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CellaVision — Interim / Quarterly Report 2015
Jul 17, 2015
3025_ir_2015-07-17_307966d8-3b32-4695-968b-6073446a9f66.pdf
Interim / Quarterly Report
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Interim report January-June 2015
Expected operating profi t exceeding SEK 65 million for full year despite a weak second quarter
April 1–June 30, 2015
- Net sales decreased by 5.0% to SEK 51.5 million (54.2).
- The operaƟ ng profi t was SEK 8.3 million (10.8).
- The operaƟ ng margin was 16.0 % (19.9).
- The pre-tax profi t was SEK 7.7 million (11.4).
- Earnings per share were SEK 0.21 (0.38).
- CellaVision launched CellaVision® Remote Review SoŌ ware Vet.
- The distribuƟ on agreement with Siemens was extended to include China.
CEO's comments
AŌ er seven quarters of growth, sales decreased in the second quarter by fi ve percent compared to the strong quarter in 2014, when growth was 50 percent. EMEA conƟ nues to show a strong trend with 35 percent growth while both Americas (-17 %) and APAC (-63 %) had decreasing sales. The operaƟ ng margin was in line with expectaƟ ons at 16 percent.
During the quarter we had a posiƟ ve exchange rate effect for both EUR and USD with a posiƟ ve impact on sales of about ten percent compared with the same period in the previous year.
As previously communicated, we have revised our fi nancial targets concerning the operaƟ ng margin from 15 % to 20 % over an economic cycle. The main reason for the new target is the scalable and cost-eff ecƟ ve business model.
CellaVision conƟ nues to successfully penetrate the veterinary market segment. AŌ er the close of the second quarter we received a follow-up order of more than SEK 30 million for a customer with a large number of laboratories in North America. The order will be delivered and installed before the end of 2015.
The veterinary market segment is a new segment for us that we iniƟ ally defi ned as limited and strongly consolidated between a few major actors. We now regard the veterinary market segment more posiƟ vely for two reasons; CellaVision's technology adds greater value and the market segment probably has greater potenƟ al than iniƟ ally esƟ mated.
January 1–June 30, 2015
- Net sales increased by 6.0% to SEK 103.3 million (97.4).
- The operaƟ ng profi t increased to SEK 18.8 million (18.3).
- The operaƟ ng margin decreased to 18.2% (18.8).
- The pre-tax profi t decreased to SEK 18.5 million (18.9).
- Earnings per share decreased to SEK 0.55 (0.63).
Signifi cant post quarter events
- Follow-up order in the veterinary market worth more than SEK 30 million and expected operaƟ ng profi t for the full year 2015 exceeding SEK 65 million (42.8).
- Revised operaƟ ng margin target from 15% to 20% over an economic cycle.
CellaVision's soluƟ on for veterinary laboratories makes centralizaƟ on of the laboratories' experƟ se possible, which contributes to cost savings and more eff ecƟ ve workfl ows. With the increased analyƟ cal capacity, more blood samples can be analyzed than before. In future CellaVision will conƟ nue to evaluate and address the veterinary medicine market segment to map potenƟ al for future business.
During the quarter CellaVision introduced an organiza-Ɵ onal change to develop our scalable and cost-eff ecƟ ve business model. CellaVision has established a global funcƟ on-oriented organizaƟ on including market support organizaƟ ons with a local presence in our key regions. Apart from this, we will further develop our technology with innovaƟ ons close to the customer through a strengthened product manager organizaƟ on and development of our research and development organizaƟ on towards an agile working method. The ambiƟ on is to create a fl eet-footed organizaƟ on with clear roles to meet the requirements and needs of the market.
CellaVision conƟ nues to maintain a high pace of innovaƟ on and during the quarter launched CellaVision® Remote Review SoŌ ware Vet intended for the veterinary market. In addiƟ on to this is the technical pre-study for the future technology plaƞ orm that targets the market segment not yet penetrated by CellaVision of about 100 000 small and mid-size laboratories in human hematology proceeding according to plan.
Zlatko Rihter, President and Chief ExecuƟ ve Offi cer
| Key Ratios | |||||
|---|---|---|---|---|---|
| (MSEK) | Apr-Jun 2015 | Apr-Jun 2014 | Jan-Jun 2015 | Jan-Jun 2014 | Jan-Dec 2014 |
| Net sales | 51.5 | 54.2 | 103.3 | 97.4 | 216.9 |
| Gross profi t | 36.7 | 36.3 | 73.0 | 64.3 | 145.1 |
| OperaƟ ng profi t | 8.3 | 10.8 | 18.8 | 18.3 | 42.8 |
| OperaƟ ng margin, % | 16.0 | 19.9 | 18.2 | 18.8 | 19.7 |
| Profi t/loss before tax | 7.7 | 11.4 | 18.5 | 18.9 | 43.4 |
| Cash fl ow for the period | -26.7 | -30.0 | 14.4 | -11.7 | -6.0 |
Net Sales, Q2 -5.0 %
Operating profi t, Q2 8.3 MSEK
Operating Margin, Q2 16.0 %
"Continued success in the veterinary segment and further development of the scalable business model"
Sales, earnings and investment
April 1 - June 30
Net sales for the Group in the second quarter were SEK 51.5 million (54.2), a decrease of fi ve percent compared with the corresponding period in 2014. CellaVision invoices more than 90 percent of sales in EUR or USD, which means that exchange rate fl uctuaƟ ons have a major impact on the company's reported sales. Adjusted for exchange rate eff ects, sales decreased by 15 percent compared with the corresponding quarter in 2014.
The gross margin for the quarter was 71 percent (67). CellaVision usually has variaƟ ons in gross margins between individual quarters, which is due to the distribuƟ on of sales via distributors as against own sales companies, as well as the product mix sold.
Total operaƟ ng expenses for the second quarter were SEK 28.4 million (25.5). In the second quarter last year a provision was made for costs related to the change of President/CEO. Despite last year's provision the costs have increased, which is partly due to increasing R&D costs. In addiƟ on has the non-capitalized R&D costs increased as many of the projects are in the pre-study phase. CellaVision has also increased investments in the markeƟ ng support organizaƟ on in order to drive sales.
CellaVision is conducƟ ng several development projects, aimed at strengthening the company's product off ering to customers in the fi eld of hematology. Capitalized expenditure for development projects was SEK 1.8 million for the quarter. Last year the corresponding fi gure was SEK 7.7 million, of which SEK 4.3 million referred to acquisiƟ on of a new technology plaƞ orm.
The operaƟ ng profi t for the quarter was SEK 8.3 million (10.8) with an operaƟ ng margin of 16.0 percent (19.9).
Investments in property, plant and equipment during the quarter amounted to SEK 0.0 million (0.3).
Seasonal variations
CellaVision has an unevenly distributed order fl ow over the year, depending on the distributors' sales, inventory levels and agreed volumes. The variaƟ on in order volume in individual quarters may be great in the diff erent geographical regions.
Financial targets
Our objecƟ ve is to create a global standard for digital microscopy in the sub-fi eld hematology, aiming in the long term to be a world leading supplier in several sub-fi elds of laboratory medicine. The objecƟ ve is broken down into two fi nancial targets.
- Sales growth ≥15% Increase sales over an economic cycle by an average of at least 15 percent per year.
- OperaƟ ng margin >20 % The operaƟ ng margin is to exceed 20 percent over an economic cycle.
Net sales, Q2 51.5 MSEK
Operating margin, Q2 16.0 %
EMEA 22.5 MSEK +35%
Europe, Middle East and Africa Sysmex Beckman Coulter Siemens Abbott
Scandinavia Co-marketing: Sysmex, Beckman Coulter, Siemens och Abbott
corresponding quarter in 2014.
emerging replacement market.
during the quarter.
EMEA
morphological assessment and thus the test results, has previously been successfully launched in Canada for the CellaVision DM9600, DM96 and DM1200. During the quarter the CellaVision® Advanced RBC ApplicaƟ on was also approved for sale for the Sysmex DI-60 analyzer.
EMEA conƟ nues to develop posiƟ vely with good growth and sales that in the second quarter amounted to SEK 22.5 million (16.7), corresponding to growth of 35 percent (in local currencies 29 percent) compared with the
The strong growth is aƩ ributed CellaVisions organizaƟ onal development in the region which together with the close collaboraƟ on with distribuƟ on partners have laid grounds for the success. Several procurements in which CellaVision's analyzers were included were concluded
The interest in complete automaƟ on in hematology conƟ nues to be great, resulƟ ng in both new sales and
The interest in digital morphology as well as CellaVision's other products strengthened during the quarter in
China Sysmex Beckman Coulter Vastec Siemens
APAC 1.9 MSEK
Japan Sysmex Co-marketing: Siemens
Rest of Asia/Pacifi c Sysmex Beckman Coulter Siemens
CellaVision´s sales and business support offi ces
Development in geographical markets
Americas
USA Sysmex Beckman Coulter Siemens
Canada Sysmex (DI-60)
Co-marketing: Abbott
Co-marketing: Beckman Coulter Co-marketing: Siemens Rest of America Sysmex Beckman Coulter Siemens
Sales in the Americas amounted to SEK 27.1 million (32.5), which means a decrease of 17 percent (in local currencies -28 percent) compared with the corresponding quarter in 2014.
The decrease is mainly explained by changes in sales in the product mix, with a lower proporƟ on of soŌ ware compared with the historically strong comparaƟ ve quarter in 2014. The rate of sales of analyzers in the Americas is at the same level in relaƟ on to the comparaƟ ve quarter of 2014.
Development of the replacement market is slower in the Americas than in EMEA since CellaVision's products were introduced a couple of years later in the American market.
During the quarter CellaVision launched the CellaVision® Remote Review SoŌ ware Vet, which is specially developed for the needs of the veterinary market and enables laboratory chains working in networks to share test results and cell images eff ecƟ vely.
The CellaVision® Advanced RBC ApplicaƟ on for advanced analysis of red blood cells which further improves the
Saled in Americas decreased by 17% compared to the corresponding quarter of 2014.
EMEA continues to develop with strong sales and growth of 35% in the second quarter.
the Middle East largely due to the markeƟ ng acƟ viƟ es conducted by CellaVision's distribuƟ on partners in the region. During the year CellaVision aims to increase its direct presence in these markets by developing the company's markeƟ ng support organizaƟ on to strengthen CellaVision's establishment in the region.
APAC
CellaVision's sales in the second quarter fell to SEK 1.9 million (4.9) in the region. During the quarter sales in Japan developed in line with the company's expectaƟ ons. Sales in China has developed below expectaƟ ons mainly because of a slow start of launched products.
CellaVision is sƟ ll in the commercial start-up phase in China and will conƟ nue to fl uctuate between quarters. Both market penetraƟ on and sales are sƟ ll at a low level.
During the quarter the markeƟ ng support organizaƟ on in China was augmented through the recruitment of an APAC Director to be responsible for and conduct sales and markeƟ ng acƟ viƟ es in the region. This iniƟ aƟ ve also includes establishing a regional offi ce in Shanghai.
At the end of the quarter the Siemens distribuƟ on agreement was extended to include China. In that way Siemens becomes CellaVision's fourth distribuƟ on partner in the Chinese market.
Research and Development
CellaVision has several development projects conƟ nually in progress, aimed at further strengthening of the product porƞ olio.
During the quarter development resources were focused on compleƟ ng new soŌ ware for the veterinary market with soluƟ ons for larger, centralized networks, the CellaVision® Remote Review SoŌ ware Vet. AŌ er an extensive and successful beta test on site at the customer the soŌ ware is now ready and released on the market. The soŌ ware will be further developed with a view to a release for the human market as well.
The pre-study to produce products for small and mid-size laboratories conƟ nued during the quarter and prototypes were produced. The work of adapƟ ng the soŌ ware to the prototypes is in progress and will thereaŌ er be evaluated.
During the quarter CellaVision conƟ nued to conduct several patent cases regarding both geographical expansion of already patented invenƟ ons and as yet unpatented invenƟ ons. CellaVision's patent porƞ olio today consists of 23 patent families covering 57 registered patents.
Financing
In May SEK 23.9 million was distributed as dividends to shareholders.
The Group's cash and cash equivalents at the close of the quarter amounted to SEK 66.3 million (46.2).
Cash fl ow from operaƟ ng acƟ viƟ es for the quarter was SEK -1.9 million (2.5).
Total cash fl ow for the quarter was SEK -26.7 million (-30).
Parent company
Parent company sales in the quarter were SEK 48.0 million (51.8). Profi t before tax was SEK 11.8 million (10.4).
The parent company's investments in tangible and intangible assets during the quarter amounted to SEK 1.8 million (8.0) and the cash fl ow to SEK -30.1 million (-34.7). In other respects please refer to the informa-Ɵ on for the Group.
Personnel
The number of employees of the Group, restated as full-Ɵ me equivalents, was 70 (68) at the close of the period. Of these, 46 were men (42) and 24 women (26).
Stefan Bengtsson leŌ his posiƟ on as COO (Chief OperaƟ ons Offi cer) on April 30, 2015.
The company has during the quarter iniƟ ated an organizaƟ onal development in order to establish a global funcƟ on-oriented structure that includes stronger market support in the diff erent regions.
Information concerning risks and uncertainties
Reduced demand and changes in exchange rates consƟ tute uncertainƟ es but not material risks. For a more detailed descripƟ on of the risks and uncertainƟ es facing CellaVision, please refer to the risk and sensiƟ vity analysis in the Annual Report for 2014.
Signifi cant events after the fi rst quarter
Follow-up order in the veterinary market worth more than SEK 30 million and expected operaƟ ng profi t for the full year 2015 exceeding SEK 65 million (42.8).
Revised operaƟ ng margin target from 15% to 20% over an economic cycle.
Other information
Group
On 30 June 2015 the Group consisted of the parent company and the wholly-owned subsidiaries Cella-Vision Inc. (USA), CellaVision Canada Inc. (Canada), CellaVision Japan K.K. (Japan) and CellaVision Interna-Ɵ onal AB.
APAC´s market support organization strengthened with regional offi ce and Direftor APAC in Shanghai.
Disposible funds 66.3 MSEK
Cash fl ow from operations -1.9 MSEK
Total cash fl ow for the quarter amounted to -26.7 MSEK
Number of employees 70
Prototype in the project of developing products for small and mid-size laboratories.
Accounting policies
The Group applies InternaƟ onal Financial ReporƟ ng Standards (IFRS), as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial ReporƟ ng, the Annual Accounts Act and the Nasdaq OMX Stockholm Rule Book for Issuers. The parent company applies the Annual Accounts Act and the Swedish Financial ReporƟ ng Board recommendaƟ on RFR 2 AccounƟ ng for Legal EnƟƟ es. The accounƟ ng policies and calculaƟ on methods applied are consistent with those described in the annual report for 2014.
New standards and interpretaƟ ons that came into force on January 1, 2014 have not had any impact on CellaVision's fi nancial reporƟ ng for the interim report period.
Financial instruments
DerivaƟ ves held for foreign currency hedging are valued at level 2, fi nancial instruments where fair value is determined on the basis of valuaƟ on models based on other observable data for the asset or liability than listed prices included in level 1, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Currency forwards are valued on the basis of observable informaƟ on referring to exchange rates on the balance sheet date and market rates for remaining maturiƟ es. The net value of currency forwards is reported as current liabiliƟ es, not interest bearing, on the Group's balance sheet. The net value of CellaVision's derivaƟ ves was SEK 0.1 million at June 30, 2015.
Segment reporƟ ng
CellaVision's operaƟ ons only comprise one operaƟ ng segment; automated microscopy systems in the fi eld of hematology, and therefore reference is made to the income statement and balance sheet regarding operaƟ ng segment reporƟ ng.
Review
This report has not been reviewed by the company's auditors.
The Board of Directors and the Presisdent/Chief ExecuƟ ve Offi cer cerƟ fy that the interim report provides a true and fair view of the parent company´s and the Group´s business, fi nancial posiƟ on and performance and describes material risks and uncertainƟ es to which the parent company and the companies in the group are exposed.
Lund, July 17, 2015
Lars Gatenbeck Chairman of the Board
Roger Johanson Member of the Board Chister Fåhraeus Member of the Board
Torbjörn Kronander Member of the Board
Niklas Prager Member of the Board Åsa Hedin Member of the Board
Anna Malm Bernsten Member of the Board
Zlatko Rihter President/CEO
Consolidated Income Statement in Summary
| All amount in ' 000 SEK | Apr-Jun 2015 | Apr-Jun 2014 | Jan-Jun 2015 | Jan-Jun 2014 | Jan-Dec 2014 |
|---|---|---|---|---|---|
| Net sales | 51,486 | 54,154 | 103,308 | 97,391 | 216,916 |
| Cost of goods sold | -14,815 | -17,881 | -30,331 | -33,128 | -71,814 |
| Gross profi t | 36,671 | 36,273 | 72,977 | 64,263 | 145,102 |
| Sales and markeƟ ng expenses | -12,913 | -10,146 | -23,170 | -19,434 | -42,691 |
| AdministraƟ on expenses | -7,514 | -10,961 | -17,165 | -18,211 | -36,833 |
| R&D expenses | -7,983 | -4,365 | -13,889 | -8,309 | -22,765 |
| OperaƟ ng profi t | 8,261 | 10,801 | 18,753 | 18,309 | 42,813 |
| Interest income and fi nancial exchange rate gains | 118 | 696 | 458 | 767 | 1,090 |
| Interest expense and fi nancial exchange rate losses | -728 | -62 | -728 | -210 | -534 |
| Profi t/loss before tax | 7,651 | 11,435 | 18,483 | 18,866 | 43,369 |
| Tax | -2,566 | -2,341 | -5,288 | -3,878 | -11,904 |
| Profi t/loss for the period | 5,085 | 9,094 | 13,195 | 14,988 | 31,465 |
| Other comprehensive income: | |||||
| Components not to be reclassifi ed to net profi t: | - | - | - | - | - |
| Components to be reclassifi ed to net profi t: | |||||
| a) Financial assets at fair value | |||||
| Reclassifi ed to operaƟ ng result | 800 | -110 | 3,064 | 76 | 207 |
| RevaluaƟ on of fi nancial assets | 2,531 | -960 | 821 | -1,380 | -3,726 |
| Income tax relaƟ ng to fi nancial assets | -681 | 236 | -803 | 287 | 774 |
| b)TranslaƟ on diff erence | |||||
| TranslaƟ on diff erence in the group | -172 | 367 | 474 | 250 | 1,986 |
| Sum of Components to be reclassifi ed to net profi t: | 2,478 | -467 | 3,556 | -767 | -759 |
| Sum of other comprehensive income: | 2,478 | -467 | 3,556 | -767 | -759 |
| Comprehensive result for the period | 7,563 | 8,627 | 16,751 | 14,221 | 30,706 |
| Per share data | Apr-Jun 2015 | Apr-Jun 2014 | Jan-Jun 2015 | Jan-Jun 2014 | Jan-Dec 2014 |
| Earnings per share, SEK */ | 0.21 | 0.38 | 0.55 | 0.63 | 1.32 |
| Equity per share, SEK | 6.05 | 5.65 | 6.05 | 5.65 | 6.34 |
| Equity raƟ o, % | 79% | 79% | 79% | 79% | 75% |
| 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 | 43.90 | 22.80 | 43.90 | 22.80 | 39.30 |
| * Based on the profi t/loss for the period divided by the average number of shares in issue |
Quarterly earnings trend
| All amount in ' 000 SEK | Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | Q3 2013 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 51,486 | 51,822 | 72,482 | 47,043 | 54,154 | 43,237 | 64,885 | 45,076 |
| Gross profi t | 36,671 | 36,306 | 50,477 | 30,362 | 36,273 | 27,990 | 39,785 | 27,465 |
| Gross margin in % | 71 | 70 | 70 | 65 | 67 | 65 | 61 | 61 |
| Expenses | -28,410 | -25,814 | -33,642 | -22,693 | -25,472 | -20,482 | -23,488 | -16,774 |
| OperaƟ ng profi t | 8,261 | 10,492 | 16,835 | 7,669 | 10,801 | 7,508 | 16,297 | 10,691 |
| Net profi t | 5,085 | 8,110 | 11,649 | 4,828 | 9,094 | 5,894 | 12,831 | 7,913 |
| Cash fl ow | -26,694 | 41,049 | -6,592 | 12,286 | -29,962 | 18,291 | 15,257 | 1,513 |
Consolidated Balance Sheet in Summary
| All amount in ' 000 SEK | 6/30/2015 | 6/30/2014 | 3/31/2015 | 12/31/2014 |
|---|---|---|---|---|
| Assets | ||||
| Intangible assets | 27,338 | 33,412 | 27,336 | 27,224 |
| Tangible assets | 2,829 | 3,109 | 3,305 | 3,203 |
| Deferred tax assets | 16,932 | 29,271 | 20,172 | 22,507 |
| Financial assets | 110 | 89 | 117 | 208 |
| Inventory | 29,759 | 16,275 | 25,994 | 25,129 |
| Trade receivables | 29,451 | 34,612 | 33,505 | 60,531 |
| Other receivables | 9,965 | 8,521 | 9,078 | 11,542 |
| Cash and bank | 66,260 | 46,211 | 92,954 | 51,905 |
| Total assets | 182,644 | 171,482 | 212,461 | 202,249 |
| Equity and liabiliƟ es | ||||
| Equity | 144,195 | 134,812 | 160,484 | 151,296 |
| Short term debt | 25,278 | 24,391 | 34,863 | 34,408 |
| Short term debt with interest | - | - | - | - |
| Trade payables | 8,839 | 9,037 | 12,815 | 12,297 |
| Other liabiliƟ es | 4,332 | 3,242 | 4,299 | 4,248 |
| Total equity and liabiliƟ es | 182,644 | 171,482 | 212,461 | 202,249 |
Consolidated statement of changes in equity
| All amount in ' 000 SEK | 6/30/2015 | 6/30/2014 | 3/31/2015 | 2014-12-31 |
|---|---|---|---|---|
| Balance at the beginning of the year | 160,484 | 138,111 | 151,296 | 132,516 |
| Dividend | -23,852 | -11,926 | - | -11,926 |
| Net profi t for the year | 5,085 | 9,094 | 8,110 | 31,465 |
| Comprehensive result for the period | 2,478 | -467 | 1,078 | -759 |
| Balance at the end of the year | 144,195 | 134,812 | 160,484 | 151,296 |
Cash Flow Analysis in Summary
| All amount in ' 000 SEK | Apr-Jun 2015 | Apr-Jun 2014 | Jan-Jun 2015 | Jan-Jun 2014 | Jan-Dec 2014 |
|---|---|---|---|---|---|
| Result before taxes | 7,651 | 11,435 | 18,483 | 18,866 | 43,369 |
| Adjustment for items not included in cash fl ow | -3,978 | 7,537 | -292 | 6,756 | 18,942 |
| Taxes | -7 | 16 | -516 | -70 | -559 |
| Cash fl ow from operaƟ ons before changes in working capital | 3,666 | 18,988 | 17,675 | 25,552 | 61,752 |
| Changes in working capital | -5,616 | -16,486 | 23,490 | 6,353 | -21,968 |
| Cash fl ow from operaƟ ons | -1,950 | 2,502 | 41,165 | 31,905 | 39,784 |
| CapitalisaƟ on of development costs | -1,777 | -7,698 | -3,664 | -11,261 | -12,292 |
| AquisiƟ ons in fi nancial non-current assets | 688 | 155 | 901 | -6 | -119 |
| AquisiƟ ons in tangible non-current assets | 197 | -295 | -195 | -405 | -1,446 |
| Cash fl ow from investment acƟ viƟ es | -892 | -7,838 | -2,958 | -11,672 | -13,857 |
| New loans and instalments of dept | - | -12,700 | - | -19,978 | -19,978 |
| Dividend | -23,852 | -11,926 | -23,852 | -11,926 | -11,926 |
| Cash fl ow from fi nancing acƟ viƟ es | -23,852 | -24,626 | -23,852 | -31,904 | -31,904 |
| Total cash fl ow | -26,694 | -29,962 | 14,355 | -11,671 | -5,977 |
| Liquid funds at beginning of period | 92,954 | 76,173 | 51,905 | 52,882 | 57,882 |
| Liquid funds at end of period | 66,260 | 46,211 | 66,260 | 46,211 | 51,905 |
Income Statement - Parent Company
| All amount in ' 000 SEK | Apr-Jun 2015 | Apr-Jun 2014 | Jan-Jun 2015 | Jan-Jun 2014 | Jan-Dec 2014 |
|---|---|---|---|---|---|
| Net sales | 48,024 | 51,803 | 97,196 | 93,328 | 207,041 |
| Cost of goods sold | -14,100 | -21,675 | -33,278 | -41,019 | -81,184 |
| Gross profi t | 33,924 | 30,128 | 63,918 | 52,309 | 125,857 |
| Sales and markeƟ ng expenses | -5,972 | -5,062 | -10,542 | -9,179 | -24,745 |
| AdministraƟ on expenses | -7,514 | -10,961 | -17,165 | -18,211 | -35,133 |
| R&D expenses | -7,983 | -4,365 | -13,889 | -8,309 | -22,765 |
| OperaƟ ng profi t | 12,455 | 9,740 | 22,322 | 16,610 | 43,214 |
| Interest income and fi nancial exchange gains | 1 | 717 | 448 | 739 | 998 |
| Interest expense and fi nancial exchange losses | -612 | -55 | -612 | -105 | -355 |
| Impairment loss on intra-group receivables and shares in subsidiary | - | - | - | - | -1,700 |
| Profi t before income tax | 11,844 | 10,402 | 22,158 | 17,244 | 42,157 |
| Taxes | -2,606 | -2,289 | -4,875 | -3,794 | -11,308 |
| Net profi t | 9,238 | 8,113 | 17,283 | 13,450 | 30,849 |
Statement of Comprehensive Income
| All amount in ' 000 SEK | Apr-Jun 2015 | Apr-Jun 2014 | Jan-Jun 2015 | Jan-Jun 2014 | Jan-Dec 2014 |
|---|---|---|---|---|---|
| Net profi t for the period | 9,238 | 8,113 | 17,282 | 13,450 | 30,849 |
| Other comprehensive income: | - | - | - | - | - |
| Sum of other comprehensive income: | 0 | 0 | 0 | 0 | 0 |
| Comprehensive profi t for the period | 9,238 | 8,113 | 17,282 | 13,450 | 30,849 |
Balance Sheet - Parent Company
| All amount in ' 000 SEK | 6/30/2015 | 6/30/2014 | 3/31/2015 | 12/31/2014 |
|---|---|---|---|---|
| Assets | ||||
| Intangible assets | 27,338 | 33,412 | 27,336 | 27,224 |
| Tangible assets | 1,693 | 1,578 | 1,896 | 1,829 |
| Deferred tax assets | 16,781 | 29,169 | 19,386 | 21,655 |
| Financial assets | 106 | 106 | 106 | 106 |
| Inventory | 25,466 | 13,481 | 21,254 | 21,748 |
| Trade receivables | 23,746 | 31,864 | 25,800 | 56,219 |
| Receivables from group companies | 5,633 | 8,454 | - | 9,241 |
| Other receivables | 8,057 | 7,414 | 7,652 | 9,722 |
| Cash and bank | 56,290 | 35,700 | 86,365 | 41,028 |
| Total assets | 165,110 | 161,178 | 189,795 | 188,772 |
| Equity and liabiliƟ es | ||||
| Equity | 132,247 | 121,417 | 146,860 | 138,816 |
| Short term debt | 19,567 | 18,953 | 25,201 | 24,040 |
| Short term debt with interest | - | - | 339 | - |
| Trade payables | 8,557 | 8,830 | 12,605 | 12,246 |
| LiabiliƟ es to group companies | 408 | 8,736 | 491 | 9,422 |
| Other liabiliƟ es | 4,331 | 3,242 | 4,299 | 4,248 |
| Total equity and liabiliƟ es | 165,110 | 161,178 | 189,795 | 188,772 |
This is CellaVision
CellaVision creates value by improving processes for blood analysis, enabling more paƟ ents to receive beƩ er and faster care at a lower cost to healthcare services.
CellaVision's core activities
CellaVision's core acƟ viƟ es are digital image analysis of blood and other body fl uids. InnovaƟ on is an important part of CellaVision's mission and its employees are the company's main resource. The company's coordinated competence transforms customers' needs into eff ecƟ ve soluƟ ons for healthcare services.
CellaVision's employees have a high level of educaƟ on and sound experience of the biomedical sector. Our employees' broad competence in product development, quality assurance, market establishment and market support is crucial to the company's development. The company has core technological experƟ se in image analysis, arƟfi cial intelligence and automated microscopy.
Corporate culture
CellaVision's corporate culture is characterized by understanding of the customer, quality awareness and ability to take acƟ on with responsibility, which is refl ected in CellaVision's value-creaƟ ng core values: Customer in focus, IniƟ aƟ ve and Responsibility and Simplicity and Quality. Along with objecƟ ves, vision and guidelines, the core values inform the daily work and form a profi table corporate culture.
Off er to end customers
CellaVision off ers digital soluƟ ons for medical microscopy in hematology. The end customers are large hospital laboratories and commercial laboratories. CellaVision's unique concept replaces manual microscopes and improves the blood analysis process. In that way more paƟ ents can receive faster care of beƩ er quality while healthcare services can use their resources beƩ er.
Strategic partnerships
To achieve scalability in manufacture and sales CellaVision works with strategic partners.
Suppliers
CellaVision's analyzers are manufactured in Sweden on contract by Kitron. The company has direct agreements with selected sub-contractors for key components.
DistribuƟ on via suppliers of cell counters
CellaVision's soluƟ on is the last step in a blood analysis process, in which the cell counter is central. Agreements with foremost suppliers of cell counters are therefore strategically important so as to reach end customers cost eff ecƟ vely. CellaVision partners have a broad range of products and global salesforces with local knowledge. CellaVision's own organizaƟ on supports its partners in the sales process.
Vision
Our vision is to create a global standard for digital microscopy in the fi eld of laboratory medicine. Our method provides the laboratory with competency and quality as well as freeing up Ɵ me, which together imply cost-eff ecƟ veness and improved paƟ ent care.
Business concept
CellaVision develops and sells digital solu-Ɵ ons for medical microscopy. We replace manual microscopes with analyzers based on digital image analysis technology, arƟfi cial intelligence and IT. Our systems contribute to more eff ecƟ ve workfl ows and higher quality in laboratory medicine, an important part of the health care sector.
Automated analysis chain
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2
Taking samples Blood samples are taken at health centers or hospitals and sent for analysis to a clinical laboratory specializing in hematology and clinical chemistry.
Analysis by cell counter The main part of the samples can be analyzed using cell counters, which are availa-
ble at all clinical chemistry laboratories.
More specialized analysis in CellaVision's analyzer
The need for a specialized analysis in CellaVision's analyzer arises when the paƟ ent has immature or malignant cells in their blood.
Questions concerning the report can be addressed to:
Zlatko Rihter, CEO Tel: +46 46 286 44 01 [email protected]
Magnus Blixt, CFO Tel: +46 46 286 44 36 [email protected]
| Finacial calendar | |
|---|---|
| Interim report Jan-Sept: | November 9, 2015 |
| Year-end bulleƟ n 2015 | February 12, 2016 |
Defi nitions of key fi gures and ratios
Equity per share. Equity divided by the number of shares at the end of the period.
Net earnings per share. Net earnings in relaƟ on to average weighted number of shares.
Equity-assets raƟ o. Equity as a percentage of the balance sheet total.
Publication
The informaƟ on in this interim report is disclosed by CellaVision AB (publ) pursuant to the SecuriƟ es Market Act and/or the Financial Instruments Trading Act. The informaƟ on was released for public disclosure on July 17, 2015 at 08.20.
CellaVision is listed on the Nasdaq OMX Stockholm, Small Cap list. The company is traded under the Ɵ cker symbol CEVI and ISIN code SE0000683484.
Web: www.cellavision.com Blog: blog.cellavision.com App: CellAtlas
HEADQUARTERS IN SWEDEN CellaVision AB (publ) Ideon Science Park 223 70 Lund VisiƟ ng address: Scheelevägen 19A Tel: 046-286 44 00 Email: [email protected] Org.no. 556500-0998
2530 Meridian Pkwy, Suite 300 Durham, NC 27713 Tel: +1 919 806 4420 Email: [email protected]
USA CellaVision Inc.
CANADA CellaVision Canada Inc. 2 Bloor St West, Suite 2120 Toronto, ON M4W 3E2 Tel: +1 800 390 1374 Email: [email protected] JAPAN
CellaVision Japan K.K. 20/F Yokohama LandMark Tower 2-2-1 Minatomirai, Nishi-ku, Yokohama, 220-8120 Tel: +81 45 670 7110 Email: [email protected]