Weak quarter but continued global market initiatives and sales successes in Asia

January 1 - June 30, 2013

Net sales were SEK 69.9 million (83.8).
Operating profit was SEK-1.0 million (9.9).
Profit before tax was SFK-2.0 million (9.4).
Earnings per share were SEK-0.08 (0.24).
Cash and cash equivalents were SEK 41.1 million (47.5) at the end of the period.

April 1 - June 30 2013

Net sales were SEK 36.1 million (43.4).
Operating profit was SEK-0.4 million (4.5).
Profit before tax was SEK-0.5 million (5.0).
Earnings per share were SEK-0.01 (0.13).

Significant events during the second quarter

CellaVision and Sysmex published the news of a jointly developed product, the DI-60. CellaVision's digital image analysis technology has been integrated with Sysmex cell counter and sample preparation instrument. The first sales were made in O1 and O2.
Another sales channel in Europe: CellaVision and Beckman Coulter increased their $\bullet$ cooperation by adding EMEA to their global distribution agreement.
The first sale of CellaVision's new product CellaVision® Proficiency Software was made to the Swedish quality assessment organization Equalis.
Magnus Blixt took up his position as new CFO and Göran Granqvist was appointed VP Quality.

(SEK million)	Apr-Jun 2013	Apr-Jun 2012	Jan-Jun 2013	Jan-Jun 2012	Full year 2012
Net sales	36.1	43.4	69.9	83.8	169.5
Gross profit	23.4	28.7	45.4	55.8	110.1
Operating profit	$-0.4$	4.5	$-1.0$	9.9	20.7
Operating margin, %	Neg.	10.5	Neg.	11.8	12.2
Profit/loss before tax	$-0.5$	5.0	$-2.0$	9.4	18.6
Cash flow for the period	$-11.4$	$-9.0$	$-5.1$	$-9.3$	$-10.6$

Key ratios

Comments by CellaVision's CEO Yvonne Mårtensson:

"Our sales successes in China and Japan continued in the second quarter but in North America and Europe many hospitals are still holding off, and several deals have been delayed. Considering the current conditions in our main markets it is gratifying that sales in Asia and the Pacific region, which is our long-term growth market, continue to show an upward trend.

Activity in the market has been high during the year, with several important business achievements as a consequence. We continue to focus efforts on visibility through strong partners and an increased product portfolio to build the company and be prepared when the market turns. The four largest players in the market now have an agreement with us, which emphasizes the global uniqueness of our product offering. Training is in progress of our three new partners and all have now submitted their first order. As regards the new integrated DI-60 product, we will deliver the first major order to Sysmex in Europe already at the end of July.

In the coming six months we will see a slow improvement and estimate that for the full year, we will report profitability, though without any total growth. The market is difficult to read, but in the longer term conditions for high growth are good. The health care sector's streamlining and quality assurance needs continue to grow."

Net sales (6 months) $-17%$ Operating profit (6 months) SEK-1.0 million

Net sales (Q2) $-17%$ Operating profit (Q2) SEK-0.4

"Continued concentration on qeographical expansion via strong partners and increased product portfolio"

Yvonne Mårtensson, CEO of CellaVision AB

Sales, earnings and investment

January 1 - June 30

Net sales for the Group in the first six months of 2013 were SEK 69.9 million (83.8), a decrease of 17% compared with the same period in 2012.

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

The gross margin for the period was 65 % (67). CellaVision usually has gross margin variations from quarter to quarter. This is dependent on the share of sales via distributors or via CellaVision's own sales companies, the product mix and exchange rates.

The Group's operating profit for the period was SEK -1.0 million (9.9). Total operating expenses for the half year were SEK 46.4 million (45.9).

CellaVision is conducting several development projects, aimed at strengthening the product portfolio in relation to customers in the field of hematology. Capitalized expenditure for development projects during the period was SEK 6.0 million (4.0).

Investments in property, plant and equipment during the period amounted to SEK 1.0 million $(0.6)$ .

April 1 - June 30

Net sales for the Group in the second quarter of 2013 were SEK 36.1 million (43.4), a decrease of 17% compared with the same period in 2012.

The gross margin for the quarter was 65 % (66).

The Group's operating profit for the second quarter was SEK -0.4 million (4.5). Total operating expenses for the quarter were SEK 23.8 million (24.2).

Capitalized expenditure for development projects was SEK 3.4 million (2.6) in the second quarter. Investments in property, plant and equipment during the quarter amounted to SEK 0.2 million (0.2).

Sales per quarter and rolling 12 months (SEK million)

Net sales SEK 69.9

Net sales SEK 36.1

Development in geographical markets

During the period North America accounted for 43 % (55) of sales, Europe for 34 % (40) and Asia and the Pacific region for 23 % (5). Growth in the Asia & Pacific region refers to analyzer sales in Japan, China and countries in South East Asia, and the purchase by Sysmex Japan of the new DI-60 product for internal training and launch preparations.

In the second quarter North America accounted for 52 % (51) of sales, Europe for 27% (43), and Asia and the Pacific region for 21 % (6).

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

Net sales per geographical market, SEK million

North America

The downturn we have seen in the North American market since the second half of 2012 has continued into 2013. Sales in the USA and Canada in the first six months of the year were SEK 29.6 million (45.7), a decrease of 35 %. In local currencies the decrease was 30 %.

In the second quarter sales in the region were SEK 18.8 million (22.2), a decrease of 15 %. In local currencies the decrease was 10 %.

Growth in the North American market has slowed, mainly due to lengthy decision-making processes, resulting in a prolonged sales cycle. There is still great uncertainty in the USA concerning future health and medical care reforms.

During the year the activity level in the American market was high. In the USA CellaVision have agreements with the four major players, which is a clear proof of the global uniqueness of our product offering. Together with Sysmex, Beckman Coulter and Siemens (since January 1, 2013) CellaVision has high visibility in the market. By means of a co-marketing agreement, the company also works closely with the fourth largest player, Abbott.

During the period the partnership with Siemens got going, with CellaVision's salespeople participating in Siemens product demonstrations at customer sites, as well as in several of the company's recurrent customer events around the USA, called "Diagnostic Days".

Our unique product portfolio creates market opportunities

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Europe, th he Middle E East and Afr rica (EMEA) )

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In the secon 48 %. In loca d quarter sale al currencies t es in the regio he decrease w on were SEK 9 was 44 %. 9.7 million (18 8.7), a decreas se of

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In May Sysm Congress in is adapted to analysis proc counter and without man mex presented Milan and rec o the needs o cess. By integ sample prep nual handling d the new inte ceived a posit of medium an rating CellaVi aration devic g of samples d egrated produ tive response d large labora ision's image ce, customers during the ana uct DI-60 at th from prospec atories for an analysis tech can be offere alysis process he IFCC Eurom ctive custome effective and hnology with t ed an automa s. medlab ers. The produ d standardized the Sysmex ce ted product l uct dell line

CellaVision's CellaVision® external qua the second q product is so two software s new product Proficiency S ality bodies an quarter to the old directly by e versions; for t for internal a oftware, has a nd hospital la e Swedish qua y CellaVision A r quality bodi and external q aroused inter boratories aro ality assessme AB on the bas es and labora quality assura rest during th ound Europe ent organizat sis of an annu atories. ance of labora e period amo . The first sale ion Equalis, fo ual license fee atory analyses ong both e was made in or 350 users. T and is offere s, nThe ed in

A clinical ev The study wa potential tim using the sys valuation of th as conducted me-savings an stem. In paral he new Image d by a hospita nd more stand llel the first sa e Capture syst l group in the dardized test ales in Europe tem was com e Netherlands results for sm e were also m pleted in the s and the resu mall laboratori ade. second quart ult confirms es through ter.

Asia and t the Pacific r region

Marketing in positively in currencies. S n Asia and the the first six m Sales during th e Pacific regio months of the he period we n is in proces year and sale re SEK 16.4 m ss of being bu es more than million (4.4). uilt up. The reg tripled in bot gion develope h SEK and loc ed cal

In the secon d quarter sale es increased t to SEK 7.6 mill lion (2.5). S p c i Several ne products a creating in in the mar ew are nterest rket

P t s c Partnershi the four m suppliers o counters. ip with major of cell

P f i Positive res for the new in Milan sponse w DI-60

Interim report January - June 2013

Growth in 2013 refers to sales of analyzers in China, Japan and countries in South East Asia. CellaVision assesses that in the long term it is mainly these markets that have substantial development potential.

In China CellaVision's solution will be marketed to training and research hospitals with more than 500 beds. CellaVision's main focus is to support the work of the distributors in building awareness and acceptance for the company's products in the Chinese market. The company's determined market penetration has resulted in several sales during the half year, mainly in the second quarter.

Sales of CellaVision's products have increased on the Japanese market and the company sees a potential in the DI-60 that is integrated into the Sysmex automated product line. In parallel with Sysmex, CellaVision's own sales organization is continuing to address the market and increase interest in CellaVision's products, for example through presentations together with key opinion leaders.

Research and development

Several development projects are under way at CellaVision, aimed at strengthening the product portfolio in relation to customers in the field of hematology.

During the six-month period the new product for internal and external quality assurance of laboratory analyses, CellaVision® Proficiency Software, was completed. The program is located in a cloud server and adapted to organizations with many users, which means that they can be run from any computer at all without downloading software. When designing the program CellaVision's objective was to make quality control easier to handle and more effective.

The new product, the DI-60, developed for and in partnership with Sysmex, was ready for Sysmex' internal evaluations and launching preparations. The new product integrates CellaVision's image analysis technology with the Sysmex XN series for automated blood analysis. It was developed on CellaVision's hardware platform, CellaVision DM1200.

CellaVision continuously capitalizes costs for new development. During the six-month period capitalized expenditure for development projects amounted to SEK 6.0 million (4.0).

Significant events after the period close

There are no significant events to report.

Financing

In May SEK 9.5 million was distributed as dividends to shareholders. The funds at the Group's disposal at the close of the period consisted of SEK 46.1 million (52.5), of which SEK 41.1 million (47.5) was cash and cash equivalents. These funds include unutilized credit of SEK 5.0 million.

The period's cash flow from operating activities was SEK 11.7 million (14.4). The cash flow from operating activities for the second quarter was SEK 4.2 million (4.4).

Total cash flow for the period was SEK-5.1 (-9.3), which is due to the dividend of SEK 9.5 million distributed by the company in the second quarter, build-up of inventories and a positive effect from lower trade receivables.

The higher inventory value is partly due to lower sales in the first half of the year and partly to an expected recovery in the market.

Positive development in Asia and the Pacific region

Two new unique products completed

Unappropriated funds SEK 46.1

Cash flow (6 months) SEK-5.1

Parent company

Parent company sales for the period were SEK 62.8 million (77.3). Profit before tax was SEK-1.5 million (13.8). Parent company sales for the second quarter were SEK32.8 million (40.2). Pre-tax earnings for the second quarter were SEK-0.3 million (7.2).

The parent company's investments in property, plant and equipment and intangible assets during the period amounted to SEK 6.6 million (4.3) and the cash flow was SEK -7.8 million $(-6.9)$ .

In other respects please refer to the information for the Group.

Personnel

The number of employees of the Group, restated as full-time equivalents, was 68 (65) at the close of the period. Of these, 41 (37) were men and 27 (28) women.

During the second quarter the management team was augmented by Magnus Blixt as Chief Financial Officer (CFO) and Göran Grangvist was appointed as VP Quality, to take up his position in autumn 2013.

Number of employees 68

Other information

Group

On 30 June 2013 the Group consisted of the parent company and the wholly-owned subsidiaries CellaVision Inc. (USA), CellaVision Canada Inc. (Canada), CellaVision Japan K.K. (Japan) and CellaVision International AB.

Accounting policies

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

IFRS 13 Fair value measurement

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

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

IAS 1 Presentation of financial statements

As of 2013, an amendment to IAS 1 has been introduced which involves regrouping items presented in other comprehensive income into items that will be reclassified to profit or loss and items that will not be reclassified to profit or loss. CellaVision's application of the amendments to IAS 1 is presented in the Group statement of comprehensive income

Other new st had any imp tandards and pact on CellaV d interpretatio Vision's financ ons that came cial reporting e into force on for the interim n January 1, 2 m report perio 013 have not od. t

Financial ins struments

Derivatives h where fair va data for the a or indirectly information remaining m June 30, 201 held for foreig alue is determ asset or liabil (i.e. derived f referring to e maturities. The 3. gn currency h mined on the b ity than listed from prices). C exchange rate e value of Cell edging are va basis of valua d prices includ Currency forw es on the bala laVision's der alued at level ation models b ded in level 1, wards are valu ance sheet da ivatives amou 2, financial in based on oth , either direct ued on the ba te and marke unt to SEK -1.6 nstruments, er observable tly (i.e. as price sis of observa t rates for 6 million at ees) able

The carrying fair value at J g amount of fi June 30, 2013 nancial instru 3. uments measu ured at amort tized cost is c onsistent wit th

Segment rep porting

CellaVision's systems in th and balance s operations o he field of hem sheet regard only comprise matology, and ding operating e one operatin d therefore re g segment rep ng segment; a eference is ma porting. automated m ade to the inc icroscopy come stateme ent

Informatio on concern ning risks an nd uncerta ainties

Reduced dem risks. For a m refer to the r mand and cha more detailed risk and sensit anges in exch description o tivity analysis hange rates co of the risks an s in the Annua onstitute unc d uncertainti al Report for 2 certainties but es facing Cell 2012. t not material aVision, pleas l se

Review

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

Future rep ports

Interim repo	Oc
ort January – S	ctober 24, 20
September:	13
Year-end bu lletin 2013:	Fe ebruary 13, 20 014

The interim r reports for 20 013 and annu al report for 2 2012 are avail able at www. .cellavision.co om.

The Board of view of the p and describe companies in f Directors an parent compa es material ris n the Group a nd CEO certify any's and the sks and uncer are exposed. y that the fina Group's busin tainties to wh ncial stateme ness, financia hich the paren ents provide a al position and nt company a a true and fair d performanc and the r ce

Lund, July 17 7, 2013

Lars Gatenbe eck Chairman of f the Board	Chr rister Fåhraeu us Mem mber of the Boa ard	Sven-Åk ke Henningss son Member r of the Board
Lars Henrikss son Member of th he Board	Rog ger Johanson Mem mber of the Boa ard	Torbjörn n Kronander Member r of the Board
Anna Malm B Bernsten Member of th he Board	Yvo onne Mårtens son Pres sident/CEO

Questions concerning the report can be addressed to:

Yvonne Mårtensson, CEO, CellaVision AB Tel: +46 708 33 77 82. Email: [email protected]

Magnus Blixt, CFO, CellaVision AB Tel: +46 708 33 81 68. Email: [email protected]

Publication

The information in this interim report is disclosed by CellaVision AB (publ) pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was released for public disclosure on July 17, 2013 at 08.30.

Address

CellaVision AB, Ideon Science Park, SE 223 70 LUND Corporate identity number: 556500-0998

Web: www.cellavision.com Blog: http://blog.cellavision.com App: CellAtlas

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

Consolidated Income Statement in Summary

All amount in '000 SEK	Apr-Jun 2013	Apr-Jun 2012	Jan-Jun 2013	Jan-Jun 2012	Jan-Dec 2012
Net sales	36 095	43 360	69890	83775	169 512
Cost of goods sold	$-12697$	$-14662$	$-24514$	$-28006$	$-59456$
Gross profit	23 3 98	28 698	45 376	55769	110056
Sales and marketing expenses	$-11376$	$-9800$	$-20346$	$-18994$	$-38859$
Administration expenses	$-6705$	$-8651$	$-13607$	$-15231$	$-29060$
R&D expenses	$-5674$	$-5701$	$-12465$	$-11638$	$-21435$
Other operating income
Operating result	$-357$	4546	$-1042$	9906	20702
Interest income and financial exchange rate gains	31	591	109	92	225
Interest expense and financial exchange rate losses	$-157$	$-121$	$-1048$	$-607$	$-2376$

Result before income tax	-483	5016	$-1981$	9391	18551
Tax	169	$-1906$	169	$-3638$	$-12100$
Net result	$-314$	3110	$-1812$	5753	6451

Other comprehensive income: Components not to be reclassified to net profit:

Components to be reclassified to net profit:
a) Financial assets at fair value
Reclassified to operating result	$-1320$	8	$-2255$	260	99
Revaluation of financial assets	$-2211$	$-85$	$-2094$	1122	2 3 4 2
Income tax relating to financial assets	777	20	957	$-364$	$-537$
b)Translation difference	$\mathbf 0$
Translation difference in the group	325	$-79$	390	$-76$	31
Sum of Components to be reclassified to net profit:	$-2429$	$-136$	$-3.002$	942	1935
Sum of other comprehensive income:	$-2429$	$-136$	$-3002$	942	1935
Comprehensive result for the period	$-2743$	2974	$-4815$	6695	8386


Per share data	Apr-Jun 2013	Apr-Jun 2012	Jan-Jun 2013	Jan-Jun 2012	Jan-Dec 2012
Earnings per share, SEK */	$-0.01$	0.13	$-0.08$	0.24	0.27
Equity per share, SEK	4.63	5.17	4.63	5.17	5.24
Equity ratio, %	66%	76%	66%	76%	70%
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
Stock exchange rate, SEK	12.55	16.60	12.55	16.60	14.70

*/ In relation to net profit and average outstanding shares

Quarterly Results

All amount in '000 SEK	02 2013	01 2013	Q4 2012	03 2012	02 2012	Q1 2012
Net sales	36 0 95	33795	50 405	35 3 32	43 360	40 415
Gross profit	23 3 98	21978	31 696	22 5 9 1	28 698	27 071
Gross margin in %	65	65	63	64	66	67
Overhead cost	$-23755$	$-22663$	$-24882$	$-18609$	$-24152$	$-21711$
Operating result	$-357$	$-685$	6814	3982	4 5 4 6	5 3 6 0
Net result	$-314$	$-1498$	$-3194$	3892	3 1 1 0	2643
Cashflow	$-11420$	6 2 9 6	$-6389$	5150	$-8996$	$-347$

Consolidated Balance Sheet in Summary

All amount in '000 SEK	2013-06-30	2012-06-30	2013-03-31	2012-12-31
Assets
Intangible assets	26 5 7 3	22 4 33	25 043	24 152
Tangible assets	3 1 0 1	2085	3 2 3 7	2693
Deferred tax	38 189	45 664	37888	37994
Financial assets	82	105	83	91
Inventory	23 3 6 9	16 944	15912	16356
Trade receivables	26 288	19 501	31849	40 632
Other receivables	7579	7713	9497	10402
Cash and bank	41 1 12	47 475	52 532	46 236
Total assets	166 293	161920	176 041	178 556
Equity and liabilities
Equity	110556	123 221	122840	124912
Short term debt	22 3 1 5	18925	22 948	20802
Short term debt with interest	13 9 93	6058	16 3 8 3	14 2 7 2
Trade payables	17581	11724	12014	16458
Other liabilities	1848	1992	1856	2 1 1 2
Total equity and liabilities	166 293	161920	176 041	178 556

Consolidated statement of changes in equity

All amount in '000 SEK	2013-06-30	2012-06-30	2013-03-31	2012-12-31
Balance at the beginning of the year	124 912	126 067	124 912	126 067
Dividend	$-9541$	$-9541$		$-9541$
Net profit for the year	$-1812$	5753	$-1498$	6451
Comprehensive result for the period	$-3002$	942	$-574$	1935
Balance at the end of the year	110 556	123 221	122840	124912

Cash Flow Analysis in Summary in Summary

All amount in '000 SEK	Apr-Jun 2013	Apr-Jun 2012	Jan-Jun 2013	Jan-Jun 2012	Jan-Dec 2012
Result before taxes	$-483$	5016	$-1981$	9 3 9 1	18 5 5 1
Adjustment for items not included in cash flow	2 3 0 1	8138	5991	3 3 9 0	7668
Taxes	$-26$		$-26$		$-790$
Cash flow from operations before changes in working
capital	1791	13 154	3 9 8 3	12781	25 4 29
Changes in working capital	2 4 2 3	$-8717$	7736	1664	$-13936$
Cash flow from operations	4 2 1 4	4437	11719	14 4 45	11 493
Capitalisation of development costs	$-3.378$	$-2.567$	$-5979$	$-4011$	$-9256$
Aquisitions in financial non-current assets	$-106$	-8	9	9	23
Aquisitions in tangible non-current assets	$-220$	$-164$	$-1054$	$-585$	$-1854$
Cash flow from investment activities	$-3703$	$-2739$	$-7023$	$-4587$	$-11087$
New loans and instalments of dept	$-2.390$	$-1153$	$-279$	$-9660$	$-1447$
Dividend	$-9541$	$-9541$	$-9541$	$-9541$	$-9541$
Cash flow from financing activities	$-11931$	$-10694$	$-9820$	$-19201$	$-10988$
Total cash flow	$-11420$	$-8996$	$-5124$	$-9343$	$-10582$

Liquid funds at beginning of period	52 532	56 471	46 236	56818	56818
Liquid funds at end of period	41 112	47 47 5	41 1 1 2	47475	46 236

Income Statement - Parent Company

All amount in '000 SEK	Apr-Jun 2013	Apr-Jun 2012	Jan-Jun 2013	Jan-Jun 2012	Jan-Dec 2012
Net sales	32824	40 222	62798	77 265	161949
Cost of goods sold	$-14936$	$-15346$	$-27726$	$-28682$	$-78322$
Gross profit	17888	24 876	35 072	48 583	83 627
Sales and marketing expenses	$-5793$	$-4005$	$-9699$	$-7624$	$-15705$
Administration expenses	$-6706$	$-8651$	$-13607$	$-15231$	$-29060$
R&D expenses	$-5674$	$-5701$	$-12465$	$-11638$	$-21435$
Other operating income		0
Operating result	$-285$	6519	-699	14 090	17427
Write-downs of shares in group companies
Interest income and financial exchange rate gain.	31	870	107	85	217
Interest expense and financial exchange rate loss	$-82$	$-141$	$-946$	-342	$-2106$

Result before income tax	$-336$	7 248	$-1538$	13833	15 5 38
Tax	$\Omega$	$-1906$	$\Omega$	$-3638$	$-11408$
Net result	-336	5 3 4 2	$-1538$	10 195	4 1 3 0

Statement of Comprehensive Income

All amount in '000 SEK	Apr-Jun 2013	Apr-Jun 2012	Jan-Jun 2013	Jan-Jun 2012	Jan-Dec 2012
Net result for the period	$-336$	5 3 4 2	$-1538$	10 195	4 1 3 0
Other comprehensive income:	$\overline{\phantom{0}}$	$\overline{\phantom{0}}$		$\overline{\phantom{a}}$
Sum of other comprehensive income:		0		ŋ
Comprehensive result for the period	-336	5 3 4 2	$-1538$	10 195	4 1 3 0

Balance Sheet - Parent Company

All amount in '000 SEK	2013-06-30	2012-06-30	2013-03-31	2012-12-31
Assets
Intangible assets	26 573	22 4 33	25 043	24 152
Tangible assets	2 1 0 6	1539	2 3 5 3	2 1 2 6
Deferred tax	37 092	44 862	37 092	37 092
Financial assets	9852	9852	9852	9852
Inventory	19823	11924	12 63 6	12 2 8 6
Trade receivables	23 800	10 238	27 106	31840
Receivables from group companies	9 9 0 8	22 273	11 470	12 642
Other receivables	8 1 6 2	5778	6789	7762
Cash and bank	34 545	42 055	45 772	42 301
Total assets	171860	170 954	178 113	180 053

Equity and liabilities
Equity	120 330	137 475	130 208	131410
Short term debt	3 0 0 0	14 008	17884	16 086
Short term debt with interest	13 993	6058	16 3 8 3	14 272
Liabilities to group companies
Trade payables	17 3 61	11 421	11782	16 173
Other liabilities	17 17 6	1992	1856	2 1 1 2
Total equity and liabilities	171860	170 954	178 113	180 053

This i is CellaVi sion

CellaVision's laboratories, hematology in the US, Ca s customers a , mainly in Eu companies. P anada and Jap re large and m rope and Nor Products are s pan. mid-sized hos rth America. I sold directly i spital laborato n most count n the Nordic ories and com tries sales are countries and mmercial via global d via subsidia ries

CellaVision's workflows an SEK 170 mill increase by a s analyzers rat nd competen ion, correspo at least 15 % a tionalize man ncy developm nding to an in annually over ual laborator ment within an ncrease of 9 % r an economic ry work and se nd between h %. The target c cycle. ecure and sup hospitals. In 20 is for sales to pport effectiv 012 sales wer continue to ve re

The product ts replace ma anual microsc copy in labora atories for bl lood analyses s

After taking shows signs This analysis analyzer it m the sample, m of disease it i s is carried out must be done most blood te is examined f t automatical manually in a ests are first an urther to ena ly by CellaVis a microscope. nalyzed using ble it to be us sion's analyze . g cell counter sed as a basis r. Without Ce s. If the samp for diagnosis llaVision's ple s.

What is driv ving growth?

The demand assurance re Growing staf highly intere county coun coordinate g d for CellaVisio equirements i ff shortages in esting solutio ncil or hospita geographicall on's products n the healthc n laboratory o n. The trend i al groups and y spread serv s is strong and care market, p operations m s for more ho seek tools to vices. d is due to inc particularly in ake CellaVisio ospitals to join help them w creased efficie Europe and N on's automate n together an work more effe ency and qua North America ed products a d collaborate ectively and lity a. a e in

Five founda ations for grow wth

CellaVision's developmen for our analy s overall grow nt. Growth tak ytical method wth strategy is kes place thro d to be standa s based on glo ough focusing ard at clinical l obal expansio g on custome laboratories t on, partnershi rs and the ma throughout th p and produc arket. Our goa he world. ct al is

Target gro growing nee markets in A up and positio ed for automa Asia, mainly Ja oning. We cur ation. These a apan, China an rrently target are mainly fou nd South East clinical labora und in Europe t Asia. atories in hem e, North Amer matology with rica and select h a ted
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Sales chan strong, strate through the and Abbott. continuous s looking at ne nels. CellaVisi egic and com largest hema Our own sale support and t ew opportun ion reaches a mplementary p atology comp es organizatio training to ou ities and form broad geogr partners with panies in the w ons in the Nor ur partners du ms of cooperat raphical mark a local prese world: Sysmex rdic area, the uring the sales tion. et by coopera nce. We sell o x, Beckman C USA, Canada s process. We ating with our products oulter, Sieme and Japan giv are constant ens ve ly
Product de groups and b the best solu developmen the market p evelopment. W by examining ution and pref nt through co puts further d We will grow b g the possibili ferably devel operation wit emands on o by broadening ty of commer op it ourselve th partners. T ur future prod g our product rcializing new es, but the str The emergenc duct develop t range for ex w areas of ana ategy also inc ce of competi pment. isting custom lysis. We seek cludes ng companie mer k es in
Company c important to culture. Satisfi o us that our e ied employee employees en es create the c njoy their wor conditions fo rk, feel involve r satisfied cus ed and motiv stomers. It is ated. Innovat tive

ideas are an expertise in great quanti customers. important fac image analys ty of IT know ctor behind C is, artificial in ledge, we can CellaVision's p telligence and n develop sol positive devel d automated utions that br opment. With microscopy, ring consider h leading-edg as well as a able gains to ge our

About Cella aVision's geo ographical m arkets

North Americ ca

North Ameri driver for me growing staf particularly e ensure effec the requirem growing due and Siemens organization largest playe ica is CellaVisi eeting greate ff shortages th evident in the tive and secu ments for redu e to the agein s sell CellaVisi n. By means o er, Abbott. In ion's largest m r effectivenes hat exist in la e USA and Can ure managem uced labor co ng population ion's product f a co-market Canada CellaV market. Autom ss requiremen boratory ope nada. Laborat ent of large a sts and shorte n. The distribu s in the USA i ting agreeme Vision sells di mation has lo nts in North A erations in the tories are the and growing s er response t utors Sysmex n parallel wit nt, we also w irectly to the ng been the m American labo e western wor refore seekin sample volum imes, sample America, Bec h CellaVision' ork closely wi end custome most importa oratories. The rld are g solutions th mes. On top of volumes are kman Coulter 's own sales ith the fourth r. ant hat frh

Europe, the M Middle East an nd Africa

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

Asia and the Pacific region n

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

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

Japan is a ma facing severa population t well able to s health care s company's t the distribut arket with im al challenges that at the sam solve quality sector. Since t echnology to tor Sysmex als portant grow with funding me time dem and efficiency the start in 20 o the thousan so sells CellaV wth potential f g problems as ands better q y problems ar 008 CellaVisio d or so major Vision's produ for CellaVisio s expenditure quality. Conse re highly inte n's subsidiari r clinical labor ucts. n. Japanese h increases for equently, prod eresting to the es have mark ratories in Jap health care is an ageing ducts that are e Japanese keted the pan. Since 201 e 10