Market Momentum All-Time High Quarterly Sales

Organic sales growth: Q4, 2023: 29% (-17)

EBITDA margin: Q4, 2023: 36% (32)

October 1 – December 31, 2023

Net sales increased by 32% (-7) to SEK 201 m (152). Sales increased organically by 29% (-17), currency effect 3% (10). EBITDA increased to SEK 73 m (48). EBITDA margin amounted to 36% (32). Profit before tax increased to SEK 63 m (40). Earnings per share before and after dilution increased to SEK 2.11 (1.35). Cash flow from operating activities increased to SEK 76 m (28). The Board of Directors proposes a dividend of SEK 2.25 per share for 2023 (2.25).

Significant events after the period close

CellaVision and Sysmex Corporation ("Sysmex") have announced a Strategic Alliance Agreement to reinforce and extend their joint leadership position within hematology and seize new opportunities for optimized diagnostics.

		Oct-Dec		Jan-Dec
(MSEK)	2023	2022	2023	2022
Net sales	201	152	677	639
Gross profit	136	102	463	438
EBITDA	73	48	207	198
EBITDA margin, %	36	32	31	31
Profit/loss before tax	63	40	164	148
Earnings per share before and after dilution	2.11	1.35	5.46	4.96
Cash flow from operating activities	76	28	196	137
Total cash flow	43	-8	14	-23
Equity ratio, %	77	72	77	72

CEO's Comment

Simon Østergaard President & CEO Fourth quarter was characterized by continued market momentum, resulting in a sale of SEK 201 m. This represents an all-time high quarterly sales for CellaVision.

The result reflects successful execution of our Power of Focus strategy and lay the foundation in pursuit of our long-term strategic goals and diversifying CellaVision outside of hematology.

The Fourth Quarter in Brief

Net sales for the Group were SEK 201 m (152) compared to a weak fourth quarter in 2022. Organic growth, adjusted for positive currency effects was 29 percent compared to the same quarter in 2022. EBITDA increased to SEK 73 m (48), corresponding to an EBITDA margin of 36 percent (32). Cash flow from operating activities was positively impacted by both an improved result and a decrease in working capital and amounted to SEK 76 m (28) for the quarter. The Group's total cash flow for the quarter amounted to SEK 43 m (-8). We have a strong balance sheet with and net cash position.

All product groups and regions contributed to the growth in the quarter. Globally, market penetration in large laboratories increased to approximately 27 percent (26).

The Americas experienced solid instrument growth for both large and small instruments, primarily by addressing the large number of hospital laboratory networks that benefit significantly from implementing our ecosystem offerings.

Instrument sales increased steadily across EMEA in the quarter. The reagent business in the region also continued to grow, and sales increased with 24 percent, compared to the corresponding quarter last year.

During the year, reagent sales across APAC grew by 58 percent in local currency, however from a low base due to recent reagent expansion into the region. Instrument sales in APAC, have rebounded with an all-time high instrument sales bound for China in the quarter.

Progress on Strategic Direction

The completion of our capacity expansion in Bordeaux, France marks a significant milestone. Reagent production began in the new facilities during the quarter, reinforcing our ability to sustain double-digit growth.

After the period close, we have signed a Strategic Alliance Agreement with Sysmex Corporation, formalizing our mutual commitment until 2038. We are strengthening our existing relationship with a deeper and broader collaboration within innovation and collaborative commercialization. We believe this strategic alliance will become a profound strategic enabler in our efforts to successfully execute upon our Power of Focus strategy.

We are also committed to pursue our strategic pillar of exploring new areas. We are proud to say that the maturation of the FPM-technology acquired in 2021 has proven successful with significant progress in 2023. The positive outcomes reinforce our confidence in FPM's crucial role in our future products, providing us with a substantial competitive advantage within hematology. It also opens up for commercial opportunities within adjacent areas like cytology and pathology, which we are eager to explore together with potential new partners.

Finally, I would like to send my regards and sincere appreciation to our staff, our partners and other important stakeholders who have paved the way with significant contributions throughout 2023 in our relentless effort to pursue our mission of advancing laboratory workflow and diagnostic certainty through intelligent microscopy.

Simon Østergaard, President and CEO

Net Sales and Currency Effects

Net sales for the Group's fourth quarter increased by 32 percent to SEK 201 m (152), compared to the corresponding quarter last year. CellaVision invoices most of the sales in Euros and US dollars, which means that exchange rate fluctuations have an impact on the company's sales and earnings. Adjusted for positive currency effects of 3 percent, sales increased organically by 29 percent compared to the fourth quarter of 2022.

Net sales amounted to SEK 677 m (639) for the twelve-month period. Adjusted for positive currency effects of 7 percent, sales decreased organically by 1 percent compared to the corresponding period in 2022.

Gross Profit and Gross Margin

Gross profit increased by 34 percent to SEK 136 m (102) during the fourth quarter, corresponding to a gross margin of 68 percent (67).

For the twelve-month period, the gross profit increased by 6 percent to SEK 463 m (438), corresponding to a gross margin of 68 percent (69).

The gross margin is affected by purchase prices for materials and components, the product mix, amortization of capitalized development expenses, inventory adjustments as well as currency effects.

Amortization of capitalized development expenses were on par with the corresponding quarter last year and amounted to SEK 2 m (2) for the fourth quarter and to SEK 7 m (7) for the twelve-month period.

Operating Expenses

Operating expenses for the fourth quarter increased by 17 percent to SEK 73 m compared to the corresponding quarter last year SEK (63). The comparative figures from last year were affected by a one-time effect of SEK 5 m related to incentive program for the staff. Adjusted for this, the cost increase was 9 percent. Increased sales activity and restructurings in the sales regions resulted in higher sales costs for the period, while reduced use of external consultants has contributed to lower research and development costs.

For the twelve-month period, operating expenses increased by 6 percent to SEK 296 m (280), with most of the increase attributable to wage costs and inflation.

EBITDA and EBITDA Margin

Increased sales contributed to a 50 percent increase in EBITDA to SEK 73 m (48) during the fourth quarter, and the EBITDA margin reached 36 percent (32). For the twelve-month period, EBITDA increased to SEK 207 m (198) with an EBITDA margin of 31 percent (31).

Net Financial Items

The interest-bearing liabilities in the form of bank loans amounted to SEK 34 m (65). The fourth quarter's interest expenses from bank loans amounted to SEK 0.7 m (0.6). In addition to interest expense from bank loans, net financial income is attributable to foreign exchange gain/loss on acquisition loans in Euro and interest on leasing liability in accordance with IFRS 16.

For the twelve-month period, interest expenses from bank loans amounted to SEK 2.5 m (1.5).

Sales per quarter and rolling 12 months EBITDA per quarter and EBITDA margin rolling 12 months

Investments

CellaVision continuously capitalizes expenses for product development. Capitalized development expenses amounted to SEK 15 m (16) during the quarter. The quarter's total research and development expenses, before capitalization, amounted to SEK 34 m (35). For the twelve-month period, capitalized development expenses increased to SEK 55 m (46). Total research and development costs, before capitalization, increased to SEK 138 m (134) for the twelve-month period. The increase is attributable to CellaVision's long-term product development goals. Most of the capitalized expenses are related to development of instruments and software applications.

Cash Flow

The cash and cash equivalents at the end of the quarter amounted to SEK 122 m (108). In addition, CellaVision has an unutilized overdraft facility of SEK 30 m. The cash flow effect from change in working capital amounted to SEK 15 m (-8) for the quarter and the improvement is mainly explained by decreased tied-up capital in inventory for the quarter.

The cash flow from operating activities increased to SEK 76 m (28) for the quarter. The increase is attributed to an improved result as well as a reduction in working capital. For the twelve-month period, the cash flow from operating activities increased to SEK 196 m (137). The increase is attributed to an improved result as well as a reduction in working capital.

Cash flow from investing activities for the quarter amounted to SEK -23 m (-25) and is mainly related to capitalized development expenses and expansion of production capacity in France in accordance with the corresponding period last year.

For the twelve-month period, the cash flow from investing activities amounted to SEK -86 m (-70).

Cash flow from financing activities for the quarter amounted to SEK -10 m (-11) and mainly includes amortization of bank loans and leasing.

For the twelve-month period, the cash flow from financing activities amounted to SEK -97 m (-90) and in addition to amortization of bank loans and leasing include dividends to shareholders of SEK -54 m (-48).

The total cash flow for the quarter amounted to SEK 43 m (-8) and for the twelve-month period amounted to SEK 14 m (-23).

Parent Company

Apart from manufacturing of reagents, the group is in all material aspects represented by the operations in the parent company, the comments on the Group's result and financial position also refers to the parent company.

Development in the Geographical Markets

Americas: SEK 87 m (67)

In the Americas, sales increased by 31 percent to SEK 87 m compared to the corresponding quarter in 2022. During the year, market penetration in large laboratories increased to 40 percent (38). There is continued high demand for digital cell morphology at the laboratories. The partnership with our key distributor has developed well, with many joint activities this quarter.

In North America, there is a strong focus on sales of our instruments to laboratories connected in networks, which was reflected in a continued increase in sales of our smallest analyzer (CellaVision® DC-1).

In Latin America, we participated in several larger shows and increased the number of roadshows with partners. The DIFF-Line™ by CellaVision, including the DC-1, RAL® SmearBox, RAL® StainBox and reagents is now marketed on a wider basis and is expected to contribute to further sales growth in the long term. The latest blood analysis software update, featuring the capability to digitize the edge of the blood smear has been well received.

EMEA: SEK 77 m (61)

In EMEA, sales increased by 26 percent to SEK 77 m compared to the corresponding quarter in 2022. During the year, market penetration in large laboratories amounted to 28 percent (28). Sales of both instruments and reagents increased sharply in the quarter.

Reagent sales in the EMEA region continue to account for the majority of global reagent sales. In the quarter, reagent sales in the region continued to grow, marking an increase of 24 percent, compared to the corresponding quarter 2022.

Cooperation with the company's key distribution partner has been strengthened in the region and the number of joint market investments increased during the quarter. Although many markets in Europe are mature with a large installed base of our instruments, there are markets with great growth potential, such as the Middle East.

APAC: SEK 36 m (24)

In APAC, sales increased by 49 percent to SEK 36 m compared to the corresponding quarter in 2022. During the year, market penetration in large laboratories increased to 17 percent (15).

The momentum observed in the previous quarter continued as market conditions normalized. This resulted in increased sales across the region, especially to China, which positively impacted results in the quarter.

Close collaboration with our key distribution partner, throughout 2023 has resulted in a higher and deeper level of marketing activities with the aim to strengthen our long-term position by leveraging the comprehensive workflow solution that we can offer to the market. Reagents sales experienced an uptick in sales from a low level, as the required pre-market activities unfold and have been completed.

Net sales per region (MSEK)	Oct-Dec 2023	Oct-Dec 2022	Growth %	Jan-Dec 2023	Jan-Dec 2022	Growth %
Americas	87	67	31%	313	280	12%
EMEA	77	61	26%	277	280	-1%
APAC	36	24	49%	87	79	10%
Total	201	152	32%	677	639	6%

Net sales per region, MSEK

Research and Development

Improving healthcare through continuous innovation is a fundamental ambition of CellaVision. The company devotes considerable resources to research and development to lead technology transformation and offer innovative solutions that meet customer needs and improve laboratory workflows.

The most recent update to CellaVision's blood analysis software, which includes a feature to digitize the edge of the blood smear, has been successfully introduced to the market. The evaluation of the product for the analysis of bone marrow samples is progressing, with continuous improvements being made to the software. The evaluation has now been expanded to include a second European laboratory.

The results from the development of FPM have been very positive, and the work has generated a number of new patent applications. The new dedicated team, working on advancing the technology, have achieved significant milestones and successfully produced functional prototypes.

The CellaVision patent portfolio at the end of the period included 25 patented inventions and 114 granted patents.

Annual General Meeting

Annual General Meeting 2024

. The Board of Directors proposes to the Annual General Meeting 2024 that a dividend of SEK 2.25 per share be paid for 2023, which is line with the company's dividend policy.

The CellaVision Annual General Meeting in 2024 will be held in Lund at 15:00 o´clock CEST, on May 3, 2024. Shareholders wishing to have matters considered at the Annual General Meeting can send a written request by email to: [email protected], 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.

Annual and Sustainability Report 2023

The CellaVision Annual and Sustainability Report 2023 will be available on the company's web page on April 11, 2024.

Declaration by the Board of Directors and President/CEO

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

Simon Østergaard President/CEO

Lund, February 7, 2024

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

Income Statement in Summary and Consolidated Statement of Comprehensive Income, Group

Amounts in ' 000 SEK	Note	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Net sales	4	200,632	152,316	677,292	639,340
Cost of goods sold		-64,710	-50,666	-214,251	-201,023
Gross profit		135,922	101,649	463,040	438,317
Sales and marketing expenses		-33,901	-27,493	-136,624	-117,962
Administration expenses		-20,285	-15,835	-76,032	-73,536
R&D expenses		-19,183	-19,257	-83,333	-88,553
Operating profit	8	62,553	39,064	167,051	158,266
Interest income and similar profit items		4,032	2,785	7,410	5,586
Interest expense and similar profit loss items		-3,214	-1,756	-10,239	-15,423
Profit/loss before tax		63,370	40,093	164,222	148,429
Tax		-12,939	-7,795	-33,913	-30,094
Profit/loss for the period		50,431	32,297	130,309	118,335
Other comprehensive income:
Components not to be reclassified to net profit:
Effect on revaluation of pensions		230	1,085	133	855
Tax effect on revaluation of pensions		-57	-271	-32	-212
Sum of Components not to be reclassified to net profit:		173	813	101	642
Components to be reclassified to net profit:
Translation difference
Translation difference in the group		-12,108	2,614	-1,983	27,074
Sum of Components to be reclassified to net profit:		-12,108	2,614	-1,983	27,074
Sum of other comprehensive income:		-11,935	3,427	-1,882	27,716
Comprehensive result for the period		38,496	35,725	128,427	146,052

Per Share Data

Per share data	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Earnings per share, before and after dilution, SEK */	2.11	1.35	5.46	4.96
Equity per share, SEK	30.04	26.90	30.04	26.90
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
Closing date stock price, SEK	212.00	229.00	212.00	229.00
Dividend per share, SEK	-	-	2.25	2.00

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

Quarterly Earnings Trend

Amounts in ' 000 SEK	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Net sales	200,632	167,895	169,668	139,096	152,316	141,028
Gross profit	135,922	111,424	118,834	96,860	101,649	96,414
Gross margin, %	68	66	70	70	67	68
Expenses	-73,369	-78,156	-72,639	-71,824	-62,585	-79,458
EBITDA	72,788	43,445	56,032	34,549	48,397	29,451
EBITDA margin, %	36	26	33	25	32	21
Net profit	50,431	25,962	34,707	19,209	32,297	10,383
Total cash flow	43,085	44,245	-58,027	-15,436	-8,023	6,093

Balance Sheet in Summary, Group

Amounts in ' 000 SEK	Note	12/31/2023	12/31/2022
Assets
Intangible assets	5	433,223	399,229
Tangible assets	6	125,502	110,035
Financial assets	7	4,396	5,340
Inventory	7	126,038	142,571
Trade receivables	7	97,797	97,630
Other receivables	7	20,110	28,890
Cash and bank	7	121,645	108,053
Total assets		928,712	891,748

Equity and liabilities
Equity		716,389	641,628
Deferred tax liability		59,560	52,925
Other provisions		4,945	3,740
Long-term debt, interest-bearing		28,664	60,364
Short-term debt, interest-bearing		36,039	42,131
Short-term debt, non interest-bearing	7	48,628	40,252
Trade payables	7	32,534	47,864
Warranty provisions		1,953	2,843
Total equity and liabilities		928,712	891,748

Consolidated Statement of Changes in Equity, Group

Amounts in ' 000 SEK	12/31/2023	12/31/2022
Balance at the beginning of the year	641,628	543,280
Dividend	-53,666	-47,703
Net profit for the period	130,309	118,335
Comprehensive result for the period	-1,882	27,716
Closing balance	716,389	641,628

Cash Flow Statement in Summary, Group

Amounts in ' 000 SEK	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Result before taxes	63,370	40,093	164,222	148,429
Adjustment for items not included in cash flow	10,363	2,115	49,382	44,788
Income tax paid	-11,862	-6,383	-27,561	-27,127
Cash flow from operating activities before changes in working capital	61,871	35,824	186,043	166,090
Changes in working capital	14,550	-7,660	10,393	-28,804
Cash flow from operating activities	76,421	28,164	196,436	137,285
Capitalization of development costs	-14,590	-16,008	-54,707	-45,751
Acquisitions/divestment of intangible assets	-	-19	-	-201
Acquisitions/divestment of financial assets	581	-	944	-581
Acquisitions/divestment of tangible assets	-8,855	-8,999	-31,769	-23,482
Cash flow from investing activities	-22,865	-25,027	-85,532	-70,014
Amortization of loans	-7,432	-8,375	-31,421	-31,935
Amortization of leasing debts	-3,039	-2,785	-11,949	-10,772
Dividend paid	-	-	-53,666	-47,703
Cash flow from financing activities	-10,472	-11,161	-97,036	-90,410
Total cash flow	43,085	-8,023	13,867	-23,139
Liquid funds at beginning of period	78,832	116,201	108,053	130,286
Exchange rate fluctuations in liquid funds	-271	-125	-275	906
Liquid funds at end of period	121,645	108,053	121,645	108,053

Disclosures regarding interest expense:

Interest expenses for Jan-Dec 2023 amount to SEK 3,260 k (2,340) whereof SEK 734 k (858) is attributable to leasing in accordance with IFRS 16.

Income Statement in Summary and Consolidated Statement of Comprehensive Income, Parent Company

Amounts in ' 000 SEK	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Net sales	160,504	121,327	523,473	517,207
Cost of goods sold	-39,913	-28,504	-118,814	-121,438
Gross profit	120,591	92,823	404,659	395,769
Sales and marketing expenses	-23,509	-18,680	-98,223	-87,311
Administration expenses	-16,126	-12,663	-60,862	-59,976
R&D expenses	-32,092	-34,084	-131,734	-126,842
Operating profit	48,863	27,396	113,840	121,640
Interest income and financial exchange gains	5,721	2,219	8,955	4,876
Interest expense and financial exchange losses	-2,833	-1,327	-8,877	-13,838
Profit before income tax	51,751	28,288	113,919	112,678
Taxes	-10,839	-6,004	-23,710	-23,575
Net profit	40,912	22,284	90,209	89,103

Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
40,912	22,284	90,209	89,103

-	-	-	-

40,912	22,284	90,209	89,103

Balance Sheet in Summary, Parent Company

Amounts in ' 000 SEK	12/31/2023	12/31/2022
Assets
Intangible assets	29,935	32,926
Tangible assets	5,770	4,869
Deferred tax assets	496	733
Long term receivables from group companies	35,507	22,257
Financial assets	263,133	263,907
Inventory	86,815	108,240
Trade receivables	71,930	71,485
Receivables from group companies	3,329	1,169
Other receivables	17,604	22,889
Cash and bank	110,397	93,903
Total assets	624,915	622,379
Equity and liabilities
Equity	515,015	478,472
Other provisions	457	718
Long-term debt, interest-bearing	4,500	26,529
Short-term debt, interest-bearing	21,974	28,373
Short-term debt, non interest-bearing	35,078	27,584
Trade payables	20,315	34,148
Liabilities to group companies	25,623	23,712
Warranty provisions	1,953	2,843
Total equity and liabilities	624,915	622,379

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 financial statements and their accompanying notes but 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 and Sustainability Report for 2022.

NOTE 2. SEGMENT REPORTING

CellaVision's operations comprise only one operating segment: automated microscopy systems and reagents in the field of hematology. Therefore, references are made to the Group's consolidated income statement and balance sheet regarding operating segment reporting.

NOTE 4. ALLOCATION OF SALES

NOTE 3. RISKS AND UNCERTAINTIES

CellaVision is exposed to several risks, which may impact the Group's development to a greater or lesser extent. Reduced demand, currency fluctuations and production disruptions are both risks and uncertainties to varying degrees. For a more detailed description of the risks and uncertainties facing CellaVision, please refer to the risk analysis on pages 68-71 and Note A2 and A5 in the Annual and Sustainability Report for 2022.

	Oct-Dec 2023				Oct-Dec 2022
Amounts in ' 000 SEK	Instruments	Reagents	Software & Other	Total	Instruments	Reagents	Software & Other	Total
Americas	58,437	442	28,126	87,005	45,578	196	20,852	66,626
EMEA	34,537	28,928	13,983	77,448	24,462	23,275	13,605	61,342
APAC	33,382	2,329	468	36,179	21,077	1,150	2,120	24,347
Total	126,356	31,699	42,577	200,632	91,117	24,621	36,577	152,316

				Jan-Dec 2023				Jan-Dec 2022
Amounts in ' 000 SEK	Instruments	Reagents	Software & Other	Total	Instruments	Reagents	Software & Other	Total
Americas	204,806	2,078	106,476	313,360	176,464	2,234	101,594	280,292
EMEA	103,634	119,958	53,577	277,169	122,453	94,106	63,588	280,147
APAC	72,032	5,937	8,794	86,763	58,572	3,485	16,844	78,901
Total	380,472	127,973	168,847	677,292	357,489	99,825	182,026	639,340

Other refers to spare parts and consumables.

NOTE 5. INTANGIBLE ASSETS

Amounts in ' 000 SEK	12/31/2023	12/31/2022
Capitalised expenditure for development	209,864	162,709
Goodwill	123,780	124,141	value.
Trademarks, customer relationships and other intangible assets	99,579	112,380
Total intangible assets	433,223	399,229	NOTE 8. EMPLOYEES

NOTE 6. TANGIBLE FIXED ASSETS

Amounts in ' 000 SEK	12/31/2023	12/31/2022
Right of use assets
Land and buildings	27 900	35 052
Machinery, equipment	3 156	2 937
Total right of use assets	31 056	37 988

Tangible fixed assets that are not right of use assets
Land and buildings	67 353	51 762
Machinery, equipment	27 094	20 285

Total tangible fixed assets that are not right of use assets	94 447	72 047

Total tangible fixed assets	125 502	110 035

The tangible fixed assets amounted to SEK 125,502 m on the balance sheet date. The majority of the right of use assets consists of leases for office 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 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 fixed asset, while leasing liability is reported separately in the Group's statement of financial position as long-term debt, interest-bearing and short-term debt, interest-bearing.

NOTE 7. FINANCIAL ASSETS AND LIABILITIES

The disclosed value of financial assets, trade receivables, other receivables, cash and bank, trade payables, and other short-term liabilities constitutes a reasonable approximation of fair value.

Average number of employees	Oct-Dec 2023	Oct-Dec 2022
Permanent employees	228	235
Temporary employees	17	19
Total	244	253

The average number of employees is calculated as an average of the number of employees at the beginning and end of the period. Temporary employees include all employees on a temporary contract with a defined end date, this includes paid interns and apprentices.

NOTE 9. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE

Reconciliation Tables KPIs, Non-IFRS Measures

The company presents certain financial measures in the interim report which are not defined according to IFRS. The financial metrics are used by the company's management to evaluate relevant trends, and the company believes that they can provide valuable supplementary information to investors. CellaVision's definitions of these measures may differ from other companies' definitions of the same terms. These financial measures should therefore be seen as a supplement rather than as a replacement for measures defined according

to IFRS. Definitions of measures which are not defined 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.

Currency effect. Exchange rate effects on sales growth for the period.

Equity/assets ratio. Shareholders' equity including noncontrolling interests as a percentage of total assets. EBITDA. Overall financial performance before interest, taxesdepreciation and amortization. Gross margin. Gross profit as a percentage of net sales. Gross profit. Net sales less cost of goods sold. Operating margin (EBIT), Operating profit (EBIT) as a percentage of net sales for the period. Operating profit (EBIT). Earnings before interest and tax.

Equity-asset ratio

KSEK	12/31/2023	12/31/2022
Equity	716,389	641,628
Balance sheet total	928,712	891,748
Equity ratio	77%	72%

Gross margin

KSEK	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Net sales	200,632	152,316	677,292	639,340
Gross profit	135,922	101,649	463,040	438,317
Gross margin	68%	67%	68%	69%

Operating margin

KSEK	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Net sales	200,632	152,316	677,292	639,340
Operating profit	62,553	39,064	167,051	158,266
Operating margin	31%	26%	25%	25%

EBITDA

KSEK	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Operating profit	62,553	39,064	167,051	158,266
Amortization/depreciation/write-down	10,236	9,333	39,763	40,097
EBITDA	72,788	48,397	206,815	198,363

Net sales

	Oct-Dec 2023	Oct-Dec 2023	Oct-Dec 2022	Oct-Dec 2022
	(%)	KSEK	(%)	KSEK
Last period		152,316		164,160
Organic growth	29%	43,800	-17%	-28,461
Currency effect	3%	4,516	10%	16,617
Current period	32%	200,632	-7%	152,316

Questions Concerning the Report

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 7, 2024.

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 February 7, 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:

To participate via webcast, use the link below. https://ir.financialhearings.com/cellavision-q4-report-2023

To participate via conference call, register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://conference.financialhearings.com/teleconference/?id=50046426

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

Magnus Blixt CFO Phone: +46 46 460 16 46 [email protected]

Financial Calendar 2024

Year-end Bulletin 2023 Interim Report January-March Annual General Meeting Interim Report January-June Interim Report January-September Year-end Bulletin 2024 February 7, 2024 April 25, 2024 May 3, 2024 July 19, 2024 October 24, 2024 February 6, 2025

This is CellaVision

About Us

CellaVision is an innovative, global medical technology company that develops and sells its own leading solutions for routine analysis of blood and other body fluids in health care services. These analyses play a vital role in swift and accurate disease diagnoses, particularly in cases of infections and serious cancer diseases. The products replace manual laboratory work, and secure and support effective workflows and skills development within and between hospitals. The company has leading-edge expertise in sample preparation, image analysis, artificial intelligence and automated microscopy. Sales are via global partners with support from the parent company in Lund, Sweden and by the company´s 12 local market support organizations covering more than 40 countries.

Our Strategic Ambition: The power of focus

Our strategic ambition is to digitalize and improve microscopy workflows to provide diagnostic certainty in the medical labs of the world. Our strategy is supported by our organization, processes and culture. The strategy rests on five strategic pillars:

1. Maximize our leading position in large laboratories
1. Accelerate the worldwide adoption of the DC-1
1. Accelerate our global leadership in reagents
1. Expand into specialized microscopy analyses
1. Explore new areas of analytics with innovation

Financial Ambition

CellaVision's objective is to create a global standard for digital microscopy. The objective is broken down into important financial targets:

• Sales growth

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

• Profitability

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

Mission

Our mission is to advance laboratory workflow and diagnostic certainty through intelligent microscopy

Our mission defines what our line of business is and what purpose we serve. Our tools for automating cell classification and diagnostic certainty include analyzers, staining reagents, smearing and staining devices and software. We are at the forefront of advancing laboratory technology, using deep learning and artificial intelligence.

Vision

Our vision is to elevate healthcare through the evolution of microscopy

Our vision fulfills our values and provide the big picture of why we are here. Our customers work in laboratories. We provide microscopes with intelligence to make lab work easier and more efficient. Because the faster a blood sample can be correctly analyzed, the faster a patient can get a diagnosis and treatment.