Kvartalsrapport Q1 2026

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CellaVision 
Interim Report 
January–March 2026Q1
Softer quarter due to  
lower sales in EMEA
Organic sales growth:
Q1, 2026: -6.6% (+14.1)
EBITDA margin:
Q1, 2026: 24% (34)
January 1st – Mars 31st, 2026
Net sales decreased by 14.6% (+14.6) to SEK 166 m (195).
Sales decreased organically by 6.6% (+14.1), currency effect -7.9% (+0.5).
EBITDA amounted to SEK 40 m (66).
EBITDA margin amounted to 24% (34).
Profit before tax amounted to SEK 28 m (53).
Earnings per share before and after dilution amounted to SEK 0.94 (1.74).
Cash flow from operating activities increased to SEK 62 m (61).
Jan-Mar Jan-Dec R12
(MSEK) 2026 2025 2025 2025/2026
Net sales 166 195 759 731
Gross profit 114 137 520 497
EBITDA 40 66 241 215
EBITDA margin, % 24 34 32 29
Profit before tax 28 53 194 170
Earnings per share before and after dilution 0.94 1.74 6.42 5.62
Cash flow from operating activities 62 61 201 202
Total cash flow 42 37 40 45
Equity ratio, % 81 80 81 81

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

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CEO’s Comment
CellaVision started the year with an unforeseen inventory 
adjustment from our main distribution partner in EMEA. This 
resulted in significant negative growth up against a tough 
comparative quarter last year and may also affect the second 
quarter. Americas continued its strong momentum showing double-
digit organic growth and APAC showed positive development 
compared to the corresponding quarter last year.
We see that the demand for digital cell morphology solutions 
remains strong and continues to grow over time. Therefore, we 
maintain a confident but measured outlook on our ability to drive 
growth and deliver long-term value across all our markets.
Our business is inherently subject to quarterly fluctuations, primarily 
driven by order-based sales through our partners. These are 
typically followed by a time lag before full system installation is 
completed at laboratories. 
The First Quarter in Brief
Net sales for the Group reached SEK 166 m (195), representing  
-7 percent organic growth compared to the same quarter last year. 
EBITDA amounted to SEK 40 m (66), corresponding to an EBITDA 
margin of 24 percent (34), and the gross margin amounted to  
68 percent (70).
Cash flow from operating activities was strong, supported by 
favorable changes in working capital. It increased to SEK 62 m (61), 
contributing to a total cash flow of SEK 42 m (37) for the quarter. 
Our financial position remains robust.
Sales in the Americas increased by 2 percent, reaching SEK 79 m 
(78), compared to the corresponding quarter of 2025. Adjusted for 
negative currency effects of 12 percent, sales increased organically 
by 13 percent. The strong performance was driven by continued 
demand for large instruments and the sustained adoption of our 
automated digital morphology solutions among larger laboratories. 
At the same time, sales of smaller instruments declined because of 
high inventory levels from 2025.
In EMEA, sales decreased by 32 percent to SEK 65 m (96), compared 
to a strong first quarter of 2025. Adjusted for negative currency 
effects of 6 percent, sales decreased organically by 26 percent. 
The decline is mainly related to temporary reduction in excessive 
inventory levels at our largest regional distribution partner, 
which significantly impacted on the order intake. Further, some 
tender delays appear in certain European countries because of 
budget considerations within public healthcare. Reagent sales 
demonstrated a consistent performance and were on par with the 
corresponding quarter last year.
Sales in APAC increased by 4 percent to SEK 22 m (21), compared 
to the corresponding quarter of the previous year. Adjusted for 
negative currency effects of 5 percent, sales increased organically 
by 10 percent. The overall growth and underlying demand remained 
positive, supported by improvements in product mix and market 
presence. South Asia Pacific continued to deliver stable performance 
with sustained traction in key markets such as Thailand and 
Australia. The reagent business in APAC increased more than twofold 
compared to the corresponding quarter last year.
Progress on Strategic Direction
The quarter has seen significant progress in executing on our 
strategic priorities within research and development, as CellaVision 
continues to strengthen its position as a trusted partner and a long-
term innovator in advanced digital cell morphology and microscopy. 
Key milestones achieved during the period include:
On March 11, the new CellaVision® Bone Marrow Aspirate (BMA) 
Application was launched in EMEA after having obtained its CE 
mark at the end of 2025. CellaVision is now extending its digital 
cell morphology platform into bone marrow aspirate analysis. 
The BMA Application provides laboratories with a reliable and 
advanced solution for automating, standardizing, and simplifying 
the morphological analysis of bone marrow aspirates. Following 
the joint launch activities with Sysmex Corporation in EMEA, initial 
market reactions, albeit being in the early phase have been very 
positive. We expect that revenue related to the BMA Application will 
pick up in the second half of the year. CellaVision also submitted 
the BMA Application to the FDA, with the aim of obtaining 510(k) 
clearance to commercialize the product in the U.S.
In addition, the upgraded software version for CellaVision’s 
hematology instruments was launched globally, introducing a 
more modern, user-friendly interface with enhanced functionalities 
designed to improve laboratory workflows. For newer DI-60 
systems, the upgrade also strengthens integration with the Sysmex 
SP-50™ smearing and staining device and delivers a significant 
speed improvement.
The development of Fourier Ptychographic Microscopy (FPM) 
continues to progress well, supporting the next generation of 
hematology solutions and reinforcing our position in advanced 
diagnostics. Furthermore, evaluations support our belief and pave 
the way for CellaVision to enter adjacent fields such as pathology 
and cytology, where FPM shows clear potential compared to 
conventional technologies.
Finally, I would like to extend my sincere appreciation to our 
employees, partners, and stakeholders for your continued 
commitment, trust, and support. Together, we drive innovation 
and create lasting value by advancing the digital transformation of 
microscopy in hematology laboratories worldwide.
Simon Østergaard,
President and CEO

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Sales, Earnings and Investments
Net Sales and Currency Effects
Net sales for the first quarter decreased to SEK 166 m (195), a 
decrease of 15 percent 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 net sales and earnings. Net sales in the Americas 
are roughly evenly split between Euros and US dollars, whereas 
Euro is the predominant currency for net sales in both EMEA and 
APAC. Adjusted for negative currency effects of 8 percent, net sales 
decreased organically by 7 percent compared to the corresponding 
quarter in 2025.
Gross Profit and Gross Margin
Gross profit for the first quarter decreased by 17 percent to SEK 114 m 
(137), corresponding to a gross margin of 68 percent (70).
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.
As a result of the launches of the CellaVision® Bone Marrow Aspirate 
(BMA) Application and the upgraded Digital Cell Morphology Software, 
amortization of capitalized development expenses increased from 
the corresponding quarter last year and amounted to SEK 3 m (2).
Operating Expenses
Operating expenses for the first quarter increased by 7 percent to 
SEK 85 m (80), compared to the same quarter last year.
Sales and marketing expenses as well as administration expenses 
have been kept on same levels as last year. CellaVision continues to 
invest in research and development in alignment with its long-term 
product development strategy. Total research and development 
expenses before capitalization amounted to SEK 41 million (43) in the 
first quarter. Capitalized expenses related to development projects 
decreased to SEK 12 million (18), primarily driven by lower level of 
expenditures and reduced hardware purchases compared to the 
same quarter last year. This situation reflects the normal fluctuations 
throughout different maturity stages of ongoing projects. Currently, a 
larger proportion of the development organization is working on early-
stage projects. As a result, research and development costs increased 
in the first quarter to SEK 30 million (25).
EBITDA and EBITDA Margin
EBITDA for the first quarter decreased to SEK 40 m (66), 
corresponding to an EBITDA margin of 24 percent (34). EBITDA 
was primarily impacted by reduced net sales, which resulted in 
a lower gross profit, as well as a decrease in the capitalization of 
development expenses. 
Net Financial Items
As of Mars 31st, 2026, interest-bearing liabilities in the form of bank 
loans amounted to SEK 3 m (5). Interest expenses related to bank 
loans for the first quarter were also below SEK 100 k, like the same 
quarter last year. 
Sales per quarter 
and rolling 12 months
EBITDA per quarter and  
EBITDA margin rolling 12 months

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Investments
CellaVision continuously capitalizes expenses related to product 
development. During the quarter, capitalized development expenses 
amounted to SEK 12 m (18). The lower capitalization is mainly 
attributable to lower expenditure levels and reduced hardware 
purchases compared with the corresponding quarter last year.
The majority of the capitalized expenses relate to the development 
of instruments and software applications.
Cash Flow
At the end of the quarter, cash and cash equivalents increased to 
SEK 230 m (182). In addition, CellaVision has an unutilized overdraft 
facility of SEK 30 m (30).
Cash flow from operating activities increased to SEK 62 m (61) in the 
first quarter of 2026. The decreased accounts receivable, as a result 
of lower sales, contributed positively to cash flow.
Cash flow from investing activities for the quarter amounted to  
SEK -17 m (-21) and was, as in the corresponding period last 
year, mainly related to capitalized expenses for research and 
development.
Cash flow from financing activities for the quarter amounted to  
SEK -4 m (-3).
The total cash flow for the quarter amounted to SEK 42 m (37).
Parent Company
Apart from the 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 refer to the parent company.
Net sales for the first quarter decreased by 18 percent to SEK 123 m 
(149). Gross profit amounted to SEK 95 m (117). Research and 
development costs amounted to SEK 39 m (41), with capitalization 
of development costs carried out at Group level. Profit after financial 
items amounted to SEK 16 m (32).
No significant investments were made in non-current assets during the 
quarter. Financial assets primarily related to shares in subsidiaries. At 
the end of the quarter cash and cash equivalents increased to  
SEK 210 m (165). The company had no interest-bearing debt.

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Development in the Geographical Markets
Americas: SEK 79 m (78) 
Sales in the Americas increased by 2 percent, reaching SEK 79 m 
(78), compared to the corresponding quarter of 2025. Adjusted for 
negative currency effects of 12 percent, sales increased organically 
by 13 percent. The strong performance was driven by continued 
demand for large instruments and reflects sustained adoption of 
automated digital morphology solutions among larger laboratories. 
Momentum can be seen particularly within integrated health 
networks seeking to improve efficiency and throughput.
Sales of smaller instruments declined during the quarter, primarily 
due to elevated inventory levels at a key distribution partner, 
following precautionary purchases made in 2025 related to tariff 
uncertainties. 
To support the development in sales of smaller instruments, 
additional targeted commercial initiatives have been launched. This 
included expanded distribution reach, focused marketing activities, 
and increased investment in customer training, particularly in Latin 
America and other emerging markets.
EMEA: SEK 65 m (96)
Sales in the EMEA region decreased by 32 percent to SEK 65 m (96), 
compared to a strong first quarter of 2025. Adjusted for negative 
currency effects of 6 percent, sales decreased organically by  
26 percent. The decline is mainly related to temporary reduction in 
excessive inventory levels at our largest distribution partner, which 
significantly impacted on the order intake and may also affect the 
second quarter. Also, some tender delays appear in certain European 
countries because of budget considerations within public healthcare.  
Despite the decline, the underlying demand for digital morphology 
solutions remains solid. The growing installed base and continued 
customer interest provide a stable foundation for future growth.
Reagent sales in the region remained consistent and were in 
line with the corresponding quarter last year. EMEA continues to 
represent a significant share of the global reagent business.
To support a recovery in sales momentum, the company is 
strengthening collaboration with partner organizations through joint 
commercial initiatives across key markets. These efforts are further 
enhanced by the recently launched CellaVision® Bone Marrow 
Aspirate Application and the upgrade of the Digital Cell Morphology 
Software to the DI-60 instruments. This is expected to support 
customer engagement and pipeline development.
APAC: SEK 22 m (21)
Sales in the APAC region increased by 4 percent to SEK 22 m (21), 
compared to the corresponding quarter of the previous year. 
Adjusted for negative currency effects of 5 percent, sales increased 
organically by 10 percent. The overall growth and underlying 
demand remained positive, supported by improvements in product 
mix and market presence. 
South Asia Pacific continued to deliver stable performance, with 
sustained traction in key markets such as Thailand and Australia. 
This reflects continued execution of targeted commercial initiatives 
and strengthened collaboration with distribution partners.
At the same time, the reagents business increased more than 
twofold compared to the corresponding quarter last year. Growth 
was observed across multiple sub-regions, including more mature 
and competitive markets such as Japan and Australia. This reflects 
our ongoing efforts to position our offering as an integrated 
workflow solution, increasingly embedded in partners’ value 
propositions. The situation in the Middle East negatively impacted 
on reagent sales during the quarter, primarily due to delivery 
disruptions.
Net sales per region, MSEK
Net sales per region 
MSEK
Jan-Mar  
2026
Jan-Mar  
2025
Growth  
%
Jan-Dec  
2025
Americas 79 78 2% 301
EMEA 65 96 -32% 350
APAC 22 21 4% 107
Total 166 195 -15% 759
Americas
 EMEA
 APAC

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Our vision is to elevate healthcare through 
the evolution of microscopy. By devoting 
considerable resources to research and 
development, we continue to push the 
boundaries of innovation and strengthen our 
leadership in digital cell morphology, thereby 
improving the quality of care for patients 
worldwide.
On March 11, the CellaVision® Bone Marrow 
Aspirate (BMA) Application was launched in the 
EMEA region, extending the company’s digital 
cell morphology platform to include advanced 
bone marrow aspirate analysis. The application 
received CE marking as a Class C product 
under the European Union In Vitro Diagnostic 
Regulation (EU IVDR) on December 8, 2025. 
CellaVision collaborates with Sysmex Corporation 
as a distribution partner, leveraging strong and 
well-established relationships with hospitals and 
reference laboratories across the region. 
During the quarter, we also submitted the BMA 
Application to the FDA, with the aim of obtaining 
510(k) clearance to commercialize the product 
in the U.S.
Bone marrow aspirate examination is central to 
the diagnosis and monitoring of blood cancer 
and other serious blood disorders. The process 
is typically manual, time-consuming, and highly 
dependent on specialized expertise. The BMA 
Application supports laboratories in automating, 
standardizing, and streamlining morphological 
assessment through digitalization, and therefore 
improving consistency and efficiency.
In parallel, the upgraded software version for 
CellaVision’s hematology instruments has been 
launched globally. The Digital Cell Morphology 
Software introduces a modern, user-friendly 
interface and enhanced functionality, designed 
to improve workflow efficiency in laboratories. 
For newer DI-60 systems, the upgrade also 
strengthens integration with Sysmex SP-50™ 
smearing and staining device and delivers a 
significant speed improvement.
The development of Fourier Ptychographic 
Microscopy (FPM) continues to progress well, 
supporting future generations of hematology 
solutions and reinforcing our leading position 
in advanced diagnostics. The technology is 
also being evaluated in adjacent fields such as 
pathology and cytology, where it shows clear 
potential compared to conventional methods.
Two patented innovations related to staining 
reagents and their applications expired after 
20 years in force. At the same time, additional 
patents related to FPM were granted, expanding 
our portfolio’s coverage in this area. At the end 
of the period, CellaVision’s patent portfolio 
comprised 24 patented innovations and  
122 granted patents.
Research and Development

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

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Simon Østergaard
President and CEO
 
Lund, April 24, 2026
The interim report has not been subject to review by the company’s auditors.
The Nomination  
Committee and Annual 
General Meeting in 2026
The Nomination Committee’s summarized proposal regarding Board  
before the Annual General Meeting 2026 
The Nomination Committee proposes re-election of the Board members Mikael Worning,  
Christer Fåhraeus, Ann-Charlotte Jarleryd, Stefan Wolf and Emil Hjalmarsson, and that Zlatko Rihter 
is elected as new Board member. Louise Armstrong-Denby has declined re-election. The Nomination 
Committee proposes that the AGM elects Zlatko Rihter as Chairman of the Board. Mikael Worning has 
declined re-election as Chairman of the Board, but is available to serve as Board member. 
The Nomination Committee’s proposal and reasoned opinion is available on www.cellavision.com.
The Board of Director’s Proposal to repurchase shares
The Board of Directors proposes to the Annual General Meeting 2026 to authorize the Board to 
repurchase the Company’s own shares. The proposal and reasoned opinion of the Board of Directors 
are available on www.cellavision.com.
Annual General Meeting 2026 and Dividend
The CellaVision Annual General Meeting 2026 will be held on April 28, 2026 at 15:00 o’clock CEST, 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 2026 to increase the dividend to 
SEK 2.75 per share be paid for 2025 (2.50), which is in line with the company’s dividend policy. 
Annual and Sustainability Report 2025
The CellaVision Annual and Sustainability Report 2025 has been available on www.cellavision.com since 
April 1, 2026.
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.
Declaration by the Board of 
Directors and President/CEO

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

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Income Statement in Summary  
and Consolidated Statement of Comprehensive Income, Group
Amounts in ‘ 000 SEK Note Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025
Net sales 4 166,426 194,802 758,968
Cost of goods sold -52,434 -57,593 -239,091
Gross profit 113,992 137,209 519,877
Sales and marketing expenses -33,310 -33,003 -129,883
Administration expenses -22,506 -22,508 -90,345
R&D expenses -29,677 -24,580 -97,576
Operating profit 8 28,499 57,119 202,073
Interest income and similar profit items 446 610 2,903
Interest expense and similar profit loss items -459 -5,227 -10,712
Profit before tax 28,486 52,501 194,264
Tax -5,981 -10,984 -41,186
Profit for the period 22,505 41,517 153,078
Other comprehensive income:
Components not to be reclassified to net profit:
Effect on revaluation of pensions 423 187 666
Tax effect on revaluation of pensions -106 -47 -166
Sum of Components not to be reclassified to net profit: 317 141 500
Components to be reclassified to net profit:
Translation difference
Translation difference in the group 3,854 -18,851 -22,098
Sum of Components to be reclassified to net profit: 3,854 -18,851 -22,098
Sum of other comprehensive income 4,171 -18,710 -21,598
Comprehensive result for the period 26,676 22,807 131,480

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

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Per Share Data
Quarterly Earnings Trend
Per share data Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025
Earnings per share, before and after dilution, SEK */ 0.94 1.74 6.42
Equity per share, SEK 38.33 35.16 37.21
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 153.60 167.00 157.20
Dividend per share, SEK  -     -    2.50
*/ Based on the profit/loss for the period divided by the average number of shares in issue
Amounts in ‘ 000 SEK Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Net sales 166,426 197,205 175,633 191,328 194,802 186,688
Gross profit 113,992 131,795 121,301 129,572 137,209 129,171
Gross margin, % 68 67 69 68 70 69
Expenses -85,493 -76,693 -81,758 -79,262 -80,090 -77,821
EBITDA 39,918 65,457 49,822 59,645 66,457 60,942
EBITDA margin, % 24 33 28 31 34 33
Net profit 22,505 42,613 31,338 37,610 41,517 40,940
Cash flow from operating activities 62,433 51,428 29,626 58,052 61,426 45,993
Total cash flow 41,878 29,842 3,629 -30,446 36,749 11,263

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

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Balance Sheet in Summary, Group
Amounts in ' 000 SEK Note 03/31/2026 03/31/2025 12/31/2025
ASSETS
Non-current assets
Intangible assets 5 538,181 490,783 528,877
Tangible assets 6 122,345 112,307 122,374
Financial assets 7 2,550 2,460 2,544
Total non-current assets 663,076 605,550 653,794
Current assets
Inventory 122,057 119,362 111,808
Trade receivables 7 91,478 116,135 120,333
Other receivables 7 27,949 20,505 20,736
Cash and cash equivalents 7 230,221 182,317 188,216
Total current assets 471,705 438,319 441,094
TOTAL ASSETS 1,134,781 1,043,869 1,094,888
EQUITY AND LIABILITIES
Equity 914,254 838,533 887,578
Non-current liabilities
Deferred tax liability 80,699 71,350 79,313
Other provisions 5,410 6,053 5,099
Long-term debt, interest-bearing 10,359 9,050 11,971
Total non-current liabilities 96,468 86,453 96,384
Current liabilities
Short-term debt, interest-bearing 12,071 13,907 13,680
Short-term debt, non interest-bearing 7 70,396 61,850 60,547
Trade payables 7 40,736 41,816 35,731
Warranty provisions 856 1,310 969
Total current liabilities 124,059 118,883 110,926
TOTAL EQUITY AND LIABILITIES 1,134,781 1,043,869 1,094,888

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Amounts in ' 000 SEK 03/31/2026 03/31/2025 12/31/2025
Balance at the beginning of the year 887,578 815,726 815,727
Dividend  -  - -59,629
Profit for the period 22,505 41,517 153,078
Other comprehensive income for the period 4,171 -18,710 -21,598
Closing balance 914,254 838,533 887,578
Consolidated Statement of Changes in Equity, Group

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- 12 -
Cash Flow Statement in Summary, Group
Amounts in ‘ 000 SEK Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025
Result before taxes 28,486 52,501 194,264
Adjustment for items not included in cash flow 16,450 14,266 40,837
Income tax paid -4,594 -8,919 -31,383
Cash flow from operating activities before changes in working capital 40,342 57,848 203,718
Changes in working capital 22,091 3,578 -3,186
Cash flow from operating activities 62,433 61,426 200,532
Capitalization of development costs -11,654 -18,090 -67,464
Acquisitions/divestment of tangible assets -4,861 -3,294 -18,808
Acquisitions/divestment of financial assets  -    192 109
Cash flow from investing activities -16,515 -21,192 -86,163
Amortization of loans -413 -395 -1,598
Amortization of leasing debts -3,627 -3,090 -13,368
Dividend paid  -     -    -59,629
Cash flow from financing activities -4,040 -3,485 -74,595
Total cash flow 41,878 36,749 39,774
Cash and cash equivalents at beginning of period 188,216 149,430 149,430
Exchange rate fluctuations in liquid funds 128 -3,862 -988
Cash and cash equivalents at end of period 230,221 182,317 188,216
Disclosures regarding interest expenses:
Interest expenses for Jan-Mar 2026 amount to SEK 182 k (205) whereof SEK 128 k (100) is attributable to leasing in accordance with IFRS 16.

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- 13 -
Income Statement in Summary  
and Consolidated Statement of Comprehensive Income, Parent Company
Amounts in ‘ 000 SEK Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025
Net sales 122,515 148,899 583,505
Cost of goods sold -27,849 -31,741 -138,243
Gross profit 94,666 117,158 445,262
Sales and marketing expenses -21,651 -21,319 -87,185
Administration expenses -18,093 -18,574 -74,776
R&D expenses -39,247 -40,938 -158,185
Operating profit 15,675 36,327 125,116
Interest income and financial exchange gains 444 235 4,217
Interest expense and financial exchange losses -261 -4,976 -9,699
Profit before income tax 15,858 31,586 119,634
Taxes -3,381 -6,587 -24,894
Net profit 12,477 24,999 94,740
Statement of Comprehensive Income, Parent Company Jan-Mar 2026 Jan-mar 2025 Jan-Dec 2025
Net profit for the period 12,477 24,999  94,740    
Other comprehensive income  -     -     -    
Comprehensive profit for the period 12,477 24,999  94,740

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Balance Sheet in Summary, Parent Company
Amounts in ' 000 SEK 03/31/2026 03/31/2025 12/31/2025
ASSETS
Non-current assets
Intangible assets 23,205 26,196 23,953
Tangible assets 14,005 7,192 12,725
Deferred tax assets 532 755 532
Long term receivables from group companies 25,169 29,292 25,963
Financial assets 261,426 261,220 261,426
Total non-current assets 324,337 324,655 324,599
Current assets
Inventory 76,159 79,493 68,497
Trade receivables 63,954 86,088 96,404
Receivables from group companies 5,435 4,903 4,327
Other receivables 24,784 16,190 18,498
Cash and cash equivalents 209,996 165,452 170,333
Total current assets 380,328 352,126 358,059
TOTAL ASSETS 704,665 676,781 682,658
EQUITY AND LIABILITIES
Equity 602,530 579,940 590,052
Non-current liabilities
Other provisions 1,713 1,400 1,611
Total non-current liabilities  1,713    1,400 1,611
Current liabilities
Short-term debt, non interest-bearing 47,730 43,324 41,468
Trade payables 27,701 28,205 25,840
Liabilities to group companies 24,135 22,602 22,718
Warranty provisions 856 1,310 969
Total current liabilities 100,422 95,441 90,995
TOTAL EQUITY AND LIABILITIES 704,665 676,781 682,658

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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 2025. 
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 56-59 and Note A2 and 
A5 in the Annual and Sustainability Report for 2025.
Notes
NOTE 4. ALLOCATION OF SALES 
Jan-Mar 2026 Jan-Mar 2025
Amounts in ‘ 000 SEK Instruments Reagents Software & 
Other
Total Instruments Reagents Software & 
Other
Total
Americas 55,598 558 22,944 79,100 49,126 997 27,630 77,753
EMEA 15,335 34,425 15,283 65,043 47,508 35,325 12,882 95,715
APAC 15,082 3,879 3,322 22,283 18,239 1,422 1,673 21,334
Total 86,015 38,862 41,549 166,426 114,873 37,744 42,185 194,802
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.
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.
NOTE 8.  EMPLOYEES
Average number of employees Jan-Mar 2026 Jan-Mar 2025
Permanent employees 241 228
Temporary employees 12 12
Total 253 240
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 5. INTANGIBLE ASSETS
Amounts in ‘ 000 SEK 03/31/2026 03/31/2025
Capitalised expenditure for development 335,981 283,631
Goodwill 122,073 121,025
Trademarks, customer relationships and other intangible assets 80,127 86,126
Total intangible assets 538,181 490,783
NOTE 6. TANGIBLE FIXED ASSETS
Amounts in ‘ 000 SEK 03/31/2026 03/31/2025
Right of use assets 
Land and buildings 18,586 16,481
Machinery, equipment 2,452 2,299
Total right of use assets 21,038 18,780
Tangible fixed assets that are not right of use assets 
Land and buildings 64,531 64,838
Machinery, equipment 36,776 28,689
Total tangible fixed assets that are not right of use assets 101,307 93,527
Total tangible fixed assets 122,345 112,307
The tangible fixed assets amounted to SEK 122,345 thousand 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.

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

- 17 -
The company presents certain financial measures in the interim 
report which are not defined according to IFRS. The financial 
metrics are used by the company’s management to evaluate 
relevant trends, and the company believes that they can provide 
valuable supplementary information to investors. CellaVision’s 
definitions of these measures may differ from other companies’ 
definitions of the same terms. These financial measures 
should therefore be seen as a supplement rather than as a 
replacement for measures defined according to IFRS. 
Definitions of measures which are not defined according to IFRS 
and which are not mentioned elsewhere in the interim report 
are presented below. Reconciliation of these measures is shown 
in the tables to the left.
Currency effect.  Exchange rate effects on sales growth for the 
period.
EBITDA. Overall financial performance before interest, taxes, 
depreciation and amortization.
EBITDA margin. EBITDA as a percentage of net sales.
Equity/assets ratio. Shareholders’ equity including non-
controlling interests as a percentage of total assets.
Gross margin. Gross profit as a percentage of net sales.
Gross profit.  Net sales less cost of goods sold.
Operating margin. 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
Net sales
Jan-Mar 2026 
(%)
Jan-Mar 2026 
‘000 SEK
Jan-Mar 2025 
(%)
Jan-Mar 2025 
‘000 SEK
Last period 194,802 170,080
Organic growth -6.6% -12,922 14.1% 23,915
Currency effect -7.9% -15,454 0.5% 807
Current period -14.6% 166,426 14.6% 194,802
Equity-asset ratio
Amounts in ' 000 SEK 03/31/2026 03/31/2025
Equity 914,254 838,533
Balance sheet total 1,134,781 1,043,869
Equity ratio 81% 80%
Gross margin
Amounts in ' 000 SEK Jan-Mar 2026 Jan-Mar 2025
Net sales 166,426 194,802
Gross profit 113,992 137,209
Gross margin 68% 70%
Operating margin
Amounts in ' 000 SEK Jan-Mar 2026 Jan-Mar 2025
Net sales 166,426 194,802
Operating profit 28,499 57,119
Operating margin 17% 29%
EBITDA
Amounts in ' 000 SEK Jan-Mar 2026 Jan-Mar 2025
Operating profit 28,499 57,119
Amortization/depreciation/write-down 11,419 9,339
EBITDA 39,918 66,457
EBITDA-margin
Amounts in ' 000 SEK Jan-Mar 2026 Jan-Mar 2025
Net sales 166,426 194,802
EBITDA 39,918 66,457
EBITDA-margin 24% 34%

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

- 18 -
Financial  
Calendar 2026
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 on April 24, 2026 at 7:20 a.m. CEST.
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 24, 2026 at 11:00 a.m. 
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-2026
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-2026/dial-in
No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start 
time to facilitate a timely start.
Monica Jönsson
CFO
Phone: +46 46 460 26 24 
monica.jonsson@cellavision.com
Simon Østergaard
President & CEO
Phone: +46 46 460 16 23
simon.ostergaard@cellavision.com
Interim Report January-March
April 24, 2026
Annual General Meeting 2026
April 28, 2026
Interim Report January-June
July 17, 2026
Interim Report January-September
October 29, 2026
Year-end Bulletin 2026
February 4, 2027

===== SIDA 19 =====

- 19 -
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 13 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.
Our Sustainability Efforts
CellaVision integrates sustainability at the core of its strategy by 
contributing to improved global healthcare outcomes, responsible 
innovation, ethical business practices, and fair working conditions.
The Sustainability Report 2025 provides a transparent overview 
of the work underway to advance these priorities. The report is 
integrated into CellaVision’s Annual Report 2025 and is available on  
www.cellavision.com.
This is 
CellaVision
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
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.