and after dilution were SEK 5.25 (3.75).
• Cash fl ow from operating activities amounted to SEK 160 million (71).
• The Board of Directors proposes a dividend of SEK 2.00 per share for 2021 (0.75).

Signifi cant events after the period close

• Chief Financial Offi cer (CFO), Magnus Blixt has informed that he will leave his position as CFO of CellaVision. Magnus will continue to support CellaVision until November 2022.

CEO's comment

The year 2021 was a successful year in many respects. Sales for the Group amounted to SEK 566 million (471), representing an organic growth of 24 percent. The Group's total cash fl ow for the year amounted to SEK 27 million (1) while operating cash fl ow came in at SEK 160 million (71). During the year we also saw a satisfying momentum in sales of CellaVision® DC-1 (DC-1) and strong sales of reagents in EMEA. During the second half of 2021 we have outlined a strategy that will create short- and long-term growth opportunities for the CellaVision Group.

President and CEO

The fourth quarter in brief

Sales for the Group amounted to SEK 164 million (131), representing an organic growth of 25 percent for the quarter. The Group's total cash fl ow amounted to SEK 18 million (9). Operating cash fl ow amounted to SEK 46 million (26).

, sales grew by 94 percent to SEK 73 million (38), compared with the corresponding quarter in 2020, which was heavily impacted by the pandemic. Thanks to a strong fi nish to the year, full year sales increased to SEK 210 million (152), corresponding to a strong growth of 38 percent.

sales declined by 6 percent in the quarter to SEK 60 million ( 64). Despite the slight decline in the last quarter of 2021, EMEA has shown strength throughout the year with sales of SEK 252 million (216), corresponding to a solid growth of 17 percent.

, sales grew by a moderate 6 percent in the quarter to SEK 31 million (29). For the full year, APAC came in on par with the previous year with sales of SEK 103 million (103).

Positive development for CellaVision DC-1 in 2021

After a challenging year in 2020, market conditions improved in 2021, allowing us to intensify our activities to promote CellaVision DC-1 in various geographies and in diff erent types of hospital settings. As a result, we have seen an increased interest for product demonstrations and a marked growth in sales of DC-1. Sales of new products tend to be somewhat volatile between quarters and regions, but for the full year 2021, unit sales grew by 56 percent. We still see opportunities to grow sales considerably in the coming years and are actively working to educate the market of the possibilities that the CellaVision DC-1 off ers to standalone laboratories as well as to laboratory networks.

Solid growth of reagent sales in EMEA, continued activities in APAC and Americas

In 2021, sales of CellaVision's line of reagents showed solid growth in the EMEA region as our network of partners are increasingly successful in their sales of hematology reagents. As part of our strategy to expand sales of reagents internationally , we are currently investing in manufacturing capacity at our plant in France. Our eff orts to globalize this product off ering are currently centered to Asia as we see opportunities to convert reagent consumption of local suppliers across the Asian market . In the Americas, we see opportunities to penetrate the market with our high-quality methanol-free RAL reagent (MCDh) which off ers unique environmental benefi ts.

No supply issues in the quarter

CellaVision suff ered no material disruptions to the supply chain and delivery capacity remained intact during the quarter. The company continues to monitor the global supply situation and we are taking several mitigating actions to handle potential supply chain disturbances going forward.

Post-pandemic direction

Although the eff ects of the rapid spread of the new omicron variant of the corona virus are somewhat diffi cult to predict, CellaVision continues to step up marketing and innovation ambitions while following the development of the pandemic closely. Accordingly, we have reactivated paused projects and our geographical expansion plans have resumed. We are preparing to accelerate activities related to local market support within some of our existing markets, as well as preparing for recruitments to our operations in EMEA and the Americas.

Updated strategy with focus on long-term growth

During the second half of 2021, we have outlined an updated strategic direction for CellaVision's future growth trajectory. We intend to maximize our core business serving the large laboratories around the world, while accelerating the growth opportunities we have in CellaVision DC-1 and our line of reagents. We also see promising potential in building an ecosystem within digital cell morphology by delivering high quality solutions and consumables that secure diagnostic certainty. We are committed to serve additional clinical needs and optimizing the workfl ow for existing customers while driving rapid adoption of digital cell morphology to an even broader base of customers. To achieve this, we intend to accelerate our eff orts in developing additional industry-leading solutions for the benefi t of patients, and laboratory personnel throughout the world. This direction will be the foundation for the upcoming years and operationalized in our plans for 2022 and beyond.

See pages 3-5 for a more detailed presentation of our strategy.

Simon Østergaard, President and CEO

Strategy 2026

	CellaVision today	CellaVision 2026
Market position	• Market leading in digital cell morphology • 22 percent market penetration in large laboratories	• Continuing to set the next standards in digital cell morphology • Building laboratory ecosystems with global reach • Reaching high market penetration in large laboratories
Product off ering	• Solution for small/medium sized laboratories launched • Reagent product-line strong in EMEA	• Establishing a large installed base for small/medium laboratories • Globalized reagent off ering and market penetration in all regions • Launching superior value proposition in non-routine analysis for existing and expanded customer base • Exploring new business areas
Business model	• Effi cient indirect business model established	• Commercializing expanded off erings via an effi cient indirect business model • Enhancing innovation and commercial agenda with strategic partners • Exploring new business models to increase recurring revenues
Organization	• 200 employees worldwide	• Organization supporting increased product development bandwidth • Organization growing by 50-80 percent
Financial objectives	• 15 percent revenue growth • EBIT margin exceeding 20 percent	• 15 percent revenue growth • EBITDA margin exceeding 30 percent

Strategy 2026

During the past fi ve years, CellaVision has had a very positive development with sales accelerating from 309 million SEK in 2017 to 566 million in 2021, corresponding to an average annual growth rate of 16 percent. CellaVision is now launching its strategy for the coming fi ve years to build an even stronger group.

The accelerating pace of digitalization worldwide and the ongoing demographic shift towards an ageing population with an increasing need of healthcare are megatrends that will continue to be strong drivers for CellaVision. It is in this dynamic landscape that CellaVision sees a number of opportunities to develop and broaden its operations over the next fi ve years with the ultimate goal of establishing a solid foundation for continued strong growth up to 2026 and beyond.

Unlocking the full potential of CellaVision's value creating off erings by developing a full ecosystem for laboratories.

• 1. Continue strong growth trajectory in the routine analysis segment at large laboratories
• 1. Drive rapid adoption of CellaVision DC-1 for routine analysis at small and mediumsized laboratories
• 1. Drive globalization of reagents
• 1. Establish a sizable growth driver in the specialty analysis market
• 1. Create winning business in new areas by leveraging core capabilities and assets

Pillar 1 Maximize sales to large laboratories

Large laboratories remain a prioritized area for CellaVision. Over the next fi ve years, there will be ample opportunity to continue to develop this market segment further through an expansive agenda, not least through the emerging replacement market that will grow in importance each year.

CellaVision has built a strong business through refi ning the process of diff erentiating blood cells with innovative solutions, enabling standardized and faster analysis. Growth in this market segment will be sustained through innovations that further improve workfl ow, quality, and network solutions. CellaVision already runs a number of development projects aimed at strengthening today's products and off ering new analyses.

By leveraging sample preparation, high speed robotics, digital imaging and artifi cial intelligence, the Group's ambition is to continue to set the new standards in large laboratories. Further development of the next generation solution for large laboratories exerts a key focus area for CellaVision, in order to off er an increasingly effi cient process for routine analysis of blood.

Pillars 2 and 3 Accelerate sales of CellaVision DC-1 and reagents

The two areas that off er the greatest opportunities for strong growth over the next fi ve years are the sale of CellaVision DC-1 to small and medium sized laboratories and worldwide sale of CellaVision's reagents.

Intensifi ed marketing of CellaVision DC-1

The sale of CellaVision DC-1 will be driven by the product's unique value proposition, which is developed for both independent laboratories and laboratories that are part of larger digital networks. The goal for the next fi ve years is to establish a large installed base across all regions. Being able to off er a complete solution for blood smearing, staining and digital cell morphology will accelerate the growth in small and medium-sized laboratories.

Global leadership for CellaVision's reagents

CellaVision's reagent off ering improves the quality of sample preparation and digital imaging, which is of great signifi cance for the fi nal results of blood analysis. The sale of reagents will be driven by clinical evidence of the product range's great benefi ts and intense marketing eff orts with the aim of establishing global leadership in both routine and specialty analyses. The competitiveness of the product line will be built around analytical and diagnostic certainty.

CellaVision will, step by step, globalize this off ering by establishing a production and distribution structure with global capacity and in parallel develop the cooperation with the Group's strategic partners to maximize sales of reagents in connection with new installations.

Pillar 4 Expand into speciality analysis

In order to establish the conditions for strong growth from 2026 onwards, CellaVision will over the next fi ve years work to expand the business to include specialty analyses in the hematology fi eld.

Specialty analyses

There is a great need to also automate specialized microscopy analyses in the hematology laboratory. These analyses typically have low reproducibility, lengthy sample preparation, are time consuming and need special expertise. CellaVision will address this niche in the market by launching new applications in combination with special reagents for these analyses which today is done manually (e.g. bone marrow). The ambition is to fully replace the manual microscope and thereby establish a new market segment that contributes to the Group's competitiveness and growth. Since these are relatively low volume analyses, CellaVision DC-1 may become an excellent platform in this market segment. Additionally, the full digitization of specialty analysis for detection of less frequent diseases will enable large laboratories to supplement their existing solutions with a dedicated instrument for specialty analysis to avoid disrupting the high-volume workfl ow processing peripheral blood samples.

Pillar 5 Explore new and profi table areas

During the strategy period, CellaVision intends to further strengthen its technology platforms to develop attractive off erings in new areas of analysis.

Explore new areas of application

To successfully expand CellaVision into new areas of analysis, the Group will build on a combination of today's technology platforms and the Fourier Ptychographic microscopy (FPM) technology acquired in 2021. FPM has the great advantage of creating high-resolution images with low-magnifi cation optics, providing great advantages over conventional digital microscopy through high-speed scanning. CellaVision sees attractive opportunities in new analytical spaces through leveraging core capabilities and assets and enhancing the innovation agenda with new strategic partnerships.

ESTIMATED MARKET SIZE SEK ~2 BILLION

ESTIMATED MARKET SIZE SEK ~2 BILLION

ESTIMATED MARKET SIZE SEK ~1 BILLION

Sales, earning and investments

Sales and exchange eff ects

Net sales for the Group's fourth quarter increased by 25 percent to SEK 164 million (131), compared to the corresponding period last year. CellaVision invoices most of the sales in Euros and US dollars, which means that exchange rate fl uctuations have an impact on the company's sales and earnings. However, in the fourth quarter the currency eff ects were insignifi cant and less than 1 percent.

Net sales for the Group amounted to SEK 566 million (471) for the twelve-month period. Adjusted for negative currency eff ects slightly above 4 percent, sales organically increased by 24 percent compared to the full year 2020.

Gross profi t and gross margin

Gross profi t increased by 33 percent to SEK 114 million (86) in the fourth quarter, corresponding to a gross margin of 70 percent (66). The gross profi t increased to SEK 392 million (313), corresponding to a gross margin of 69 percent (66) for the twelve-month period. The gross margin is mainly aff ected by the

product mix, depreciation of capitalized development expenses and currency eff ects. The increased in gross margin compared to the previous year is mainly related to the product mix.

Depreciation of capitalized development expenses decreased to SEK 2 million (3) in the fourth quarter and decreased to SEK 7 million (11) for the twelve-month period. The lower depreciation is attributable to development projects that have been fully depreciated over the past twelve months.

Operating expenses

Operating expenses increased by 16 percent to SEK 63 million (54) during the fourth quarter. The diff erence between the current and previous year is mainly explained by low expenses in 2020 due to increased cost consciousness related to the COVID-19 pandemic. Market conditions and sales have improved during the year, allowing CellaVision to resume activities that were postponed due to the pandemic. This includes acceleration of activities within research and development which is in accordance with long-term product development goals.

For the twelve-month period the operating expenses increased by 13 percent to SEK 230 million (203).

Investments

The Group continuously capitalizes expenses for product development. Capitalized development costs increased during the quarter to SEK 12 million (7). The quarter's total research and development costs, before capitalization, amounted to SEK 29 million (20). Capitalized development costs increased for the twelve-month period to SEK 39 million (26). The total research and development costs, before activation, amounted to SEK 103 million (77).

Most of the capitalized expenses are related to hardware and software application development.

EBITDA and EBITDA margin

EBITDA increased by 48 percent to SEK 60 million (41) in the fourth quarter, corresponding to an EBITDA margin of 37 percent (31). The improvement compared to last year is explained

by an improved gross profi t and CellaVision's scalable business model. For the twelve-month period, EBITDA amounted to SEK 196 million (143), corresponding to an EBITDA margin of 35 percent (30).

Net fi nancial items

The Group's interest-bearing liabilities in the form of bank loans amounted to SEK 90 million (101). Interest expenses from bank loans amounted to SEK 0.4 million (0.4). In addition to interest expense from bank loans, net fi nancial income is attributable to foreign exchange gain/loss on acquisition loans included in Euro and interest on leasing liability in accordance with IFRS 16.

For the twelve-month period, interest expense from bank loans decreased by 30 percent to SEK 1.3 million (1.8).

Cash fl ow

The Group's cash and cash equivalents at the end of the quarter amounted to SEK 130 million (102).

The cash fl ow eff ect from change in working capital amounts to SEK -3 million (-7) for the quarter and has been negatively aff ected by increased capital tied-up in inventories to mitigate supply diffi culties. The Group had a strong positive cash fl ow from operating activities which for the quarter amounted to SEK 46 million (26).

The increased investment in research and development and the expansion of operations in France have resulted in increased investment activities. Cash fl ow for the period from investment activities amounts to -17 (-10).

The Group's total cash fl ow for the quarter amounted to SEK 18 million (9).

For the twelve-month period cash fl ow from operating activities increased to SEK 160 million (71) and total cash fl ow increased to 27 million (1). The cash position was reduced during this year by dividends to shareholders of SEK 18 million and a self-fi nanced part of the acquisition of Clearbridge BioPhotonics of SEK 16 million and terminated factoring in RAL Diagnostics of SEK 16 million.

Development in the geographical markets

Americas: SEK 73 million (38)

Sales increased by 94 percent in the Americas to SEK 73 million (38) in relation to a COVID-aff ected comparable fi gures last year. This resulted in the region's best quarter ever. For the full year, sales grew by 38 percent, to SEK 210 million (152). The increasing activity level in North America as well as previous market expansion investments in Latin America are now clearly visible in the reported numbers. For the quarter, Brazil in particular, contributed to growth in Latin America.

Sales of the CellaVision DC-1 progressed well in the quarter and the Group continues to gain customer insights from initial installations. While high market activity is seen in the Americas, the sales cycles are long. As for the methanol-free RAL reagent (MCDh), an initial review of the addressable market in the Americas suggests potential for delivering customer value. The CellaVision Group is in the process of assessing promotional opportunities and logistics solutions for the RAL MCDh product off ering in Americas.

EMEA: SEK 60 million (64)

In EMEA, sales declined by 6 percent to SEK 60 million (64) in relation to a tough comparable quarter. In general, the region has been resilient through the pandemic and sales grew by 17 percent to SEK 252 million (216) for the full year. For the quarter, sales in EMEA were broad-based with most markets developing well.

Activities to grow sales of CellaVision DC-1 continued in the quarter. Customer insights gained from initial DC-1 installations show that the value proposition is appreciated in both networked and stand-alone laboratories. Demand for CellaVision's line of reagents has been stable throughout the year. As in the previous quarter, sales of reagents, particularly for hematology, continued to show solid growth. For the year as a whole, the region reported 13 percent growth for hematology reagents in local currency and single digit growth for reagents for adjacent areas.

APAC: SEK 31 million (29)

During the quarter, sales in APAC increased by a moderate 6 percent to SEK 31 million (29) compared to last year's corresponding period. For the year as a whole, sales came in at SEK 103 million (103). Japan showed considerable growth in the quarter, partly explained by order timing but also as a result of a strong replacement market and an increasingly effi cient market support organization. The Chinese market continued to be negatively aff ected by the COVID-19 pandemic. Although the comparable quarter last year included delivery to Mindray, quarterly sales in China were on par with the prior-year level. In addition, many of the smaller markets in Asia continued to show strength in the quarter.

In APAC, large instruments continued to account for a substantial portion of sales. Education and demonstrations of the DC-1 are ongoing in the region together with the company's network of distribution partners, while the approval process of the DC-1 in China continues. During the quarter, expansion of the Group's reagents in APAC progressed at a faster pace than in previous quarters. Evaluations have been initiated in China, and the reagent off ering entered the commercialization phase in Singapore and New Zealand. See table for a full overview of reagents status in APAC.

Innovation

Improving healthcare through continuous innovation is one of CellaVision's fundamental ambitions. CellaVision devotes considerable resources to being at the forefront of innovation and focuses on innovation of applied research and development that meets customer needs, serves laboratory personnel and improves laboratory workfl ows.

CellaVision conducts profound feasibility testing and development work to increase current and future product off erings in order to remain the market leader within Digital Cell Morphology in hematology.

To proactively mitigate the eff ects of the global component shortage, some engineering resources have been reprioritized.

However, the impact on other projects has been limited and all issues in the quarter have been resolved without delivery disruptions. CellaVision continues to work proactively to counteract the eff ects of the component shortage both by validating second sourcing of components and ensuring good inventory levels.

Work is progressing on the further development of Fourier Ptychographic Microscopy (FPM), a method for creating high-magnifi cation images with low-magnifi cation optics. Feasibility studies based on a combination of CellaVision's core technology platforms and FPM, have shown progress and high-resolution images have been constructed.

The research eff ort is long-term, and the research team will be expanded with additional resources in the upcoming quarters. Together with partners, the team is to develop future automated microscopes with applications both in hematology and in adjacent areas.

An update of CellaVision's veterinary software was implemented during the quarter. The updated software version is adapted for CellaVision DC-1 and a large order from the veterinary market was delivered during the quarter.

CellaVision's patent portfolio at the end of the period, grants rights to 25 patented inventions and 109 granted patents.

The Nomination Committee and the Annual General Meeting in 2022

The Nomination Committee for the Annual General Meeting in 2022

In accordance with a resolution of the 2021 Annual General Meeting, the Nomination Committee shall consist of representatives of each of the four largest shareholders in terms of voting rights at the end of July 2021. The Chairman of the Board, Mikael Worning, convenes the Nomination Committee and may participate in the work as an adjunct.

Ahead of the Annual General Meeting in 2022, the Nomination Committee consists of: Christer Fåhraeus, (appointed by Christer Fåhraeus with Companies) Nicklas Hansen (appointed by William Demant Invest A / S), Daniel Klint (appointed by SEB Investment funds) and Emil Hjalmarsson (appointed by Grenlunden CEVI AB). Christer Fåhraeus has been appointed chairman of the Nomination Committee.

The Nomination Committee of CellaVision has been convened in accordance with the guidelines adopted at the Annual General Meeting 2021.

Shareholders wishing to submit proposals to the Nomination Committee can send an email to ir@cellavision.com, or ordinary mail to: The Nomination Committee, CellaVision AB, Mobilvägen 12, 223 62 Lund.

Annual General Meeting 2022

CellaVision's Annual General Meeting in 2022 will be held in Lund at 15:00 o´clock CEST, on May 11, 2022. Shareholders wishing to have matters considered at the Annual General Meeting can send a written request by email to:

bolagsstamma@cellavision.se, or ordinary mail addressed to: The Board of Directors, CellaVision AB, Mobilvägen 12, 223 62 Lund.

The request must have been received at the latest seven weeks before the Annual General Meeting in order to be included in the notice to attend and thus the agenda of the Annual General Meeting.

Dividend

CellaVision proposes to the 2022 Annual General Meeting a dividend of SEK 2.00 per share (0.75). The company's dividend policy shall correspond to 30 to 50 percent of net earnings, but always take into account the Group's fi nancial position, capital structure, aquisition requirements and long-term fi nancing requirements.

Annual and Sustainability Report

CellaVision's Annual and Sustainability Report will be available on the Group's web page by April 19, 2022.

Declaration by the Board of Directors and President/CEO

The Board of Directors and the President/Chief Executive Offi cer certify that the interim report provides a true and fair view of the parent company´s and the Group´s business, fi nancial position, performance and describes material risks and uncertainties, to which the parent company and the companies in the group are exposed.

Lund, February 4, 2022

Mikael Worning Christer Fåhraeus Åsa Hedin Gunnar B. Hansen

Member of the Board Member of the Board Member of the Board Member of the Board

Chairman of the Board Member of the Board Member of the Board Member of the Board Employee representative

Anna Malm Bernsten Niklas Prager Jürgen Riedl Markus Jonasson Kristoff ersson Employee representative

Stefan Wolf Simon Østergaard Member of the Board President/CEO

The Interim report has not been subject to review by the company's auditors.

PAGE 10

Consolidated income statement in summary

Amounts in ' 000 SEK	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Net sales	164,160	130,990	565,552	471,443
Cost of goods sold	-49,685	-45,154	-173,250	-158,402
Gross profi t	114,476	85,836	392,303	313,041
Sales and marketing expenses	-28,307	-27,060	-102,246	-100,549
Administration expenses	-17,871	-13,891	-63,077	-50,966
R&D expenses	-16,537	-13,014	-64,248	-51,253
Operating profi t	51,762	31,871	162,733	110,273
Interest income and fi nancial exchange rate gains	1,349	5,570	3,422	7,118
Interest expense and fi nancial exchange rate losses	-2,071	-1,002	-7,858	-5,163
Profi t/loss before tax	51,040	36,439	158,297	112,228
Tax	-11,285	-7,836	-32,958	-22,748
Profi t/loss for the period	39,755	28,603	125,339	89,480
Other comprehensive income: Components not to be reclassifi ed to net profi t: Eff ect on revaluation of pensions Tax eff ect on revaluation of pensions Sum of Components not to be reclassifi ed to net profi t:	434 -109 325	-135 38 -98	369 -91 278	-171 48 -123
Components to be reclassifi ed to net profi t:
a) Financial assets at fair value
Reclassifi ed to operating result	0	813	-1,388	4,034
Revaluation of fi nancial assets	0	1,044	0	1,193
Income tax relating to fi nancial assets	0	-396	286	-1,117
b) Translation diff erence
Translation diff erence in the group	2,716	-13,787	7,037	-12,223
Sum of Components to be reclassifi ed to net profi t:	2,716	-12,325	5,935	-8,112
Sum of other comprehensive income:	3,041	-12,423	6,213	-8,236
Comprehensive result for the period	42,796	16,180	131,552	81,244

Per share data

Per share data	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Earnings per share, before and after dilution, SEK */	1.67	1.20	5.25	3.75
Equity per share, SEK	22.78	18.01	22.78	18.01
Number of shares outstanding	23,851,547	23,851,547	23,851,547	23,851,547
Average number of shares outstanding	23,851,547	23,851,547	23,851,547	23,851,547
Stock exchange rate, SEK	325.20	312.40	325.20	312.40
Dividend per share, SEK	0.00	0.00	0.75	0.00

*/ Based on the profi t/loss for the period divided by the average number of shares in issue

Quarterly earnings trend

Amounts in ' 000 SEK	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020
Net sales	164,160	131,986	135,451	133,954	130,990	87,977
Gross profi t	114,476	91,271	93,572	92,985	85,836	57,025
Gross margin in %	70	69	69	69	66	65
Expenses	-62,714	-57,396	-54,884	-54,575	-53,965	-40,415
EBITDA	60,487	42,383	47,108	46,193	40,805	24,648
Net profi t	39,754	26,095	31,000	28,490	28,603	13,348
Cash fl ow	18,382	20,045	-20,330	8,807	9,242	-21,184

Consolidated balance sheet in summary

Amounts in ' 000 SEK	12/31/2021	12/31/2020
Assets
Intangible assets	358,160	300,883
Tangible assets	80,326	47,428
Financial assets	22,007	21,648
Inventory	115,088	83,660
Trade receivables	89,736	71,030
Other receivables	29,610	41,114
Cash and bank	130,286	102,262
Total assets	825,212	668,025
Equity and liabilities
Equity	543,280	429,617
Deferred tax liability	47,951	43,377
Other provisions	3,636	3,982
Long-term debt, interest-bearing	95,845	86,904
Short-term debt, interest-bearing	40,809	45,874
Short-term debt, non interest-bearing	46,380	35,531
Trade payables	44,861	20,865
Warranty provisions	2,450	1,875
Total equity and liabilities	825,212	668,025

Consolidated statement of changes in equity

Amounts in ' 000 SEK	12/31/2021	12/31/2020
Balance at the beginning of the year	429,617	348,373
Dividend	-17,889	0
Net profi t for the year	125,339	89,480
Comprehensive result for the period	6,213	-8,236
Balance at the end of the year	543,280	429,617

Cash fl ow analysis in summary

Amounts in ' 000 SEK	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Result before taxes	51,041	36,439	158,297	112,228
Adjustment for items not included in cash fl ow	7,731	4,183	42,013	15,630
Taxes	-9,731	-7,904	-28,724	-20,931
Cash fl ow from operations before changes in working capital	49,042	32,718	171,587	106,926
Changes in working capital	-3,182	-7,145	-11,870	-35,802
Cash fl ow from operations	45,860	25,573	159,717	71,124
Acquisitions	0	0	0	-1,269
Capitalization of development costs	-12,191	-7,120	-38,788	-25,524
Acquisitions of intangible non-current assets	0	0	-31,802	-64
Acquisitions of fi nancial non-current assets	-78	29	-34	-33
Acquisitions of tangible non-current assets	-5,202	-3,082	-13,716	-8,069
Cash fl ow from investment activities	-17,470	-10,173	-84,339	-34,959
Acquired loans	0	993	20,705	3,041
Amortization of loans	-6,993	-4,585	-40,298	-28,721
Amortization of leasing debts	-3,016	-2,566	-10,994	-9,537
Dividend	0	0	-17,889	0
Cash fl ow from fi nancing activities	-10,008	-6,158	-48,475	-35,218
Total cash fl ow	18,382	9,242	26,903	948
Liquid funds at beginning of period	111,538	95,357	102,262	102,312
Exchange rate fl uctuations in liquid funds	367	-2,337	1,122	-998
Liquid funds at end of period	130,286	102,262	130,286	102,262

Disclosures regarding interest expense:

Interest expenses for Jan-Dec amount to SEK 1,866 thousand whereof SEK 608 thousand is attributable to leasing in accordance with IFRS 16.

Income statement - parent company

Amounts in ' 000 SEK	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Net sales	134,438	105,247	457,280	372,387
Cost of goods sold	-34,107	-26,478	-109,983	-90,677
Gross profi t	100,331	78,770	347,297	281,711
Sales and marketing expenses	-18,724	-18,462	-76,521	-78,528
Administration expenses	-15,136	-11,754	-51,745	-40,846
R&D expenses	-27,413	-18,386	-96,498	-72,057
Operating profi t	39,058	30,167	122,533	90,279
Interest income and fi nancial exchange gains	3,139	12,033	5,166	13,185
Interest expense and fi nancial exchange losses	-3,494	-547	-8,279	-3,406
Profi t before income tax	38,703	41,653	119,420	100,058
Taxes	-8,108	-7,598	-24,936	-20,097
Net profi t	30,595	34,055	94,484	79,962

Oct-Dec 2021			Jan-Dec 2020
30,595	34,055	94,484	79,962
0	0	0	0
0	0	0	0
30,595	34,055	94,484	79,962
		Oct-Dec 2020	Jan-Dec 2021

Balance sheet - parent company

12/31/2021 Amounts in ' 000 SEK	12/31/2020
Assets
Intangible assets 5,297	5,707
Tangible assets 4,066	5,138
Deferred tax assets 552	668
Financial assets 282,309	263,014
Inventory 83,752	56,009
Trade receivables 68,199	55,176
Receivables from group companies 16,594	3,525
Other receivables 29,174	40,383
Cash and bank 118,215	72,958
608,159 Total assets	502,578
Equity and liabilities
Equity 437,073	360,477
Other provisions 232	0
Long-term debt, interest-bearing 51,305	62,935
Short-term debt, interest-bearing 26,317	22,886
Short-term debt, non interest-bearing 32,794	26,070
Trade payables 37,260	16,075
Liabilities to group companies 20,728	12,260
Warranty provisions 2,450	1,875
608,159 Total equity and liabilities	502,578

Notes

NOTE 1. ACCOUNTING POLICIES

The Group applies International Financial Reporting Standards (IFRS), as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the Nasdaq Stockholm Rule Book for Issuers. Disclosures in accordance with IAS 34 p. 16A appears not only in the fi nancial statements and their accompanying notes but

NOTE 2. SEGMENT REPORTING

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

also in other parts of the interim report. The parent company applies the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2 Accounting for Legal Entities. The accounting policies and calculation methods applied are consistent with those described in the Annual Report for 2020.

NOTE 3. RISKS AND UNCERTAINTIES

Reduced demand, currency fl uctuations and production disruptions are uncertainties but not material risks. However, as earlier mentioned, this may be aff ected by COVID-19. For a more detailed description of the risks and uncertainties facing CellaVision, please refer to the risk analysis and Note A2 and A5 in the 2020 Annual and Sustainability Report.

NOTE 4. ALLOCATION OF SALES

				Oct-Dec 2021				Oct-Dec 2020
			Software &				Software &
Amounts in ' 000 SEK	Instruments	Reagents	Other	Total	Instruments	Reagents	Other	Total
Americas	47,816	711	24,304	72,830	27,626	599	9,341	37,566
EMEA	29,228	21,448	9,772	60,448	34,329	20,413	9,655	64,397
APAC	25,439	193	5,250	30,882	26,566	1,525	937	29,027
Total	102,482	22,352	39,326	164,160	88,521	22,537	19,933	130,990

				Jan-Dec 2021				Jan-Dec 2020
			Software &				Software &
Amounts in ' 000 SEK	Instruments	Reagents	Other	Total	Instruments	Reagents	Other	Total
Americas	123,834	1,968	84,078	209,881	93,911	2,133	55,831	151,874
EMEA	118,628	86,152	47,514	252,294	97,678	79,869	38,578	216,125
APAC	86,259	1,794	15,324	103,378	92,869	2,575	7,999	103,443
Total	328,721	89,915	146,917	565,552	284,458	84,578	102,407	471,443

Other refers to spare parts and consumables.

NOTE 5. FINANCIAL INSTRUMENTS

		12/31/2021		12/31/2020
Amounts in ' 000 SEK	Reported value	Fair value	Reported value	Fair value
Financial assets
Derivative assets	0	0	1,388	1,388
Financial liabilities
Derivative liabilities	0	0	0	0

Derivative assets are included in other current recivables in the statement of fi nancial position and derivative liabilities are included in short-term debt. The derivatives refer to forward exchange contracts held for currency hedging.

The forward exchange contracts are valued in level 2 of the valuation hierarchy, fi nancial instruments where fair value is determined based on valuation model based on other observable data for the asset or liability than quoted prices included in level 1, either directly (ie as price quotes) or indirectly (ie derived from price quotaions). The currency forwards are valued on the basis of observable information regarding exchange rates prevailing on the balance sheet date and market interest rates for the remaning maturity.

For other fi nancial assets and liabilities, the carrying amount is considered a reasonable approximation of fair value.

NOTE 6. TANGIBLE FIXED ASSETS

Amounts in ' 000 SEK	12/31/2021	12/31/2020
Right of use assets
Land and buildings	45,305	19,767
Inventories	2,666	2,760
Total right of use assets	47,971	22,527
Tangible fi xed assets that are not right of use assets
Land and buildings	17,084	15,592
Inventories	15,271	9,309
Total tangible fi xed assets that are not right of use assets	32,355	24,901
Total tangible fi xed assets	80,326	47,428

The tangible fi xed assets amounted to SEK 80 milion on the balance sheet date. The majority of the right of use assets consists of leases for offi ce premises. For all leases for which the Group is lessee (which are not short term leases or low value assets), the Group recognizes a right of use asset and a corresponding lease liability.

When valuating the right of use asset, the acquisition method is used, i.e the right of use asset is calculated at acquisition cost, adjusted for any revaluation of the lease liability less depreciation.

The right of use asset is reported as a tangible fi xed asset, while leasing liability is reported separately in the Group's statement of fi nancial position as long-term debt, interest-bearing and short-term debt, interest-bearing.

NOTE 7. EMPLOYEES

	12/31/2021	12/31/2020
Number of employees	200	177
Of which men	117	108
Of which women	83	69

The note refers to number of employees in the Group converted into full-time positions.

NOTE 8. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE

Chief Financial Offi cer (CFO), Magnus Blixt has informed that he will leave his position as CFO of CellaVision. Magnus will continue to support CellaVision until November 2022.

Reconciliation tables KPIs, non-IFRS measures

The company presents certain fi nancial measures in the interim report which are not defi ned according to IFRS. The company considers these measures to provide valuable supplementary information for investors and the company's management as they enable the assessment of relevant trends. CellaVision's defi nitions of these measures may diff er from other companies' defi nitions of the same terms. These fi nancial measures should therefore be seen as a supplement rather than as a replacement for measures defi ned according to IFRS. Defi nitions of measures which are not defi ned according to IFRS and which are not mentioned elsewhere in the interim report are presented below. Reconciliation of these measures is shown in the tables below.

Key performance indicators not defi ned according to IFRS

Currency eff ect. Exchange rate eff ects on sales growth for the period.

Equity/assets ratio. Shareholders' equity including noncontrolling interests as a percentage of total assets.

Gross margin. Gross profi t as a percentage of net sales.

Gross profi t. Net sales less cost of goods sold.

Shareholders' equity per share. Shareholders' equity attributable to Parent Company shareholders divided by the number of outstanding shares at the end of the period.

Operating margin (EBIT), %. Operating profi t (EBIT) as a percentage of net sales for the period. Operating profi t (EBIT). Earnings before interest and tax

Net earnings per share

	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Profi t/loss for the period, KSEK	39,754	28,603	125,339	89,480
Number of shares	23,851,547	23,851,547	23,851,547	23,851,547
Net earnings per share	1.67	1.20	5.25	3.75

Equity per share

	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Equity, KSEK	543,280	429,617	543,280	429,617
Number of shares	23,851,547	23,851,547	23,851,547	23,851,547
Equity per share	22.78	18.01	22.78	18.01

Equity-asset ratio

KSEK	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Equity	543,280	429,617	543,280	429,617
Balance sheet total	825,212	668,025	825,212	668,025
Equity ratio	66%	64%	66%	64%

Gross margin

KSEK	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Net sales	164,160	130,990	565,552	471,443
Gross profi t	114,476	85,836	392,303	313,041
Gross margin	70%	66%	69%	66%

Reconciliation tables KPIs, non-IFRS measures, cont'd

Operating margin

KSEK	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Net sales	164,160	130,990	565,552	471,443
Operating profi t	51,762	31,871	162,733	110,273
Operating margin	32%	24%	29%	23%

EBITDA

KSEK	Oct-Dec 2021	Oct-Dec 2020	Jan-Dec 2021	Jan-Dec 2020
Operating profi t	51,762	31,871	162,733	110,273
Depreciation	8,725	8,934	33,437	32,622
EBITDA	60,487	40,805	196,170	142,895

Net sales

	Oct-Dec 2021	Oct-Dec 2021	Oct-Dec 2020	Oct-Dec 2020
	(%)	KSEK	(%)	KSEK
Last period		130,990		149,834
Organic growth	25.1%	32,885	-6.1%	-9,186
Currency eff ect	0.0%	-38	-6.4%	-9,658
Structural growth	0.2%	323	0.0%	0
Current period	25.3%	164,160	-12.6%	130,990

This is CellaVision

Vision

CellaVision's vision is to replace traditional microscopes in laboratories through global digitalization and automation of blood analysis for both the human and veterinary segments. The company's solutions contributes to improved patient diagnostics, higher effi ciency and reduced healthcare costs.

CellaVision delivers unique solutions for Digital Cell Morphology (DCM)

CellaVision off ers products and solutions to hematology laboratories that enable an effi cient process for routine analysis of blood. The product off er consists of stains, blood smearing and staining devices, analyzers, applications and software. The solutions from CellaVision enable laboratories to automate, standardize and digitalize their workfl ow.

Blood analysis plays an important and vital role in off ering high-quality healthcare. Complete blood count is one of the world's most common diagnostic tests and is routinely used to obtain an overall status of the blood cells. The driving force and

objective for CellaVision is to equip laboratory staff with the best tools and solutions available on the market to handle diff erential blood counts of blood cells.

Off er to end customers

CellaVision off ers products for sample preparation and digital solutions for medical microscopy in hematology. The end customers are hospital laboratories and commercial laboratories. CellaVision's unique concept replaces manual microscopes and improves the blood analysis process. In this way more patients can receive faster care of better quality while healthcare services can use their resources better.

Strategic partnerships and distribution via suppliers of cell counters

CellaVision collaborates with strategic partners in order to gain scalability in manufacturing and sales. CellaVision's solutions are the last step in a blood analysis process, in which the cell counter is central. Agreements with the foremost suppliers of cell counters are therefore strategically important so as to reach

end customers in a cost eff ective way. CellaVision's partners have a broad range of products and global salesforces with local knowledge. CellaVision's own organization supports its partners in the sales process.

Financial targets

CellaVision's objective is to create a global standard for digital microscopy in the sub-fi eld hematology. The objective is broken down into important fi nancial targets.

•

Increase sales over an economic cycle by an average of at least 15 percent per year.

•

The EBITDA margin is to exceed 30 percent over an economic cycle.

Questions concerning the report can be addressed to:

Simon Østergaard, President & CEO Tel: +46 46 460 16 23 simon.ostergaard@cellavision.com

Magnus Blixt, CFO Tel: +46 46 460 16 46 magnus.blixt@cellavision.com

Publication

This information constitutes information that CellaVision AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 7:20 a.m. CET on February 4, 2022.

CellaVision is listed on the Nasdaq Stockholm , Mid Cap list. The company is traded under the ticker symbol CEVI and ISIN code SE0000683484.

Conference

In connection with the release of the interim report analysts, investors and media are invited to a telephone conference and audio webcast on Febuary 4, at 11:00 CET where Simon Østergaard, President & CEO, will present and comment the report. The presentation will be in English via a conference call or audio webcast: https://tv.streamfabriken.com/cellavision-q4-2021

Phone number for the conference: SE: +46 8 51 999 383 UK: +44 33 33 009 268 US: +1 63 19 131 422

No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start time to facilitate a timely start.

Financial calendar

Activity	Date
Interim Report January-March	May 10, 2022
Annual General Meeting	May 11, 2022
Interim Report January-June	20 July, 2022
Interim Report January-September	26 October, 2022
Year-end bulletin 2022	7 February, 2023

NOTE: This is an unoffi cial translation of the original Swedish Interim Report. In case of discrepancies, the Swedish version shall prevail.

CellaVision in the world

CellaVision AB (publ) Mobilvägen 12 Established 1998

Visiting address: Mobilvägen 12 Phone: +46 46 460 16 00 www.cellavision.se

CellaVision Inc. 2530 Meridian Pkwy, Suite 300 Durham, NC 27713 E-mail us.info@cellavision.com Established 2001

CellaVision Canada Inc. 2 Bloor St West, Suite 2120 Toronto, ON M4W 3E2 E-mail ca.info@cellavision.com Established 2007

CellaVision Japan K.K. 9th Floor Sotestu KS Building 1-1-5 Kitasaiwai,Nishi-ku, Kanagawa 220-0004 Japan Email: info@cellavision.jp Established 2008

SE-22362 Lund, Sweden Shanghai (Market Support offi ce) Email: cn.info@cellavision.com Established 2012

Beijing (Market Support offi ce) Email: cn.info@cellavision.com Established 2013

Org. Reg. No. 556500-0998 Seoul (Market Support offi ce) Email: hoju@cellavision.com Established 2016

Dubai (Market Support offi ce) Email: hohe@cellavision.com

Sydney (Market Support offi ce) Email: josn@cellavision.com

Paris (Market Support offi ce) Email: sybe@cellavision.com

Berlin (Market Support offi ce) Email: suma@cellavision.com

São Paulo (Market Support offi ce) Email: kech@cellavision.com Established 2017

London (Market Support offi ce) Email: sawa@cellavision.com Established 2017

Mexico City (Market Support offi ce) Email: roji@cellavision.com Established 2018

Mumbai (Market Support offi ce) Email: pata@cellavision.com Established 2018

Bangkok (Market Support offi ce) Email: pahu@cellavision.com Established 2018

Naples (Market Support offi ce) Email: gana@cellavision.com Established 2019

Madrid (Market Support offi ce) Email: daga@cellavision.com Established 2019

Moscow (Market Support offi ce) Email: alra@cellavision.com Established 2020

With 18 organizations for local market support CellaVision has direct presence in more than 40 countries.