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CellaVision — Interim / Quarterly Report 2014
Feb 12, 2015
3025_rns_2015-02-12_0b8d2a47-5dc3-4a2f-bcf2-fd9b6909ca71.pdf
Interim / Quarterly Report
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Year-end bulletin 2014
Strongest quarter in CellaVision's history and first major veterinary order.
October 1–December 31, 2014
- Net sales increased by 12 % to SEK 72.5 million (64.9).
- Operating profit was SEK 16.8 million (16.3).
- Operating margin was 23.2 percent (25.1).
- Profit before tax was SEK 16.6 million (16.2).
- Earnings per share were SEK 0.49 (0.54).
- CellaVision's first major order in the veterinary market valued at more than SEK 12 million.
- Sysmex DI-60 and CellaVision® DM1200 approved for sale in China.
CEO's comments
After being in place for a few weeks I can verify that my first impression of CellaVision as a well-run and flourishing company is correct. I would like to thank Yvonne Mårtensson who, together with all the competent employees, built up the company to what it is today.
We have a strong core business and it will be an inspiring challenge to take CellaVision to the next level. It is gratifying that the positive sales trend has been maintained for the sixth quarter in a row. Sales in the quarter were SEK 72.5 million, with sales growth of 12 percent and an operating margin of more than 23 percent. This means that the historically strong fourth quarter of 2013 has now been surpassed. Strong sales growth in EMEA and our first veterinary business are some of the factors behind the sales increase. We also had an advantageous change in the exchange rate for both euro and dollars, which together had a positive impact on earnings for the quarter of more than SEK 5 million.
For the full year 2014 growth of 21 percent and an operating margin of 20 percent were achieved, with a positive exchange rate impact on sales of 3 percent. Our sales trend was good, at the same time as work on sound cost control continued to bear fruit. This contributes to our generating a strong cash flow from operating activities of SEK 40 million during the year.
CellaVision maintained a high pace of innovation during the year, with the launch of new software for advanced analysis of red blood cells, the CellaVision®Advanced RBC Application and CellaVision® DM9600, which after a somewhat slow start accelerated in terms of sales.
January 1–December 31, 2014
- Net sales increased by 21 % to SEK 216.9 million (179.9).
- Operating profit increased to SEK 42.8 million (25.9).
- Operating margin increased to 19.7 percent (14.4).
- Profit before tax increased to SEK 43.4 million (24.7).
- Earnings per share increased to SEK 1.32 (0.79).
- The board of directors proposes a dividend increase to SEK 1 per share for 2014 (0.50).
We also increased expansion potential in China through the registration approval from the CFDA for the Sysmex DI-60 and Cellavision® DM1200. We assess that the veterinary segment as limited but see opportunities of more potential business in the future. CellaVision has the potential to add substantial customer value in the veterinary segment by adapting the product portfolio to the needs of the veterinary market. CellaVision's primary focus in this segment lies in the North American market, as it is relatively consolidated, with large veterinary laboratories where sample volumes are high and the need for an effective analysis method great.
We have completed the initial pre-study, in collaboration with Clear Lake Medical Foundation, regarding the previously communicated technology acquisition. The objective of expanding our current product portfolio with a platform for small laboratories remains and we are continuing an internal development project.
In 2014 a financial outcome was achieved that is the best in the company's history and in acknowledgement of this the Board proposes that the dividend be increased to one krona. CellaVision must have the ambition and curiosity to continually improve patient diagnoses, but also to be more effective, cut costs and remove sources of error in health care. We will achieve continued success by utilizing our core competency in digital image analysis, focusing on hematology. This is a fantastically exciting starting point for me as the new CEO.
Zlatko Rihter, President and Chief Executive Officer
Net Sales, Q4 +12 %
Operating profit, Q4 16.8 MSEK
Operating Margin, Q4 23.2 %
"The best financial outcome in the company´s history was achieved in 2014"
Key Ratios
| (MSEK) | Oct-Dec 2014 | Oct-Dec 2013 | Full year 2014 | Full year 2013 |
|---|---|---|---|---|
| Net sales | 72.5 | 64.9 | 216.9 | 179.9 |
| Gross profit | 50.5 | 39.8 | 145.1 | 112.6 |
| Operating profit | 16.8 | 16.3 | 42.8 | 25.9 |
| Operating margin, % | 23.2 | 25.1 | 19.7 | 14.4 |
| Profit/loss before tax | 16.6 | 16.2 | 43.4 | 24.7 |
| Return on operating capital % | - | - | 62.0 | 45.0 |
| Cash flow for the period | -6.6 | 15.3 | -6.0 | 11.6 |
Sales, earnings and investment
October 1–December 31
Net sales for the Group in the fourth quarter were SEK 72.5 million (64.9), an increase of 12 percent compared with the corresponding period in 2013. CellaVision invoices more than 90 percent of its sales in EUR or USD, which is why exchange rate changes have an impact on the company's sales. Total exchange rate impact including forward cover meant a positive effect of four percent for EUR and 11 percent for USD compared with the same quarter in 2013.
The gross margin for the quarter was 70 percent (61). CellaVision usually has great variations in gross margins between individual quarters, which is due to the distribution of sales via distributors as against own sales companies, as well as the product mix. Gross profit in the fourth quarter was reduced by SEK 1.8 million for an extra impairment loss on intangible assets.
Total operating expenses in the fourth quarter were SEK 33.6 million, which is an increase compared with the same quarter of the previous year (23.5). This increase is partly due to provision for an incentive program of SEK 5 million and a larger proportion of R&D costs that are not capitalized.
CellaVision is conducting several development projects, aimed at strengthening the company's product portfolio in relation to customers in the field of hematology. Capitalized expenditure for development projects was SEK 0.7 million (2.9) for the quarter.
Investments in property, plant and equipment during the quarter amounted to SEK 0.3 million (0.5).
Seasonal variations
Like others in the medical devices industry selling capital equipment, CellaVision's inflow of orders is unevenly distributed over the year, with a strong fourth quarter historically. This is due to the distributors' sales, inventory levels and agreed volumes, as well as the fact that the health care investment budget is released late in the year. Consequently, the variation in order volume in individual quarters may be great in the different geographical regions.
Financial targets
Our objective is to create a global standard for digital microscopy in the sub-field hematology, aiming in the long term to be a world leading supplier in several sub-fields of laboratory medicine. The objective is broken down into important financial targets.
- • Sales growth ≥15% Increase sales over an economic cycle by an average of at least 15 percent per year.
- Operating margin >15 % The annual operating margin is to exceed 15 percent.
-2 0
Operating profit, MSEK
5% 10% 15% 20% 25% 2 4 6 8 10 12 14 16 18 Operating margin, rolling 12 months rolling 12 months
Operating profit per quarter and operating margin
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 2014
Opretaring profit Operating margin rolling 12 months
Net sales, Q4 72.5 MSEK
Operating margin, 19.7 %
0%
Development in geographical markets
North America
Sales in North America amounted to SEK 41 million, a decrease of just under four percent (14 percent in local currency) compared with the corresponding quarter in 2013, which was the company's strongest quarter ever. Total sales for 2014 increased by 32 percent compared with the previous year, which is partly explained by the new CellaVision® DM9600 which is now available via all distribution partners and the delivery of instruments to the veterinary market.
During the third quarter the new software application for advanced analysis of red blood cells, the CellaVision® Advanced RBC Application, was approved for sale in Canada. The application was well-received by customers in the Canadian market and further orders were registered during the fourth quarter. The product has not yet been approved for sale in the USA. At the end of the quarter a co-marketing agreement was signed with Siemens Canada, giving them the right to market and sell CellaVision's products. There is already a similar agreement with Beckman Coulter Canada.
During the quarter CellaVision received its first major order for a veterinary customer. The order is for the
Europe
The European market has shown steady growth during the year and sales in the fourth quarter were SEK 20.3 million, an increase of 69 percent (62 percent in local currencies) compared with the corresponding quarter in 2013. Sales in Europe on a full-year basis increased by 42 percent compared with 2013. CellaVision is seeing continued strong sales of the Sysmex integrated system DI-60 and during the quarter most other partners have got under way with sales of the DM9600.
In mature markets such as the Nordics older Cella-Vision systems started to be replaced by later models
During the quarter CellaVision received its first major order for a veterinary customer.
The European market has shown steady growth and an increase in sales of 69 percent in the fourt quarter.
during the year. The first European orders for the Advanced RBC Application were also received during the quarter. There is wide interest in the Nordics for the CellaVision® Proficiency Testing software, not only from laboratories, but also from higher education institutions that teach bioanalysts.
Asia and the Pacific region
Sales in the fourth quarter were SEK 11.2 million, which is an increase of nine percent (five percent in local currencies) compared with the corresponding quarter in 2013 and considerably higher than the previous quarter. However, sales for the full year 2014 decreased by 40 percent compared with the previous year, mainly due to phasing out the CellaVision® DM96 and the market awaiting sales approval for the DI-60.
The registration of the DI-60 with subsequent sales approval came in October and a large first order for the DI-60-system from Sysmex is the main reason for the positive results for the quarter. During the quarter the DM1200 was also approved for sale after successful registration. The registration process for the DM9600 has been initiated and the sales start is expected to be at the beginning of 2016. Sales in Japan continue to be weak which had a negative impact on the quarterly results in the Asia and Pacific region.
Research and Development
CellaVision is continually conducting a number of development projects, aimed at strengthening the product portfolio in relation to the company's customers in the field of hematology. Linked to the order for veterinary analyzers, development resources were also focused on meeting requirements on the veterinary market, including the further development of CellaVision's solutions for larger centralized networks. The network solutions being developed are also thought to be able to benefit other CellaVision systems and customers in the clinical market.
The initial pre-study, in collaboration with Clear Lake Medical Foundation, regarding the previously communicated technology acquisition, has been completed. CellaVision will be conducting the next step of the prestudy independently, with the aim of extending the product portfolio with products for small laboratories.
CellaVision was granted three new patents during the quarter. In Japan CellaVision has been granted a patent for the robot used to transport microscope slides in CellaVision's system and in China the company has been granted a patent for CellaVision's microscope developed in-house. In Sweden the company received a first patent covering the graphical user interface used in the Advanced RBC Application, the software application for advanced analysis of red blood cells. CellaVision currently holds 52 patents linked to 23 unique inventions.
CellaVision continuously capitalizes expenditure on new development. Capitalized expenditure for development projects was SEK 0.7 million (2.9) for the quarter. The decrease compared with the corresponding quarter in the previous year is because two major development projects were completed in the second quarter of 2014. Pre-studies for new projects are in
progress but they have not yet reached the development phase that allows capitalization.
Financing
The Group's cash and cash equivalents at the close of the quarter amounted to SEK 51.9 million (57.9).
Cash flow from operating activities for the quarter was SEK -5.4 million (14.3).
Total cash flow for the quarter was SEK -6.6 million (15.3).
Total cash flow for the year was -6.0 (11.6). The change versus last year is related to repaid loans and high accounts receivables in December.
Parent company
Parent company sales in the quarter were SEK 69.0 million (61.4). Profit before tax was SEK 18.5 million (-4.7). The improvement compared with the previous year is partially due to the parent company recognizing an impairment loss on intra-group receivables and shares in the Japanese subsidiary of SEK 14.5 million in the corresponding quarter of the previous year.
The parent company's investments in property, plant and equipment and intangible assets during the quarter amounted to SEK 1.0 million (3.4) and the cash flow to SEK -6.7 million (14.3). 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 72 (69) at the close of the period. Of these, 44 were men (40) and 28 women (28).
Zlatko Rihter was appointed as President/CEO and started on January 1, 2015.
Karin Dahllöf will leave her position as VP Sales & Marketing, effective April 12, 2015.
Information concerning risks and uncertainties
Reduced demand and changes in exchange rates constitute uncertainties but not material risks. For a more detailed description of the risks and uncertainties facing CellaVision, please refer to the risk and sensitivity analysis in the Annual Report for 2013.
Significant events after the first quarter
There are no significant post quarter events to report.
Other information
Group
On December 31, 2014 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. In other respects please refer to the information for the Group.
Disposible funds 51.9 MSEK
Cash flow from operation activities -5.4 MSEK
Cash flow from operating activities for the full year 2014 was 39.7 MSEK
Number of employees 72
CellaVision was granted three new patents during the quarter
Dividend
The board of directors proposes a dividend increase to SEK 1 per share for 2014 (0.50). CellaVision has decided not to announce a dividend policy for coming years yet, since the company is undergoing strong growth and still requires operational investments. A decision on share dividend will instead be made from year to year, based on the company's development and capital requirements for financing the company's intended growth.
Accounting policies
The Group applies International Financial Reporting Standards (IFRS), as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the Nasdaq OMX Stockholm Rule Book for Issuers. The parent company applies the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2 Accounting for Legal Entities. The accounting policies and calculation methods applied are consistent with those described in the annual report for 2013. New standards and interpretations that came into force on January 1, 2014 have not had any impact on CellaVision's financial reporting for the interim report period.
Financial instruments
Derivatives held for foreign currency hedging are valued at level 2, financial instruments where fair value is determined on the basis of valuation 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 information referring to exchange rates on the balance sheet date and market rates for remaining maturities. The value of CellaVision's derivatives was SEK -3.8
million at December 31, 2014.
The carrying amount of financial instruments measured at amortized cost was consistent with fair value at December 31, 2014.
Segment reporting
CellaVision's operations only comprise one operating segment; automated microscopy systems in the field of hematology, and therefore reference is made to the income statement and balance sheet regarding operating segment reporting.
Review
This report has not been reviewed by the company´s auditors.
The Nomination Committee for the Annual General Meeting in 2015
In accordance with a resolution of the 2014 Annual General Meeting the Nomination Committee shall consist of the Chairman of the Board and one representative of each of the four largest shareholders in terms of voting rights at the end of September 2014.
For the 2015 Annual General Meeting the Nomination Committee consists of Lennart Hansson, Chairman (Stiftelsen Industrifonden), Christer Fåhraeus (Christer Fåhraeus and companies), Caroline af Ugglas (Skandia), Martin Gren (Grenspecialisten Förvaltning AB) who replaced Ulrica Slåne (Third National Swedish Pension Fund) from January 1, 2015, and Chairman of the Board Lars Gatenbeck.
Shareholders wishing to submit proposals to the Nomination Committee can send an email to ir@ cellavision.com, or ordinary mail to: The Nomination Committee, CellaVision AB, Ideon Science Park, SE 223 70 Lund
Annual General Meeting 2015
CellaVision's Annual General Meeting in 2015 will be held in Lund on May 6, 2015. Shareholders wishing to have matters considered at the Annual General Meeting can send a written request by email to [email protected] or ordinary mail to: The Board of Directors, CellaVision AB, Ideon Science Park, SE 223 70 Lund. The request must have been received at the latest seven weeks before the Annual General Meeting in order to be included in the notice to attend and thus the agenda of the Annual General Meeting.
The board of directors purposes a dividend increase to SEK 1 per share for 2014
The Board of Directors and the Presisdent/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 and performance and describes material risks and uncertainties to which the parent company and the companies in the group are exposed.
Lund, February 12, 2015
Lars Gatenbeck Chairman of the Board
Chister Fåhraeus Member of the Board Roger Johanson Member of the Board
Torbjörn Kronander Member of the Board Anna Malm Bernsten Member of the Board
Niklas Prager Member of the Board
Zlatko Rihter President/CEO
Consolidated Income Statement in Summary
| All amount in ' 000 SEK | Oct-Dec 2014 | Oct-Dec 2013 | Jan-Dec 2014 | Jan-Dec 2013 |
|---|---|---|---|---|
| Net sales | 72,482 | 64,885 | 216,916 | 179,851 |
| Cost of goods sold | -22,005 | -25,100 | -71,814 | -67,225 |
| Gross profit | 50,477 | 39,785 | 145,102 | 112,626 |
| Sales and marketing expenses | -13,852 | -10,018 | -42,691 | -39,344 |
| Administration expenses | -10,728 | -8,153 | -36,833 | -26,653 |
| R&D expenses | -9,062 | -5,317 | -22,765 | -20,683 |
| Operating profit | 16,835 | 16,297 | 42,813 | 25,946 |
| Interest income and financial exchange rate gains | 39 | 221 | 1,090 | 594 |
| Interest expense and financial exchange rate losses | -289 | -271 | -534 | -1,850 |
| Profit/loss before tax | 16,585 | 16,247 | 43,369 | 24,690 |
| Tax | -4,936 | -3,416 | -11,904 | -5,758 |
| Profit/loss for the period | 11,649 | 12,831 | 31,465 | 18,932 |
| 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 | 38 | -75 | 207 | -2,493 |
| Revaluation of financial assets | -2,194 | -414 | -3,726 | -204 |
| Income tax relating to financial assets | 474 | 91 | 774 | 560 |
| b)Translation difference | ||||
| Translation difference in the group | 790 | 123 | 1,986 | 350 |
| Sum of Components to be reclassified to net profit: | -892 | -275 | -759 | -1,787 |
| Sum of other comprehensive income: | -892 | -275 | -759 | -1,787 |
| Comprehensive result for the period | 10,757 | 12,556 | 30,706 | 17,145 |
| Per share data | Oct-Dec 2014 | Oct-Dec 2013 | Jan-Dec 2014 | Jan-Dec 2013 |
| Earnings per share, SEK */ | 0.49 | 0.54 | 1.32 | 0.79 |
| Equity per share, SEK | 6.34 | 5.56 | 6.34 | 5.56 |
| Equity ratio, % | 75% | 70% | 75% | 70% |
| Number of shares outstanding | 23,851,547 | 23,851,547 | 23,851,547 | 23,851,547 |
* Based on the profit/loss for the period divided by the average number of shares in issue
Quarterly earnings trend
| All amount in ' 000 SEK | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | Q4 2013 | Q3 2013 |
|---|---|---|---|---|---|---|
| Net sales | 72,482 | 47,043 | 54,154 | 43,237 | 64,885 | 45,076 |
| Gross profit | 50,477 | 30,362 | 36,273 | 27,990 | 39,785 | 27,465 |
| Gross margin in % | 70 | 65 | 67 | 65 | 61 | 61 |
| Expenses | -33,642 | -22,693 | -25,472 | -20,482 | -23,488 | -16,774 |
| Operating profit | 16,835 | 7,669 | 10,801 | 7,508 | 16,297 | 10,691 |
| Net profit | 11,649 | 4,828 | 9,094 | 5,894 | 12,831 | 7,913 |
| Cash flow | -6,592 | 12,286 | -29,962 | 18,291 | 15,257 | 1,513 |
Average number of shares outstanding 23,851,547 23,851,547 23,851,547 23,851,547 Stock exchange rate, SEK 39.30 15.40 39.30 15.40
Consolidated Balance Sheet in Summary
| All amount in ' 000 SEK | 12/31/2014 | 12/31/2013 |
|---|---|---|
| Assets | ||
| Intangible assets | 27,224 | 26,466 |
| Tangible assets | 3,203 | 3,195 |
| Deferred tax assets | 22,507 | 33,078 |
| Financial assets | 208 | 83 |
| Inventory | 25,129 | 16,797 |
| Trade receivables | 60,531 | 43,338 |
| Other receivables | 11,542 | 7,734 |
| Cash and bank | 51,905 | 57,882 |
| Total assets | 202,249 | 188,573 |
| Equity and liabilities | ||
| Equity | 151,296 | 132,516 |
| Short term debt | 34,408 | 22,990 |
| Short term debt with interest | - | 19,978 |
| Trade payables | 12,297 | 10,641 |
| Other liabilities | 4,248 | 2,448 |
| Total equity and liabilities | 202,249 | 188,573 |
Consolidated statement of changes in equity
| All amount in ' 000 SEK | 12/31/2014 | 12/31/2013 |
|---|---|---|
| Balance at the beginning of the year | 132,516 | 124,912 |
| Dividend | -11,926 | -9,541 |
| Net profit for the year | 31,465 | 18,932 |
| Comprehensive result for the period | -759 | -1,787 |
| Balance at the end of the year | 151,296 | 132,516 |
Cash Flow Analysis in Summary
| All amount in ' 000 SEK | Oct-Dec 2014 | Oct-Dec 2013 | Jan-Dec 2014 | Jan-Dec 2013 |
|---|---|---|---|---|
| Result before taxes | 16,585 | 16,247 | 43,369 | 24,690 |
| Adjustment for items not included in cash flow | 8,058 | 10,051 | 18,942 | 13,309 |
| Taxes | 813 | -842 | -559 | -842 |
| Cash flow from operations before changes in working capital | 25,456 | 25,456 | 61,752 | 37,157 |
| Changes in working capital | -30,828 | -11,140 | -21,962 | -9,885 |
| Cash flow from operations | -5,372 | 14,316 | 39,790 | 27,272 |
| Capitalisation of development costs | -702 | -2,937 | -12,292 | -10,196 |
| Aquisitions in financial non-current assets | -103 | -5 | -125 | 0 |
| Aquisitions in tangible non-current assets | -415 | -543 | -1,446 | -1,597 |
| Cash flow from investment activities | -1,220 | -3,485 | -13,863 | -11,793 |
| New loans and instalments of dept | - | 4,426 | -19,978 | 5,708 |
| Dividend | - | - | -11,926 | -9,541 |
| Cash flow from financing activities | 0 | 4,426 | -31,904 | -3,833 |
| Total cash flow | -6,592 | 15,257 | -5,977 | 11,646 |
| Liquid funds at beginning of period | 58,497 | 42,625 | 57,882 | 46,236 |
| Liquid funds at end of period | 51,905 | 57,882 | 51,905 | 57,882 |
Income Statement - Parent Company
| All amount in ' 000 SEK | Oct-Dec 2014 | Oct-Dec 2013 | Jan-Dec 2014 | Jan-Dec 2013 |
|---|---|---|---|---|
| Net sales | 69,020 | 61,415 | 207,041 | 166,757 |
| Cost of goods sold | -20,558 | -33,289 | -81,184 | -83,619 |
| Gross profit | 48,462 | 28,126 | 125,857 | 83,138 |
| Sales and marketing expenses | -11,657 | -5,786 | -24,745 | -18,293 |
| Administration expenses | -9,027 | -4,350 | -35,133 | -23,923 |
| R&D expenses | -9,062 | -8,000 | -22,765 | -22,766 |
| Operating profit | 18,716 | 9,990 | 43,214 | 18,156 |
| Interest income and financial exchange gains | 11 | 46 | 998 | 225 |
| Interest expense and financial exchange losses | -248 | -212 | -355 | -1,684 |
| Impairment loss on intra-group receivables and shares in subsidiary | - | -14,546 | -1,700 | -14,546 |
| Profit before income tax | 18,479 | -4,722 | 42,157 | 2,151 |
| Taxes | -5,725 | -2,616 | -11,308 | -4,128 |
| Net profit | 12,754 | -7,338 | 30,849 | -1,977 |
Statement of Comprehensive Income
| All amount in ' 000 SEK | Okt-Dec 2014 | Okt-Dec 2013 | Jan-Dec 2014 | Jan-Dec 2013 |
|---|---|---|---|---|
| Net profit for the period | 12,754 | -7,338 | 30,849 | -1,977 |
| Other comprehensive income: | - | - | - | - |
| Sum of other comprehensive income: | 0 | 0 | 0 | 0 |
| Comprehensive profit for the period | 12,754 | -7,338 | 30,849 | -1,977 |
Balance Sheet - Parent Company
| All amount in ' 000 SEK | 12/31/2014 | 12/31/2013 |
|---|---|---|
| Assets | ||
| Intangible assets | 27,224 | 26,466 |
| Tangible assets | 1,829 | 1,685 |
| Deferred tax assets | 21,655 | 32,963 |
| Financial assets | 106 | 106 |
| Inventory | 21,748 | 14,370 |
| Trade receivables | 56,219 | 39,593 |
| Receivables from group companies | 9,241 | 5,356 |
| Other receivables | 9,722 | 7,186 |
| Cash and bank | 41,028 | 50,785 |
| Total assets | 188,772 | 178,510 |
| Equity and liabilities | ||
| Equity | 138,816 | 119,892 |
| Short term debt | 24,040 | 17,876 |
| Short term debt with interest | - | 19,978 |
| Trade payables | 12,246 | 7,905 |
| Liabilities to group companies | 9,422 | 10,412 |
| Other liabilities | 4,248 | 2,447 |
| Total equity and liabilities | 188,772 | 178,510 |
This is CellaVision
CellaVision creates value by improving processes for blood analysis, enabling more patients to receive better and faster care at a lower cost to healthcare services.
CellaVision's core activities
CellaVision's core activities are digital image analysis of blood and other body fluids. Innovation 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 effective solutions for healthcare services.
CellaVision's employees have a high level of education 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 expertise in image analysis, artificial intelligence and automated microscopy.
Corporate culture
CellaVision's corporate culture is characterized by understanding of the customer, quality awareness and ability to take action with responsibility, which is reflected in CellaVision's value-creating core values: Customer in focus, Initiative and Responsibility and Simplicity and Quality. Along with objectives, vision and guidelines, the core values inform the daily work and form a profitable corporate culture.
Offer to end customers
CellaVision offers digital solutions 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 patients can receive faster care of better quality while healthcare services can use their resources better.
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.
Distribution via suppliers of cell counters
CellaVision's solution 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 effectively. CellaVision partners have a broad range of products and global salesforces with local knowledge. CellaVision's own organization supports its partners in the sales process.
Vision
Our vision is to create a global standard for digital microscopy in the field of laboratory medicine. Our method provides the laboratory with competency and quality as well as freeing up time, which together imply cost-effectiveness and improved patient
Business concept
CellaVision develops and sells digital solutions for medical microscopy. We replace manual microscopes with analyzers based on digital image analysis technology, artificial intelligence and IT. Our systems contribute to more effective workflows and higher quality in laboratory medicine, an important part of the health care sector.
Automated analysis chain
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 available at all clinical chemistry laboratories.
3
More specialized analysis in CellaVision's analyzer
The need for a specialized analysis in CellaVision's analyzer arises when the patient 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-Mar | May 5, 2015 |
| Annual general meeting:: | May 6, 2015 |
| Interim report Jan-June: | July 17, 2015 |
| Interim report Jan-Sept: | November 7, 2015 |
| Year-end bulletin 2015 | February 12, 2016 |
Definitions of key figures and ratios
Equity per share. Equity divided by the number of shares at the end of the period.
Earnings per share. Profit/loss for the period in relation to average weighted number of shares.
Equity-assets ratio. Equity as a percentage of the balance sheet total.
Return on operating capital. Result after financial items as a persentage of average operating capital.
Operating capital. Balance sheet total less financial liabilities, deferred tax liabilities and not-interest bearing liabilities.
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 February 12, 2015 at 08.20.
CellaVision is listed on the Nasdaq OMX Stockholm, Small Cap list. The company is traded under the ticker symbol CEVI and ISIN code SE0000683484.
Web: www.cellavision.com Blog: blog.cellavision.com App: CellAtlas
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]
HEADQUARTERS IN SWEDEN CellaVision AB (publ) Ideon Science Park 223 70 Lund Visiting address: Scheelevägen 19A Tel: 046-286 44 00 Email: [email protected] Org.no. 556500-0998
USA CellaVision Inc. 2530 Meridian Pkwy, Suite 300 Durham, NC 27713 Tel: +1 919 806 4420 Email: [email protected]