Kvartalsrapport Q1 2023

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

CellaVision 
Interim Report 
January-March 2023Q1
 
Sales affected by temporary inventory 
reductions and COVID in APAC
Organic sales growth: 
Q1, 2023: -21% (15)
EBITDA margin: 
Q1, 2023: 25% (36)
Summary, January 1-March 31, 2023
Net sales decreased by 14% to SEK 139 m (162).  
Sales decreased organically by 21% (+15), currency effect 7%.
EBITDA amounted to SEK 35 m (59).
EBITDA margin amounted to 25% (36).
Profit before tax amounted to SEK 24 m (49). 
Earnings per share before and after dilution amounted to SEK 0.81 (1.61).  
Cash flow from operating activities amounted to SEK 19 m (38).
                Jan-Mar Jan-Dec
(MSEK) 2023 2022 2022
Net sales 139 162 639
Gross profit 97 116 438
EBITDA 35 59 198
EBITDA margin, % 25 36 31
Profit/loss before tax 24 49 148
Earnings per share before and after dilution 0.81 1.61 4.96
Cash flow from operating activities 19 38 137
Total cash flow -15 15 -23
Equity ratio, % 74 69 72

===== SIDA 2 =====

CellaVision Interim Report January-March 2023  /  Page 2 
CEO’s comment
The challenges experienced by CellaVision in 
the previous two quarters continued to impact 
the first quarter of 2023. Cautious working 
capital management by distribution partners, 
renewed confidence in the global supply 
situation, increasing inflation and interest rates 
led to a reduced need for safety stock in all 
geographical regions. This restrained sales in 
several key markets due to a lower order intake as 
distribution partners reduced the inventory levels. 
Growth was further slowed by the market 
conditions in APAC which continued to be 
shaped by some unpredictability of COVID-
implications in the important market of 
China. Recurring sales were less impacted by 
market volatility and our reagents showed solid 
performance in the quarter. 
The quarter saw a slight improvement in gross 
margin compared to the last two quarters in 
2022, as price increases negotiated last year for 
customers started to take effect. We expect the 
full effect of the price increases to be visible in the 
upcoming quarter. 
Our distribution partners indicate that the 
underlying growing demand for digital cell 
morphology remains and the end of the pandemic 
across EMEA and the Americas and the changing 
supply situation suggests that inventory levels 
now have normalized. Consequently, we expect 
our order pattern to improve throughout 2023. 
Increased cost control has been implemented but 
investments in research and development will 
be continued to support our long-term financial 
ambition. 
The first quarter in brief
Net sales for the Group were SEK 139 m (162) in 
the first quarter. Organic growth, adjusted for 
positive currency effects was negative 21 percent 
compared to the same quarter in 2022. It was 
only in EMEA that sales increased compared 
to the corresponding quarter last year. The 
Americas reported sales of SEK 59 m (82), which 
is a decrease in relation to relatively tough 
comparative figures. This is mainly explained by 
inventory reductions at distribution partners. In 
EMEA, sales increased slightly to SEK 65 m (62) 
driven by increased reagent sales and currency 
tailwinds. In APAC, sales declined to SEK 16 m 
(18), reflecting uncertain post-COVID market 
conditions in China. Operating cash flow was 
SEK 19 m (38). The Group’s total cash flow for 
the quarter amounted to SEK -15 m (15). 
Progress on strategic direction
The recently launched DIFF-Line™ solution for 
small and mid-sized laboratories is considered 
a big win for our customers, as well as an 
opportunity for us to increase sales of reagents 
and the DC-1 globally. 
Our hematology reagents continue to gain 
market share in EMEA, with significant 
growth in the quarter. In APAC, marketing 
efforts related to classic reagents are making 
good headway, and an increasing number of 
commercialization activities are ongoing in 
several local markets. 
We have continued to focus on the market for 
specialized microscopy analyses, which is an 
opportunity to integrate the DC-1 into large 
laboratories. Resources have been invested in 
the ongoing efforts to develop an application 
for analyzing bone marrow samples. A first 
version of the bone marrow application will be 
demonstrated in the next quarter. Our plan is 
to start the clinical validation during the year, 
with the aim to launch a CE-marked In Vitro 
Diagnostics (IVD) bone marrow application in 
2024.
Short-term challenges resulted in an 
unmet growth ambition, but our long-term 
commitment to resuming revenue growth and 
margin expansion is unchanged. Our strategic 
priorities remain firm, and we are committed to 
elevate healthcare as well as to create value for 
all stakeholders. 
Simon Østergaard,
President and CEO
 
Simon Østergaard 
Vd och koncernchef

===== SIDA 3 =====

CellaVision Interim Report January-March 2023  /  Page 3 
Sales, earning and investments
Sales and exchange effects
Net sales for the Group’s first quarter decreased by 14 percent 
to SEK 139 m (162), compared to the corresponding quarter 
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. Adjusted 
for positive currency effects of 7 percent, sales decreased 
organically by 21 percent compared to the corresponding 
quarter in 2022.
Gross profit and gross margin
Gross profit decreased by 16 percent to SEK 97 m (116) during 
the first quarter, corresponding to a gross margin of 70 percent 
(71).  The gross margin is primarily affected by purchase prices 
for materials and components, the product mix, depreciation 
of capitalized development expenses as well as currency effects. 
Price increases towards customers during 2023 resulted in 
an improved gross margin for the first quarter of the year 
compared to the last quarters of 2022 when gross margin 
was burdened by increased material costs and limited price 
increases to customers.   
Depreciation of capitalized development expenses were on par 
with the corresponding quarter last year and amounted to SEK 
2 m (2) for the first quarter.
Operating expenses
Operating expenses increased by 9 percent to SEK 72 m (66) 
during the first quarter.  The increase is most accentuated in 
cost for sales as well as research and development, as decided 
according to the strategic direction. During the latter part 
of 2022, increased cost control was introduced in the form 
of restrained recruitment and a reduced number of external 
consultants. The introduced measures have so far had only a 
marginal effect.
EBITDA and EBITDA margin
EBITDA decreased by 41 percent to SEK 35 m (59) during 
the first quarter, corresponding to an EBITDA margin of 25 
percent (36). The lower EBITDA margin for the quarter is 
attributable to a decrease in sales at the same time as operating 
expenses have increased.  
Net financial items
The Group’s interest-bearing liabilities in the form of bank 
loans amounted to SEK 57 m (83).  Interest expenses from bank 
loans amounted to SEK 0.6 m (0. 3) in the quarter. In addition 
to interest expense from bank loans, net financial income is 
attributable to foreign exchange gain/loss on acquisition loans 
in Euro and interest on leasing liability in accordance with 
IFRS 16.
Investments
The Group continuously capitalizes expenses for product 
development. Capitalized development expenses increased 
during the quarter to SEK 14 m (10). The quarter’s total 
research and development expenses, before capitalization, 
increased to SEK 34 m (28).  The increase is attributable to 
CellaVision’s long-term product development goals.  Most 
of the capitalized expenses are related to development of 
instruments and software applications.
Sales per quarter and rolling 12 months EBITDA per quarter and EBITDA margin rolling 12 months

===== SIDA 4 =====

CellaVision Interim Report January-March 2023  /  Page 4 
Cash flow
The Group’s cash and cash equivalents at the end of the quarter amounted to SEK 93 m (147).  
The cash flow effect from change in working capital amounted to SEK -13 m (-6) for the 
quarter and is mainly explained by more capital tied up in inventory as a result of lower sales. 
The Group cash flow from operating activities decreased compared with the corresponding 
quarter last year, which for the quarter amounted to SEK 19 m (38) which is a consequence of 
lower profit before tax and the increase in working capital.
Cash flow from investing activities for the quarter amounted to SEK -23 m (-13) and is mainly 
related to capitalized development expenses, as well as expansion of production capacity in 
France.
Cash flow from financing activities for the quarter amounted to SEK -11 m (-10) and has been 
affected by amortization of loans of SEK -8 m (-8) and amortization of lease liabilities of SEK 
-3 m (- 2).
The Group’s total cash flow for the quarter amounted to SEK -15 m (15).
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.

===== SIDA 5 =====

CellaVision Interim Report January-March 2023  /  Page 5 
Development in the geographical markets
Americas: SEK 59 m (82)
In the Americas, sales decreased by 29 percent to SEK 59 m 
compared to the corresponding quarter in 2022. However, 
market activity remains high, and our distribution partners’ 
prospect funnels and order intakes are good, which is in sharp 
contrast to the decline in the quarter. The decrease in sales 
is related to significant reductions in inventory levels at our 
distribution partners. Order cycles are expected to stabilize as 
inventory levels normalize.
Large instrument sales reported a decline in the quarter, as did 
software, which is primarily associated with instrument sales. 
However, the frequency for which CellaVision instruments 
are included in an installation of a new hematology line, 
the so-called “attachment rate”, continue to be high and the 
shortage of skilled laboratory personnel continue to drive the 
underlying need for CellaVision technology.
EMEA: SEK 65 m (62)
In EMEA, sales increased by 4 percent to SEK 65 m compared 
to the corresponding quarter in 2022. The growth is partly 
explained by currency tailwinds, but mainly because sales 
of hematology reagents increased in mature markets. Sales 
of hematology reagents increased with 23 percent in local 
currency compared to the corresponding quarter last year. 
Instrument sales decreased by 5 percent compared to the 
corresponding quarter last year. A clear contributing factor 
is decreased inventory and safety stock levels by larger 
distribution partners. 
A positive driver is our Remote Review Software, which 
enables customers to work remotely with our instruments. 
Sales and marketing activities increased, as did initiatives to 
enhance collaboration with distribution partners.
The Medlab Middle East exhibition, one of the larger 
exhibitions in the industry in EMEA, took place in February. 
A large number of customers and distribution partners were 
present and showed great interest in our solutions.
APAC: SEK 16 m (18)
In APAC, sales decreased by 13 percent to SEK 16 m compared 
to the corresponding quarter in 2022. Even though pandemic-
related restrictions are lifting across the region, the installation 
rate is still below pre-pandemic levels due to postponed public 
sector bids in several markets across the region. Distribution 
partners are carefully monitoring the level of hematology tests 
and indicate that they are slowly returning to pre-pandemic 
levels.
Marketing and promotion activities are increasing across the 
region and are expected to have positive effects in the long-
term given the relative long sales cycles. 
Reagent sales grew steadily, although from a low level. The 
activities and interest in the region for hematology reagents is 
high and orders from several countries are now coming in. 
Net sales per region (MSEK) Jan-Mar 
2023
Jan-Mar 
2022 Growth % Jan-Dec 
2022
Americas 59 82 -29% 280
EMEA 65 62 4% 280
APAC 16 18 -13% 79
Total 139 162 -14% 639
Net sales per region, MSEK

===== SIDA 6 =====

CellaVision Interim Report January-March 2023  /  Page 6 
Improving healthcare through continuous 
innovation is a fundamental ambition 
of CellaVision. The company devotes 
considerable resources to research 
and development to lead technology 
transformation and offer innovative solutions 
that meet customer needs and improve 
laboratory workflows.
The development of an analysis for bone 
marrow samples progressed well during the 
quarter, and some initial tests were performed 
with external experts. The feedback was very 
positive both regarding the analysis and the 
image quality. 
The planned update of the system software 
for blood analysis, which includes digitization 
of the edge of the blood smear, the so-
called feathered edge, has been expanded 
with further workflow improvements. The 
validation has now begun, and the goal is to 
introduce the software to the market in mid-
2023. 
Production was stable during the period 
and there were no significant problems with 
component supply. CellaVision has also 
built safety stock of critical components 
to reduce the risk of future production 
disruptions. However, the production costs 
for instruments are still increasing due to high 
inflation. 
The CellaVision patent portfolio at the end 
of the period included 25 patented inventions 
and 114 granted patents.
Research and development

===== SIDA 7 =====

CellaVision Interim Report January-March 2023  /  Page 7 
The Nomination Committee’s summarized proposal regarding Board before  
the Annual General Meeting 2023
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 Ann-Charlotte Jarleryd, Christer Fåhraeus, and Stefan Wolf. Furthermore, the 
Nomination committee proposes that the AGM elects Louise Armstrong-Denby as new Board member. Åsa Hedin has informed 
that she is not available for re-election. The Nomination Committee’s proposal and reasoned opinion is available on the company’s 
website, www.cellavision.com.
Annual General Meeting 2023 and dividend
CellaVision’s Annual General Meeting in 2023 will be held at 15:00 o´clock CEST, on May 5, 2023 at Mobilvägen 12, 223 62
Lund. Voting rights registration opens at 14:30 and will close when the meeting opens.
The Board of Directors propose to the 2023 Annual General Meeting a dividend of SEK 2.25 per share (2.00) for 2022.
Annual and Sustainability Report 2022 
CellaVision’s Annual and Sustainability Report for 2022 was published on April 13, 2023 and is available on the company’s website.
The Nomination Committee and 
the Annual General Meeting in 2023
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. 
The interim report has not been subject to review by the company’s auditors
Simon Østergaard 
President/CEO 
Lund, May 4, 2023

===== SIDA 8 =====

CellaVision Interim Report January-March 2023  /  Page 8 
Amounts in ' 000 SEK Note Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022
Net sales 4 139,096 162,422 639,340
Cost of goods sold -42,236 -46,796 -201,023
Gross profit 96,860 115,626 438,317
Sales and marketing expenses -32,922 -28,688 -117,962
Administration expenses -18,770 -18,961 -73,536
R&D expenses -20,133 -18,160 -88,553
Operating profit 7 25,036 49,818 158,266
Interest income and similar profit items 1,004 1,680 5,586
Interest expense and similar profit loss items -1,681 -2,874 -15,423
Profit/loss before tax 24,359 48,624 148,429
Tax -5,151 -10,221 -30,094
Profit/loss for the period 19,209 38,403 118,335
Other comprehensive income:
Components not to be reclassified to net profit:
Effect on revaluation of pensions -40 -33 855
Tax effect on revaluation of pensions 11 10 -212
Sum of Components not to be reclassified to net profit: -29 -23 642
Components to be reclassified to net profit:
b) Translation difference
Translation difference in the group 3,480 3,314 27,074
Sum of Components to be reclassified to net profit: 3,480 3,314 27,074
Sum of other comprehensive income: 3,452 3,291 27,716
Comprehensive result for the period 22,661 41,694 146,052
Income statement in summary and consolidated statement of 
comprehensive income, Group

===== SIDA 9 =====

CellaVision Interim Report January-March 2023  /  Page 9 
Per share data Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022
Earnings per share, before and after dilution, SEK */ 0.81 1.61 4.96
Equity per share, SEK 27.85 24.53 26.90
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
Stock exchange rate, SEK 185.00 313.00 229.00
Dividend per share, SEK 0.00 0.00 2.00
*/ Based on the profit/loss for the period divided by the average number of shares in issue
Amounts in ' 000 SEK Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021
Net sales 139,096 152,316 141,028 183,575 162,422 164,160
Gross profit 96,860 101,649 96,414 124,626 115,626 114,476
Gross margin in % 70 67 68 68 71 70
Expenses -71,824 -62,585 -79,458 -72,199 -65,809 -62,714
EBITDA 34,549 48,397 29,451 61,477 59,039 60,487
Net profit 19,209 32,297 10,383 37,251 38,403 39,754
Cash flow -15,436 -8,023 6,093 -36,324 15,114 18,382
Per share data
Quarterly earnings trend

===== SIDA 10 =====

CellaVision Interim Report January-March 2023  /  Page 10 
Amounts in ' 000 SEK Note 03/31/2023 03/31/2022 12/31/2022
Assets
Intangible assets 5 410,342 365,975 399,229
Tangible assets 6 119,088 79,340 110,035
Financial assets 4,965 22,249 5,340
Inventory 152,031 115,893 142,571
Trade receivables 86,504 89,723 97,630
Other receivables 31,067 29,290 28,890
Cash and bank 93,074 147,006 108,053
Total assets 897,071 849,476 891,748
Equity and liabilities
Equity 664,289 584,974 641,628
Deferred tax liability 54,787 49,219 52,925
Other provisions 5,080 4,136 3,740
Long-term debt, interest-bearing 52,758 87,170 60,364
Short-term debt, interest-bearing 42,866 40,802 42,131
Short-term debt, non interest-bearing 39,212 48,773 40,252
Trade payables 36,102 31,910 47,864
Warranty provisions 1,978 2,493 2,843
Total equity and liabilities 897,071 849,476 891,748
Amounts in ' 000 SEK 03/31/2023 03/31/2022 12/31/2022
Balance at the beginning of the year 641,628 543,280 543,280
Dividend 0 0 -47,703
Net profit for the year 19,209 38,403 118,335
Comprehensive result for the period 3,452 3,291 27,716
Balance at the end of the year 664,289 584,974 641,628
Balance sheet in summary, Group
Consolidated statement of changes in equity, Group

===== SIDA 11 =====

CellaVision Interim Report January-March 2023  /  Page 11 
Amounts in ' 000 SEK Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022
Result before taxes 24,359 48,624 148,429
Adjustment for items not included in cash flow 10,100 4,431 44,788
Income tax paid -3,289 -9,181 -27,127
Cash flow from operations before changes in working capital 31,171 43,874 166,090
Changes in working capital -12,580 -5,959 -28,804
Cash flow from operations 18,590 37,915 137,285
Capitalization of development costs -13,552 -10,038 -45,751
Acquisitions/divestment of intangible non-current assets 0 -145 -201
Acquisitions/divestment of financial non-current assets 0 -51 -581
Acquisitions/divestment of tangible non-current assets -9,474 -2,614 -23,482
Cash flow from investment activities -23,027 -12,847 -70,014
Amortization of loans -7,974 -7,509 -31,935
Amortization of leasing debts -3,026 -2,444 -10,772
Dividend paid 0 0 -47,703
Cash flow from financing activities -11,000 -9,953 -90,410
Total cash flow -15,436 15,114 -23,139
Liquid funds at beginning of period 108,053 130,286 130,286
Exchange rate fluctuations in liquid funds 457 1,606 906
Liquid funds at end of period 93,074 147,006 108,053
Disclosures regarding interest expense:
Interest expenses for Jan-mar 2023 amount to SEK 772 k (522) whereof SEK 193 k (229) is attributable to leasing in accordance with IFRS 16.
Cash flow statement in summary, Group

===== SIDA 12 =====

CellaVision Interim Report January-March 2023  /  Page 12 
Amounts in ' 000 SEK Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022
Net sales 103,054 130,126 517,207
Cost of goods sold -19,995 -28,313 -121,438
Gross profit 83,059 101,813 395,769
Sales and marketing expenses -22,368 -20,473 -87,311
Administration expenses -15,230 -15,621 -59,976
R&D expenses -32,117 -26,905 -126,842
Operating profit 13,345 38,814 121,640
Interest income and financial exchange gains 977 1,647 4,876
Interest expense and financial exchange losses -1,341 -2,492 -13,838
Profit before income tax 12,980 37,969 112,678
Taxes -2,674 -7,822 -23,575
Net profit 10,307 30,147 89,103
Statement of Comprehensive Income Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022
Net profit for the period 10,307 30,147 89,103
Other comprehensive income 0 0 0
Sum of other comprehensive income 0 0 0
Comprehensive profit for the period 10,307 30,147 89,103
Income statement in summary and consolidated statement of comprehensive 
income, Parent company

===== SIDA 13 =====

CellaVision Interim Report January-March 2023  /  Page 13 
Amounts in ' 000 SEK 03/31/2023 03/31/2022 12/31/2022
Assets
Intangible assets 32,178 36,106 32,926
Tangible assets 5,882 3,765 4,869
Deferred tax assets 733 552 733
Long term receivables from group companies 32,137 - 22,257
Financial assets 263,523 285,454 263,907
Inventory 116,403 82,765 108,240
Trade receivables 59,849 68,706 71,485
Receivables from group companies 2,861 2,777 1,169
Other receivables 26,332 24,621 22,889
Cash and bank 79,912 135,052 93,903
Total assets 619,810 639,798 622,379
Equity and liabilities
Equity 488,779 467,220 478,472
Other provisions 718 695 718
Long-term debt, interest-bearing 19,605 45,107 26,529
Short-term debt, interest-bearing 28,709 26,572 28,373
Short-term debt, non interest-bearing 29,907 35,580 27,584
Trade payables 23,231 23,719 34,148
Liabilities to group companies 26,884 38,413 23,712
Warranty provisions 1,978 2,493 2,843
Total equity and liabilities 619,810 639,798 622,379
Balance sheet in summary, Parent company

===== SIDA 14 =====

CellaVision Interim Report January-March 2023  /  Page 14 
NOTE 1. 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. 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 2022. 
NOTE 2. SEGMENT REPORTING 
CellaVision’s operations comprise only one operating segment: automated microscopy sys -
tems 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, production disruptions and restrictions 
related to COVID-19 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 68-71 and Note A2 and A5 in the Annual and Sustainability Report for 2022.
NOTE 4. ALLOCATION OF SALES 
Jan-Mar 2023 Jan-Mar 2022
Amounts in ' 000 SEK Instruments Reagents Software & 
Other Total Instruments Reagents Software & 
Other Total
Americas 31,335 264 26,923 58,522 49,056 48 33,134 82,238
EMEA 21,989 28,763 14,214 64,966 23,092 24,159 15,006 62,256
APAC 12,336 1,072 2,200 15,608 13,114 702 4,113 17,928
Total 65,660 30,099 43,337 139,096 85,262 24,908 52,252 162,422
Posten övrigt avser reservdelar samt förbrukningsmaterial.
Notes

===== SIDA 15 =====

CellaVision Interim Report January-March 2023  /  Page 15 
NOTE 8. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE
No significant events have occurred after the period close.
NOTE 5. INTANGIBLE ASSETS
Amounts in ' 000 SEK 03/31/2023 03/31/2022
Capitalised expenditure for development 174,608 134,500
Goodwill 125,788 115,329
Trademarks, customer relationships and other intangible assets 109,946 116,146
Total intangible assets 410,342 365,975
NOTE 7.  EMPLOYEES
Average number of employees Jan-Mar 2023 Jan-Mar 2022
Permanent employees 235 180
Temporary employees 16 12
Total 251 192
The average number of employees is calculated as an average of the number of employees 
at the beginning and end of the period. Temporary employees include all employees on a 
temporary contract with a defined end date, this includes paid interns and apprentices.
NOTE 6. TANGIBLE FIXED ASSETS
Amounts in ' 000 SEK 03/31/2023 03/31/2022
Right of use assets 
Land and buildings 35,421 42,507
Machinery, equipment 3,065 2,952
Total right of use assets 38,486 45,459
Tangible fixed assets that are not right of use assets 
Land and buildings 58,030 17,610
Machinery, equipment 22,571 16,271
Total tangible fixed assets that are not right of use assets 80,602 33,881
Total tangible fixed assets 119,088 79,340
The tangible fixed assets amounted to SEK 119 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.
Notes, cont’d

===== SIDA 16 =====

CellaVision Interim Report January-March 2023  /  Page 16 
The company presents certain financial measures in the
interim report which are not defined according to IFRS. The
company considers these measures to provide valuable
supplementary information for investors and the company’s
management as they enable the assessment of relevant 
trends. 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 below.
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, 
taxesdepreciation 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.
Equity-asset ratio
KSEK 03/31/2023 03/31/2022
Equity 664,289 584,974
Balance sheet total 897,071 849,476
Equity ratio 74% 69%
Gross margin
KSEK Jan-Mar 2023 Jan-Mar 2022
Net sales 139,096 162,422
Gross profit 96,860 115,626
Gross margin 70% 71%
Operating margin
KSEK Jan-Mar 2023 Jan-Mar 2022
Net sales 139,096 162,422
Operating profit 25,036 49,818
Operating margin 18% 31%
EBITDA
KSEK Jan-Mar 2023 Jan-Mar 2022
Operating profit 25,036 49,818
Depreciation/write-down 9,514 9,221
EBITDA 34,549 59,039
Reconciliation tables KPIs, non-IFRS measures
Net sales
Jan-Mar 2023 
(%)
Jan-Mar 2023 
KSEK
Jan-Mar 2022 
(%)
Jan-Mar 2022 
KSEK
Last period 162,422 133,954
Organic growth -21% -34,204 15% 20,211
Currency effect 7% 10,878 6% 8,257
Structural growth 0% 0 0% 0
Current period -14% 139,096 21% 162,422

===== SIDA 17 =====

CellaVision Interim Report January-March 2023  /  Page 17 
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 May 4, 2023.
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 May 4, 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. Via the webcast you are able to ask written
questions. 
https://ir.financialhearings.com/cellavision-q1-2023
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://conference.financialhearings.com/teleconference/?id=200722
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
simon.ostergaard@cellavision.com
Magnus Blixt
CFO
Phone: +46 46 460 16 46 
magnus.blixt@cellavision.com
Financial calendar 2023
Interim Report January-March       Annual General Meeting               Interim Report January-June                  Interim Report January-September      Year-end Report 2023
4 May 5 May           20 July        25 October 7 February, 2024
Questions concerning the report

===== SIDA 18 =====

CellaVision Interim Report January-March 2023  /  Page 18 
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. 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 16 local
market support organizations covering more than 40 countries.
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: 
1. Maximize our leading position in large laboratories
2. Accelerate the worldwide adoption of the DC-1
3. Accelerate our global leadership in reagents
4. Expand into specialized microscopy analyses
5. 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 into 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.
NEW AREAS
SMALL AND MID-SIZE LABS • REAGENTS
Mission
Our mission is to advance laboratory workflow and 
diagnostic certainty through intelligent microscopy
Our  mission defines what our line 
of business is and what purpose we 
serve. Our tools for automating cell 
classification and diagnostic certainty 
include analyzers, staining reagents,
smearing  and staining devices and 
software. We are at the forefront of 
advancing laboratory technology, using 
deep learning and artificial intelligence.
Vision
Our vision is to elevate healthcare through the 
evolution of microscopy
Our  vision fulfills our values and provide 
the big picture of why we are here. Our 
customers work in laboratories. We 
provide microscopes with intelligence to 
make lab work easier and more efficient.
Because  the faster a blood sample can 
be correctly analyzed, the faster a patient 
can get a diagnosis and treatment.
This is CellaVision