Kvartalsrapport Q1 2025

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

CellaVision 
Interim Report 
January–March 2025
Q1
Strong quarter in a rapidly 
changing environment
Organic sales growth: 
Q1, 2025: 14.1% (21.9)
EBITDA margin: 
Q1, 2025: 34% (29)
January 1 – March 31, 2025
Net sales increased by 14,6% (22.3) to SEK 195 m (170).  
Sales increased organically by 14.1% (21.9), currency effect 0.5% (0.4).
EBITDA increased to SEK 66 m (49).
EBITDA margin increased to 34% (29).
Profit before tax increased to SEK 53 m (38). 
Earnings per share before and after dilution amounted to SEK 1,74 (1,26).  
Cash flow from operating activities amounted to SEK 61 m (71).
Jan-Mar Jan-Dec
(MSEK) 2025 2024 2024
Net sales 195 170 723
Gross profit 137 112 487
EBITDA 66 49 219
EBITDA margin, % 34 29 30
Profit before tax 53 38 177
Earnings per share before and after dilution 1.74 1.26 5.90
Cash flow from operating activities 61 71 198
Total cash flow 37 44 27
Equity ratio, % 80 78 81

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

- 2 -
CEO’s Comment
The first quarter showed a solid start to the year, with 
all regions contributing to growth in a rapidly changing 
environment. We continue to see strong traction for our 
solutions, particularly in markets where laboratories are 
connected within larger networks that recognize the value  
our products bring to diagnostic workflows. 
The volatile global macro-environment is closely monitored, 
setting this aside, we remain optimistic in our ability to 
drive growth and deliver long-term value across all markets. 
CellaVision’s business is subject to quarterly fluctuations due  
to its order-based sales process and delivery timing. 
The First Quarter in Brief
Our financial results reflect the positive momentum of 
digitalization in the dynamic macro-environment. Net sales for the 
Group reached SEK 195 m (170), representing 14.1 percent organic 
growth compared to the same quarter last year. EBITDA 
amounted to SEK 66 m (49), corresponding to a margin of  
34 percent (29). The gross margin amounted to 70 percent (66) 
and the improvement was mainly driven by last year’s price 
increases and the favorable sales mix during the quarter.
Cash flow from operating activities was strong, supported by 
improved earnings and favorable changes in working capital.  
It amounted to SEK 61 m (71), contributing to a total cash 
flow of SEK 37 m (44) for the quarter. Our financial position 
remains robust.
In the Americas, after two soft quarters, we saw increased 
sales by 8 percent, reaching SEK 78 m (72). Sales increased, 
particularly in software and CellaVision®DC-1 instruments. 
Our offering in the U.S. market is compelling, as laboratories 
within larger networks recognize the added value our products 
bring to diagnostic workflows. 
EMEA experienced strong sales across multiple markets, 
resulting in net sales of SEK 96 m (79) for the quarter, which 
represents 21 percent growth. Reagents related to hematology 
continued with a good quarter, growing by 12 percent.
APAC showed strong demand from all submarkets, including 
the important markets of Japan and China. Quarterly net sales 
totaled SEK 21 m (19), a 12 percent growth over the same quarter 
last year. Instrument sales continue to be the main source of 
revenue, while strategic reagent segments are gaining foothold. 
Progress on Strategic Direction
We maintained a high level of activity across our R&D portfolio 
in the quarter. Our innovation capacity is expanding, with 
development costs in the first quarter totaling SEK 43 m (36)  
— an increase of 17 percent compared to the first quarter in 2024.
The first quarter of the year continued to solidify our long-
standing partnership that has been pivotal in delivering 
enhanced diagnostic solutions. The partnership reflects our 
shared commitment to improving patient care worldwide. 
Additionally, we have initiated verification and validation of  
an upgraded software version for the hematology analyzers. 
This software version will further optimize the customers’ 
workflow and offer significant improvements in the user 
interface, including several new features.  
Finally, I want to extend my sincere thanks to our dedicated 
employees. Your commitment to driving our R&D and 
commercial agendas forward has been instrumental in our 
continued success. Entering the year, we delivered a strong 
quarter. Together, we remain focused on adding value to the 
healthcare sector and strengthening our global presence as the 
leader within digital cell morphology.
Simon Østergaard,
President and CEO

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

- 3 -
Sales, Earning and Investments
Net Sales and Currency Effects
Net sales for the first quarter amounted to SEK 195 m (170), an 
increase of 14.6 percent compared to the corresponding period 
last year. CellaVision invoices most of the sales in Euros and US 
dollars, which means that exchange rate fluctuations have an 
impact on the company’s sales and earnings. Currency effects 
were minor, contributing to a positive impact of 0.5 percent 
compared to the same period last year. Organic growth amounted 
to 14.1 percent.
Gross Profit and Gross Margin
Gross profit for the first quarter increased by 22 percent to  
SEK 137 m (112), corresponding to a gross margin of 70 percent (66).
The gross margin is influenced by factors such as purchase 
prices for materials and components, sales mix, amortization of 
capitalized development expenses, inventory adjustments, and 
currency effects. The improved gross margin in the quarter was 
primarily driven by last year’s price increases and a favorable 
sales mix.
Amortization of capitalized development expenses was 
unchanged from the same period last year and amounted to 
SEK 2 m (2).
Operating Expenses
Operating expenses for the first quarter increased by 9 percent 
to SEK 80 m (73), compared to the same period last year.
Administrative expenses have increased due to inflation and a 
rise in consulting expenses, primarily related to the adaption of 
new regulatory requirements.
The increase in research and development expenses aligns with 
CellaVision’s long-term product development strategy.
EBITDA and EBITDA Margin
EBITDA for the first quarter increased by 35 percent to  
SEK 66 m (49) corresponding to an EBITDA margin of  
34 percent (29). The performance was primarily driven by sales 
growth and favorable gross margin, which more than offset the 
increase in operating expenses.
Net Financial Items
As of March 31, 2025, interest-bearing liabilities in the form of 
bank loans amounted to SEK 5 m (27). Interest expenses related 
to bank loans for the first quarter totaled SEK 0.1 m, (0.4) 
compared to the same quarter last year.
The net financial result for the quarter is primarily attributable 
to exchange losses on financial items and interest expenses on 
lease liabilities in accordance with IFRS 16.
Investments
CellaVision continuously capitalizes expenses related to 
product development. During the quarter, capitalized 
development expenses increased to SEK 18 m (15), driven 
by a higher level of activity as several projects entered more 
resource-intensive phases in the development lifecycle. Total 
research and development expenses before capitalization 
amounted to SEK 43 m (36).
The majority of the capitalized expenses relate to the 
development of instruments and software applications.
Sales per quarter 
and rolling 12 months
EBITDA per quarter and  
EBITDA margin rolling 12 months

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

- 4 -
Cash Flow
At the end of the quarter, cash and cash equivalents amounted 
to SEK 182 m (167). In addition, CellaVision has an unutilized 
overdraft facility of SEK 30 m (30). 
Cash flow from operating activities amounted to SEK 61 m (71) 
in the first quarter of 2025. The solid financial performance and 
lower capital tied up in inventory contributed positively to cash 
flow. At the same time, the increase in sales during the quarter 
resulted in higher accounts receivable, which had an adverse 
impact on operating cash flow.
Cash flow from investing activities for the quarter amounted to 
SEK -21 m (-17) and was mainly related to capitalized expenses 
for research and development. 
Cash flow from financing activities for the quarter amounted to 
SEK -3 m (-10), and was primarily attributable to amortization 
of leasing debts.
The total cash flow for the quarter amounted to SEK 37 m (44).
Parent Company
Apart from manufacturing of reagents, the group is in all 
material aspects represented by the operations in the parent 
company, the comments on the Group’s result and financial 
position also refers to the parent company.

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

- 5 -
Development in the Geographical Markets
Americas: SEK 78 m (72) 
After two soft quarters, sales in the Americas increased 
by 8 percent, reaching SEK 78 m (72), compared to the 
corresponding quarter in 2024. 
The growth was primarily driven by strong sales of software 
and CellaVision® DC-1 instruments in the U.S., particularly 
to connected laboratories, where CellaVision offers a unique 
market solution. Our offering is compelling in the U.S market, 
where laboratories, to a large extent, are connected within 
larger networks that recognize the value our products bring 
to the diagnostic workflows. Demand for digital morphology 
solutions remains strong, particularly in smaller hospital 
laboratories, where significant growth potential is anticipated. 
However, the current turbulent trade situation adds a layer of 
uncertainty, making it difficult to predict how this potential 
will unfold.
In Latin America, we continue to make progress in expanding 
our market presence. Brazil remains our strongest market, 
where ongoing training, targeted sales initiatives, and focused 
marketing activities have successfully enabled us to reach 
previously untapped areas.
EMEA: SEK 96 m (79)
Sales in EMEA increased by 21 percent to SEK 96 m (79), 
demonstrating the strength of our market strategy. The growth 
was primarily driven by strong CellaVision™ DI-60 and 
CellaVision® DC-1 instrument sales, reinforcing CellaVision’s 
leadership in digital morphology solutions. The growing 
adoption of our technology in networked laboratories reflects 
the industry’s continued shift toward digitalization. 
The close collaboration with our strategic distribution partner 
and targeted investments in training and support have been 
critical in maintaining our competitive position. Strengthening 
relationships with both partners and laboratories is key to 
remaining the preferred choice in an evolving market.
By participating in key industry events, such as MedLab Middle 
East in Dubai and IGLD-INSTAND in Frankfurt, we have further 
solidified our market presence. These platforms allow us to 
showcase cutting-edge technology, engage with new customers, 
and strengthen partnerships with key decision-makers.
Sales of hematology reagents continued to develop positively, 
with 12 percent growth compared to the first quarter of 
2024. Sales of sample preparation instruments also showed 
significant growth. Active sales and marketing initiatives 
throughout the quarter, carried out in collaboration with local 
and regional partners, have generated increased interest in both 
reagent and instrument product portfolios.
APAC: SEK 21 m (19)
Sales in APAC increased by 12 percent in the first quarter of 
2025, reaching SEK 21 m (19), compared to the same period in 
2024. The quarter reflects the strong momentum we have seen 
across many submarkets in APAC over the past year, not least 
in important markets such as Japan and China.
Demand for DI-60 instruments remains strong, and sales in 
the strategic reagent segments continue to grow, although 
from relatively low levels. CellaVision has intensified local 
marketing efforts and customer engagement activities in 
close collaboration with our key distribution partner. These 
initiatives support sales growth across the entire CellaVision 
product portfolio and are expected to drive further expansion 
in the region.
Net sales per region, MSEK Net sales per region (MSEK) Jan-Mar 
2025
Jan-Mar 
2024
Growth % Jan-Dec 
2024
Americas 78 72 8% 269
EMEA 96 79 21% 334
APAC 21 19 12% 120
Total 195 170 15% 723
Americas
 EMEA
 APAC

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

- 6 -
Our vision is to elevate healthcare through 
the evolution of microscopy. By devoting 
considerable resources to research and 
development, we continue pushing the 
boundaries of innovation to lead the future 
of microscopy. Thus, improving the quality of 
care for patients worldwide. 
CellaVision continues with clinical trials of 
the application for bone marrow analysis. The 
application’s high regulatory classification 
requires a long registration process. Assuming 
a positive outcome, we expect to have the 
documentation reviewed to obtain CE-marking 
by the end of 2025. 
In parallel, verification and validation of an 
upgraded software version for the hematology 
analyzers have been initiated. This software 
version will further optimize the customer’s 
workflow and offer significant improvements in 
the user interface, including several new features. 
The development of adapting Fourier 
Ptychographic Microscopy (FPM) in our core 
hematology business continues. Through 
the integration of FPM, we are pioneering 
the next generation of hematology solutions 
and strengthening our position as a leader in 
advanced diagnostics.  In parallel, we continue 
to explore the technology’s potential in 
adjacent fields such as pathology and cytology. 
We see that the technology’s advantages of 
speed and superior image quality are especially 
valuable in these new areas. Preliminary 
evaluations show that FPM has great 
advantages over traditional technologies.
CellaVision’s patent portfolio included 26 
patented innovations and 126 granted patents 
at the end of the period.
Research and Development

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

- 7 -
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 29, 2025
The Nomination Committee’s summarized proposal regaring Board before the Annual General Meeting 2025 
The Nomination Committee proposes the current Chairman Mikael Worning to be re-elected as Chairman of the Board and proposes re-election of the Board members Louise Armstrong-Denby, 
Christer Fåhraeus, Ann-Charlotte Jarleryd, and Stefan Wolf. Furthermore, the Nomination committee proposes that the AGM elects Emil Hjalmarsson as new Board member.
The Nomination Committee’s proposal and reasoned opinion is available on the company’s website, www.cellavision.com.
The Board of Directors’s proposal to repurchase shares 
The Board of Directors proposes to the Annual General Meeting 2025 to authorize the Board to resolve to repurchase the Company’s own shares.
The proposal and reasoned opinion of the Board of Directors are available on the company’s website at www.cellavision.com.
Annual General Meeting 2025 and Dividend  
The CellaVision Annual General Meeting in 2025 will be held in Lund at 15:00 o´clock CEST, on May 6, 2025, at Mobilvägen 12, 223 62, Lund. Voting rights registration opens at 14:30 and will close when 
the meeting opens. The Board of Directors proposes to the Annual General Meeting 2025 that a dividend of SEK 2.50 per share be paid for 2024, which is line with the company’s dividend policy.
Annual and Sustainability Report 2024 
The CellaVision Annual and Sustainability Report 2024 has been available on the company’s web page since April 10, 2025.
The Nomination Committe and
the Annual General Meeting in 2025
Declaration by the Board of  
Directors and President/CEO

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

- 8 -
Amounts in ' 000 SEK Note Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024
Net sales 4 194,802 170,080 723,217
Cost of goods sold -57,593 -58,014 -236,143
Gross profit 137,209 112,065 487,074
Sales and marketing expenses -33,003 -32,713 -136,592
Administration expenses -22,508 -19,665 -85,357
R&D expenses -24,580 -20,868 -87,4 47
Operating profit 8 57,119 38,819 177,679
Interest income and similar profit items 610 1,672 7,340
Interest expense and similar profit loss items -5,227 -2,247 -8,159
Profit before tax 52,501 38,243 176,860
Tax -10,984 -8,123 -36,138
Profit for the period 41,517 30,120 140,722
Other comprehensive income:
Components not to be reclassified to net profit:
Effect on revaluation of pensions 187 -126 150
Tax effect on revaluation of pensions -47 33 -37
Sum of Components not to be reclassified to net profit: 141 -93 112
Components to be reclassified to net profit:
 Translation difference
Translation difference in the group -18,851 12,346 12,169
Sum of Components to be reclassified to net profit: -18,851 12,346 12,169
Sum of other comprehensive income: -18,710 12,253 12,281
Comprehensive result for the period 22,807 42,373 153,003
Income Statement in Summary  
and Consolidated Statement of Comprehensive Income, Group

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

- 9 -
Per share data Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024
Earnings per share, before and after dilution, SEK */ 1.74 1.26 5.90
Equity per share, SEK 35.16 31.81 34.20
Number of shares outstanding 23,851,547 23,851,547 23,851,547
Average number of shares outstanding 23,851,547 23,851,547 23,851,547
Closing date stock price, SEK 167.00 239.00 218.00
Dividend per share, SEK 0.00 0.00 2.25
*/ Based on the profit/loss for the period divided by the average number of shares in issue
Per Share Data
Quarterly Earnings Trend
Amounts in ' 000 SEK Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
Net sales 194,802 186,688 178,656 187,793 170,080 200,632
Gross profit 137,209 129,171 121,288 124,550 112,065 135,922
Gross margin, % 70 69 68 66 66 68
Expenses -80,090 -77,821 -82,892 -75,435 -73,246 -73,369
EBITDA 66,457 60,942 48,776 59,706 49,260 72,788
EBITDA margin, % 34 33 27 32 29 36
Net profit 41,517 40,940 31,114 38,548 30,120 50,431
Cash flow from operating activities 61,426 45,993 40,876 40,212 71,357 76,421
Total cash flow 36,749 11,263 15,791 -4 4,117 44,404 43,085

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

- 10 -
Amounts in ' 000 SEK Note 03/31/2025 03/31/2024 12/31/2024
Assets
Intangible assets 5 490,783 451,295 487,646
Tangible assets 6 112,307 126,420 119,943
Financial assets 7 2,460 3,942 2,653
Inventory 119,362 122,251 124,823
Trade receivables 7 116,135 81,114 102,824
Other receivables 7 20,505 22,112 24,573
Cash and bank 7 182,317 166,982 149,430
Total assets 1,043,869 974,116 1,011,891
Equity and liabilities
Equity 838,533 758,762 815,726
Deferred tax liability 71,350 62,483 69,285
Other provisions 6,053 5,337 6,254
Long-term debt, interest-bearing 9,050 25,493 12,678
Short-term debt, interest-bearing 13,907 30,598 14,171
Short-term debt, non interest-bearing 7 61,850 51,356 59,287
Trade payables 7 41,816 37,930 32,222
Warranty provisions 1,310 2,155 2,268
Total equity and liabilities 1,043,869 974,116 1,011,891
Amounts in ' 000 SEK 03/31/2025 03/31/2024 12/31/2024
Balance at the beginning of the year 815,726 716,389 716,389
Dividend 0 0 -53,666
Net profit for the period 41,517 30,120 140,722
Comprehensive result for the period -18,710 12,253 12,281
Closing balance 838,533 758,762 815,726
Balance Sheet in Summary, Group
Consolidated Statement of Changes in Equity, Group

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

- 11 -
Amounts in ' 000 SEK Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024
Result before taxes 52,501 38,243 176,860
Adjustment for items not included in cash flow 14,266 16,761 63,144
Income tax paid -8,919 -5,244 -26,154
Cash flow from operating activities before changes in working capital 57,848 49,760 213,850
Changes in working capital 3,578 21,596 -15,412
Cash flow from operating activities 61,426 71,357 198,438
Capitalization of development costs -18,090 -15,500 -65,755
Acquisitions/divestment of financial assets 192 475 -11,994
Acquisitions/divestment of tangible assets -3,294 -1,801 1,743
Cash flow from investing activities -21,192 -16,826 -76,006
Amortization of loans -395 -7,019 -28,960
Amortization of leasing debts -3,090 -3,108 -12,463
Dividend paid  -     -    -53,666
Cash flow from financing activities -3,485 -10,127 -95,089
Total cash flow 36,749 44,404 27,342
Liquid funds at beginning of period 149,430 121,645 121,645
Exchange rate fluctuations in liquid funds -3,862 933 443
Liquid funds at end of period 182,317 166,982 149,430
Disclosures regarding interest expense:
Interest expenses for Jan-Mar 2025 amount to SEK 205 k (591) whereof SEK 100 k (156) is attributable to leasing in accordance with IFRS 16.
Cash Flow Statement in Summary, Group

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

- 12 -
Amounts in ' 000 SEK Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024
Net sales 148,899 127,620 555,523
Cost of goods sold -31,741 -33,447 -133,896
Gross profit 117,158 94,173 421,627
Sales and marketing expenses -21,319 -21,159 -96,410
Administration expenses -18,574 -15,730 -68,287
R&D expenses -40,938 -34,688 -146,837
Operating profit 36,327 22,596 110,094
Interest income and financial exchange gains 235 1,639 13,889
Interest expense and financial exchange losses -4,976 -1,984 -6,992
Profit before income tax 31,586 22,251 116,991
Taxes -6,587 -4,584 -23,399
Net profit 24,999 17,667 93,592
Statement of Comprehensive Income Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024
Net profit for the period 24,999 17,667  93,592    
Other comprehensive income  -     -     -    
Comprehensive profit for the period 24,999 17,667  93,592    
Income Statement in Summary and Consolidated Statement of Comprehensive 
Income, Parent Company

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

- 13 -
Amounts in ' 000 SEK 03/31/2025 03/31/2024 12/31/2024
Assets
Intangible assets 26,196 29,187 26,944
Tangible assets 7,192 5,385 7,074
Deferred tax assets 755 496 755
Long term receivables from group companies 29,292 35,728 32,162
Financial assets 261,220 262,658 261,220
Inventory 79,493 80,406 86,655
Trade receivables 86,088 51,819 72,581
Receivables from group companies 4,903 4,752 4,598
Other receivables 16,190 20,598 21,543
Cash and bank 165,452 152,133 135,189
Total assets 676,781 643,162 648,721
Equity and liabilities
Equity 579,940 532,682 554,941
Other provisions 1,400 685 1,399
Long-term debt, interest-bearing  -    3,750  -    
Short-term debt, interest-bearing  -    16,139  -    
Short-term debt, non interest-bearing 43,324 34,773 41,838
Trade payables 28,205 26,063 22,111
Liabilities to group companies 22,602 26,915 26,164
Warranty provisions 1,310 2,155 2,268
Total equity and liabilities 676,781 643,162 648,721
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 2024. 
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 53-55 and Note A2 and 
A5 in the Annual and Sustainability Report for 2024.
Notes
NOTE 4. ALLOCATION OF SALES 
Jan-Mar 2025 Jan-Mar 2024
Amounts in ' 000 SEK Instruments Reagents Software & 
Other
Total Instruments Reagents Software & 
Other
Total
Americas 49,126 997 27,630 77,753 49,809 661 21,576 72,046
EMEA 47,508 35,325 12,882 95,715 27,885 34,466 16,579 78,930
APAC 18,239 1,422 1,673 21,334 14,100 808 4,196 19,104
Total 114,873 37,744 42,185 194,802 91,794 35,935 42,351 170,080
Other refers to spare parts and consumables.

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

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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 03/31/2025 03/31/2024
Capitalised expenditure for development 283,631 223,660
Goodwill 121,025 128,566
Trademarks, customer relationships and other intangible assets 86,126 99,069
Total intangible assets 490,783 451,295 NOTE 8. EMPLOYEES
Average number of employees Jan-Mar 2025 Jan-Mar 2024
Permanent employees 228 223
Temporary employees 12 15
Total 240 238
The average number of employees is calculated as an average of the number of full-time 
positions at the beginning and end of the period. Temporary employees include the 
equivalent full-time positions employed on fixed-term contracts with a defined end date, 
this also includes paid interns and apprentices.
NOTE 6. TANGIBLE FIXED ASSETS
Amounts in ' 000 SEK 03/31/2025 03/31/2024
Right of use assets 
Land and buildings 16,481 26,544
Machinery, equipment 2,299 2,751
Total right of use assets 18,780 29,295
Tangible fixed assets that are not right of use assets 
Land and buildings 64,838 69,593
Machinery, equipment 28,689 27,532
Total tangible fixed assets that are not right of use assets 93,527 97,125
Total tangible fixed assets 112,307 126,420
The tangible fixed assets amounted to SEK 112,307 m on the balance sheet date. The majority 
of the right of use assets consists of leases for office premises. For all leases for which the 
Group is lessee (which are not short term leases or low value assets), the Group recognizes a 
right of use asset and a lease liability.  
                                                                                                                                                                            
When valuating the right of use asset, the acquisition method is used, i.e the right of use 
asset is calculated at acquisition cost, adjusted for any revaluation of the lease liability less 
depreciation.  
 
The right of use asset is reported as a tangible fixed asset, while leasing liability is reported 
separately in the Group's statement of financial position as long-term debt, interest-bearing 
and short-term debt, interest-bearing.
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 =====

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The company presents certain financial measures in the interim 
report which are not defined according to IFRS. The financial me-
trics are used by the company’s management to evaluate relevant 
trends, and the company believes that they can provide valuable 
supplementary information to investors. CellaVision’s definitions 
of these measures may differ from other companies’ definitions 
of the same terms. These financial measures should therefore be 
seen as a supplement rather than as a replacement for measures 
defined according to IFRS. 
Definitions of measures which are not defined according to IFRS 
and which are not mentioned elsewhere in the interim report 
are presented below. Reconciliation of these measures is shown 
in the tables to the left.
Currency effect.  Exchange rate effects on sales growth for the 
period.
Equity/assets ratio. Shareholders’ equity including non-
controlling interests as a percentage of total assets.
EBITDA. Overall financial performance before interest, taxes, 
depreciation and amortization.
Gross margin. Gross profit as a percentage of net sales.
Gross profit.  Net sales less cost of goods sold.
Operating margin (EBIT),  Operating profit (EBIT) as a 
percentage of net sales for the period.
Operating profit (EBIT).  Earnings before interest and tax.
Reconciliation Tables KPIs, Non-IFRS Measures
Equity-asset ratio
Amounts in ’ 000 SEK 03/31/2025 03/31/2024
Equity 838,533 758,762
Balance sheet total 1,043,869 974,116
Equity ratio 80% 78%
Gross margin
Amounts in ’ 000 SEK Jan-Mar 2025 Jan-Mar 2024
Net sales 194,802 170,080
Gross profit 137,209 112,065
Gross margin 70% 66%
Operating margin
Amounts in ’ 000 SEK Jan-Mar 2025 Jan-Mar 2024
Net sales 194,802 170,080
Operating profit 57,119 38,819
Operating margin 29% 23%
EBITDA
Amounts in ’ 000 SEK Jan-Mar 2025 Jan-Mar 2024
Operating profit 57,119 38,819
Amortization/depreciation/write-down 9,339 10,441
EBITDA 66,457 49,260
Net sales
Jan-Mar 2025 
(%)
Jan-Mar 2025  
’000 SEK
Jan-Mar 2024 
(%)
Jan-Mar 2024 
’000 SEK
Last period 170,080 139,096
Organic growth 14.1% 23,915 21.9% 30,483
Currency effect 0.5% 807 0.4% 501
Current period 14.6% 194,802 22.3% 170,080

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

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Questions Concerning the Report
Publication
This information constitutes information that CellaVision AB (publ) is obliged to make public pursuant to the EU 
Market Abuse Regulation. The information was submitted for publication at 7:20 a.m. CEST on April 29, 2025.
CellaVision is listed on the Nasdaq Stockholm, Mid Cap list. The company is traded under the ticker symbol CEVI 
and ISIN code SE0000683484.
Conference
In connection with the release of the interim report analysts, investors and media are invited
to a telephone conference and audio webcast on April 29, at 11:00 CEST where
Simon Østergaard, President & CEO, will present and comment the report. The presentation
will be in English via a conference call or audio webcast:
To participate via webcast, use the link below.  
https://cellavision.events.inderes.com/q1-report-2025/register
To participate via conference call, register on the link below. After registration you will be provided phone 
numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/cellavision/q1-report-2025/dial-in
No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start time
to facilitate a timely start.
Simon Østergaard
President & CEO
Phone: +46 46 460 16 23
simon.ostergaard@cellavision.com
Magnus Blixt
CFO
Phone: +46 46 460 16 46 
magnus.blixt@cellavision.com
Financial Calendar 2025
Interim Report January-March
April 29, 2025
Annual General Meeting
May 6, 2025
Interim Report January-June
July 18, 2025
Interim Report January-September
November 6, 2025
Year-end Bulletin 2025
February 5, 2026

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

- 18 -
Small, Mid-sized and Large Labs
Speciality Analysis
New Areas
MAXIMIZE
Large Labs
ACCELERATE
EXPAND
EXPLORE
1
2 3
4
5
Små, medelstora och stora laboratorier
Specialanalyser
Nya områden
MAXIMERA
Stora laboratorier
ACCELERERA
EXPANDERA
UTFORSKA
1
2 3
4
5
This is CellaVision
 Mission
To advance laboratory workflow and diagnostic certainty 
through intelligent microscopy
Our tools for automating cell classification with 
diagnostic certainty include analyzers, reagents, 
smearing, staining devices, and software.
Vision
Elevating healthcare through the evolution of microscopy
We provide digital microscopy solutions to make 
laboratory work easier and more efficient. Because 
the faster a blood sample can be correctly analyzed, 
the faster a patient can be diagnosed and treated.
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 in two important 
financial targets:
• Sales growth 
Increase sales over an economic cycle by an average of around  
15 percent per year.
• Profitability 
The EBITDA margin is to exceed 30 percent over an economic cycle.