FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
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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
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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
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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
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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
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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
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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
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.
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
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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
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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
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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
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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
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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
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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
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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.
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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.
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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
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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
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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
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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
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