===== SIDA 1 ===== CellaVision Interim Report January-March 2024Q1 A Solid Start to the Year Organic sales growth: Q1, 2024: 22% (-21) EBITDA margin: Q1, 2024: 29% (25) January 1 – March 31, 2024 Net sales increased by 22% (-14) to SEK 170 m (139). Sales increased organically by 22% (-21), currency effect 0% (7). EBITDA increased to SEK 49 m (35). EBITDA margin amounted to 29% (25). Profit before tax increased to SEK 38 m (24). Earnings per share before and after dilution increased to SEK 1.26 (0.81). Cash flow from operating activities increased to SEK 71 m (19). Jan-Mar Jan-Dec (MSEK) 2024 2023 2023 Net sales 170 139 677 Gross profit 112 97 463 EBITDA 49 35 207 EBITDA margin, % 29 25 31 Profit before tax 38 24 164 Earnings per share before and after dilution 1.26 0.81 5.46 Cash flow from operating activities 71 19 196 Total cash flow 44 -15 14 Equity ratio, % 78 74 77 ===== SIDA 2 ===== 2 CEO’s Comment CellaVision had a solid start to the year, with all regions contributing to growth. There is strong traction for our solutions across many markets, especially those where laboratories connected in larger networks recognize the value of our products. The First Quarter in Brief Net sales for the Group were SEK 170 m (139) compared to a weak first quarter in 2023. Organic growth was 22 percent in comparison to the same quarter in 2023 (no currency effect). EBITDA increased to SEK 49 m (35), resulting in an EBITDA margin of 29 percent (25). The lower gross margin for the quarter is mainly explained by the mix of products sold. Cash flow from operating activities was positively impacted by both an improved result and a positive change in working capital, amounting to SEK 71 m (19) for the quarter. The Group’s total cash flow for the quarter totaled SEK 44 m (-15), with our financial position remaining solid. In the Americas, sales grew by 23 percent to SEK 72 m (59), with the market showing a healthy demand for our large instruments. Our DIFF- Line™ (consisting of CellaVision® DC-1, RAL® SmearBox, and RAL® StainBox) is successfully being rolled out by our distribution partners. This step forward holds the potential for further penetration in the small- and medium-sized laboratory segment in the long term. Sales in the EMEA region increased by 21 percent, reaching SEK 79 m (65). Our ecosystem of offerings has demonstrated resilience despite uncertain macroeconomic conditions in EMEA. Instrument as well as reagent sales continue to grow steadily, with instrument sales displaying 27 percent growth compared to the corresponding quarter in 2023. Normalizing market conditions throughout APAC have boosted sales in the quarter, which grew by 22 percent to SEK 19 m (16). To maximize opportunities for growth we have also enhanced our collaboration with key regional distribution partners. Progress on Strategic Direction Our new production facility in Bordeaux, France is now fully up and running, meaning we are well equipped to execute on our strategic initiative to globalize our reagent offering. Evaluation of our application for the analysis of bone marrow samples progresses. The application will eliminate the need for the complex manual analysis of these samples. However, a higher regulatory classification according to the EU IVDR (In Vitro Diagnostic Regulation), will require greater involvement of a notified body in the conformity assessment than initially expected. As a result, the registration process is longer, and commercial launch is now expected to be in 2025. The Strategic Alliance Agreement with Sysmex Corporation entered in the quarter, has strengthened our long-standing partnership. During the first quarter, we have had meetings across various regions and teams to establish objectives for our collaborative commercialization efforts. CellaVision and Sysmex Nordic also hosted a joint user meeting for our Nordic customers in CellaVision’s facilities in Lund, Sweden. The event drew significant attendance and offered a highly valuable platform for exchanging knowledge. Together, we continue our efforts to raise global diagnostic standards. Simon Østergaard, President and CEO Simon Østergaard President & CEO ===== SIDA 3 ===== 3 Sales, Earning and Investments Net Sales and Currency Effects Net sales for the Group’s first quarter increased by 22 percent to SEK 170 m (139), 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. The exchange rates remained unchanged in the quarter compared to the corresponding quarter of 2023, which means that the organic growth also amounts to 22 percent. Gross Profit and Gross Margin Gross profit increased by 16 percent to SEK 112 m (97) during the first quarter, corresponding to a gross margin of 66 percent (70). The gross margin is affected by purchase prices for materials and components, the product mix, amortization of capitalized development expenses, inventory adjustments as well as currency effects. The lower gross margin during the quarter compared to the corresponding quarter of the previous year can be explained by the product mix in sales as well as increased material and production costs, at the same time, price increases towards customers have not yet had full effect. Amortization of capitalized development expenses were on par with the corresponding quarter last year and amounted to SEK 2 m (2). Operating Expenses Operating expenses for the first quarter increased by 2 percent to SEK 73 m compared to the corresponding quarter last year (72). Previous restructuring efforts in the sales regions have resulted in slightly reduced sales expenses despite increased turnover and inflation. EBITDA and EBITDA Margin Weak comparative figures and stable sales for the quarter contributed to an increase in EBITDA by 43 percent to 49 MSEK (35) r. EBITDA margin increased to 29 percent (25). Net Financial Items The interest-bearing liabilities in the form of bank loans amounted to SEK 27 m (57). The first quarter’s interest expenses from bank loans amounted to SEK 0.4 m (0.6). 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 CellaVision continuously capitalizes expenses for product development. Capitalized development expenses amounted to SEK 15 m (14) during the quarter. The quarter’s total research and development expenses, before capitalization, amounted to SEK 36 m (34). 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 ===== 4 Cash Flow The cash and cash equivalents at the end of the quarter amounted to SEK 167 m (93). In addition, CellaVision has an unutilized overdraft facility of SEK 30 m (30). The cash flow from operating activities increased to SEK 71 m (19) for the quarter. The increase is attributed to an improved result as well as a favorable development of working capital. The cash flow effect from change in working capital amounted to SEK 22 m (-13). The working capital for the corresponding period of the previous year was burdened by increased inventory holding. During the first quarter of the year, reduced accounts receivable compared to the previous quarter strongly contributed to the positive change in working capital. Cash flow from investing activities for the quarter amounted to SEK -17 m (-23) and is mainly related to capitalized development expenses. The corresponding quarter of the previous year was also affected by the expansion of production capacity in France, which was completed at the end of 2023. Cash flow from financing activities for the quarter amounted to SEK -10 m (-11) and mainly includes amortization of bank loans by -7 (-8) and leasing SEK -3 m (-3). The total cash flow for the quarter amounted to SEK 44 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. 4 ===== SIDA 5 ===== 5 Development in the Geographical Markets Americas: SEK 72 m (59) In the Americas, sales increased by 23 percent to SEK 72 m (59) compared to the corresponding quarter in 2023. The change is primarily explained by a sustained demand for digital cell morphology in laboratories. Particularly in North America, the focus on serving laboratories connected in larger networks led to the double-digit sales growth of our small analyzer (CellaVision® DC-1) compared to the previous year. After a successful 2023 in Latin America, sales efforts are being ramped up. This includes ongoing training activities for distribution partners to secure long-term growth opportunities. Additionally, the DIFF-Line™ by CellaVision is gradually gaining interest in new markets in the region and serves as a catalyst for potential sales growth. The recent update to CellaVision’s blood analysis software includes a feature that digitizes the end of the blood smear, the so-called feathered edge. This has been positively received and is being deployed across both new and existing platfoms to provide enhanced customer value. EMEA: SEK 79 m (65) In EMEA, sales increased by 21 percent to SEK 79 m (65) when compared to the same quarter in 2023. Both instrument and reagent sales demonstrated robust growth during the quarter. Instruments demonstrated a substantial increase of 27 percent when compared to the relatively low sales figures of 2023’s first quarter. Noteworthy were CellaVision® DC-1 sales, which increased sharply with regained momentum. Most markets contributed to quarterly growth, with notable success seen in the UK and the Middle East. Sales saw a strong uptick within major European markets, especially France, reaching record-high growth in reagent and related device sales through collaboration with key regional partners. APAC: SEK 19 m (16) In APAC, the momentum observed in the latter half of 2023 carried through to 2024’s first quarter, as sales increased by 22 percent to SEK 19 m (16) in comparison to 2023’s corresponding quarter. Growth was largely driven by normalized inventory levels and favourable market conditions in the key markets of China and Japan. Collaborative efforts with key distribution partners are underway, with the aim of carrying out joint pre- and post- market activities targeting end-customers. This has the greater objective of strengthening our competitive regional position. Tailored activities customized for individual APAC markets have the potential to drive consistent sales growth for CellaVision products in the long-term. Net sales per region, MSEK Net sales per region (MSEK) Jan-Mar 2024 Jan-Mar 2023 Growth % Jan-Dec 2023 Americas 72 59 23% 313 EMEA 79 65 21% 277 APAC 19 16 22% 87 Total 170 139 22% 677 ===== SIDA 6 ===== 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. Feedback is collected from the sites where the bone marrow analysis product is undergoing evaluation. In total, the evaluation now encompasses three European laboratories, and preliminary internal clinical studies have begun. A higher classification than expected will extend the registration process and consequently delay the commercial launch until after 2024. Progress on advancing the Fourier Ptychographic Microscopy (FPM) technology continues, with ongoing patent filings for new innovations. The technology is gradually maturing, and prototypes have been successfully demonstrated to potential partners in the fields of cytology and pathology. The CellaVision patent portfolio at the end of the period included 25 patented inventions and 114 granted patents. Research and Development ===== SIDA 7 ===== 7 . 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, April 25, 2024 The Nomination Committee and the Annual General Meeting in 2024 The Nomination Committee’s summarized proposal regarding Board before the Annual General Meeting 2024 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. The Nomination Committee’s proposal and reasoned opinion is available on the company’s website, www.cellavision.com. Annual General Meeting 2024 and Dividend The CellaVision Annual General Meeting in 2024 will be held in Lund at 15:00 o´clock CEST, on May 3, 2024 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 2024 that a dividend of SEK 2.25 per share (2.25) be paid for 2023, which is line with the company’s dividend policy. Annual and Sustainability Report 2023 The CellaVision Annual and Sustainability Report 2023 has been available on the company’s web page since April 11, 2024. 7 ===== SIDA 8 ===== 8 Amounts in ' 000 SEK Note Jan-Mar 2024 Jan-Mar 2023 Jan-Dec 2023 Net sales 4 170,080 139,096 677,292 Cost of goods sold -58,014 -42,236 -214,251 Gross profit 112,065 96,860 463,040 Sales and marketing expenses -32,713 -32,922 -136,624 Administration expenses -19,665 -18,770 -76,032 R&D expenses -20,868 -20,133 -83,333 Operating profit 8 38,819 25,036 167,051 Interest income and similar profit items 1,672 1,004 7,410 Interest expense and similar profit loss items -2,247 -1,681 -10,239 Profit before tax 38,243 24,359 164,222 Tax -8,123 -5,151 -33,913 Profit for the period 30,120 19,209 130,309 Other comprehensive income: Components not to be reclassified to net profit: Effect on revaluation of pensions -126 -40 133 Tax effect on revaluation of pensions 33 11 -32 Sum of Components not to be reclassified to net profit: -93 -29 101 Components to be reclassified to net profit: Translation difference Translation difference in the group 12,346 3,480 -1,983 Sum of Components to be reclassified to net profit: 12,346 3,480 -1,983 Sum of other comprehensive income: 12,253 3,452 -1,882 Comprehensive result for the period 42,373 22,661 128,427 Income Statement in Summary and Consolidated Statement of Comprehensive Income, Group ===== SIDA 9 ===== 9 Per share data Jan-Mar 2024 Jan-Mar 2023 Jan-Dec 2023 Earnings per share, before and after dilution, SEK */ 1.26 0.81 5.46 Equity per share, SEK 31.81 27.85 30.04 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 239.00 185.00 212.00 Dividend per share, SEK - - 2.25 */ Based on the profit/loss for the period divided by the average number of shares in issue Amounts in ' 000 SEK Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Net sales 170,080 200,632 167,895 169,668 139,096 152,316 Gross profit 112,065 135,922 111,424 118,834 96,860 101,649 Gross margin, % 66 68 66 70 70 67 Expenses -73,246 -73,369 -78,156 -72,639 -71,824 -62,585 EBITDA 49,260 72,788 43,445 56,032 34,549 48,397 EBITDA margin, % 29 36 26 33 25 32 Net profit 30,120 50,431 25,962 34,707 19,209 32,297 Total cash flow 44,404 43,085 44,245 -58,027 -15,436 -8,023 Per Share Data Quarterly Earnings Trend ===== SIDA 10 ===== 10 Amounts in ' 000 SEK Note 03/31/2024 03/31/2023 12/31/2023 Assets Intangible assets 5 451 295 410 342 433 223 Tangible assets 6 126 420 119 088 125 502 Financial assets 7 3 942 4 965 4 396 Inventory 122 251 152 031 126 038 Trade receivables 7 81 114 86 504 97 797 Other receivables 7 22 112 31 067 20 110 Cash and bank 7 166 982 93 074 121 645 Total assets 974 116 897 071 928 712 Equity and liabilities Equity 758 762 664 289 716 389 Deferred tax liability 62 483 54 787 59 560 Other provisions 5 337 5 080 4 945 Long-term debt, interest-bearing 25 493 52 758 28 664 Short-term debt, interest-bearing 30 598 42 866 36 039 Short-term debt, non interest-bearing 7 51 356 39 212 48 628 Trade payables 7 37 930 36 102 32 534 Warranty provisions 2 155 1 978 1 953 Total equity and liabilities 974 116 897 071 928 712 Amounts in ' 000 SEK 03/31/2024 03/31/2023 12/31/2023 Balance at the beginning of the year 716,389 641,628 641,628 Dividend 0 0 -53,666 Net profit for the period 30,120 19,209 130,309 Comprehensive result for the period 12,253 3,452 -1,882 Closing balance 758,762 664,289 716,389 Balance Sheet in Summary, Group Consolidated Statement of Changes in Equity, Group ===== SIDA 11 ===== 11 Amounts in ' 000 SEK Jan-Mar 2024 Jan-Mar 2023 Jan-Dec 2023 Result before taxes 38,243 24,359 164,222 Adjustment for items not included in cash flow 16,761 10,100 49,382 Income tax paid -5,244 -3,289 -27,561 Cash flow from operating activities before changes in working capital 49,760 31,171 186,043 Changes in working capital 21,596 -12,580 10,393 Cash flow from operating activities 71,357 18,590 196,436 Capitalization of development costs -15,500 -13,552 -54,707 Acquisitions/divestment of intangible assets 0 0 - Acquisitions/divestment of financial assets 475 0 944 Acquisitions/divestment of tangible assets -1,801 -9,474 -31,769 Cash flow from investing activities -16,826 -23,027 -85,532 Amortization of loans -7,019 -7,974 -31,421 Amortization of leasing debts -3,108 -3,026 -11,949 Dividend paid - - -53,666 Cash flow from financing activities -10,127 -11,000 -97,036 Total cash flow 44,404 -15,436 13,867 Liquid funds at beginning of period 121,645 108,053 108,053 Exchange rate fluctuations in liquid funds 933 457 -275 Liquid funds at end of period 166,982 93,074 121,645 Disclosures regarding interest expense: Interest expenses for Jan-Mar 2024 amount to SEK 591 k (772) whereof SEK 156 k (193) is attributable to leasing in accordance with IFRS 16. Cash Flow Statement in Summary, Group ===== SIDA 12 ===== 12 Amounts in ' 000 SEK Jan-Mar 2024 Jan-Mar 2023 Jan-Dec 2023 Net sales 127,620 103,054 523,473 Cost of goods sold -33,447 -19,995 -118,814 Gross profit 94,173 83,059 404,659 Sales and marketing expenses -21,159 -22,368 -98,223 Administration expenses -15,730 -15,230 -60,862 R&D expenses -34,688 -32,117 -131,734 Operating profit 22,596 13,345 113,840 Interest income and financial exchange gains 1,639 977 8,955 Interest expense and financial exchange losses -1,984 -1,341 -8,877 Profit before income tax 22,251 12,980 113,919 Taxes -4,584 -2,674 -23,710 Net profit 17,667 10,307 90,209 Statement of Comprehensive Income Jan-Mar 2024 Jan-Mar 2023 Jan-Dec 2023 Net profit for the period 17,667 10,307 90,209 Other comprehensive income - - - Comprehensive profit for the period 17,667 10,307 90,209 Income Statement in Summary and Consolidated Statement of Comprehensive Income, Parent Company ===== SIDA 13 ===== 13 Amounts in ' 000 SEK 03/31/2024 03/31/2023 12/31/2023 Assets Intangible assets 29,187 32,178 29,935 Tangible assets 5,385 5,882 5,770 Deferred tax assets 496 733 496 Long term receivables from group companies 35,728 32,137 35,507 Financial assets 262,658 263,523 263,133 Inventory 80,406 116,403 86,815 Trade receivables 51,819 59,849 71,930 Receivables from group companies 4,752 2,861 3,329 Other receivables 20,598 26,332 17,604 Cash and bank 152,133 79,912 110,397 Total assets 643,162 619,810 624,915 Equity and liabilities Equity 532,682 488,779 515,015 Other provisions 685 718 457 Long-term debt, interest-bearing 3,750 19,605 4,500 Short-term debt, interest-bearing 16,139 28,709 21,974 Short-term debt, non interest-bearing 34,773 29,907 35,078 Trade payables 26,063 23,231 20,315 Liabilities to group companies 26,915 26,884 25,623 Warranty provisions 2,155 1,978 1,953 Total equity and liabilities 643,162 619,810 624,915 Balance Sheet in Summary, Parent Company ===== SIDA 14 ===== 14 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 2023. NOTE 2. SEGMENT REPORTING 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 55-57 and Note A2 and A5 in the Annual and Sustainability Report for 2023. Notes NOTE 4. ALLOCATION OF SALES Jan-Mar 2024 Jan-Mar 2023 Amounts in ' 000 SEK Instruments Reagents Software & Other Total Instruments Reagents Software & Other Total Americas 49 809 661 21 576 72 046 31 335 264 26 923 58 522 EMEA 27 885 34 466 16 579 78 930 21 989 28 763 14 214 64 966 APAC 14 100 808 4 196 19 104 12 336 1 072 2 200 15 608 Total 91 794 35 935 42 351 170 080 65 660 30 099 43 337 139 096 Other refers to spare parts and consumables. ===== SIDA 15 ===== 15 NOTE 9. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE No significant events have occurred after the period close. NOTE 5. INTANGIBLE ASSETS Amounts in ' 000 SEK 03/31/2024 03/31/2023 Capitalised expenditure for development 223,660 174,608 Goodwill 128,566 125,788 Trademarks, customer relationships and other intangible assets 99,069 109,946 Total intangible assets 451,295 410,342 NOTE 8. EMPLOYEES Average number of employees Jan-Mar 2024 Jan-Mar 2023 Permanent employees 223 235 Temporary employees 15 16 Total 238 251 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 6. TANGIBLE FIXED ASSETS Amounts in ' 000 SEK 03/31/2024 03/31/2023 Right of use assets Land and buildings 26,544 35,421 Machinery, equipment 2,751 3,065 Total right of use assets 29,295 38,486 Tangible fixed assets that are not right of use assets Land and buildings 69,593 58,030 Machinery, equipment 27,532 22,571 Total tangible fixed assets that are not right of use assets 97,125 80,602 Total tangible fixed assets 126,420 119,088 The tangible fixed assets amounted to SEK 126,420 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 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. ===== SIDA 16 ===== 16 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 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 Amounts in ‘ 000 SEK 03/31/2024 03/31/2023 Equity 758 762 664 289 Balance sheet total 974 116 897 071 Equity ratio 78% 74% Gross margin Amounts in ‘ 000 SEK Jan-Mar 2024 Jan-Mar 2023 Net sales 170 080 139 096 Gross profit 112 065 96 860 Gross margin 66% 70% Operating margin Amounts in ‘ 000 SEK Jan-Mar 2024 Jan-Mar 2023 Net sales 170 080 139 096 Operating profit 38 819 25 036 Operating margin 23% 18% EBITDA Amounts in ‘ 000 SEK Jan-Mar 2024 Jan-Mar 2023 Operating profit 38 819 25 036 Amortization/depreciation/write-down 10 441 9 514 EBITDA 49 260 34 549 Reconciliation Tables KPIs, Non-IFRS Measures Net sales Jan-Mar 2024 (%) Jan-Mar 2024 KSEK Jan-Mar 2023 (%) Jan-Mar 2023 KSEK Last period 139 096 162 422 Organic growth 22% 30 483 -21% -34 204 Currency effect 0% 501 7% 10 878 Current period 22% 170 080 -14% 139 096 ===== SIDA 17 ===== 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 April 25, 2024. 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 25, 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://ir.financialhearings.com/cellavision-q1-report-2024 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=50048590 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 2024 Questions Concerning the Report Year-end Bulletin 2023 Interim Report January-March Annual General Meeting Interim Report January-June Interim Report January-September Year-end Bulletin 2024 February 7, 2024 April 25, 2024 May 3, 2024 July 19, 2024 October 24, 2024 February 6, 2025 ===== SIDA 18 ===== 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. 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. 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. Small & Mid-sized Labs Speciality Analysis New Areas MAXIMIZE Large Labs ACCELERATE EXPAND EXPLORE 1 2 3 4 5 Små & medelstora laboratorier Specialanalyser Nya områden MAXIMERA Stora laboratorier ACCELERERA EXPANDERA UTFORSKA 1 2 3 4 5 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 18