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CellaVision
Quarterly Report • Apr 29, 2025
3025_10-q_2025-04-29_1a53f53d-3554-4127-bc1c-8bcc5bbc4016.pdf
Quarterly Report
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Strong quarter in a rapidly changing environment
CellaVision Interim Report January–March 2025
Organic sales growth: Q1, 2025: 14.1% (21.9)
EBITDA margin: Q1, 2025: 34% (29)
January 1 – March 31, 2025
Net sales increased by 14,6% (22.3) to SEK 195 m (170). Sales increased organically by 14.1% (21.9), currency effect 0.5% (0.4). EBITDA increased to SEK 66 m (49). EBITDA margin increased to 34% (29). Profit before tax increased to SEK 53 m (38). Earnings per share before and after dilution amounted to SEK 1,74 (1,26). Cash flow from operating activities amounted to SEK 61 m (71).
| Jan-Mar | Jan-Dec | ||
|---|---|---|---|
| (MSEK) | 2025 | 2024 | 2024 |
| Net sales | 195 | 170 | 723 |
| Gross profit | 137 | 112 | 487 |
| EBITDA | 66 | 49 | 219 |
| EBITDA margin, % | 34 | 29 | 30 |
| Profit before tax | 53 | 38 | 177 |
| Earnings per share before and after dilution | 1.74 | 1.26 | 5.90 |
| Cash flow from operating activities | 61 | 71 | 198 |
| Total cash flow | 37 | 44 | 27 |
| Equity ratio, % | 80 | 78 | 81 |
CEO's Comment
The first quarter showed a solid start to the year, with all regions contributing to growth in a rapidly changing environment. We continue to see strong traction for our solutions, particularly in markets where laboratories are connected within larger networks that recognize the value our products bring to diagnostic workflows.
The volatile global macro-environment is closely monitored, setting this aside, we remain optimistic in our ability to drive growth and deliver long-term value across all markets. CellaVision's business is subject to quarterly fluctuations due to its order-based sales process and delivery timing.
The First Quarter in Brief
Our financial results reflect the positive momentum of digitalization in the dynamic macro-environment. Net sales for the Group reached SEK 195 m (170), representing 14.1 percent organic growth compared to the same quarter last year. EBITDA amounted to SEK 66 m (49), corresponding to a margin of 34 percent (29). The gross margin amounted to 70 percent (66) and the improvement was mainly driven by last year's price increases and the favorable sales mix during the quarter.
Cash flow from operating activities was strong, supported by improved earnings and favorable changes in working capital. It amounted to SEK 61 m (71), contributing to a total cash flow of SEK 37 m (44) for the quarter. Our financial position remains robust.
In the Americas, after two soft quarters, we saw increased sales by 8 percent, reaching SEK 78 m (72). Sales increased, particularly in software and CellaVision®DC-1 instruments. Our offering in the U.S. market is compelling, as laboratories within larger networks recognize the added value our products bring to diagnostic workflows.
EMEA experienced strong sales across multiple markets, resulting in net sales of SEK 96 m (79) for the quarter, which represents 21 percent growth. Reagents related to hematology continued with a good quarter, growing by 12 percent.
APAC showed strong demand from all submarkets, including the important markets of Japan and China. Quarterly net sales totaled SEK 21 m (19), a 12 percent growth over the same quarter last year. Instrument sales continue to be the main source of revenue, while strategic reagent segments are gaining foothold.
Progress on Strategic Direction
We maintained a high level of activity across our R&D portfolio in the quarter. Our innovation capacity is expanding, with development costs in the first quarter totaling SEK 43 m (36) — an increase of 17 percent compared to the first quarter in 2024.
The first quarter of the year continued to solidify our longstanding partnership that has been pivotal in delivering enhanced diagnostic solutions. The partnership reflects our shared commitment to improving patient care worldwide.
Additionally, we have initiated verification and validation of an upgraded software version for the hematology analyzers. This software version will further optimize the customers' workflow and offer significant improvements in the user interface, including several new features.
Finally, I want to extend my sincere thanks to our dedicated employees. Your commitment to driving our R&D and commercial agendas forward has been instrumental in our continued success. Entering the year, we delivered a strong quarter. Together, we remain focused on adding value to the healthcare sector and strengthening our global presence as the leader within digital cell morphology.
Simon Østergaard, President and CEO
Sales, Earning and Investments
Net Sales and Currency Effects
Net sales for the first quarter amounted to SEK 195 m (170), an increase of 14.6 percent compared to the corresponding period last year. CellaVision invoices most of the sales in Euros and US dollars, which means that exchange rate fluctuations have an impact on the company's sales and earnings. Currency effects were minor, contributing to a positive impact of 0.5 percent compared to the same period last year. Organic growth amounted to 14.1 percent.
Gross Profit and Gross Margin
Gross profit for the first quarter increased by 22 percent to SEK 137 m (112), corresponding to a gross margin of 70 percent (66).
The gross margin is influenced by factors such as purchase prices for materials and components, sales mix, amortization of capitalized development expenses, inventory adjustments, and currency effects. The improved gross margin in the quarter was primarily driven by last year's price increases and a favorable sales mix.
Amortization of capitalized development expenses was unchanged from the same period last year and amounted to SEK 2 m (2).
Operating Expenses
Operating expenses for the first quarter increased by 9 percent to SEK 80 m (73), compared to the same period last year.
Administrative expenses have increased due to inflation and a rise in consulting expenses, primarily related to the adaption of new regulatory requirements.
The increase in research and development expenses aligns with CellaVision's long-term product development strategy.
EBITDA and EBITDA Margin
EBITDA for the first quarter increased by 35 percent to SEK 66 m (49) corresponding to an EBITDA margin of 34 percent (29). The performance was primarily driven by sales growth and favorable gross margin, which more than offset the increase in operating expenses.
Net Financial Items
As of March 31, 2025, interest-bearing liabilities in the form of bank loans amounted to SEK 5 m (27). Interest expenses related to bank loans for the first quarter totaled SEK 0.1 m, (0.4) compared to the same quarter last year.
The net financial result for the quarter is primarily attributable to exchange losses on financial items and interest expenses on lease liabilities in accordance with IFRS 16.
Investments
CellaVision continuously capitalizes expenses related to product development. During the quarter, capitalized development expenses increased to SEK 18 m (15), driven by a higher level of activity as several projects entered more resource-intensive phases in the development lifecycle. Total research and development expenses before capitalization amounted to SEK 43 m (36).
The majority of the capitalized expenses relate to the development of instruments and software applications.
EBITDA per quarter and EBITDA margin rolling 12 months
Cash Flow
At the end of the quarter, cash and cash equivalents amounted to SEK 182 m (167). In addition, CellaVision has an unutilized overdraft facility of SEK 30 m (30).
Cash flow from operating activities amounted to SEK 61 m (71) in the first quarter of 2025. The solid financial performance and lower capital tied up in inventory contributed positively to cash flow. At the same time, the increase in sales during the quarter resulted in higher accounts receivable, which had an adverse impact on operating cash flow.
Cash flow from investing activities for the quarter amounted to SEK -21 m (-17) and was mainly related to capitalized expenses for research and development.
Cash flow from financing activities for the quarter amounted to SEK -3 m (-10), and was primarily attributable to amortization of leasing debts.
The total cash flow for the quarter amounted to SEK 37 m (44).
Parent Company
Apart from manufacturing of reagents, the group is in all material aspects represented by the operations in the parent company, the comments on the Group's result and financial position also refers to the parent company.
Development in the Geographical Markets
Americas: SEK 78 m (72)
After two soft quarters, sales in the Americas increased by 8 percent, reaching SEK 78 m (72), compared to the corresponding quarter in 2024.
The growth was primarily driven by strong sales of software and CellaVision® DC-1 instruments in the U.S., particularly to connected laboratories, where CellaVision offers a unique market solution. Our offering is compelling in the U.S market, where laboratories, to a large extent, are connected within larger networks that recognize the value our products bring to the diagnostic workflows. Demand for digital morphology solutions remains strong, particularly in smaller hospital laboratories, where significant growth potential is anticipated. However, the current turbulent trade situation adds a layer of uncertainty, making it difficult to predict how this potential will unfold.
In Latin America, we continue to make progress in expanding our market presence. Brazil remains our strongest market, where ongoing training, targeted sales initiatives, and focused marketing activities have successfully enabled us to reach previously untapped areas.
EMEA: SEK 96 m (79)
Sales in EMEA increased by 21 percent to SEK 96 m (79), demonstrating the strength of our market strategy. The growth was primarily driven by strong CellaVision™ DI-60 and CellaVision® DC-1 instrument sales, reinforcing CellaVision's leadership in digital morphology solutions. The growing adoption of our technology in networked laboratories reflects the industry's continued shift toward digitalization.
The close collaboration with our strategic distribution partner and targeted investments in training and support have been critical in maintaining our competitive position. Strengthening relationships with both partners and laboratories is key to remaining the preferred choice in an evolving market.
By participating in key industry events, such as MedLab Middle East in Dubai and IGLD-INSTAND in Frankfurt, we have further solidified our market presence. These platforms allow us to showcase cutting-edge technology, engage with new customers, and strengthen partnerships with key decision-makers.
Sales of hematology reagents continued to develop positively, with 12 percent growth compared to the first quarter of 2024. Sales of sample preparation instruments also showed significant growth. Active sales and marketing initiatives throughout the quarter, carried out in collaboration with local and regional partners, have generated increased interest in both reagent and instrument product portfolios.
APAC: SEK 21 m (19)
Sales in APAC increased by 12 percent in the first quarter of 2025, reaching SEK 21 m (19), compared to the same period in 2024. The quarter reflects the strong momentum we have seen across many submarkets in APAC over the past year, not least in important markets such as Japan and China.
Demand for DI-60 instruments remains strong, and sales in the strategic reagent segments continue to grow, although from relatively low levels. CellaVision has intensified local marketing efforts and customer engagement activities in close collaboration with our key distribution partner. These initiatives support sales growth across the entire CellaVision product portfolio and are expected to drive further expansion in the region.
| Americas | EMEA | APAC | ||||||
|---|---|---|---|---|---|---|---|---|
| Net sales per region, MSEK | Net sales per region (MSEK) | Jan-Mar | Jan-Mar | Growth % | Jan-Dec | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||||||||
| Americas | 78 | 72 | 8% | 269 | ||||||
| EMEA | 96 | 79 | 21% | 334 | ||||||
| APAC | 21 | 19 | 12% | 120 | ||||||
| Total | 195 | 170 | 15% | 723 |
Research and Development
Our vision is to elevate healthcare through the evolution of microscopy. By devoting considerable resources to research and development, we continue pushing the boundaries of innovation to lead the future of microscopy. Thus, improving the quality of care for patients worldwide.
CellaVision continues with clinical trials of the application for bone marrow analysis. The application's high regulatory classification requires a long registration process. Assuming a positive outcome, we expect to have the documentation reviewed to obtain CE-marking by the end of 2025.
In parallel, verification and validation of an upgraded software version for the hematology analyzers have been initiated. This software version will further optimize the customer's workflow and offer significant improvements in the user interface, including several new features. The development of adapting Fourier Ptychographic Microscopy (FPM) in our core hematology business continues. Through the integration of FPM, we are pioneering the next generation of hematology solutions and strengthening our position as a leader in advanced diagnostics. In parallel, we continue to explore the technology's potential in adjacent fields such as pathology and cytology. We see that the technology's advantages of speed and superior image quality are especially valuable in these new areas. Preliminary evaluations show that FPM has great advantages over traditional technologies.
CellaVision's patent portfolio included 26 patented innovations and 126 granted patents at the end of the period.
The Nomination Committe and the Annual General Meeting in 2025
The Nomination Committee's summarized proposal regaring Board before the Annual General Meeting 2025
The Nomination Committee proposes the current Chairman Mikael Worning to be re-elected as Chairman of the Board and proposes re-election of the Board members Louise Armstrong-Denby, Christer Fåhraeus, Ann-Charlotte Jarleryd, and Stefan Wolf. Furthermore, the Nomination committee proposes that the AGM elects Emil Hjalmarsson as new Board member.
The Nomination Committee's proposal and reasoned opinion is available on the company's website, www.cellavision.com.
The Board of Directors's proposal to repurchase shares
The Board of Directors proposes to the Annual General Meeting 2025 to authorize the Board to resolve to repurchase the Company's own shares.
The proposal and reasoned opinion of the Board of Directors are available on the company's website at www.cellavision.com.
Annual General Meeting 2025 and Dividend
The CellaVision Annual General Meeting in 2025 will be held in Lund at 15:00 o´clock CEST, on May 6, 2025, at Mobilvägen 12, 223 62, Lund. Voting rights registration opens at 14:30 and will close when the meeting opens. The Board of Directors proposes to the Annual General Meeting 2025 that a dividend of SEK 2.50 per share be paid for 2024, which is line with the company's dividend policy.
Annual and Sustainability Report 2024
The CellaVision Annual and Sustainability Report 2024 has been available on the company's web page since April 10, 2025.
Declaration by the Board of Directors and President/CEO
The Board of Directors through the President/Chief Executive Officer certify that the interim report provides a true and fair view of the parent company´s and the Group´s business, financial position, performance and describes material risks and uncertainties, to which the parent company and the companies in the group are exposed.
Simon Østergaard President/CEO
Lund, April 29, 2025
The interim report has not been subject to review by the company's auditors
Income Statement in Summary and Consolidated Statement of Comprehensive Income, Group
| Amounts in ' 000 SEK | Note | Jan-Mar 2025 | Jan-Mar 2024 | Jan-Dec 2024 |
|---|---|---|---|---|
| Net sales | 4 | 194,802 | 170,080 | 723,217 |
| Cost of goods sold | -57,593 | -58,014 | -236,143 | |
| Gross profit | 137,209 | 112,065 | 487,074 | |
| Sales and marketing expenses | -33,003 | -32,713 | -136,592 | |
| Administration expenses | -22,508 | -19,665 | -85,357 | |
| R&D expenses | -24,580 | -20,868 | -87,447 | |
| Operating profit | 8 | 57,119 | 38,819 | 177,679 |
| Interest income and similar profit items | 610 | 1,672 | 7,340 | |
| Interest expense and similar profit loss items | -5,227 | -2,247 | -8,159 | |
| Profit before tax | 52,501 | 38,243 | 176,860 | |
| Tax | -10,984 | -8,123 | -36,138 | |
| Profit for the period | 41,517 | 30,120 | 140,722 | |
| Other comprehensive income: | ||||
| Components not to be reclassified to net profit: | ||||
| Effect on revaluation of pensions | 187 | -126 | 150 | |
| Tax effect on revaluation of pensions | -47 | 33 | -37 | |
| Sum of Components not to be reclassified to net profit: | 141 | -93 | 112 | |
| Components to be reclassified to net profit: | ||||
| Translation difference | ||||
| Translation difference in the group | -18,851 | 12,346 | 12,169 | |
| Sum of Components to be reclassified to net profit: | -18,851 | 12,346 | 12,169 | |
| Sum of other comprehensive income: | -18,710 | 12,253 | 12,281 | |
| Comprehensive result for the period | 22,807 | 42,373 | 153,003 |
Per Share Data
| Per share data | Jan-Mar 2025 | Jan-Mar 2024 | Jan-Dec 2024 |
|---|---|---|---|
| Earnings per share, before and after dilution, SEK */ | 1.74 | 1.26 | 5.90 |
| Equity per share, SEK | 35.16 | 31.81 | 34.20 |
| Number of shares outstanding | 23,851,547 | 23,851,547 | 23,851,547 |
| Average number of shares outstanding | 23,851,547 | 23,851,547 | 23,851,547 |
| Closing date stock price, SEK | 167.00 | 239.00 | 218.00 |
| Dividend per share, SEK | 0.00 | 0.00 | 2.25 |
*/ Based on the profit/loss for the period divided by the average number of shares in issue
Quarterly Earnings Trend
| Amounts in ' 000 SEK | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|
| Net sales | 194,802 | 186,688 | 178,656 | 187,793 | 170,080 | 200,632 |
| Gross profit | 137,209 | 129,171 | 121,288 | 124,550 | 112,065 | 135,922 |
| Gross margin, % | 70 | 69 | 68 | 66 | 66 | 68 |
| Expenses | -80,090 | -77,821 | -82,892 | -75,435 | -73,246 | -73,369 |
| EBITDA | 66,457 | 60,942 | 48,776 | 59,706 | 49,260 | 72,788 |
| EBITDA margin, % | 34 | 33 | 27 | 32 | 29 | 36 |
| Net profit | 41,517 | 40,940 | 31,114 | 38,548 | 30,120 | 50,431 |
| Cash flow from operating activities | 61,426 | 45,993 | 40,876 | 40,212 | 71,357 | 76,421 |
| Total cash flow | 36,749 | 11,263 | 15,791 | -44,117 | 44,404 | 43,085 |
Balance Sheet in Summary, Group
| Amounts in ' 000 SEK | Note | 03/31/2025 | 03/31/2024 | 12/31/2024 |
|---|---|---|---|---|
| Assets | ||||
| Intangible assets | 5 | 490,783 | 451,295 | 487,646 |
| Tangible assets | 6 | 112,307 | 126,420 | 119,943 |
| Financial assets | 7 | 2,460 | 3,942 | 2,653 |
| Inventory | 119,362 | 122,251 | 124,823 | |
| Trade receivables | 7 | 116,135 | 81,114 | 102,824 |
| Other receivables | 7 | 20,505 | 22,112 | 24,573 |
| Cash and bank | 7 | 182,317 | 166,982 | 149,430 |
| Total assets | 1,043,869 | 974,116 | 1,011,891 | |
| Equity and liabilities | ||||
| Equity | 838,533 | 758,762 | 815,726 | |
| Deferred tax liability | 71,350 | 62,483 | 69,285 | |
| Other provisions | 6,053 | 5,337 | 6,254 | |
| Long-term debt, interest-bearing | 9,050 | 25,493 | 12,678 | |
| Short-term debt, interest-bearing | 13,907 | 30,598 | 14,171 | |
| Short-term debt, non interest-bearing | 7 | 61,850 | 51,356 | 59,287 |
| Trade payables | 7 | 41,816 | 37,930 | 32,222 |
| Warranty provisions | 1,310 | 2,155 | 2,268 | |
| Total equity and liabilities | 1,043,869 | 974,116 | 1,011,891 |
Consolidated Statement of Changes in Equity, Group
| Amounts in ' 000 SEK | 03/31/2025 | 03/31/2024 | 12/31/2024 |
|---|---|---|---|
| Balance at the beginning of the year | 815,726 | 716,389 | 716,389 |
| Dividend | 0 | 0 | -53,666 |
| Net profit for the period | 41,517 | 30,120 | 140,722 |
| Comprehensive result for the period | -18,710 | 12,253 | 12,281 |
| Closing balance | 838,533 | 758,762 | 815,726 |
Cash Flow Statement in Summary, Group
| Amounts in ' 000 SEK | Jan-Mar 2025 | Jan-Mar 2024 | Jan-Dec 2024 |
|---|---|---|---|
| Result before taxes | 52,501 | 38,243 | 176,860 |
| Adjustment for items not included in cash flow | 14,266 | 16,761 | 63,144 |
| Income tax paid | -8,919 | -5,244 | -26,154 |
| Cash flow from operating activities before changes in working capital | 57,848 | 49,760 | 213,850 |
| Changes in working capital | 3,578 | 21,596 | -15,412 |
| Cash flow from operating activities | 61,426 | 71,357 | 198,438 |
| Capitalization of development costs | -18,090 | -15,500 | -65,755 |
| Acquisitions/divestment of financial assets | 192 | 475 | -11,994 |
| Acquisitions/divestment of tangible assets | -3,294 | -1,801 | 1,743 |
| Cash flow from investing activities | -21,192 | -16,826 | -76,006 |
| Amortization of loans | -395 | -7,019 | -28,960 |
| Amortization of leasing debts | -3,090 | -3,108 | -12,463 |
| Dividend paid | - | - | -53,666 |
| Cash flow from financing activities | -3,485 | -10,127 | -95,089 |
| Total cash flow | 36,749 | 44,404 | 27,342 |
| Liquid funds at beginning of period | 149,430 | 121,645 | 121,645 |
| Exchange rate fluctuations in liquid funds | -3,862 | 933 | 443 |
| Liquid funds at end of period | 182,317 | 166,982 | 149,430 |
Disclosures regarding interest expense:
Interest expenses for Jan-Mar 2025 amount to SEK 205 k (591) whereof SEK 100 k (156) is attributable to leasing in accordance with IFRS 16.
Income Statement in Summary and Consolidated Statement of Comprehensive Income, Parent Company
| Amounts in ' 000 SEK | Jan-Mar 2025 | Jan-Mar 2024 | Jan-Dec 2024 |
|---|---|---|---|
| Net sales | 148,899 | 127,620 | 555,523 |
| Cost of goods sold | -31,741 | -33,447 | -133,896 |
| Gross profit | 117,158 | 94,173 | 421,627 |
| Sales and marketing expenses | -21,319 | -21,159 | -96,410 |
| Administration expenses | -18,574 | -15,730 | -68,287 |
| R&D expenses | -40,938 | -34,688 | -146,837 |
| Operating profit | 36,327 | 22,596 | 110,094 |
| Interest income and financial exchange gains | 235 | 1,639 | 13,889 |
| Interest expense and financial exchange losses | -4,976 | -1,984 | -6,992 |
| Profit before income tax | 31,586 | 22,251 | 116,991 |
| Taxes | -6,587 | -4,584 | -23,399 |
| Net profit | 24,999 | 17,667 | 93,592 |
| Statement of Comprehensive Income | Jan-Mar 2025 | Jan-Mar 2024 | Jan-Dec 2024 |
|---|---|---|---|
| Net profit for the period | 24,999 | 17,667 | 93,592 |
| Other comprehensive income | - | - | - |
| Comprehensive profit for the period | 24,999 | 17,667 | 93,592 |
Balance Sheet in Summary, Parent Company
| Amounts in ' 000 SEK | 03/31/2025 | 03/31/2024 | 12/31/2024 |
|---|---|---|---|
| Assets | |||
| Intangible assets | 26,196 | 29,187 | 26,944 |
| Tangible assets | 7,192 | 5,385 | 7,074 |
| Deferred tax assets | 755 | 496 | 755 |
| Long term receivables from group companies | 29,292 | 35,728 | 32,162 |
| Financial assets | 261,220 | 262,658 | 261,220 |
| Inventory | 79,493 | 80,406 | 86,655 |
| Trade receivables | 86,088 | 51,819 | 72,581 |
| Receivables from group companies | 4,903 | 4,752 | 4,598 |
| Other receivables | 16,190 | 20,598 | 21,543 |
| Cash and bank | 165,452 | 152,133 | 135,189 |
| Total assets | 676,781 | 643,162 | 648,721 |
| Equity and liabilities | |||
| Equity | 579,940 | 532,682 | 554,941 |
| Other provisions | 1,400 | 685 | 1,399 |
| Long-term debt, interest-bearing | - | 3,750 | - |
| Short-term debt, interest-bearing | - | 16,139 | - |
| Short-term debt, non interest-bearing | 43,324 | 34,773 | 41,838 |
| Trade payables | 28,205 | 26,063 | 22,111 |
| Liabilities to group companies | 22,602 | 26,915 | 26,164 |
| Warranty provisions | 1,310 | 2,155 | 2,268 |
| Total equity and liabilities | 676,781 | 643,162 | 648,721 |
NOTE 1. ACCOUNTING POLICIES
The Group applies IFRS Accounting Standards, as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the Nasdaq Stockholm Rule Book for Issuers. Disclosures in accordance with IAS 34 p. 16A appears not only in the financial statements and their accompanying notes but also in other parts of the interim report. The parent company applies the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2 Accounting for Legal Entities. The accounting policies and calculation methods applied are consistent with those described in the Annual and Sustainability Report for 2024.
NOTE 2. SEGMENT REPORTING
NOTE 4. ALLOCATION OF SALES
CellaVision's operations comprise only one operating segment: automated microscopy systems and reagents in the field of hematology. Therefore, references are made to the Group's consolidated income statement and balance sheet regarding operating segment reporting.
NOTE 3. RISKS AND UNCERTAINTIES
CellaVision is exposed to several risks, which may impact the Group's development to a greater or lesser extent. Reduced demand, currency fluctuations and production disruptions are both risks and uncertainties to varying degrees. For a more detailed description of the risks and uncertainties facing CellaVision, please refer to the risk analysis on pages 53-55 and Note A2 and A5 in the Annual and Sustainability Report for 2024.
| Jan-Mar 2025 | Jan-Mar 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in ' 000 SEK | Instruments | Reagents | Software & | Total | Instruments | Reagents | Software & | Total |
| Other | Other | |||||||
| Americas | 49,126 | 997 | 27,630 | 77,753 | 49,809 | 661 | 21,576 | 72,046 |
| EMEA | 47,508 | 35,325 | 12,882 | 95,715 | 27,885 | 34,466 | 16,579 | 78,930 |
| APAC | 18,239 | 1,422 | 1,673 | 21,334 | 14,100 | 808 | 4,196 | 19,104 |
| Total | 114,873 | 37,744 | 42,185 | 194,802 | 91,794 | 35,935 | 42,351 | 170,080 |
Other refers to spare parts and consumables.
NOTE 5. INTANGIBLE ASSETS
| Amounts in ' 000 SEK | 03/31/2025 | 03/31/2024 |
|---|---|---|
| Capitalised expenditure for development | 283,631 | 223,660 |
| Goodwill | 121,025 | 128,566 |
| Trademarks, customer relationships and other intangible assets | 86,126 | 99,069 |
| Total intangible assets | 490,783 | 451,295 |
NOTE 6. TANGIBLE FIXED ASSETS
| Amounts in ' 000 SEK | 03/31/2025 | 03/31/2024 |
|---|---|---|
| Right of use assets | ||
| Land and buildings | 16,481 | 26,544 |
| Machinery, equipment | 2,299 | 2,751 |
| Total right of use assets | 18,780 | 29,295 |
| Tangible fixed assets that are not right of use assets | ||||
|---|---|---|---|---|
| Land and buildings | 64,838 | 69,593 | ||
| Machinery, equipment | 28,689 | 27,532 | ||
| Total tangible fixed assets that are not right of use assets | 93,527 | 97,125 | ||
| Total tangible fixed assets | 112,307 | 126,420 |
The tangible fixed assets amounted to SEK 112,307 m on the balance sheet date. The majority of the right of use assets consists of leases for office premises. For all leases for which the Group is lessee (which are not short term leases or low value assets), the Group recognizes a right of use asset and a lease liability.
When valuating the right of use asset, the acquisition method is used, i.e the right of use asset is calculated at acquisition cost, adjusted for any revaluation of the lease liability less depreciation.
The right of use asset is reported as a tangible fixed asset, while leasing liability is reported separately in the Group's statement of financial position as long-term debt, interest-bearing and short-term debt, interest-bearing.
NOTE 7. FINANCIAL ASSETS AND LIABILITIES
The disclosed value of financial assets, trade receivables, other receivables, cash and bank, trade payables, and other short-term liabilities constitutes a reasonable approximation of fair value.
NOTE 8. EMPLOYEES
| 228 | 223 |
|---|---|
| 12 | 15 |
| 240 | 238 |
The average number of employees is calculated as an average of the number of full-time positions at the beginning and end of the period. Temporary employees include the equivalent full-time positions employed on fixed-term contracts with a defined end date, this also includes paid interns and apprentices.
NOTE 9. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE
No significant events have occurred after the period close.
Reconciliation Tables KPIs, Non-IFRS Measures
| Equity-asset ratio | ||
|---|---|---|
| Amounts in ' 000 SEK | 03/31/2025 | 03/31/2024 |
| Equity | 838,533 | 758,762 |
| Balance sheet total | 1,043,869 | 974,116 |
| Equity ratio | 80% | 78% |
| Gross margin | ||
| Amounts in ' 000 SEK | Jan-Mar 2025 | Jan-Mar 2024 |
| Net sales | 194,802 | 170,080 |
| Gross profit | 137,209 | 112,065 |
| Gross margin | 70% | 66% |
| Operating margin | ||
| Amounts in ' 000 SEK | Jan-Mar 2025 | Jan-Mar 2024 |
|---|---|---|
| Net sales | 194,802 | 170,080 |
| Operating profit | 57,119 | 38,819 |
| Operating margin | 29% | 23% |
EBITDA
| Amounts in ' 000 SEK | Jan-Mar 2025 | Jan-Mar 2024 |
|---|---|---|
| Operating profit | 57,119 | 38,819 |
| Amortization/depreciation/write-down | 9,339 | 10,441 |
| EBITDA | 66,457 | 49,260 |
Net sales
| Jan-Mar 2025 | Jan-Mar 2025 | Jan-Mar 2024 | Jan-Mar 2024 |
|---|---|---|---|
| (%) | '000 SEK | (%) | '000 SEK |
| 170,080 | 139,096 | ||
| 14.1% | 23,915 | 21.9% | 30,483 |
| 0.5% | 807 | 0.4% | 501 |
| 14.6% | 194,802 | 22.3% | 170,080 |
The company presents certain financial measures in the interim report which are not defined according to IFRS. The financial metrics are used by the company's management to evaluate relevant trends, and the company believes that they can provide valuable supplementary information to investors. CellaVision's definitions of these measures may differ from other companies' definitions of the same terms. These financial measures should therefore be seen as a supplement rather than as a replacement for measures defined according to IFRS.
Definitions of measures which are not defined according to IFRS and which are not mentioned elsewhere in the interim report are presented below. Reconciliation of these measures is shown in the tables to the left.
Currency effect. Exchange rate effects on sales growth for the period.
Equity/assets ratio. Shareholders' equity including noncontrolling interests as a percentage of total assets.
EBITDA. Overall financial performance before interest, taxes, depreciation and amortization.
Gross margin. Gross profit as a percentage of net sales.
Gross profit. Net sales less cost of goods sold.
Operating margin (EBIT), Operating profit (EBIT) as a percentage of net sales for the period.
Operating profit (EBIT). Earnings before interest and tax.
Questions Concerning the Report
Publication
This information constitutes information that CellaVision AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 7:20 a.m. CEST on April 29, 2025.
CellaVision is listed on the Nasdaq Stockholm, Mid Cap list. The company is traded under the ticker symbol CEVI and ISIN code SE0000683484.
Conference
In connection with the release of the interim report analysts, investors and media are invited to a telephone conference and audio webcast on April 29, at 11:00 CEST where Simon Østergaard, President & CEO, will present and comment the report. The presentation will be in English via a conference call or audio webcast:
To participate via webcast, use the link below. https://cellavision.events.inderes.com/q1-report-2025/register
To participate via conference call, register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://events.inderes.com/cellavision/q1-report-2025/dial-in
No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start time to facilitate a timely start.
Simon Østergaard President & CEO Phone: +46 46 460 16 23 [email protected]
Magnus Blixt CFO Phone: +46 46 460 16 46 [email protected]
Financial Calendar 2025
| Interim Report January-March April 29, 2025 |
Annual General Meeting May 6, 2025 |
Interim Report January-June July 18, 2025 |
Interim Report January-September November 6, 2025 |
Year-end Bulletin 2025 February 5, 2026 |
|---|---|---|---|---|
This is CellaVision Mission
About Us
CellaVision is an innovative, global medical technology company that develops and sells its own leading solutions for routine analysis of blood and other body fluids in health care services. These analyses play a vital role in swift and accurate disease diagnoses, particularly in cases of infections and serious cancer diseases. The products replace manual laboratory work, and secure and support effective workflows and skills development within and between hospitals. The company has leading-edge expertise in sample preparation, image analysis, artificial intelligence and automated microscopy. Sales are via global partners with support from the parent company in Lund, Sweden and by the company´s 12 local market support organizations covering more than 40 countries.
Små, medelstora och stora laboratorier
Specialanalyser
EXPANDERA
MAXIMERA Stora laboratorier
1
2 3
4
5
ACCELERERA
Nya områden
UTFORSKA
Our Strategic Ambition: The Power of Focus
Our strategic ambition is to digitalize and improve microscopy workflows to provide diagnostic certainty in the medical labs of the world. Our strategy is supported by our organization, processes and culture. The strategy rests on five strategic pillars:
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- Maximize our leading position in large laboratories
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- Accelerate the worldwide adoption of the DC-1
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- Accelerate our global leadership in reagents
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- Expand into specialized microscopy analyses
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- Explore new areas of analytics with innovation
Financial Ambition
CellaVision's objective is to create a global standard for digital microscopy. The objective is broken down in two important financial targets:
• Sales growth
Increase sales over an economic cycle by an average of around 15 percent per year.
• Profitability
The EBITDA margin is to exceed 30 percent over an economic cycle.
To advance laboratory workflow and diagnostic certainty through intelligent microscopy
Our tools for automating cell classification with diagnostic certainty include analyzers, reagents, smearing, staining devices, and software.
Vision
Elevating healthcare through the evolution of microscopy
We provide digital microscopy solutions to make laboratory work easier and more efficient. Because the faster a blood sample can be correctly analyzed, the faster a patient can be diagnosed and treated.