CellaVision — Interim / Quarterly Report 2016

Jul 15, 2016

Continuous expansion into new markets

High rate of innovation for continued digitization of healthcare

Interim report January-June 2016

A high operating margin and continued global expansion with strong growth in China

April 1–June 30, 2016

• Net sales increased by 28% to SEK 65.7 million (51.5).
• Currency-adjusted growth for the quarter was 27% (-15).
• The operating profit was SEK 19.1 million (8.3).
• The operating margin was 29.1% (16.0).
• Earnings per share were SEK 0.71 (0.21).
• Cash flow from operations was SEK 18.5 million (-2.0).

January 1– June 30, 2016

• Net sales increased by 20% to SEK 124.0 million (103.3).
• Currency-adjusted growth was 17.6% (-4,5).
• The operating profit increased to SEK 33.1 million (18.8).
• The operating margin was 26.7% (18.2).
• Earnings per share were SEK 1.12 (0.55).
• Cash flow from operations was SEK 33.0 million (41.2).

Net Sales, Q2 SEK 65.7 m (51.5)

Operating Profit, Q2 SEK 19.1 m (8.3)

Operating Margin, Q2 29.1 % (16.0)

Key Ratios

(MSEK)	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2014	Jan-Dec 2015
Net sales	65.7	51.5	124.0	103.3	239.4
Gross profit	47.4	36.7	88.3	73.0	174.2
Operating profit	19.1	8.3	33.1	18.8	65.5
Operating margin, %	29.1	16.0	26.7	18.2	27.3
Profit/loss before tax	21.0	7.7	35.2	18.5	65.6
Cash flow for the period	-22.0	-26.7	-9.0	14.4	54.8
Equity ratio, %	79.3	78.9	79.3	78.9	83.0

CEO´s comments

A high operating margin and continued global expansion with strong growth in China

CellaVisions cost-effective business model with indirect sales in combination with strong growth delivered a great profitability improvement in the quarter. CellaVision had a very strong second quarter in 2016, with net sales of SEK 65.7 million (51.5), equivalent to organic growth of 27 percent.

The exchange rate effects in the quarter were limited, amounting to about one percent of net sales. The operating profit was SEK 19.1 million (8.3), equivalent to an operating margin of 29.1 percent.

Sales during the quarter were exclusively to laboratories in the human healthcare market. The veterinary market is difficult to assess, but it is a long-term opportunity for CellaVision.

Positive development in the Americas and APAC

The strong sales growth in the quarter was mainly achieved through good development in the Americas and APAC. The Americas continued its positive trend from the first quarter of the year, with sales growth of 17 percent after strong sales in the USA to SEK 31.6 million (27.1). The growth in APAC was eight times greater than the comparable quarter 2015, with net sales amounting to SEK 15.3 million (1.9) after substantial sales, mainly in the Chinese market. EMEA had a weaker quarter after a strong start to the year, where net sales decreased by 16 percent to SEK 18.8 million (22.5).

Continued market initiatives

CellaVision is continuing the expansion of local organizations for market support. Market support covers both training of our various distribution partners and creating knowledge of digital blood analysis among our end customers. In 2016 to date we have established a direct presence in the Middle East and South Korea and we are planning for further expansion in our key markets, with establishment in France in the third quarter as our next step. The local support organizations have proved to be decisive for driving sustainable growth.

Product development

During the quarter the China Food and Drug Administration (CFDA) approved the CellaVision® DM9600, which means that our entire product portfolio is now available in the Chinese market.

During the quarter we also continued the commercial roll-out of CellaVision® Remote Review Software. Apart from quality assurance of blood analyses, the software enables more effective workflows, making it possible to work in networks entirely independent of the geographical location of the expertise. This means that the presence of skilled biomedical analysts in the lab is no longer crucial for conducting the analysis, which brings major quality improvements and effectiveness opportunities for our end customers. CellaVision's product thus creates a new eco-system for workflows for both large and small laboratory chains!

Development of the new technology platform for small and mid-sized human and veterinary laboratories continued according to plan during the quarter. Launch of the new products is expected to be in 2018.

CellaVision has had a strong start of the year so far and we are proud of the development of profitability showing that our strategic initiatives are delivering as expected.

Zlatko Rihter President and Chief Executive Officer CellaVision's entire product portfolio is approved for sale in China and our marketing efforts are delivering as expected.

CellaVision Remote Review Software creates new ecosystems in the laboratory world.

CellaVision established market support organization in South Korea in the quarter.

Sales, earnings and investment

April 1 - June 30

Net sales for the Group in the first quarter were SEK 65.7 million (51.5), an increase of 28 percent compared with the corresponding period in 2015. The increase compared with the previous year is mainly due to good sales in USA and in China.

CellaVision invoices more than 90 percent of its net sales in euro or US dollars, which means that exchange rate fluctuations have a major impact on the company's reported net sales and earnings. Adjusted for positive exchange rate effects of one percent, net sales increased by 27 percent compared with the corresponding quarter in 2015.

The gross margin was 72 percent (71) for the quarter. 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.

Total operating expenses for the quarter were in line with the corresponding quarter of the previous year and amounted to SEK 28.3 million (28.4) .

CellaVision is running several development projects aimed at strengthening the company's product offer to customers in the area of hematology. Capitalized expenditure for development projects was SEK 3.1 million (1.8) for the quarter.

Operating profit for the quarter increased to SEK 19.1 million (8,3) with an operating margin of 29.1 percent (16.0).

Sales increased to SEK 65.7 million (51.5) from strong sales in China and USA.

Operating profit increased to SEK 19.1 million (8.3).

Development in geographical markets

Americas: 31.6 MSEK (27.1)

In the Americas, net sales in the second quarter increased by 17 percent to SEK 31.6 million (27.1) compared with the same quarter in the previous year, showing that the Americas has grown two quarters in a row. Net sales consisted solely of sales to hospital laboratories.

The positive development in the quarter is partly a result of CellaVision's new strategy of addressing in a structured way the areas of the USA where the company's penetration is relatively low. Market penetration will be achieved in close collaboration between CellaVision's local organization for market support and the company's various distribution partners.

The activity level was high in the quarter, with a large number of training programs for CellaVision's various distribution partners to ensure a high level of competence and knowledge.

During the quarter CellaVision initiated activities to evaluate business opportunities in Latin America.

EMEA: 18.8 MSEK (22.5)

Sales in EMEA decreased by 16 percent in the second quarter, compared with the comparative quarter in 2015 and after a strong first quarter in 2016. In total, net sales were SEK 18.8 million (22.5).

As part of CellaVision's strategy of establishing a direct presence in the company's key markets, work was started during the quarter to create a local organization for market support in France, which has a considerable hematology market.

The activity level during the quarter was good and CellaVision participated in the ISLH Symposium (International Society for Laboratory Hematology) in Milan, with great interest in CellaVision's sessions. During the quarter several user seminars with West European distribution partners were also conducted.

APAC: 15,3 MSEK (1.9)

APAC had very strong growth and increased eight times compred to the corresponding quarter of 2015. Total sales amounted to SEK 15.3 million (1.9). The positive development is mainly the result of good sales in China, where CellaVision's consistent marketing is now starting to show results.

The activities at CellaVision's various distribution partners and sub-distributors are at a high level and there is great interest in the company's technology. During the quarter the CellaVision® DM9600 was approved for sale in China, which means that CellaVision's product portfolio is now available in its entirety in the Chinese market.

CellaVision's user seminars on digital morphology are central to the company's expansion efforts, and a number of popular seminars were held during the quarter.

A local organization for market support was established during the quarter in South Korea, which is assessed to be a very interesting market for CellaVision's solutions.

CellaVision regularly evaluates new markets to ensure continued growth for the company. There are several countries of interest in the region, where CellaVision plans to establish a direct presence going forward.

Sales in Americas consisted solely from sales to the human market and rose for the second quarter in a row.

EMEA had a weaker quarter after a strong start of the year (-16%).

Market investments in China showed result and and sales were eight times higher compared to the same quarter of 2015.

Other information

Innovation & Engineering

CellaVision is continually conducting a number of development projects, aimed at strengthening the offer to the company's customers in the field of hematology. Resources are focused on the work of developing a technology platform for small and mid-size laboratories and this is continuing according to plan. The project is extensive and the launch is planned for 2018.

To satisfy the needs of the growing number of customers that use CellaVision® Proficiency Software, a service update of this software was released during the quarter.

CellaVision's patent portfolio today consists of 23 patent families covering 58 registered patents. The company continuously capitalizes expenditure on new development. Capitalized expenditure for development projects amounted to SEK 3.1 million (1.8) for the quarter

Personnel

The number of employees of the Group, restated as full-time equivalents, was 78 (70) at the close of the period. Of these, 53 were men (46) and 25 women (24).

During the quarter, Jeppe Brandstrup was hired as VP Business Development. Jeppe will assume his new position on August 15 and will be included in the company's management team. Jeppe Brandstrup comes from

Sören Mellstig was elected Chairman of the Board for CellaVision AB at the Annual General Meeting on May four.

Significant post quarter events

There are no significant post quarter events to report.

Financing/Cash flow

The Group's cash and cash equivalents at the close of the quarter amounted to SEK 97.7 million (66.3).

Cash flow from operating activities for the quarter was SEK 18.5 million (-2.0).

Total cash flow for the quarter was SEK -22.0 million (-26.7). Total cash flow includes dividend to shareholders of SEK 35.8 million (23.9).

Parent company

Parent company net sales in the quarter were SEK 64.5 million (48.0). The pre-tax profit was SEK 16.7 million (11.8).

The parent company's investments in property, plant and equipment and intangible assets during the quarter amounted to SEK 0 million (1.8) and the cash flow to SEK -23.4 million (-30.1). In other respects, please refer to the information for the Group.

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 analysis in the annual report for 2015.

Seasonal variations

CellaVision has a somewhat unevenly distributed order flow over the year and the variation in order volumes in individual quarters may be great in the different geographical regions.

Group

On June 30, 2016 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 Group applies International Financial Reporting Standards (IFRS), as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the Nasdaq Stockholm Rule Book for Issuers. 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 2015.

New standards and interpretations that came into force on January 1, 2016 have not had any impact on CellaVision's financial reporting for the interim report period.

Disclosures under IAS 34 Interim Financial Reporting are presented in the financial information on page five.

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 measured on the basis of observable information referring to exchange rates on the balance sheet date and market rates for remaining maturities. The net value of currency forwards is recorded as Other receivables on the Group's balance sheet. The net value of CellaVision's derivatives was SEK -2.1 million at June 30, 2016.

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.

Number of employees 78

Disposable funds SEK 97.7 million

Cash flow from operating activities SEK 18.5 million

Strengthening of the management team with a VP of Business Development

Insurance

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 , July 15 2016

Sören Mellstigk Christer Fåhraeus Åsa Hedin Chairman of the Board Member of the Board Member of the Board Roger Johanson Torbjörn Kronander Anna Malm Bernsten Member of the Board Member of the Board Member of the Board Niklas Prager Zlatko Rihter Member of the Board President/CEO

Review

This report has not been reviewed by the company´s auditors.

The information is such that CellaVision AB (publ) is obligated to disclose pursuant to the Swedish Securities Market Act and/or the Financial Instruments Trading Act.).

Consolidated Income Statement in Summary

All amount in ' 000 SEK	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Net sales	65,723	51,486	123,973	103,308	239,390
Cost of goods sold	-18,329	-14,815	-35,678	-30,331	-65,157
Gross profit	47,394	36,671	88,295	72,977	174,233
Sales and marketing expenses	-13,696	-12,913	-27,048	-23,170	-47,851
Administration expenses	-6,919	-7,514	-13,935	-17,165	-33,788
R&D expenses	-7,638	-7,983	-14,249	-13,889	-27,124
Operating profit	19,141	8,261	33,063	18,753	65,470
Interest income and financial exchange rate gains	1,964	118	2,830	458	2,008
Interest expense and financial exchange rate losses	-76	-728	-667	-728	-1,925
Profit/loss before tax	21,029	7,651	35,226	18,483	65,553
Tax	-4,126	-2,566	-8,411	-5,288	-12,731
Profit/loss for the period	16,903	5,085	26,815	13,195	52,822
Other comprehensive income:
Components not to be reclassified to net profit:

Comprehensive result for the period	13,876	7,563	24,439	16,751	56,074
Sum of other comprehensive income:	-3,027	2,478	-2,376	3,556	3,252
Sum of Components to be reclassified to net profit:	-3,027	2,478	-2,376	3,556	3,252
Translation difference in the group	-393	-172	-567	474	78
b)Translation difference
Income tax relating to financial assets	740	-681	508	-803	-828
Revaluation of financial assets	-3,390	2,531	-2,084	821	249
Reclassified to operating result	16	800	-233	3,064	3,753
a) Financial assets at fair value
Components to be reclassified to net profit:

Per share data	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Earnings per share, SEK */	0.71	0.21	1.12	0.55	2.22
Equity per share, SEK	7.22	6.05	7.22	6.05	7.69
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	59.50	43.90	59.50	43.90	69.75

* 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	Q2 2016	Q1 2016	Q4 2015	Q3 2015	Q2 2015	Q1 2015	Q4 2014	Q3 2014
Net sales	65,723	58,250	61,553	74,529	51,486	51,822	72,482	47,043
Gross profit	47,394	40,901	46,428	54,828	36,671	36,306	50,477	30,362
Gross margin in %	72	70	75	74	71	70	70	65
Expenses	-28,253	-26,979	-30,002	-24,537	-28,410	-25,814	-33,642	-22,693
Operating profit	19,141	13,922	16,426	30,291	8,261	10,492	16,835	7,669
Net profit	16,903	9,912	15,215	24,412	5,085	8,110	11,649	4,828
Cash flow	-22,035	13,024	8,070	32,365	-26,694	41,049	-6,592	12,286

Consolidated Balance Sheet in Summary

All amount in ' 000 SEK	6/30/2016	6/30/2015	3/31/2016	12/31/2015
Assets
Intangible assets	30,233	27,338	28,874	29,400
Tangible assets	2,702	2,829	2,463	2,652
Deferred tax assets	2,162	16,932	5,546	9,902
Financial assets	1,856	110	1,409	1,195
Inventory	30,937	29,759	29,222	24,624
Trade receivables	37,776	29,451	35,657	35,498
Other receivables	13,696	9,965	10,696	10,462
Cash and bank	97,684	66,260	119,719	106,695
Total assets	217,046	182,644	233,586	220,428
Equity and liabilities
Equity	172,180	144,195	194,081	183,518
Short term debt	26,953	25,278	24,038	28,462
Short term debt with interest	-	-	-	-
Trade payables	16,698	8,839	14,330	7,338
Other liabilities	1,215	4,332	1,137	1,110
Total equity and liabilities	217,046	182,644	233,586	220,428

Consolidated statements of changes in equity

All amount in ' 000 SEK	6/30/2016	6/30/2015	3/31/2016	12/31/2015
Balance at the beginning of the year	194,081	160,484	183,518	151,296
Dividend	-35,777	-23,852	-	-23,852
Net profit for the year	16,903	5,085	9,912	52,822
Comprehensive result for the period	-3,027	-2,374	651	3,252
Balance at the end of the year	172,180	139,343	194,081	183,518

Cash Flow Analysis in Summary

All amount in ' 000 SEK	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Result before taxes	21,029	7,651	35,226	18,483	65,553
Adjustment for items not included in cash flow	-323	-3,978	-2,014	-292	4,080
Taxes	-	-7	-	-516	-957
Cash flow from operations before changes in working capital	20,706	3,666	33,212	17,675	68,676
Changes in working capital	-2,161	-5,616	-234	23,490	19,321
Cash flow from operations	18,545	-1,950	32,978	41,165	87,997
Capitalisation of development costs	-3,108	-1,777	-4,287	-3,664	-8,593
Aquisitions in financial non-current assets	-1,191	688	-1,334	901	-157
Aquisitions in tangible non-current assets	-504	197	-591	-195	-605
Cash flow from investment activities	-4,803	-892	-6,212	-2,958	-9,355
New loans and instalments of dept	-	-	-	-	-
Dividend	-35,777	-23,852	-35,777	-23,852	-23,852
Cash flow from financing activities	-35,777	-23,852	-35,777	-23,852	-23,852
Total cash flow	-22,035	-26,694	-9,011	14,355	54,790
Liquid funds at beginning of period	119,719	92,954	106,695	51,905	51,905
Liquid funds at end of period	97,684	66,260	97,684	66,260	106,695

Income Statement - Parent Company

All amount in ' 000 SEK	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Net sales	64,477	48,024	120,527	97,196	227,839
Cost of goods sold	-24,417	-14,100	-41,036	-33,278	-81,303
Gross profit	40,060	33,924	79,491	63,918	146,536
Sales and marketing expenses	-7,596	-5,972	-13,961	-10,542	-22,033
Administration expenses	-6,919	-7,514	-13,935	-17,165	-33,783
R&D expenses	-10,746	-7,983	-18,466	-13,889	-27,124
Operating profit	14,799	12,455	33,129	22,322	63,596
Interest income and financial exchange gains	1,948	1	2,801	448	1,990
Interest expense and financial exchange losses	-57	-612	-635	-612	-1,804
Impairment loss on intra-group receivables and shares in subsidiary	-	-	-	-	-
Profit before income tax	16,690	11,844	35,295	22,158	63,782
Taxes	-3,441	-2,606	-7,534	-4,875	-11,775
Net profit	13,249	9,238	27,761	17,283	52,007

Statement of Comprehensive Income

All amount in ' 000 SEK	Apr-Jun 2016	Apr-Jun 2015	Jan-Jun 2016	Jan-Jun 2015	Jan-Dec 2015
Net profit for the period	13,249	9,238	27,761	17,282	52,007
Other comprehensive income:	-	-	-	-	-
Sum of other comprehensive income:	0	0	0	0	0
Comprehensive profit for the period	13,249	9,238	27,761	17,282	52,007

Balance Sheet - Parent Company

All amount in ' 000 SEK	6/30/2016	6/30/2015	3/31/2016	12/31/2015
Assets
Intangible assets	26,016	27,338	27,765	29,400
Tangible assets	1,349	1,693	1,553	1,756
Deferred tax assets	2,347	16,781	5,787	9,880
Financial assets	1,864	106	1,389	1,189
Inventory	27,007	25,466	25,949	21,352
Trade receivables	34,497	23,746	31,998	30,417
Receivables from group companies	2,409	5,633	6,450	2,478
Other receivables	11,506	8,057	8,703	8,772
Cash and bank	87,985	56,290	111,420	99,782
Total assets	194,980	165,110	221,014	205,026
Equity and liabilities
Equity	158,954	132,247	181,483	166,971
Short term debt	18,507	19,567	18,653	23,056
Short term debt with interest	-	-	-	-
Trade payables	16,304	8,557	14,154	7,138
Liabilities to group companies	-	408	5,586	6,751
Other liabilities	1,215	4,331	1,138	1,110
Total equity and liabilities	194,980	165,110	221,014	205,026

This is CellaVision

Vision

Our vision is global digitization and automation of blood analyses for both the human and veterinary segments. Our method contributes to improved patient diagnostics, streamlining and reduced healthcare costs.

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.

CellaVision´s core activitiest

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.

Company 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.

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 >20 % The operating margin is to exceed 20 percent over an economic cycle

CellaVision's sales and business support offices

PARTNERS in AMERICAS

North America Sysmex Beckman Coulter Siemens

Övriga Americas Sysmex Beckman Coulter

Siemens

PARTNERS in EMEA

EMEA Sysmex Beckman Coulter Siemens Abbott

PARTNERS in APAC

China Sysmex Beckman Coulter Vastec Siemens

Japan Sysmex Co-marketing: Siemens Co-marketing: Beckman Coulter

Rest of APAC Sysmex Beckman Coulter Siemens

Questions concerning the report can be addressed to:

Zlatko Rihter, CEO Tel: +46 46 286 44 01 zlatko.rihter@cellavision.se

Definitions of key figures

Equity per share. Equity divided by the number of shares at the end of the period.

Net earnings per share. Net earnings in relation to average weighted number of shares.

Equity-asset ratio. Equity as a percentage of the balance sheet total.

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 15, 2016 at 08.20.

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

Magnus Blixt, CFO Tel: +46 46 286 44 36 magnus.blixt@cellavision.se

Financial calendar

Activity	Date
Interim report Jan-Sept:	October 27, 2016
Year end bulletin 2016	February 7, 2017

HEADQUARTERS IN SWEDEN CellaVision AB (publ)

Ideon Science Park 223 70 Lund

Visiting address: Scheelevägen 19 Tel: 046-286 44 00 E-post: info@cellavision.se Org.nr. 556500-0998

USA

CellaVision Inc. 2530 Meridian Pkwy, Suite 300 Durham, NC 27713

Tel: +1 919 806 4420 E-post: us.info@cellavision.com

CANADA

CellaVision Canada Inc. 2 Bloor St West, Suite 2120 Toronto, ON M4W 3E2 Tel: +1 800 390 1374 E-post: ca.info@cellavision.com

JAPAN

CellaVision Japan K.K. 9th Floor Sotestu KS Building 1-1-5 Kitasaiwai,Nishi-ku, Kanagawa 220-0004 Japan Tel: +81 45 670 7110 Email: info@cellavision.jp

Webb: www.cellavision.com Blogg: blog.cellavision.com App: CellAtlas