Kvartalsrapport Q3 2024

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

CellaVision 
Interim Report 
January-September 2024Q3
Strong Sales in EMEA 
Amid Market Uncertainties in the US
Organic sales growth: 
Q3, 2024: 9% (11)
EBITDA margin: 
Q3, 2024: 27% (26)
July 1 – September 30, 2024
Net sales increased by 6% (19) to SEK 179 m (168).  
Sales increased organically 9% (11), currency effect -3% (8).
EBITDA increased to SEK 49 m (43).
EBITDA margin amounted to 27% (26).
Profit before tax increased to SEK 39 m (32). 
Earnings per share before and after dilution increased to SEK 1.30 (1.09).  
Cash flow from operating activities decreased to SEK 41 m (73).
        Jul-Sep         Jan-Sep Jan-Dec
(MSEK) 2024 2023 2024 2023 2023
Net sales 179 168 537 477 677
Gross profit 121 111 358 327 463
EBITDA 49 43 158 134 207
EBITDA margin, % 27 26 29 28 31
Profit before tax 39 32 125 101 164
Earnings per share before and after dilution 1.30 1.09 4.18 3.35 5.46
Cash flow from operating activities 41 73 152 120 196
Total cash flow 16 44 16 -29 14
Equity ratio, % 78 76 78 76 77

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

2
CEO’s Comment
Building on the previous quarter’s success, 
CellaVision delivered solid revenue growth 
in the third quarter of 2024. The quarter was 
characterized by significant contributions 
from several markets across EMEA, with lower 
revenue contributions from the Americas and 
APAC compared to last year. 
The Third Quarter in Brief
Net sales for the Group were SEK 179 m (168) in 
the third quarter. Organic growth was 9 percent 
in comparison to the same quarter in 2023. 
EBITDA increased to SEK 49 m (43), resulting 
in an EBITDA margin of 27 percent (26). Price 
increases towards customers had a positive 
impact on gross margin during the quarter.
Cash flow from operating activities decreased 
compared to the corresponding quarter last 
year and came to SEK 41 m (73). The Group’s 
quarterly total cash flow amounted to SEK 16 m 
(44). Our financial position again remains solid. 
In the Americas, sales declined by 20 percent 
to SEK 69 m (87), mainly due to hospitals 
delaying capital investments across the sector as 
a result of political uncertainties in the US. This 
downturn is expected to be short-term, with 
recovery anticipated once the market stabilizes.  
Elsewhere, sales in the EMEA increased by 66 
percent, reaching SEK 98 m (59), benefiting 
from favorable comparable figures, with 
strong growth across multiple markets and all 
product groups. Notably, a distribution partner 
placed orders earlier in the quarter to preempt 
potential internal logistical disruptions later 
in the year; this order pattern contributed 
positively to our quarterly results.
In APAC, fluctuations between quarters led to 
a decline in sales by 47 percent to SEK 12 m (22). 
Despite this, we remain confident in the strong 
underlying demand across the region.
Progress on Strategic Direction
Our strategic sales initiatives continue to attract 
new customers and expand our market presence, 
particularly in high-growth markets like the 
Middle East. 
Our partnership efforts have gained considerable 
momentum, with particular emphasis placed 
on joint training and marketing activities. This 
quarter, we provided a significant number 
of e-learning modules for our customers to 
support the expertise development in digital cell 
morphology.
We also started clinical validations of our new 
bone marrow application, with the goal of 
achieving CE marking (European Conformity) 
during 2025, pending successful validation and 
regulatory approval.
Finally, as we prepare to celebrate 30 years of 
being committed to excellence and innovation 
at CellaVision, I’d like to extend my gratitude 
to our colleagues, laboratory professionals, 
and Sysmex Americas for their engagement at 
the Association for Diagnostics & Laboratory 
Medicine conference in Chicago during the 
quarter. As ever, your contributions are greatly 
appreciated, and we’re very much looking 
forward to the next chapter in our journey.
Simon Østergaard,
President and CEO
Simon Østergaard 
President & CEO

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

3
Sales, Earning and Investments
Net Sales and Currency Effects
Net sales for the Group’s third quarter increased by 6 percent 
to SEK 179 m (168), 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 
negative currency effects of 3 percent, sales increased organically 
by 9 percent compared to the corresponding quarter of 2023.  
Net sales amounted to SEK 537 m (477) for the nine-month 
period. Compared to the same period in 2023, the currency effect 
amounted to -1% and organic growth was 13 percent. 
Gross Profit and Gross Margin
Gross profit increased by 9 percent to SEK 121 m (111) during 
the third quarter, corresponding to a gross margin of 68 percent 
(66). Price increases towards customers introduced in the second 
quarter have now taken visible effect.
For the nine-month period the gross profit increased to SEK 358 
m (327), corresponding to a gross margin of 67 percent (69). 
The gross margin is affected by purchase prices for materials 
and components, the product mix, amortization of capitalized 
development expenses, inventory adjustments as well as 
currency effects. The lower gross margin for the nine-month 
period compared to the corresponding periods last year can 
be explained by the product mix in sales as well as increased 
material and production costs. 
Amortization of capitalized development expenses were on par 
with the corresponding quarter last year and amounted to SEK  
2 m (2) and to SEK 5.5 m (5.5) for the nine-month-period. 
Operating Expenses
Operating expenses for the third quarter increased by 6 percent 
to SEK 83 m (78) compared to the corresponding quarter last 
year.
For the nine-month period the operating expenses increased by  
4 percent to SEK 232 m (223).
Restructuring in the sales regions during 2023, has resulted 
in somewhat lower selling expenses despite higher revenue 
and inflation. Administration expenses have increased due to 
inflation and a rise in consulting expenses, primarily related 
to adaption of new regulatory requirements. The increase 
of research and development expenses is in accordance with 
CellaVisions long-term product development strategy.
EBITDA and EBITDA Margin
Increased sales contributed to a 12 percent increase in EBITDA 
to SEK 49 m (43) during the third quarter, with the EBITDA 
margin amounting to 27 percent (26). 
For the nine-month period EBITDA increased to SEK 158 m 
(134), corresponding to an EBITDA margin of 29 percent (28).
Net Financial Items
The interest-bearing liabilities in the form of bank loans 
amounted to SEK 13 m (42). The third quarter’s interest expenses 
from bank loans amounted to SEK 0.2 m (0.6). In addition 
to interest expense from bank loans, net financial income is 
attributable to foreign exchange gain/loss on acquisition loans in 
Euro and interest on leasing liability in accordance with IFRS 16.
For the nine-month period interest expenses from bank loans 
amounted to SEK 1.0 m (1.8).
Sales per quarter and rolling 12 months EBITDA per quarter and EBITDA margin rolling 12 months

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

4
Investments
CellaVision continuously capitalizes expenses for product development. Capitalized development expenses amounted 
to SEK 14 m (12) during the quarter. The quarter’s total research and development expenses, before capitalization, 
amounted to SEK 40 m (36). 
For the nine-month period capitalized development expenses increased to SEK 45 m (40). Total research and 
development costs, before capitalization, increased to SEK 113 m (104) for the nine-month period.
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 138 m (79). In addition, CellaVision has an 
unutilized overdraft facility of SEK 30 m (30). 
The cash flow from operating activities decreased to SEK 41 m (73) for the third quarter. The decrease is mainly due 
to changes in working capital, where the normalization of inventory values during the third quarter of the previous 
year had a significant positive impact. Additionally, the increase in accounts receivable during the current quarter 
has had a negative impact on the cash flow for the period. The increased accounts receivable is largely attributable to 
sales growth.
For the nine-month period, the cash flow from operating activities amounted to SEK 152 m (120).
Cash flow from investing activities for the quarter amounted to SEK -16 m (-18) and is mainly related to capitalized 
expenses for research and development. The corresponding quarter of the previous year was also affected by the 
expansion of production capacity in France, which was completed at the end of 2023.
For the nine-month period, the cash flow from investing activities amounted to SEK -52 m (-63). 
Cash flow from financing activities for the quarter amounted to SEK -9 m (-11) and mainly includes amortization of 
leasing and bank loans.
For the nine-month period, the cash flow from financing activities amounted to SEK -85 (-87) and addition to 
amortization of bank loans and leasing included dividends to shareholders of SEK -54 m (-54).
The total cash flow for the quarter amounted to SEK 16 m (44) and for the nine-month period to SEK 16 m (-29). 
Parent Company
Apart from manufacturing of reagents, the group is in all material aspects represented by the operations in the 
parent company, the comments on the Group’s result and financial position also refers to the parent company.
4

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

5
Development in the Geographical Markets
Americas: 69 m (87) 
Sales in the Americas fell by 20 percent to SEK 69 m (87), 
compared to the corresponding quarter in 2023. The decline 
is partly attributed to the postponement of several tenders as 
a result of uncertainties surrounding the political climate in 
the US, which might negatively affect investment confidence. 
Despite weaker sales figures, there is steady demand across our 
entire product portfolio in the region.
Similarly, our networked solutions are growing increasingly 
popular, with many laboratories connecting smaller sites 
to central ones using our scalable digital imaging platform. 
Smaller laboratories are also continuing to adopt our sample 
preparation equipment, which offer a flexible and scalable 
staining solution. This is especially so in the U.S, following the 
successful launch of the DIFF-Line™ concept. Registrations of 
DIFF-Line™ have now also been finalized in Canada and Latin 
America.
EMEA: SEK 98 m (59)
Sales in EMEA surged by 66 percent to SEK 98 m (59) in 
relation to relatively weak comparable figures from 2023. This 
growth was driven by increased instrument and software sales, 
as well as early order placements. Reagent sales also rose by 12 
percent compared to the third quarter in 2023, reflecting solid 
performances by both hematology and other reagents.
Strategic sales initiatives, such as targeted training and 
focused marketing efforts in high-growth markets, have been 
instrumental in attracting new customers and expanding 
market presence. 
The heightened focus on networked laboratories has further 
fueled demand for small instruments, positioning the 
CellaVision portfolio to confidently meet the evolving needs 
of the market. Marketing activities have also increased notably, 
especially in the Middle East, where there is substantial growth 
potential.
APAC: SEK 12 m (22)
In APAC, sales declined by 47 percent to SEK 12 m (22) 
compared to the same quarter last year. The decline was mainly 
explained by order fluctuations (especially in China), while 
sales in Japan and Singapore increased slightly. Despite the 
temporary decline, market conditions in the region remain 
favorable.
Marketing efforts have intensified compared to the previous 
year, particularly in Southeast Asia and Australia. Ongoing 
collaborations with key distribution partners have led to 
significant milestones in the quarter. These initiatives are aimed 
at strengthening our competitive position in the region, laying 
the groundwork for long-term value creation and sustained 
sales growth. 
 
Net sales per region, MSEK
Net sales per region 
(MSEK)
Jul-Sep 
2024
Jul-Sep 
2023
Growth  
%
Jan-Sep 
2024
Jan-Sep 
2023
Growth  
%
Americas 69 87 -20% 208 226 -8%
EMEA 98 59 66% 260 200 30%
APAC 12 22 -47% 68 51 35%
Total 179 168 6% 537 477 12%

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

6
CellaVision’s ambition is to improve 
healthcare through continuous innovation. 
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 application for bone marrow analysis 
is now undergoing clinical trials at two 
European laboratories. In the fall, these trials 
will be expanded to include a U.S. laboratory, 
a necessary step for registering the product 
in the U.S. As previously communicated, the 
commercial launch in Europe is expected 
to take place in 2025 due to the lengthy 
registration processes.
In parallel, development continues with 
Fourier Ptychographic Microscopy (FPM), 
the technology that combines superior image 
quality and very high speed. The results 
remain promising, and we see significant 
potential to apply FPM both in CellaVision’s 
core business of hematology, as well as in 
other areas such as cytology and pathology.
During the quarter, patents have been granted 
for two new inventions. One invention 
enables faster focusing when capturing images 
and the other is an innovative technique 
for creating high-resolution images using 
the FPM technology. Furthermore, an older 
patent has expired, and a previously granted 
patent describing a system for smearing cells 
has been validated in several countries. 
The CellaVision patent portfolio at the end 
of the period included 26 patented inventions 
and 127 granted patents.
 
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 been subject to review by the company’s auditors
Simon Østergaard 
President/CEO
 
Lund, October 24, 2024
Declaration by the Board of  
Directors and President/CEO
7
Annual General Meeting
Annual General Meeting 2025
The CellaVision Annual General Meeting in 2025 will be held in Lund at 15:00 o´clock CEST, on May 6, 2025. 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.

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

8
Amounts in ' 000 SEK Note Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023
Net sales 4 178,656 167,895 536,529 476,660 677,292
Cost of goods sold -57,369 -56,471 -178,626 -149,541 -214,251
Gross profit 121,288 111,424 357,903 327,118 463,040
Sales and marketing expenses -34,615 -35,782 -101,269 -102,723 -136,624
Administration expenses -21,977 -19,094 -63,156 -55,747 -76,032
R&D expenses -26,301 -23,280 - 67,149 -64,149 -83,333
Operating profit 8 38,395 33,269 126,328 104,499 167,051
Interest income and similar profit items 1,103 388 4,463 3,378 7,410
Interest expense and similar profit loss items -582 -1,502 -5,421 -7,025 -10,239
Profit before tax 38,916 32,155 125,371 100,852 164,222
Tax -7,802 -6,193 -25,589 -20,974 -33,913
Profit for the period 31,114 25,962 99,782 79,878 130,309
Other comprehensive income:
Components not to be reclassified to net profit:
Effect on revaluation of pensions 17 80 -60 -98 133
Tax effect on revaluation of pensions -4 -20 15 26 -32
Sum of Components not to be reclassified to net profit: 13 60 -45 -72 101
Components to be reclassified to net profit:
 Translation difference
Translation difference in the group -2,589 -7,799 5,403 10,125 -1,983
Sum of Components to be reclassified to net profit: -2,589 -7,799 5,403 10,125 -1,983
Sum of other comprehensive income: -2,576 -7,739 5,358 10,053 -1,882
Comprehensive result for the period 28,538 18,222 105,140 89,931 128,427
Income Statement in Summary and Consolidated Statement of Comprehensive 
Income, Group

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

9
Per share data Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023
Earnings per share, before and after dilution, SEK */ 1.30 1.09 4.18 3.35 5.46
Equity per share, SEK 32.19 28.42 32.19 28.42 30.04
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 293.00 153.60 293.00 153.60 212.00
Dividend per share, SEK - - 2.25 2.25 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 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Net sales 178,656 187,793 170,080 200,632 167,895 169,668
Gross profit 121,288 124,550 112,065 135,922 111,424 118,834
Gross margin, % 68 66 66 68 66 70
Expenses -82,892 -75,435 -73,246 -73,369 -78,156 -72,639
EBITDA 48,776 59,706 49,260 72,788 43,445 56,032
EBITDA margin, % 27 32 29 36 26 33
Net profit 31,114 38,548 30,120 50,431 25,962 34,707
Cash flow from operating activities 40,876 40,212 71,357 76,421 72,999 28,425
Total cash flow 15,791 - 4 4,117 44,404 43,085 44,245 -58,027

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

10
Amounts in ' 000 SEK Note 09/30/2024 09/30/2023 06/30/2024 12/31/2023
Assets
Intangible assets 5 467,674 431,028 459,676 433,223
Tangible assets 6 119,581 124,750 122,580 125,502
Financial assets 7 3,034 4,976 3,883 4,396
Inventory 114,940 139,481 118,614 126,038
Trade receivables 7 114,421 88,755 105,183 97,797
Other receivables 7 26,525 26,620 25,114 20,110
Cash and bank 7 137,663 78,832 122,261 121,645
Total assets 983,839 894,442 957,310 928,712
Equity and liabilities
Equity 767,864 677,893 739,326 716,389
Deferred tax liability 65,871 58,245 64,265 59,560
Other provisions 5,731 5,086 5,438 4,945
Long-term debt, interest-bearing 14,979 32,711 21,315 28,664
Short-term debt, interest-bearing 20,407 43,316 23,663 36,039
Short-term debt, non interest-bearing 7 61,016 48,233 54,981 48,628
Trade payables 7 45,625 27,099 46,073 32,534
Warranty provisions 2,345 1,860 2,250 1,953
Total equity and liabilities 983,839 894,442 957,310 928,712
Amounts in ' 000 SEK 09/30/2024 09/30/2023 06/30/2024 12/31/2023
Balance at the beginning of the year 716,389 641,628 716,389 641,628
Dividend -53,666 -53,666 -53,666 -53,666
Net profit for the period 99,782 79,878 68,668 130,309
Comprehensive result for the period 5,358 10,053 7,934 -1,882
Closing balance 767,864 677,893 739,326 716,389
Balance Sheet in Summary, Group
Consolidated Statement of Changes in Equity, Group

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

11
Amounts in ' 000 SEK Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023
Result before taxes 38,916 32,155 125,371 100,852 164,222
Adjustment for items not included in cash flow 16,386 13,884 47,463 39,020 49,382
Income tax paid -6,196 -5,458 -19,277 -15,700 -27,561
Cash flow from operating activities before changes in working capital 49,106 40,581 153,557 124,172 186,043
Changes in working capital -8,230 32,418 -1,112 -4,157 10,393
Cash flow from operating activities 40,876 72,999 152,445 120,015 196,436
Capitalization of development costs -13,841 -12,336 -45,389 - 40,117 -54,707
Acquisitions/divestment of intangible assets -374 - -374 - -
Acquisitions/divestment of tangible assets -2,268 -5,918 -7,237 -22,914 -31,769
Acquisitions/divestment of financial assets 887  16    1,362 363 944
Cash flow from investing activities -15,596 -18,237 -51,638 -62,668 -85,532
Amortization of loans -6,409 -7,582 -21,749 -23,988 -31,421
Amortization of leasing debts -3,080 -2,934 -9,314 -8,910 -11,949
Dividend paid - - -53,666 -53,666 -53,666
Cash flow from financing activities -9,489 -10,516 -84,729 -86,564 -97,036
Total cash flow 15,791 44,245 16,079 -29,217 13,867
Liquid funds at beginning of period 122,261 34,897 121,645 108,053 108,053
Exchange rate fluctuations in liquid funds -390 -311 -61 -4 -275
Liquid funds at end of period 137,663 78,832 137,663 78,832 121,645
Disclosures regarding interest expense:
Interest expenses for Jan-sep 2024 amount to SEK 1,453 k (2,412) whereof SEK 427 k (564) is attributable to leasing in accordance with IFRS 16.
Cash Flow Statement in Summary, Group

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

12
Amounts in ' 000 SEK Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023
Net sales 139,059 130,180 413,029 362,969 523,473
Cost of goods sold -33,498 -30,972 -104,372 -78,901 -118,814
Gross profit 105,561 99,208 308,657 284,068 404,659
Sales and marketing expenses -24,617 -26,236 -71,065 -74,714 -98,223
Administration expenses -17,745 -15,255 -50,292 -44,736 -60,862
R&D expenses -38,609 -34,064 -107,719 -99,642 -131,734
Operating profit 24,590 23,654 79,581 64,977 113,840
Interest income and financial exchange gains 1,093 373 9,189 3,234 8,955
Interest expense and financial exchange losses -286 -1,178 -4,609 -6,044 -8,877
Profit before income tax 25,398 22,849 84,161 62,167 113,919
Taxes -5,232 -4,708 -16,448 -12,871 -23,710
Net profit 20,165 18,141 67,714 49,297 90,209
Statement of Comprehensive Income, Parent Company Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023
Net profit for the period 20,165 18,141  67,714    49,297 90,209
Other comprehensive income  -     -     -     -     -    
Comprehensive profit for the period 20,165 18,141  6 7 , 7 1 4     49,297 90,209
Income Statement in Summary and Consolidated Statement of Comprehensive 
Income, Parent Company

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

13
Amounts in ' 000 SEK 09/30/2024 09/30/2023 06/30/2024 12/31/2023
Assets
Intangible assets 27,692 30,683 28,439 29,935
Tangible assets 6,874 5,755 5,566 5,770
Deferred tax assets 496 733 496 496
Long term receivables from group companies 32,770 37,925 34,079 35,507
Financial assets 261,616 263,523 262,658 263,133
Inventory 76,564 99,256 78,573 86,815
Trade receivables 87,002 65,899 76,051 71,930
Receivables from group companies 5,229 2,298 4,544 3,329
Other receivables 21,163 23,699 23,801 17,604
Cash and bank 120,441 61,436 106,005 110,397
Total assets 639,847 591,208 620,212 624,915
Equity and liabilities
Equity 529,063 474,103 508,897 515,015
Other provisions 1,142 750 913 457
Long-term debt, interest-bearing  -    5,250 3,000 4,500
Short-term debt, interest-bearing 6,441 29,202 9,475 21,974
Short-term debt, non interest-bearing 40,078 34,650 34,805 35,078
Trade payables 36,846 17,543 34,742 20,315
Liabilities to group companies 23,933 27,850 26,130 25,623
Warranty provisions 2,345 1,860 2,250 1,953
Total equity and liabilities 639,847 591,208 620,212 624,915
Balance Sheet in Summary, Parent Company

===== SIDA 14 =====

14
NOTE 1. ACCOUNTING POLICIES 
The Group applies IFRS Accounting Standards, as adopted by the EU. This interim report has 
been prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts 
Act and the Nasdaq Stockholm Rule Book for Issuers. Disclosures in accordance with IAS 34 
p. 16A appears not only in the financial statements and their accompanying notes but also in 
other parts of the interim report. The parent company applies the Annual Accounts Act and 
the Swedish Financial Reporting Board recommendation RFR 2 Accounting for Legal Entities. 
The accounting policies and calculation methods applied are consistent with those described 
in the Annual and Sustainability Report for 2023. 
NOTE 2. SEGMENT REPORTING 
CellaVision’s operations comprise only one operating segment: automated microscopy 
systems and reagents in the field of hematology. Therefore, references are made to the 
Group’s consolidated income statement and balance sheet regarding operating segment 
reporting.
NOTE 3. RISKS AND UNCERTAINTIES
CellaVision is exposed to several risks, which may impact the Group’s development to a greater 
or lesser extent. Reduced demand, currency fluctuations and production disruptions are both 
risks and uncertainties to varying degrees. For a more detailed description of the risks and 
uncertainties facing CellaVision, please refer to the risk analysis on pages 55-57 and Note A2 and 
A5 in the Annual and Sustainability Report for 2023.
Notes
NOTE 4. ALLOCATION OF SALES 
Jul-Sep 2024 Jul-Sep 2023
Amounts in ' 000 SEK Instruments Reagents Software & 
Other Total Instruments Reagents Software & 
Other Total
Americas 44,386 769 23,882 69,037 61,829 701 24,020 86,550
EMEA 47,996 33,756 16,011 97,764 15,134 30,008 13,789 58,931
APAC 9,135 547 2,173 11,855 19,140 760 2,514 22,414
Total 101,518 35,072 42,066 178,656 96,103 31,469 40,324 167,895
Jan-Sep 2024 Jan-Sep 2023
Amounts in ' 000 SEK Instruments Reagents Software & 
Other Total Instruments Reagents Software & 
Other Total
Americas 137,502 1,927 68,999 208,427 146,369 1,636 78,350 226,354
EMEA 107,052 101,418 51,304 259,774 69,098 91,031 39,594 199,722
APAC 56,098 2,846 9,384 68,328 38,651 3,608 8,325 50,583
Total 300,651 106,190 129,687 536,529 254,117 96,274 126,268 476,660
Other refers to spare parts and consumables.

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

15
NOTE 9. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE
No significant events have occurred after the period close.
NOTE 5. INTANGIBLE ASSETS
Amounts in ' 000 SEK 09/30/2024 09/30/2023
Capitalised expenditure for development 249,434 197,536
Goodwill 126,056 128,201
Trademarks, customer relationships and other intangible assets 92,184 105,291
Total intangible assets 467,674 431,028
NOTE 8.  EMPLOYEES
Average number of employees Jul-Sep 2024 Jul-Sep 2023
Permanent employees 228 236
Temporary employees 19 18
Total 247 253
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 09/30/2024 09/30/2023
Right of use assets 
Land and buildings 21,469 30,219
Machinery, equipment 1,802 3,444
Total right of use assets 23,272 33,663
Tangible fixed assets that are not right of use assets 
Land and buildings 68,075 66,901
Machinery, equipment 28,234 24,186
Total tangible fixed assets that are not right of use assets 96,309 91,087
Total tangible fixed assets 119,581 124,750
The tangible fixed assets amounted to SEK 119,581 m on the balance sheet date. The 
majority of the right of use assets consists of leases for office premises. For all leases for 
which the Group is lessee (which are not short term leases or low value assets), the Group 
recognizes a right of use asset and a lease liability.  
                                                                                                                                                                            
When valuating the right of use asset, the acquisition method is used, i.e the right of use 
asset is calculated at acquisition cost, adjusted for any revaluation of the lease liability less 
depreciation.  
 
The right of use asset is reported as a tangible fixed asset, while leasing liability is reported 
separately in the Group's statement of financial position as long-term debt, interest-bearing 
and short-term debt, interest-bearing.
Notes, Cont’d
NOTE 7. FINANCIAL ASSETS AND LIABILITIES
The disclosed value of financial assets, trade receivables, other receivables, cash and bank, 
trade payables, and other short-term liabilities constitutes a reasonable approximation of fair 
value.

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16
The company presents certain financial measures in the
interim report which are not defined according to IFRS. The 
financial metrics are used by the company’s management to 
evaluate relevant trends, and the company believes that they 
can provide valuable supplementary information to investors. 
CellaVision’s definitions of these measures may differ from 
other companies’ definitions of the same terms. These 
financial measures should therefore be seen as a supplement 
rather than as a replacement for measures defined according  
to IFRS.  
Definitions of measures which are not defined according to 
IFRS and which are not mentioned elsewhere in the interim 
report are presented below. Reconciliation of these measures 
is shown in the tables below.
Currency effect . Exchange rate effects on sales growth for 
the period.  
Equity/assets ratio . Shareholders’ equity including 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.
Equity-asset ratio
Amounts in ‘ 000 SEK 09/30/2024 09/30/2023 12/31/2023
Equity 767,864 677,893 716,389
Balance sheet total 983,839 894,442 928,712
Equity ratio 78% 76% 77%
Gross margin
Amounts in ‘ 000 SEK Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023
Net sales 178,656 167,895 536,529 476,660 677,292
Gross profit 121,288 111,424 357,903 327,118 463,040
Gross margin 68% 66% 67% 69% 68%
Operating margin
Amounts in ‘ 000 SEK Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023
Net sales 178,656 167,895 536,529 476,660 677,292
Operating profit 38,395 33,269 126,328 104,499 167,051
Operating margin 21% 20% 24% 22% 25%
EBITDA
Amounts in ‘ 000 SEK Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023
Operating profit 38,395 33,269 126,328 104,499 167,051
Amortization/depreciation/write-down 10,381 10,176 31,414 29,528 39,763
EBITDA 48,776 43,445 157,742 134,026 206,815
Reconciliation Tables KPIs, Non-IFRS Measures
Net sales
Jul-Sep 2024 
(%)
Jul-Sep 2024 
'000 SEK
Jul-Sep 2023 
(%)
Jul-Sep 2023 
'000 SEK
Last period 167,895 141,028
Organic growth 9% 15,779 11% 15,799
Currency effect -3% -5,018 8% 11,068
Current period 6% 178,656 19% 167,895

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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 2024 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 24 October 2024
KPMG AB
Jonas Nihlberg                          Tobias Lindberg
Authorized Public Accountant                    Authorized Public Accountant
Auditor in charge

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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 24, 2024.
CellaVision is listed on the Nasdaq Stockholm, Mid Cap list. The company is traded under the ticker symbol 
CEVI and ISIN code SE0000683484
Conference
In connection with the release of the interim report analysts, investors and media are invited
to a telephone conference and audio webcast on October 24, 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-2024
To participate via conference call, register on the link below. After registration you will be provided phone 
numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.financialhearings.com/teleconference/?id=50048592
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
Questions Concerning the Report
        Year-end Bulletin 2024 Interim Report January-March Annual General Meeting Interim Report January-June Interim Report January-September Year-end Bulletin 2025
February 6, 2025 April 29, 2025 May 6, 2025 July 18, 2025 November 6, 2025 February 5, 2026

===== 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 12 local market support organizations 
covering more than 40 countries.
Our Strategic Ambition: The power of focus
Our strategic ambition is to digitalize and improve microscopy 
workflows to provide diagnostic certainty in the medical labs 
of the world. Our strategy is supported by our organization, 
processes and culture. The strategy rests on five strategic pillars: 
1. Maximize our leading position in large laboratories
2. Accelerate the worldwide adoption of the DC-1
3. Accelerate our global leadership in reagents
4. Expand into specialized microscopy analyses
5. Explore new areas of analytics with innovation
Financial Ambition
CellaVision’s objective is to create a global standard for digital 
microscopy. The objective is broken down into important 
financial targets:
• Sales growth 
Increase sales over an economic cycle by an average of around  
15 percent per year.
• Profitability 
The EBITDA margin is to exceed 30 percent over an economic 
cycle.
Small & Mid-sized Labs
Speciality Analysis
New Areas
MAXIMIZE
Large Labs
ACCELERATE
EXPAND
EXPLORE
1
2 3
4
5
Små & medelstora laboratorier
Specialanalyser
Nya områden
MAXIMERA
Stora laboratorier
ACCELERERA
EXPANDERA
UTFORSKA
1
2 3
4
5
Mission
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.
This is CellaVision
19