FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2023
===== SIDA 1 =====
CellaVision
Interim Report
January-September 2023Q3
Growth and regained
momentum in APAC
Organic sales growth:
Q3, 2023: 11% (-3)
EBITDA margin:
Q3, 2023: 26% (21)
July 1-September 30, 2023
Net sales increased by 19% to SEK 168 m (141).
Sales increased organically by 11% (-3), currency effect 8%.
EBITDA amounted to SEK 43 m (29).
EBITDA margin amounted to 26% (21).
Profit before tax amounted to SEK 32 m (13).
Earnings per share before and after dilution amounted to SEK 1.09 (0.44).
Cash flow from operating activities amounted to SEK 73 m (31).
Jul-Sep Jan-Sep Jan-Dec
(MSEK) 2023 2022 2023 2022 2022
Net sales 168 141 477 487 639
Gross profit 111 96 327 337 438
EBITDA 43 29 134 150 198
EBITDA margin, % 26 21 28 31 31
Profit/loss before tax 32 13 101 108 148
Earnings per share before and after dilution 1.09 0.44 3.35 3.61 4.96
Cash flow from operating activities 73 31 120 109 137
Total cash flow 44 6 -29 -15 -23
Equity ratio, % 76 70 76 70 72
===== SIDA 2 =====
CellaVision Interim Report January-September 2023 / Page 2
CEO’s comment
We maintained the positive trajectory from the
second quarter and ended the third quarter with
robust results. Our distribution partners have
signaled that demand was strong in multiple
markets, and the quarter has seen healthy
demand for our ecosystem of offerings.
In the Americas, both small and large
instrument sales increased steadily, with a
significant number of sales and marketing
initiatives in active collaboration with our
distribution partners. Meanwhile, in EMEA,
robust reagent sales have effectively offset the
soft instrument sales. Sales growth in APAC
was fueled by significant demand for large
instruments in the Chinese market as inventory
levels normalized.
The gross margin decreased as a result of the
product mix and inventory component write-
downs. However, a favorable sales trend and
positive currency effects have largely offset the
higher cost pressure from inflation.
The third quarter in brief
Net sales for the Group were SEK 168 million
(141) in the third quarter. Organic growth,
adjusted for positive currency effects was 11
percent compared to the same quarter in 2022.
EBITDA amounted to SEK 43 million (29) in the
quarter, corresponding to an EBITDA margin of
26 percent (21).
Sales in the Americas increased to SEK
87 million (59) driven by strong instrument
sales. EMEA reported a decline with sales
of SEK 59 million (74), due to a decrease in
instrument sales and tough comparable figures.
Momentum in China post-COVID resulted in
sales increasing to SEK 22 million (8) in APAC.
Cash flow from operating activities was
positively impacted by a decrease in working
capital and amounted to SEK 73 million (31) for
the quarter. The Group’s total cash flow for the
quarter amounted to SEK 44 million (6).
Progress on strategic direction
We are continuing our work on the long-term
development of the company in line with our
strategy. The expansion of our production
capacity in Bordeaux to address the rising
demand for reagents is on track. Production
in the new facilities will start in the beginning
of next quarter, which marks an important
milestone in our efforts to pursue reagent
adoption on a global scale.
Our marketing initiatives have intensified with
the pre-launch promotion of the first version of
our bone marrow application. Demonstrations
of the application were conducted at the AACC
(American Association for Clinical Chemistry),
in Anaheim, California during the quarter, and
the analysis was met with enthusiasm for its
quality from end-customers. We expect to obtain
CE-mark in the second half of 2024.
Over the past two quarters, we have witnessed a
gradual recovery from the challenges previously
faced and we now look forward to continuing
the execution of our strategy with our employees
and partners.
Simon Østergaard,
President and CEO
Simon Østergaard
President & CEO
===== SIDA 3 =====
CellaVision Interim Report January-September 2023 / Page 3
Sales, earning and investments
Sales and exchange effects
Net sales for the Group’s third quarter increased by 19 percent to
SEK 168m (141), compared to the corresponding quarter last year.
CellaVision invoices most of the sales in Euros and US dollars,
which means that exchange rate fluctuations have an impact on the
company’s sales and earnings. Adjusted for positive currency effects
of 8 percent, sales increased organically by 11 percent compared to
the third quarter of 2022.
Net sales amounted to SEK 477 m (487) for the nine-month period.
Adjusted for positive currency effects of 8 percent, sales decreased
organically by 10 percent compared to the corresponding period in
2022.
Gross profit and gross margin
Gross profit increased by 16 percent to SEK 111 m (96) during the
third quarter, corresponding to a gross margin of 66 percent (68).
For the nine-month period the gross profit decreased by 3 percent to
SEK 327 m (337), corresponding to a gross margin of 69 percent (69).
The gross margin is affected by purchase prices for materials and
components, customer pricing, the product mix, amortization of
capitalized development expenses, impairment of inventory as well
as currency effects.
The slightly lower gross margin in the third quarter is mainly
explained by inventory impairment and the product mix. The
inventory impairment is attributable to excess inventory of
components of SEK 2 m.
For the nine-month period price increases towards customers,
combined with a positive currency development for the Euro and
US Dollar, compensated for inflation, resulted in a sustained gross
margin in line with the previous year.
Amortization of capitalized development expenses were on par with
the corresponding quarter last year and amounted to SEK 2 m (2)
for the third quarter and to SEK 5 m (5) for the nine-month period
which was on par with the corresponding period last year.
Operating expenses
Operating expenses for the third quarter was on par with the
corresponding period last year SEK 78 m (79).
For the nine-month period the operating expenses increased by
2 percent to SEK 223 m (217).
EBITDA and EBITDA margin
EBITDA increased by 48 percent to SEK 43 m (29) during the third
quarter, corresponding to an EBITDA margin of 26 percent (21).
For the nine-month period EBITDA amounted to SEK 134 m (150),
corresponding to an EBITDA margin of 28 percent (31).
Net financial items
The interest-bearing liabilities in the form of bank loans amounted
to SEK 42 m (71). The third quarter’s interest expenses from bank
loans amounted to SEK 0.6 m (0.3). 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.
For the nine-month period interest expenses from bank loans
amounted to SEK 1.8 m (0.9).
Sales per quarter and rolling 12 months EBITDA per quarter and EBITDA margin rolling 12 months
===== SIDA 4 =====
CellaVision Interim Report January-September 2023 / Page 4
Investments
CellaVision continuously capitalizes expenses for product development. Capitalized development
expenses increased during the quarter to SEK 12 m (8). The quarter’s total research and
development expenses, before capitalization, decreased to SEK 36 m (39). The lower expenses can
be explained by the fact that SEK 3 m attributable to projects that were no longer considered to
have any future measurable revenue, were written down and affected the expenses in the third
quarter of last year.
For the nine-month period capitalized development expenses increased to SEK 40 m (30). Total
research and development costs, before capitalization, increased to SEK 104 m (99) for the nine-
month period.
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.
Cash flow
The cash and cash equivalents at the end of the quarter amounted to SEK 79 m (116). In addition,
CellaVision has an unutilized overdraft facility of SEK 30 m. The cash flow effect from change in
working capital amounted to SEK 32 m (-1) for the quarter and is mainly explained by decreased
accounts receivable and decreased tied-up capital in inventory for the quarter.
The cash flow from operating activities increased to SEK 73 m (31) for the quarter, which mainly is
a consequence of decrease in working capital.
For the nine-month period, the cash flow from operating activities amounted to SEK 120 m (109).
Cash flow from investing activities for the quarter amounted to SEK -18 m (-13) and is, mainly
related to capitalized development expenses and expansion of production capacity in France in
accordance with the corresponding period last year.
For the nine-month period, the cash flow from investing activities amounted to SEK -63 m (-45).
Cash flow from financing activities for the quarter amounted to SEK -11 million (-11) and mainly
includes amortization of bank loans and leasing.
For the nine-month period, the cash flow from financing activities amounted to SEK -87 million
(-79) and in addition to amortization of bank loans and leasing include dividends to shareholders
of SEK -54 m (-48).
The total cash flow for the quarter amounted to SEK 44 m (6) and for the nine-month period
amounted to SEK -29 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.
CellaVision Interim Report January-June 2023 / Page 4
===== SIDA 5 =====
CellaVision Interim Report January-September 2023 / Page 5
Development in the geographical markets
Americas: SEK 87 m (59)
In the Americas, sales increased by 47 percent to SEK 87
million compared to the corresponding quarter in 2022, which
included adjustments in inventory levels at distribution
partners. Macro trends point to a rise in demand for digital
cell morphology, in part due to a shortage of skilled laboratory
personnel in the healthcare sector. Previous investments in
collaboration with major distribution partners have now begun
to yield positive results and boost sales figures.
The region has experienced robust sales volumes, driven
primarily by substantial orders from large integrated health
networks. Although large instruments continue to drive sales,
small instruments have gained notable traction. While sales
volumes remain low, the quarter also saw sales growth in
emerging markets within Latin America.
Recent participation at a major congress in Brazil, as well as
the upcoming attendance at a congress in Mexico are expected
to open more opportunities in the long-term. We continue to
strengthen the collaboration with our distribution partners in
the Latin American market.
EMEA: SEK 59 m (74)
In EMEA, sales decreased by 20 percent to SEK 59 million in
relation to tough comparable figures in the corresponding
quarter in 2022. Instrument sales in the region were adversely
affected as laboratories reduced their scope for investment
due to macroeconomic volatility. However, reagent sales have
demonstrated resilience to market uncertainty and continue to
make good headway with double-digit growth.
Germany, the Nordics, Benelux, and France stand out as
the most mature markets, while the Middle East and Africa
among others, exhibit untapped growth potential. Efforts
are underway to deepen collaboration with our distribution
partners in major markets and our teams are increasingly
involved in sales and marketing activities.
APAC: SEK 22 m (8)
In APAC, sales increased by 166 percent to SEK 22 million
compared to the corresponding quarter in 2022. The operations
of our distribution partners are rebounding as COVID-related
restrictions in key markets ease. In line with the normalization
trend, a decline in inventory levels was also observed in China.
Though the Chinese market exhibits significant quarterly
variations, signs of recovery reflected in sales figures have been
displayed in the quarter, contributing to a substantial increase
compared to the corresponding quarter last year. On the other
hand, elevated inventory levels in Japan still remain an obstacle
for sales in that market.
We are intensifying marketing initiatives in the region and
collaborating closely with our distribution partners across the
region to roll out our reagent business. The aim of this strategic
approach is to penetrate the addressable market in the long-
term.
Net sales per region, MSEK
Net sales per region
(MSEK)
Jul-Sep
2023
Jul-Sep
2022
Growth
%
Jan-Sep
2023
Jan-Sep
2022
Growth
%
Americas 87 59 47% 226 214 6%
EMEA 59 74 -20% 200 219 -9%
APAC 22 8 166% 51 55 -7%
Total 168 141 19% 477 487 -2%
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CellaVision Interim Report January-September 2023 / Page 6
Improving healthcare through continuous
innovation is a fundamental ambition
of CellaVision. The company devotes
considerable resources to research
and development to lead technology
transformation and offer innovative solutions
that meet customer needs and improve
laboratory workflows.
The most recent upgrade of CellaVisions
blood analysis software, which includes a
functionality for digitalizing the edge of
the blood smear, is currently undergoing
validation by our distributors, and is expected
to be ready for the market by the end of the
year.
The validation of the analysis for bone
marrow samples is progressing according to
plan. Feedback from an early evaluation of
the application at a European laboratory has
enabled us to implement several important
improvements that have been positively
received.
Production, which was impacted by
component shortages throughout 2022, is now
stable. However, production costs continue
to increase due to high inflation and a weak
Swedish krona.
The CellaVision patent portfolio at the end
of the period included 25 patented inventions
and 114 granted patents.
Research and development
===== SIDA 7 =====
CellaVision Interim Report January-September 2023 / Page 7
.
Declaration by the Board of
Directors and President/CEO
The Board of Directors through the President/Chief Executive Officer certify that the interim report provides a true and fair view
of the parent company´s and the Group´s business, financial position, performance and describes material risks and uncertainties, to
which the parent company and the companies in the group are exposed.
The interim report has been subject to review by the company’s auditors
Simon Østergaard
President/CEO
Lund, October 25, 2023
The Nomination Committee
and the Annual General Meeting
Annual General Meeting 2024
The CellaVision Annual General Meeting in 2024 will be held in Lund at 15:00 o´clock CEST, on May 3, 2024. Shareholders wishing
to have matters considered at the Annual General Meeting can send a written request by email to: bolagsstamma@cellavision.se,
or ordinary mail addressed to: The Board of Directors, CellaVision AB, Mobilvägen 12, 223 62 Lund. The request must have been
received at the latest seven weeks before the Annual General Meeting in order to be included in the notice to attend and thus the
agenda of the Annual General Meeting.
CellaVision Interim Report January-June 2023 / Page 7
===== SIDA 8 =====
CellaVision Interim Report January-September 2023 / Page 8
Amounts in ' 000 SEK Note Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 Jan-Dec 2022
Net sales 4 167,895 141,028 476,660 487,024 639,340
Cost of goods sold -56,471 -44,613 -149,541 -150,357 -201,023
Gross profit 111,424 96,414 327,118 336,667 438,317
Sales and marketing expenses -35,782 -30,450 -102,723 -90,469 -117,962
Administration expenses -19,094 -18,378 -55,747 -57,701 -73,536
R&D expenses -23,280 -30,631 -64,149 -69,296 -88,553
Operating profit 7 33,269 16,956 104,499 119,201 158,266
Interest income and similar profit items 388 639 3,378 2,801 5,586
Interest expense and similar profit loss items -1,502 -4,745 -7,025 -13,666 -15,423
Profit/loss before tax 32,155 12,850 100,852 108,336 148,429
Tax -6,193 -2,467 -20,974 -22,298 -30,094
Profit/loss for the period 25,962 10,383 79,878 86,038 118,335
Other comprehensive income:
Components not to be reclassified to net profit:
Effect on revaluation of pensions 80 -79 -98 -230 855
Tax effect on revaluation of pensions -20 20 26 59 -212
Sum of Components not to be reclassified to net profit: 60 -59 -72 -171 642
Components to be reclassified to net profit:
Translation difference
Translation difference in the group -7,799 9,135 10,125 24,460 27,074
Sum of Components to be reclassified to net profit: -7,799 9,135 10,125 24,460 27,074
Sum of other comprehensive income: -7,739 9,076 10,053 24,289 27,716
Comprehensive result for the period 18,222 19,459 89,931 110,327 146,052
Income statement in summary and consolidated statement of
comprehensive income, Group
===== SIDA 9 =====
CellaVision Interim Report January-September 2023 / Page 9
Per share data Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 Jan-Dec 2022
Earnings per share, before and after dilution, SEK */ 1.09 0.44 3.35 3.61 4.96
Equity per share, SEK 28.42 25.40 28.42 25.40 26.90
Number of shares outstanding 23,851,547 23,851,547 23,851,547 23,851,547 23,851,547
Average number of shares outstanding 23,851,547 23,851,547 23,851,547 23,851,547 23,851,547
Closing date stock price, SEK 153.60 254.50 153.60 254.50 229.00
Dividend per share, SEK - - 2.25 2.00 2.00
*/ Based on the profit/loss for the period divided by the average number of shares in issue
Amounts in ' 000 SEK Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022
Net sales 167,895 169,668 139,096 152,316 141,028 183,575
Gross profit 111,424 118,834 96,860 101,649 96,414 124,626
Gross margin, % 66 70 70 67 68 68
Expenses -78,156 -72,639 -71,824 -62,585 -79,458 -72,199
EBITDA 43,445 56,032 34,549 48,397 29,451 61,477
EBITDA margin, % 26 33 25 32 21 33
Net profit 25,962 34,707 19,209 32,297 10,383 37,251
Cash flow 44,245 -58,027 -15,436 -8,023 6,093 -36,324
Per share data
Quarterly earnings trend
===== SIDA 10 =====
CellaVision Interim Report January-September 2023 / Page 10
Amounts in ' 000 SEK Note 09/30/2023 09/30/2022 06/30/2023 12/31/2022
Assets
Intangible assets 5 431,028 384,046 429,496 399,229
Tangible assets 6 124,750 84,745 125,537 110,035
Financial assets 4,976 23,774 4,993 5,340
Inventory 139,481 130,161 156,932 142,571
Trade receivables 88,755 91,800 112,916 97,630
Other receivables 26,620 29,768 33,422 28,890
Cash and bank 78,832 116,201 34,897 108,053
Total assets 894,442 860,496 898,192 891,748
Equity and liabilities
Equity 677,893 605,904 659,671 641,628
Deferred tax liability 58,245 51,205 57,510 52,925
Other provisions 5,086 5,656 5,169 3,740
Long-term debt, interest-bearing 32,711 69,430 43,155 60,364
Short-term debt, interest-bearing 43,316 41,893 44,034 42,131
Short-term debt, non interest-bearing 48,233 48,748 45,869 40,252
Trade payables 27,099 34,805 40,953 47,864
Warranty provisions 1,860 2,855 1,833 2,843
Total equity and liabilities 894,442 860,496 898,192 891,748
Amounts in ' 000 SEK 09/30/2023 09/30/2022 06/30/2023 12/31/2022
Balance at the beginning of the year 641,628 543,280 641,628 543,280
Dividend -53,666 -47,703 -53,666 -47,703
Net profit for the period 79,878 86,038 53,916 118,335
Comprehensive result for the period 10,053 24,289 17,792 27,716
Closing balance 677,893 605,904 659,671 641,628
Balance sheet in summary, Group
Consolidated statement of changes in equity, Group
===== SIDA 11 =====
CellaVision Interim Report January-September 2023 / Page 11
Amounts in ' 000 SEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 Jan-Dec 2022
Result before taxes 32,155 12,850 100,852 108,336 148,429
Adjustment for items not included in cash flow 13,884 21,344 39,020 42,674 44,788
Income tax paid -5,458 -2,526 -15,700 -20,744 -27,127
Cash flow from operating activities before changes in working capital 40,581 31,669 124,172 130,266 166,090
Changes in working capital 32,418 -787 -4,157 -21,145 -28,804
Cash flow from operating activities 72,999 30,881 120,015 109,121 137,285
Capitalization of development costs -12,336 -8,294 -40,117 -29,743 -45,751
Acquisitions/divestment of intangible non-current assets - - - -181 -201
Acquisitions/divestment of financial non-current assets 16 -554 363 -581 -581
Acquisitions/divestment of tangible non-current assets -5,918 -4,583 -22,914 -14,482 -23,482
Cash flow from investing activities -18,237 -13,431 -62,668 -44,987 -70,014
Amortization of loans -7,582 -8,705 -23,988 -23,560 -31,935
Amortization of leasing debts -2,934 -2,653 -8,910 -7,987 -10,772
Dividend paid - - -53,666 -47,703 -47,703
Cash flow from financing activities -10,516 -11,357 -86,564 -79,249 -90,410
Total cash flow 44,245 6,093 -29,217 -15,116 -23,139
Liquid funds at beginning of period 34,897 110,033 108,053 130,286 130,286
Exchange rate fluctuations in liquid funds -311 75 -4 1,031 906
Liquid funds at end of period 78,832 116,201 78,832 116,201 108,053
Disclosures regarding interest expense:
Interest expenses for Jan-Sep 2023 amount to SEK 2 412 k (1 574) whereof SEK 564 k (658) is attributable to leasing in accordance with IFRS 16.
Cash flow statement in summary, Group
===== SIDA 12 =====
CellaVision Interim Report January-September 2023 / Page 12
Amounts in ' 000 SEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 Jan-Dec 2022
Net sales 130,180 111,154 362,969 395,880 517,207
Cost of goods sold -30,972 -27,003 -78,901 -92,935 -121,438
Gross profit 99,208 84,151 284,068 302,946 395,769
Sales and marketing expenses -26,236 -24,021 -74,714 -68,631 -87,311
Administration expenses -15,255 -14,764 -44,736 -47,313 -59,976
R&D expenses -34,064 -35,213 -99,642 -92,758 -126,842
Operating profit 23,654 10,153 64,977 94,244 121,640
Interest income and financial exchange gains 373 562 3,234 2,657 4,876
Interest expense and financial exchange losses -1,178 -4,363 -6,044 -12,511 -13,838
Profit before income tax 22,849 6,352 62,167 84,389 112,678
Taxes -4,708 -1,308 -12,871 -17,571 -23,575
Net profit 18,141 5,043 49,297 66,818 89,103
Statement of Comprehensive Income Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 Jan-Dec 2022
Net profit for the period 18,141 5,043 49,297 66,818 89,103
Other comprehensive income - - - - -
Comprehensive profit for the period 18,141 5,043 49,297 66,818 89,103
Income statement in summary and consolidated statement of comprehensive
income, Parent company
===== SIDA 13 =====
CellaVision Interim Report January-September 2023 / Page 13
Amounts in ' 000 SEK 09/30/2023 09/30/2022 06/30/2023 12/31/2022
Assets
Intangible assets 30,683 33,673 31,430 32,926
Tangible assets 5,755 5,289 5,918 4,869
Deferred tax assets 733 552 733 733
Long term receivables from group companies 37,925 21,835 32,722 22,257
Financial assets 263,523 282,889 263,523 263,907
Inventory 99,256 96,024 116,278 108,240
Trade receivables 65,899 70,717 76,340 71,485
Receivables from group companies 2,298 1,797 2,653 1,169
Other receivables 23,699 25,837 29,466 22,889
Cash and bank 61,436 93,244 29,510 93,903
Total assets 591,208 631,858 588,573 622,379
Equity and liabilities
Equity 474,103 456,188 455,961 478,472
Other provisions 750 2,022 718 718
Long-term debt, interest-bearing 5,250 33,142 12,721 26,529
Short-term debt, interest-bearing 29,202 27,892 29,885 28,373
Short-term debt, non interest-bearing 34,650 36,370 32,328 27,584
Trade payables 17,543 25,533 25,935 34,148
Liabilities to group companies 27,850 47,856 29,192 23,712
Warranty provisions 1,860 2,855 1,833 2,843
Total equity and liabilities 591,208 631,858 588,573 622,379
Balance sheet in summary, Parent company
===== SIDA 14 =====
CellaVision Interim Report January-September 2023 / Page 14
NOTE 1. ACCOUNTING POLICIES
The Group applies International Financial Reporting Standards (IFRS), as adopted by the EU.
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting,
the Annual Accounts Act and the Nasdaq Stockholm Rule Book for Issuers. Disclosures
in accordance with IAS 34 p. 16A appears not only in the financial statements and their
accompanying notes but also in other parts of the interim report. The parent company applies
the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR
2 Accounting for Legal Entities. The accounting policies and calculation methods applied are
consistent with those described in the Annual and Sustainability Report for 2022.
NOTE 2. SEGMENT REPORTING
CellaVision’s operations comprise only one operating segment: automated microscopy
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 68-71 and Note A2 and
A5 in the Annual and Sustainability Report for 2022.
Notes
NOTE 4. ALLOCATION OF SALES
Jul-Sep 2023 Jul-Sep 2022
Amounts in ' 000 SEK Instruments Reagents Software &
Other Total Instruments Reagents Software &
Other Total
Americas 61,829 701 24,020 86,550 37,212 917 20,565 58,694
EMEA 15,134 30,008 13,789 58,931 33,604 24,531 15,775 73,910
APAC 19,140 760 2,514 22,414 3,723 727 3,974 8,424
Total 96,103 31,469 40,324 167,895 74,539 26,175 40,314 141,028
Jan-Sep 2023 Jan-Sep 2022
Amounts in ' 000 SEK Instruments Reagents Software &
Other Total Instruments Reagents Software &
Other Total
Americas 146,369 1,636 78,350 226,354 130,886 2,038 80,741 213,665
EMEA 69,098 91,031 39,594 199,722 97,991 70,831 49,983 218,805
APAC 38,651 3,608 8,325 50,583 37,495 2,335 14,725 54,554
Total 254,117 96,274 126,268 476,660 266,372 75,204 145,449 487,024
Other refers to spare parts and consumables.
===== SIDA 15 =====
CellaVision Interim Report January-September 2023 / Page 15
NOTE 8. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE
No significant events have occurred after the period close.
NOTE 5. INTANGIBLE ASSETS
Amounts in ' 000 SEK 09/30/2023 09/30/2022
Capitalised expenditure for development 197,536 148,406
Goodwill 128,201 121,791
Trademarks, customer relationships and other intangible assets 105,291 113,849
Total intangible assets 431,028 384,046
NOTE 7. EMPLOYEES
Average number of employees Jul-Sep 2023 Jul-Sep 2022
Permanent employees 236 230
Temporary employees 18 25
Total 253 254
The average number of employees is calculated as an average of the number of employees
at the beginning and end of the period. Temporary employees include all employees on a
temporary contract with a defined end date, this includes paid interns and apprentices.
NOTE 6. TANGIBLE FIXED ASSETS
Amounts in ' 000 SEK 09/30/2023 09/30/2022
Right of use assets
Land and buildings 30,219 37,542
Machinery, equipment 3,444 2,580
Total right of use assets 33,663 40,121
Tangible fixed assets that are not right of use assets
Land and buildings 66,901 24,935
Machinery, equipment 24,186 19,689
Total tangible fixed assets that are not right of use assets 91,087 44,624
Total tangible fixed assets 124,750 84,745
The tangible fixed assets amounted to SEK 124,750 m on the balance sheet date. The majori -
ty of the right of use assets consists of leases for office premises. For all leases for which the
Group is lessee (which are not short term leases or low value assets), the Group recognizes a
right of use asset and a lease liability.
When valuating the right of use asset, the acquisition method is used, i.e the right of use
asset is calculated at acquisition cost, adjusted for any revaluation of the lease liability less
depreciation.
The right of use asset is reported as a tangible fixed asset, while leasing liability is reported
separately in the Group's statement of financial position as long-term debt, interest-bearing
and short-term debt, interest-bearing.
Notes, cont’d
===== SIDA 16 =====
CellaVision Interim Report January-September 2023 / Page 16
The company presents certain financial measures in the
interim report which are not defined according to IFRS. The
company considers these measures to provide valuable
supplementary information for investors and the company’s
management as they enable the assessment of relevant
trends. CellaVision’s definitions of these measures may differ
from other companies’ definitions of the same terms. These
financial measures should therefore be seen as a supplement
rather than as a replacement for measures defined according
to IFRS. Definitions of measures which are not defined
according to IFRS and which are not mentioned elsewhere
in the interim report are presented below. Reconciliation of
these measures is shown in the tables below.
Currency effect . Exchange rate effects on sales growth for
the period.
Equity/assets ratio . Shareholders’ equity including
noncontrolling interests as a percentage of total assets.
EBITDA. Overall financial performance before interest,
taxesdepreciation and amortization.
Gross margin. Gross profit as a percentage of net sales.
Gross profit. Net sales less cost of goods sold.
Operating margin (EBIT), Operating profit (EBIT) as a
percentage of net sales for the period.
Operating profit (EBIT). Earnings before interest and tax.
Equity-asset ratio
KSEK 09/30/2023 09/30/2022 12/31/2022
Equity 677,893 605,904 641,628
Balance sheet total 894,442 860,496 891,748
Equity ratio 76% 70% 72%
Gross margin
KSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 Jan-Dec 2022
Net sales 167,895 141,028 476,660 487,024 639,340
Gross profit 111,424 96,414 327,118 336,667 438,317
Gross margin 66% 68% 69% 69% 69%
Operating margin
KSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 Jan-Dec 2022
Net sales 167,895 141,028 476,660 487,024 639,340
Operating profit 33,269 16,956 104,499 119,201 158,266
Operating margin 20% 12% 22% 24% 25%
EBITDA
KSEK Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 Jan-Dec 2022
Operating profit 33,269 16,956 104,499 119,201 158,266
Amortization/depreciation/write-down 10,176 12,494 29,528 30,765 40,097
EBITDA 43,445 29,451 134,026 149,966 198,363
Reconciliation tables KPIs, non-IFRS measures
Net sales
Jul-Sep 2023
(%)
Jul-Sep 2023
KSEK
Jul-Sep 2022
(%)
Jul-Sep 2022
KSEK
Last period 141,028 131,986
Organic growth 11% 15,799 -3% -3,879
Currency effect 8% 11,068 10% 12,920
Current period 19% 167,895 7% 141,028
===== SIDA 17 =====
CellaVision Interim Report January-September 2023 / Page 17
Review Report
To the Board of Directors of CellaVision AB (publ)
Corp. id. 556500-0998
Introduction
We have reviewed the condensed interim financial information (interim report) of CellaVision AB
(publ) as of 30 September 2023 and the nine-month period then ended. The Board of Directors
and the Managing Director are responsible for the preparation and presentation of this interim
report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a
conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements
ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of
the Entity. A review of interim financial information consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and other generally accepted auditing practices and
consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim
report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the
Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Malmö October 25, 2023
KPMG AB
Jonas Nihlberg Tobias Lindberg
Authorized Public Accountant Authorized Public Accountant
Auditor in charge
===== SIDA 18 =====
CellaVision Interim Report January-September 2023 / Page 18
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 October 25, 2023.
CellaVision is listed on the Nasdaq Stockholm, Mid Cap list. The company is traded under the ticker symbol
CEVI and ISIN code SE0000683484
Conference
In connection with the release of the interim report analysts, investors and media are invited
to a telephone conference and audio webcast on October 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-q3-report-2023
To participate via conference call, register on the link below. After registration you will be provided phone
numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/teleconference/?id=5002796
No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start time
to facilitate a timely start.
Simon Østergaard
President & CEO
Phone: +46 46 460 16 23
simon.ostergaard@cellavision.com
Magnus Blixt
CFO
Phone: +46 46 460 16 46
magnus.blixt@cellavision.com
Financial calendar 2024
Questions concerning the report
Year-end Bulletin 2023 Interim Report January-March Annual General Meeting Interim Report January-June Interim Report January-September Year-end Bulletin 2024
February 7, 2024 April 25, 2024 May 3, 2024 July 19, 2024 October 24, 2024 February 6, 2025
===== SIDA 19 =====
CellaVision Interim Report January-September 2023 / Page 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. 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 into important
financial targets:
• Sales growth
Increase sales over an economic cycle by an average of around 15
percent per year.
• Profitability
The EBITDA margin is to exceed 30 percent over an economic
cycle.
NEW AREAS
SMALL AND MID-SIZE LABS • REAGENTS
Mission
Our mission is to advance laboratory workflow and
diagnostic certainty through intelligent microscopy
Our mission defines what our line of business is and
what purpose we serve. Our tools for automating
cell classification and diagnostic certainty include
analyzers, staining reagents, smearing and staining
devices and software. We are at the forefront of
advancing laboratory technology, using deep learning
and artificial intelligence.
Vision
Our vision is to elevate healthcare through the
evolution of microscopy
Our vision fulfills our values and provide the big
picture of why we are here. Our customers work
in laboratories. We provide microscopes with
intelligence to make lab work easier and more
efficient. Because the faster a blood sample can
be correctly analyzed, the faster a patient can get a
diagnosis and treatment.
This is CellaVision