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CellaVision
Earnings Release • Jul 18, 2025
3025_ir_2025-07-18_2636e5c7-bcef-45b4-88b9-c103a7fbb689.pdf
Earnings Release
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Robust Result with Mixed Regional Performance
Organic sales growth: Q2, 2025: 7.6% (9.9)
EBITDA margin: Q2, 2025: 31% (32)
April 1 – June 30, 2025 Net sales increased by 1.9% (10.7) to SEK 191 m (188). Sales increased organically by 7.6% (9.9), currency effect -5.8% (0.8). EBITDA amounted to SEK 60 m (60). EBITDA margin amounted to 31% (32). Profit before tax amounted to SEK 48 m (48). Earnings per share before and after dilution amounted to SEK 1.58 (1.62). Cash flow from operating activities amounted to SEK 58 m (40).
Significant events during the period
Magnus Blixt, CFO, has informed that he will leave his position as CFO of CellaVision. He will leave the company on July 18, 2025.
| Apr-Jun | Jan-Jun | Jan-Dec | R12 | |||
|---|---|---|---|---|---|---|
| (MSEK) | 2025 | 2024 | 2025 | 2024 | 2024 | 2024/2025 |
| Net sales | 191 | 188 | 386 | 358 | 723 | 751 |
| Gross profit | 130 | 125 | 267 | 237 | 487 | 517 |
| EBITDA | 60 | 60 | 126 | 109 | 219 | 236 |
| EBITDA margin, % | 31 | 32 | 33 | 30 | 30 | 31 |
| Profit before tax | 48 | 48 | 100 | 86 | 177 | 191 |
| Earnings per share before and after dilution | 1.58 | 1.62 | 3.32 | 2.88 | 5.90 | 6.34 |
| Cash flow from operating activities | 58 | 40 | 119 | 112 | 198 | 206 |
| Total cash flow | -30 | -44 | 6 | 0 | 27 | 33 |
| Equity ratio, % | 79 | 77 | 79 | 77 | 81 | N/A |
CEO's Comment
CellaVision ended the second quarter with overall robust result, maintaining the strong trajectory from the previous quarter. The regional performance was mixed. The APAC region delivered strong growth driven by shipments towards the Chinese market, partially driven by changes in our supply chain setup. In Americas and EMEA, quarterly variations resulted in a moderate organic growth compared to last year.
We continue to focus on delivering cutting-edge solutions, reaffirming our market position, and advancing strategic priorities. Despite changes in the external environment and regional variations in the quarter, we remain optimistic in our ability to drive growth and deliver long-term value across all regions. CellaVision's business is subject to quarterly fluctuations due to order-based sales made by end users through our partners, followed by a time lag until the actual installation of the entire bloodline takes place at the laboratories.
The Second Quarter in Brief
Net sales for the Group reached SEK 191 m (188), representing 8 percent organic growth compared to the same quarter last year. EBITDA amounted to SEK 60 m (60), corresponding to a margin of 31 percent (32). The gross margin amounted to 68 percent (66), and the improvement was mainly driven by last year's price increases.
Cash flow from operating activities was strong, supported by favorable changes in working capital. It amounted to SEK 58 m (40), contributing to a total cash flow of SEK -30 m (-44) for the quarter and included dividend to shareholders of SEK -60 m (-54). Our financial position remains strong.
Sales in the Americas decreased by 2 percent, reaching SEK 66 m (67), compared to the corresponding quarter in 2024. Adjusted for negative currency effects of 7 percent, sales increased organically by 5 percent. During the second quarter, we experienced softer development of instrument sales for the small laboratories. Despite the softer development, we continue to experience strong demand
for our solutions. Especially in the U.S., where laboratories operate within larger networks that value the contribution our products bring to diagnostic workflows.
Sales in EMEA decreased by 4 percent, reaching SEK 80 m (83), compared to the corresponding quarter in 2024. Adjusted for negative currency effects of 5 percent, sales increased organically by 1 percent. Despite a softer quarter, underlying momentum remains solid with revenue coming from multiple markets. Demand for digital morphology solutions continues to increase, with sustained interest in both the CellaVision™ DI-60 and CellaVision® DC-1 instruments. Reagents related to hematology increased by 20 percent compared to the same period last year.
In APAC, sales increased by 23 percent, reaching SEK 46 m (37), compared to the corresponding quarter in 2024. Adjusted for negative currency effects of 5 percent, sales increased organically by 27 percent. The positive outcome is partly based on high volumes of instrument modules that have started to be shipped to our partner in China for local production of the CellaVision™ DI-60 instruments.
Progress on Strategic Direction
The second quarter marked good progress in advancing our strategic priorities. We continued with a high level of activity across our R&D portfolio, delivering promising results.
The clinical trials of the application for bone marrow analysis are close to completion. The application's high regulatory classification requires a long registration process, but it also enables us to present stronger and more impactful claims. We expect to have the documentation reviewed to obtain CE marking beginning of 2026. We still expect the commercial launch to begin in Q1 2026.
Additionally, we expect to finalize the verification and validation of an upgraded software version for hematology analyzers during this summer. The new software version will further enhance customers' workflow and provide significant improvements to the user interface, including several new features. The software upgrade will be launched this autumn on CellaVision™ DI-60 while offering seamless integration with Sysmex' SP-50 smearing and staining device, which is also compatible with CellaVision's methanol-free stain (i.e. MCDh).
In parallel, our strategic partnership has gained considerable momentum, with particular emphasis on aligning our innovation agenda and strengthening commercialization efforts. The partnership is key in delivering enhanced diagnostic solutions within hematology and reflects our shared commitment to improving patient care worldwide.
I would like to give an extended thanks to our CFO, Magnus Blixt, who has made invaluable contributions to CellaVision during the past twelve years. Magnus will be stepping down from his role to take on new assignments and will leave the company on July 18, 2025.
Finally, a sincere thank you to our employees – your continued dedication and professionalism play a vital role in driving our success. Together, we create long-term value and strengthen our position in the healthcare sector, protecting and expanding our global leadership position within digital cell morphology.
Simon Østergaard, President and CEO
Sales, Earning and Investments
Net Sales and Currency Effects
Net sales for the second quarter amounted to SEK 191 m (188), an increase of 2 percent 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 net sales and earnings. Net sales in the Americas are roughly evenly split between Euros and US dollars, whereas Euro is the predominant currency for net sales in both EMEA and APAC. Adjusted for negative currency effects of 6 percent, net sales increased organically by 8 percent compared to the corresponding quarter in 2024.
Net sales amounted to SEK 386 m (358) for the six-month period, which corresponds to an organic growth of 11 percent.
Gross Profit and Gross Margin
Gross profit for the second quarter increased by 4 percent to SEK 130 m (125), corresponding to a gross margin of 68 percent (66).
For the six-month period the gross profit increased by 13 percent to SEK 267 m (237), corresponding to a gross margin of 69 percent (66).
The gross margin is influenced by factors such as purchase prices for materials and components, sales mix, amortization of capitalized development expenses, inventory adjustments, and currency effects. The improved gross margin in the quarter was primarily driven by last year's price increases. Price increases towards customers introduced in the second quarter this year have so far only taken limited effect.
Amortization of capitalized development expenses was unchanged from the corresponding quarter last year and amounted to SEK 2 m (2) and to SEK 4 m (4) for the six-month period.
Operating Expenses
Operating expenses for the second quarter increased by 5 percent to SEK 79 m (75), compared to the same quarter last year.
For the six-month period the operating expenses increased by 7 percent to SEK 159 m (149).
Administrative expenses have increased due to inflation and expanded organizational capacity alongside higher external service costs primarily related to the adaption of new regulatory requirements. The increase in research and development expenses aligns with CellaVision's long-term product development strategy.
EBITDA and EBITDA Margin
EBITDA for the second quarter amounted to SEK 60 m (60), corresponding to an EBITDA margin of 31 percent (32). EBITDA was on par with last year as an improved gross profit compensated for increased operating expenses.
For the six-month period EBITDA increased to SEK 126 m (109), corresponding to an EBITDA margin of 33 percent (30).
EBITDA per quarter and EBITDA margin rolling 12 months
Net Financial Items
As of June 30, 2025, interest-bearing liabilities in the form of bank loans amounted to SEK 5 m (19). Interest expenses related to bank loans for the second quarter amounted to SEK 0.1 m (0.3), compared to the same quarter last year. The net financial result for the quarter is primarily attributable to exchange losses on financial items and interest expenses on lease liabilities in accordance with IFRS 16.
For the six-month period interest expenses from bank loans amounted to SEK 0.1 m (0.8).
Investments
CellaVision continuously capitalizes expenses related to product development. During the quarter, capitalized development expenses increased to SEK 20 m (16), driven by a higher level of activity as several projects entered more resource-intensive phases in the development lifecycle. Total research and development expenses before capitalization amounted to SEK 43 m (36).
For the six-month period capitalized development expenses increased to SEK 39 m (32). Total research and development costs, before capitalization, increased to SEK 85 m (72) for the six-month period.
The majority of the capitalized expenses relate to the development of instruments and software applications.
Cash Flow
At the end of the quarter, cash and cash equivalents amounted to SEK 155 m (122). In addition, CellaVision has an unutilized overdraft facility of SEK 30 m (30).
Cash flow from operating activities amounted to SEK 58 m (40) in the second quarter of 2025. The solid financial performance and lower capital tied up in inventory contributed positively to cash flow. Additionally, accounts receivable decreased during the quarter, which also contributed positively to the cash flow. For the six-month period, the cash flow from operating activities amounted to SEK 119 m (112).
Cash flow from investing activities for the quarter amounted to SEK -25 m (-19) and was, as in the corresponding period last year, mainly related to capitalized expenses for research and development. For the six-month period, the cash flow from investing activities amounted to SEK -46 m (-36).
Cash flow from financing activities for the quarter amounted to SEK -63 m (-65) and included dividend to shareholders of SEK -60 m (-54). For the six-month period, the cash flow from financing activities amounted to SEK -67 m (-75).
The total cash flow for the quarter amounted to SEK -30 m (-44) and for the six-month period to SEK 6 m (0).
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 66 m (67)
Sales in the Americas decreased by 2 percent, reaching SEK 66 m (67), compared to the corresponding quarter in 2024. Adjusted for negative currency effects of 7 percent, sales increased organically by 5 percent. The performance was primarily driven by strong sales of CellaVision™ DI-60 instruments while the sales of DC-1 to the smaller laboratories were softer. We continue experiencing strong demand for our solutions in the U.S., where large laboratories operate within larger networks that value our products' contribution to diagnostic workflows.
In the U.S., CellaVision maintained a strong presence through participation in conferences, engaging with key opinion leaders, and targeted social media activities. To further strengthen market execution, we have intensified training activities with sales representatives and application specialists within our distributor network in the U.S., Canada, and Latin America.
In Brazil, sales is characterized by quarterly fluctuations, but over time, sales show a gradual increase. We experience growing sales from distributors to end customers, with a specifically strong demand for CellaVision® DC-1 instruments.
EMEA: SEK 80 m (83)
Sales in EMEA decreased by 4 percent, and amounted to SEK 80 m (83), compared to the corresponding quarter in 2024. Adjusted for negative currency effects of 5 percent, sales increased organically by 1 percent. A solid underlying market momentum remains, with revenue coming from multiple markets. Demand for digital morphology solutions continues to increase with a sustained interest in both CellaVision™ DI-60 and CellaVision® DC-1 instruments.
Strategic marketing initiatives remained strong during the quarter. Across the region, our collaboration with distribution partners continues to be key in our commercial execution, supported by training programs, marketing initiatives, and in-field activities.
The EMEA region continued to account for the largest share of reagent sales, with hematology reagents representing most of the total. Sales in the segment increased by 20 percent compared to the same period last year, underscoring the effectiveness of sustained promotional efforts and field marketing collaboration with local partners.
APAC: SEK 46 m (37)
In APAC, sales increased by 23 percent, reaching SEK 46 m (37), compared to the corresponding quarter in 2024. Adjusted for negative currency effects of 5 percent, sales increased organically by 27 percent. The sales increase is partly due to higher inventory levels throughout our supply chain, as our partner is building capacity for local production of CellaVision™ DI-60 for the Chinese market. These deliveries align with our partner's local initiative "Made in China" and further strengthen our regional competitiveness. In parallel, there is a growing interest in digital morphology solutions among large networks in South Asia, contributing to increased adoption of hematology reagents. Supported by comprehensive offerings and a focused commercial approach, these initiatives are expected to drive continued growth in the region.
In addition, we have enhanced our regional presence with expansion of our team in the APAC region to further solidify our position in high-growth markets. These efforts aim to collaboratively drive impactful marketing activities with our partner network, building awareness of CellaVision's value proposition, and supporting stronger portfolio engagement.
| 2025 | Apr-Jun 2024 |
Growth % |
Jan-Jun 2025 |
Jan-Jun 2024 |
Growth % |
|
|---|---|---|---|---|---|---|
| Americas | 66 | 67 | -2% | 144 | 139 | 3% |
| EMEA | 80 | 83 | -4% | 175 | 162 | 8% |
| APAC | 46 | 37 | 23% | 67 | 56 | 19% |
| Total | 191 | 188 | 2% | 386 | 358 | 8% |
Research and Development
Our vision is to elevate healthcare through the evolution of digital microscopy. By devoting considerable resources to research and development, we continue pushing the boundaries of innovation to lead the future of microscopy. Accordingly, healthcare delivery improves for patients worldwide.
The clinical trials of the application for bone marrow analysis are about to be completed. The application's high regulatory classification requires a long registration process, but it also enables us to present stronger and more impactful claims. As innovators of digital cell morphology, CellaVision offers a proven technology platform. With an intelligent solution for automated, simplified, and standardized examination of bone marrow, we aim to push the boundaries of digital microscopy. We expect to have the documentation reviewed to obtain CE marking beginning of 2026. We still expect the commercial launch to begin in Q1 2026.
In parallel, we intend to finalize the verification and validation of an upgraded software version for the hematology analyzers during this summer. The new software version will further enhance customers' workflow and provide significant improvements to the
user interface, including several new features. The software upgrade will be launched this autumn on CellaVision™ DI-60 while offering seamless integration with Sysmex' SP-50 smearing and staining device, which is also compatible with CellaVision's methanolfree stain (i.e. MCDh). Our enhanced Digital Cell Morphology Software delivers a faster and smarter workflow with a cutting-edge user experience.
The development of adapting Fourier Ptychographic Microscopy (FPM) in our core hematology business continues. By integrating FPM, we are pioneering the next generation of hematology solutions and strengthening our position as a leader in advanced diagnostics. Additionally, we continue to explore the technology's potential in adjacent fields such as pathology and cytology. We see that the technology's speed and superior image quality advantages are especially valuable in these new areas. Preliminary evaluations show that FPM provides significant benefits compared to traditional technologies.
CellaVision's patent portfolio included 26 patented innovations and 126 granted patents at the end of the period.
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, July 18, 2025
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 | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|---|
| Net sales | 4 | 191,328 | 187,793 | 386,130 | 357,873 | 723,217 |
| Cost of goods sold | -61,756 | -63,243 | -119,349 | -121,257 | -236,143 | |
| Gross profit | 129,572 | 124,550 | 266,781 | 236,615 | 487,074 | |
| Sales and marketing expenses | -32,521 | -33,941 | -65,524 | -66,654 | -136,592 | |
| Administration expenses | -24,377 | -21,514 | -46,884 | -41,179 | -85,357 | |
| R&D expenses | -22,364 | -19,981 | -46,945 | -40,849 | -87,447 | |
| Operating profit | 8 | 50,310 | 49,115 | 107,428 | 87,934 | 177,679 |
| Interest income and similar profit items | 1,824 | 1,688 | 2,434 | 3,360 | 7,340 | |
| Interest expense and similar profit loss items | -4,139 | -2,591 | -9,366 | -4,839 | -8,159 | |
| Profit before tax | 47,995 | 48,211 | 100,496 | 86,455 | 176,860 | |
| Tax | -10,385 | -9,663 | -21,369 | -17,787 | -36,138 | |
| Profit for the period | 37,610 | 38,548 | 79,127 | 68,668 | 140,722 | |
| Other comprehensive income: | ||||||
| Components not to be reclassified to net profit: | ||||||
| Effect on revaluation of pensions | -87 | 49 | 100 | -77 | 150 | |
| Tax effect on revaluation of pensions | 22 | -14 | -25 | 19 | -37 | |
| Sum of Components not to be reclassified to net profit: | -66 | 35 | 75 | -58 | 112 | |
| Components to be reclassified to net profit: | ||||||
| Translation difference | ||||||
| Translation difference in the group | 6,494 | -4,353 | -12,357 | 7,992 | 12,169 | |
| Sum of Components to be reclassified to net profit: | 6,494 | -4,353 | -12,357 | 7,992 | 12,169 | |
| Sum of other comprehensive income: | 6,428 | -4,318 | -12,282 | 7,934 | 12,281 | |
| Comprehensive result for the period | 44,038 | 34,230 | 66,845 | 76,602 | 153,003 |
Per Share Data
| Per share data | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Earnings per share, before and after dilution, SEK */ | 1.58 | 1.62 | 3.32 | 2.88 | 5.90 |
| Equity per share, SEK | 34.50 | 31.00 | 34.50 | 31.00 | 34.20 |
| Number of shares outstanding | 23,851,547 | 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 | 23,851,547 |
| Closing date stock price, SEK | 181.80 | 250.50 | 181.80 | 250.50 | 217.50 |
| Dividend per share, SEK | 2.50 | 2.25 | 2.50 | 2.25 | 2.25 |
*/ Based on the profit/loss for the period divided by the average number of shares in issue
Quarterly Earnings Trend
| Amounts in ' 000 SEK | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|
| Net sales | 191,328 | 194,802 | 186,688 | 178,656 | 187,793 | 170,080 |
| Gross profit | 129,572 | 137,209 | 129,171 | 121,288 | 124,550 | 112,065 |
| Gross margin, % | 68 | 70 | 69 | 68 | 66 | 66 |
| Expenses | -79,262 | -80,090 | -77,821 | -82,892 | -75,435 | -73,246 |
| EBITDA | 59,645 | 66,457 | 60,942 | 48,776 | 59,706 | 49,260 |
| EBITDA margin, % | 31 | 34 | 33 | 27 | 32 | 29 |
| Net profit | 37,610 | 41,517 | 40,940 | 31,114 | 38,548 | 30,120 |
| Cash flow from operating activities | 58,052 | 61,426 | 45,993 | 40,876 | 40,212 | 71,357 |
| Total cash flow | -30,446 | 36,749 | 11,263 | 15,791 | -44,117 | 44,404 |
Balance Sheet in Summary, Group
| Amounts in ' 000 SEK | Note | 06/30/2025 | 06/30/2024 | 03/31/2025 | 12/31/2024 |
|---|---|---|---|---|---|
| Assets | |||||
| Intangible assets | 5 | 513,141 | 459,676 | 490,783 | 487,645 |
| Tangible assets | 6 | 124,194 | 122,580 | 112,307 | 119,943 |
| Financial assets | 7 | 2,680 | 3,883 | 2,460 | 2,653 |
| Inventory | 115,498 | 118,614 | 119,362 | 124,823 | |
| Trade receivables | 7 | 112,595 | 105,183 | 116,135 | 102,824 |
| Other receivables | 7 | 23,386 | 25,114 | 20,505 | 25,736 |
| Cash and bank | 7 | 155,281 | 122,261 | 182,317 | 149,430 |
| Total assets | 1,046,775 | 957,310 | 1,043,869 | 1,013,054 | |
| Equity and liabilities | |||||
| Equity | 822,942 | 739,326 | 838,533 | 815,727 | |
| Deferred tax liability | 75,219 | 64,265 | 71,350 | 69,285 | |
| Other provisions | 6,445 | 5,438 | 6,053 | 6,254 | |
| Long-term debt, interest-bearing | 14,648 | 21,315 | 9,050 | 12,678 | |
| Short-term debt, interest-bearing | 15,510 | 23,663 | 13,907 | 14,171 | |
| Short-term debt, non interest-bearing | 7 | 68,757 | 54,981 | 61,850 | 60,449 |
| Trade payables | 7 | 41,944 | 46,073 | 41,816 | 32,222 |
| Warranty provisions | 1,310 | 2,250 | 1,310 | 2,268 | |
| Total equity and liabilities | 1,046,775 | 957,310 | 1,043,869 | 1,013,054 |
Consolidated Statement of Changes in Equity, Group
| Amounts in ' 000 SEK | 06/30/2025 | 06/30/2024 | 03/31/2025 | 12/31/2024 |
|---|---|---|---|---|
| Balance at the beginning of the year | 815,727 | 716,389 | 815,727 | 716,389 |
| Dividend | -59,629 | -53,666 | 0 | -53,666 |
| Net profit for the period | 79,127 | 68,668 | 41,517 | 140,722 |
| Comprehensive result for the period | -12,282 | 7,934 | -18,710 | 12,281 |
| Closing balance | 822,942 | 739,326 | 838,534 | 815,727 |
Cash Flow Statement in Summary, Group
| Amounts in ' 000 SEK | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Result before taxes | 47,995 | 48,211 | 100,495 | 86,455 | 176,860 |
| Adjustment for items not included in cash flow | 9,071 | 14,316 | 23,338 | 31,077 | 63,144 |
| Income tax paid | -6,516 | -7,837 | -15,435 | -13,081 | -26,154 213,850 |
| Cash flow from operating activities before changes in working capital | 50,550 | 54,690 | 108,398 | 104,451 | |
| Changes in working capital | 7,502 | -14,478 | 11,080 | 7,118 | -15,412 |
| Cash flow from operating activities | 58,052 | 40,212 | 119,478 | 111,569 | 198,438 |
| Capitalization of development costs | -20,416 | -16,048 | -38,506 | -31,548 | -65,755 |
| Acquisitions/divestment of financial assets | -219 | -0 | -27 | 475 | -11,994 |
| Acquisitions/divestment of tangible assets | -4,403 | -3,168 | -7,698 | -4,969 | 1,743 |
| Cash flow from investing activities | -25,038 | -19,217 | -46,231 | -36,042 | -76,006 |
| Amortization of loans | -421 | -8,320 | -817 | -15,340 | -28,960 |
| Amortization of leasing debts | -3,410 | -3,126 | -6,499 | -6,234 | -12,463 |
| Dividend paid | -59,629 | -53,666 | -59,629 | -53,666 | -53,666 |
| Cash flow from financing activities | -63,460 | -65,113 | -66,945 | -75,240 | -95,089 |
| Total cash flow | -30,446 | -44,117 | 6,302 | 287 | 27,342 |
| Liquid funds at beginning of period | 182,317 | 166,982 | 149,430 | 121,645 | 121,645 |
| Exchange rate fluctuations in liquid funds | 3,410 | -605 | -451 | 329 | 443 |
| Liquid funds at end of period | 155,281 | 122,261 | 155,281 | 122,261 | 149,430 |
Disclosures regarding interest expense:
Interest expenses for Jan-Jun 2025 amount to SEK 355 k (1,081) whereof SEK 188 k (298) 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 | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Net sales | 149,867 | 146,350 | 298,767 | 273,970 | 555,523 |
| Cost of goods sold | -37,756 | -37,427 | -69,498 | -70,874 | -133,896 |
| Gross profit | 112,111 | 108,923 | 229,269 | 203,096 | 421,627 |
| Sales and marketing expenses | -22,437 | -25,288 | -43,756 | -46,448 | -96,410 |
| Administration expenses | -21,053 | -16,817 | -39,627 | -32,547 | -68,287 |
| R&D expenses | -41,156 | -34,423 | -82,095 | -69,110 | -146,837 |
| Operating profit | 27,465 | 32,395 | 63,791 | 54,991 | 110,094 |
| Interest income and financial exchange gains | 2,128 | 6,457 | 2,364 | 8,096 | 13,889 |
| Interest expense and financial exchange losses | -3,965 | -2,339 | -8,941 | -4,323 | -6,992 |
| Profit before income tax | 25,628 | 36,513 | 57,214 | 58,763 | 116,991 |
| Taxes | -5,279 | -6,632 | -11,866 | -11,216 | -23,399 |
| Net profit | 20,349 | 29,881 | 45,348 | 47,548 | 93,592 |
| Statement of Comprehensive Income, Parent Company | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Net profit for the period | 20,349 | 29,881 | 45,348 | 47,548 | 93,592 |
| Other comprehensive income | - | - | - | - | - |
| Comprehensive profit for the period | 20,349 | 29,881 | 45,348 | 47,548 | 93,592 |
Balance Sheet in Summary, Parent Company
| Amounts in ' 000 SEK | 06/30/2025 | 06/30/2024 | 03/31/2025 | 12/31/2024 |
|---|---|---|---|---|
| Assets | ||||
| Intangible assets | 25,449 | 28,439 | 26,196 | 26,944 |
| Tangible assets | 8,623 | 5,566 | 7,192 | 7,074 |
| Deferred tax assets | 755 | 496 | 755 | 755 |
| Long term receivables from group companies | 28,981 | 34,079 | 29,292 | 32,162 |
| Financial assets | 261,427 | 262,658 | 261,220 | 261,220 |
| Inventory | 73,427 | 78,573 | 79,493 | 86,655 |
| Trade receivables | 87,542 | 76,051 | 86,088 | 72,581 |
| Receivables from group companies | 5,381 | 4,544 | 4,903 | 4,598 |
| Other receivables | 17,458 | 23,801 | 16,190 | 21,543 |
| Cash and bank | 140,360 | 106,005 | 165,452 | 135,189 |
| Total assets | 649,403 | 620,212 | 676,781 | 648,721 |
| Equity and liabilities | ||||
| Equity | 540,660 | 508,897 | 579,940 | 554,941 |
| Other provisions | 1,720 | 913 | 1,400 | 1,399 |
| Long-term debt, interest-bearing | - | 3,000 | - | - |
| Short-term debt, interest-bearing | - | 9,475 | - | - |
| Short-term debt, non interest-bearing | 46,981 | 34,805 | 43,324 | 41,838 |
| Trade payables | 34,084 | 34,742 | 28,205 | 22,111 |
| Liabilities to group companies | 24,648 | 26,130 | 22,602 | 26,164 |
| Warranty provisions | 1,310 | 2,250 | 1,310 | 2,268 |
| Total equity and liabilities | 649,403 | 620,212 | 676,781 | 648,721 |
NOTE 1. ACCOUNTING POLICIES
The Group applies IFRS Accounting Standards, 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 2024.
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
Apr-Jun 2025 Apr-Jun 2024 Amounts in ' 000 SEK Instruments Reagents Software & Other Total Instruments Reagents Software & Other Total Americas 41,132 484 24,382 65,998 43,307 496 23,540 67,343 EMEA 24,013 35,264 20,244 79,521 31,170 33,196 18,715 83,081 APAC 40,512 1,815 3,482 45,809 32,862 1,491 3,015 37,369 Total 105,657 37,563 48,108 191,328 107,339 35,184 45,270 187,793
| Jan-Jun 2025 | Jan-Jun 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in ' 000 SEK | Instruments | Reagents | Software & | Total | Instruments | Reagents | Software & | Total |
| Other | Other | |||||||
| Americas | 90,258 | 1,481 | 52,012 | 143,751 | 93,116 | 1,157 | 45,117 | 139,390 |
| EMEA | 71,521 | 70,589 | 33,126 | 175,236 | 59,055 | 67,662 | 35,293 | 162,010 |
| APAC | 58,751 | 3,237 | 5,155 | 67,143 | 46,962 | 2,299 | 7,211 | 56,472 |
| Total | 220,530 | 75,307 | 90,293 | 386,130 | 199,133 | 71,118 | 87,621 | 357,873 |
Other refers to spare parts and consumables.
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 53-55 and Note A2 and
NOTE 3. RISKS AND UNCERTAINTIES
A5 in the Annual and Sustainability Report for 2024.
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
NOTE 5. INTANGIBLE ASSETS
| Amounts in ' 000 SEK | 06/30/2025 | 06/30/2024 |
|---|---|---|
| Capitalised expenditure for development | 302,420 | 237,625 |
| Goodwill | 124,344 | 126,720 |
| Trademarks, customer relationships and other intangible assets | 86,377 | 95,331 |
| Total intangible assets | 513,141 | 459,676 |
NOTE 6. TANGIBLE FIXED ASSETS
| Amounts in ' 000 SEK | 06/30/2025 | 06/30/2024 |
|---|---|---|
| Right of use assets | ||
| Land and buildings | 24,358 | 23,984 |
| Machinery, equipment | 2,488 | 2,264 |
| Total right of use assets | 26,846 | 26,248 |
| Tangible fixed assets that are not right of use assets | ||
|---|---|---|
| Land and buildings | 66,180 | 68,587 |
| Machinery, equipment | 31,168 | 27,745 |
| Total tangible fixed assets that are not right of use assets | 97,348 | 96,332 |
| Total tangible fixed assets | 124,194 | 122,580 |
The tangible fixed assets amounted to SEK 124,194 thousand 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.
NOTE 8. EMPLOYEES
| Average number of employees | Apr-Jun 2025 | Apr-Jun 2024 |
|---|---|---|
| Permanent employees | 229 | 221 |
| Temporary employees | 19 | 16 |
| Total | 248 | 238 |
The average number of employees is calculated as an average of the number of full-time positions at the beginning and end of the period. Temporary employees include the equivalent full-time positions employed on fixed-term contracts with a defined end date, this also includes paid interns and apprentices.
NOTE 9. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE
No significant events have occurred after the period close.
Reconciliation Tables KPIs, Non-IFRS Measures
| Equity-asset ratio | |||
|---|---|---|---|
| Amounts in ' 000 SEK | 06/30/2025 | 06/30/2024 | 12/31/2024 |
| Equity | 822,942 | 739,326 | 815,727 |
| Balance sheet total | 1,046,775 | 957,310 | 1,013,054 |
| Equity ratio | 79% | 77% | 81% |
| Gross margin | |
|---|---|
| Amounts in ' 000 SEK | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Net sales | 191,328 | 187,793 | 386,130 | 357,873 | 723,217 |
| Gross profit | 129,572 | 124,550 | 266,781 | 236,615 | 487,074 |
| Gross margin | 68% | 66% | 69% | 66% | 67% |
Operating margin
| Amounts in ' 000 SEK | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Net sales | 191,328 | 187,793 | 386,130 | 357,873 | 723,217 |
| Operating profit | 50,310 | 49,115 | 107,428 | 87,934 | 177,679 |
| Operating margin | 26% | 26% | 28% | 25% | 25% |
EBITDA
| Amounts in ' 000 SEK | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 |
|---|---|---|---|---|---|
| Operating profit | 50,310 | 49,115 | 107,428 | 87,934 | 177,679 |
| Amortization/depreciation/write-down | 9,335 | 10,592 | 18,674 | 21,033 | 41,005 |
| EBITDA | 59,645 | 59,706 | 126,102 | 108,967 | 218,684 |
Net sales
| Apr-Jun 2025 | Apr-Jun 2025 | Apr-Jun 2024 | Apr-Jun 2024 | |
|---|---|---|---|---|
| (%) | '000 SEK | (%) | '000 SEK | |
| Last period | 187,822 | 169,668 | ||
| Organic growth | 7.6% | 14,309 | 9.9% | 16,797 |
| Currency effect | -5.8% | -10,804 | 0.8% | 1,357 |
| Current period | 1.9% | 191,328 | 10.7% | 187,822 |
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 to the left.
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, taxes, depreciation 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.
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 and the Swedish Securities Markets Act. The information was submitted for publication at 7:20 a.m. CEST on July 18, 2025.
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 July 18, at 11:00 CEST 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://cellavision.events.inderes.com/q2-report-2025
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://events.inderes.com/cellavision/q2-report-2025/dial-in
No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start time to facilitate a timely start.
Simon Østergaard President & CEO Phone: +46 46 460 16 23 [email protected]
Magnus Blixt CFO Phone: +46 46 460 16 46 [email protected]
Financial Calendar 2025
| Interim Report January-March April 29, 2025 |
Annual General Meeting May 6, 2025 |
Interim Report January-June July 18, 2025 |
Interim Report January-September November 6, 2025 |
Year-end Bulletin 2025 February 5, 2026 |
|
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This is CellaVision Mission
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.
Små, medelstora och stora laboratorier
Specialanalyser
EXPANDERA
MAXIMERA Stora laboratorier
1
2 3
4
5
ACCELERERA
Nya områden
UTFORSKA
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:
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- Maximize our leading position in large laboratories
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- Accelerate the worldwide adoption of the DC-1
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- Accelerate our global leadership in reagents
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- Expand into specialized microscopy analyses
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- 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 in two 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.
To advance laboratory workflow and diagnostic certainty through intelligent microscopy
Our tools for automating cell classification with diagnostic certainty include analyzers, reagents, smearing, staining devices, and software.
Vision
Elevating healthcare through the evolution of microscopy
We provide digital microscopy solutions to make laboratory work easier and more efficient. Because the faster a blood sample can be correctly analyzed, the faster a patient can be diagnosed and treated.