Kvartalsrapport Q3 2025

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

CellaVision 
Interim Report 
January–September 2025
Q3
Softer Quarter with
Mixed Regional Performance
Organic sales growth: 
Q3, 2025: 2.6% (9.4)
EBITDA margin: 
Q3, 2025: 28% (27)
July 1st – September 30th, 2025
Net sales decreased by -1.7% (6.4) to SEK 176 m (179). 
Sales increased organically by 2.6% (9.4), currency effect -4.3% (-3.0).
EBITDA increased to SEK 50 m (49).
EBITDA margin increased to 28% (27).
Profit before tax amounted to SEK 39 m (39). 
Earnings per share before and after dilution increased to SEK 1.31 (1.30). 
Cash flow from operating activities amounted to SEK 30 m (41).
Jul-Sep Jan-Sep Jan-Dec R12
(MSEK) 2025 2024 2025 2024 2024 2024/2025
Net sales 176 179 562 537 723 748
Gross profit 121 121 388 358 487 517
EBITDA 50 49 176 158 219 237
EBITDA margin, % 28 27 31 29 30 32
Profit before tax 39 39 140 125 177 191
Earnings per share before and after dilution 1.31 1.30 4.63 4.18 5.90 6.35
Cash flow from operating activities 30 41 149 152 198 195
Total cash flow 4 16 10 16 27 21
Equity ratio, % 79 78 79 78 81 N/A

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

- 2 -
CEO’s Comment
The third quarter showed both opportunities and challenges 
associated with operating in dynamic, evolving markets. 
CellaVision summarized the third quarter with an overall 
softer result, mainly driven by mixed regional performances 
and currency effects. In the Americas and EMEA, quarterly 
variations resulted in modest organic growth compared to last 
year, in particular, EMEA had strong comparables from the 
third quarter of 2024. The quarter was also impacted by changes 
in our supply chain setup in APAC as our partner strengthened 
local production capacity for the Chinese market during the 
second quarter of 2025. 
Although softer regional performances during the quarter, 
we remain confident in the market and in our ability to 
drive growth and deliver long-term value across all regions. 
CellaVision’s business is subject to quarterly fluctuations due 
to order-based sales made by end users through our partners, 
followed by a time lag until the actual installation of the entire 
bloodline takes place at laboratories.
The Third Quarter in Brief
Net sales for the Group reached SEK 176 m (179), representing  
3 percent organic growth compared to the same quarter last 
year. EBITDA increased to SEK 50 m (49), corresponding to  
a margin of 28 percent (27). The gross margin increased to  
69 percent (68). Price increases for customers introduced in the 
second quarter this year now has full effect.
Cash flow from operating activities was impacted by 
unfavorable changes in working capital. It amounted to  
SEK 30 m (41), contributing to a total cash flow of SEK 4 m (16) 
for the quarter. Our financial position remains strong.
Sales in the Americas decreased by 2 percent, reaching SEK 
68 m (69), compared to the corresponding quarter in 2024. 
Adjusted for negative currency effects of 6 percent, sales 
increased organically by 4 percent. During the third quarter, the 
performance was driven by large instruments, which continued 
to perform consistently, whereas small instruments experienced 
a softer development. Despite the softer quarter, demand for 
our solutions, particularly in the US, is increasing.
Sales in EMEA decreased by 2 percent, reaching SEK 96 m 
(98), compared to the corresponding quarter in 2024. Adjusted 
for negative currency effects of 3 percent, sales increased 
organically by 1 percent. The strong comparable figures in the 
third quarter of 2024 were driven by a distributor building up 
inventory to pre-empt potential logistical disruptions later 
that year. Demand for digital morphology solutions remained 
strong, with a sustained interest in large instruments. 
In APAC, sales increased by 6 percent, reaching SEK 13 m (12), 
compared to the corresponding quarter in 2024. Adjusted for 
negative currency effects of 4 percent, sales increased organically 
by 10 percent. The third quarter was adversely affected by the 
second quarter’s all-time high delivery of components and parts, 
which were shipped to our partner in China for local production 
of the instrument model integrated with Sysmex’s hematology 
line. We see continued strong demand for our instruments in 
APAC and positive momentum over time.
Reagents continued to grow, increasing by 14 percent compared 
to the corresponding quarter last year. Hematology reagents in 
EMEA increased by 1 percent and sales of hematology reagents 
in APAC has a strong momentum.
Progress on Strategic Direction
As we advanced our strategic priorities during the quarter, 
we sustained strong activities throughout our research and 
development portfolio, leading to promising results. At the 
same time, we are also ramping up our joint launch planning 
activities together with our preferred distribution partner. 
We have finalized the European clinical trials for our bone 
marrow application, and the regulatory application has been 
submitted to the Notified Body. We anticipate that the review 
will continue throughout 2025 with CE marking expected early 
2026, followed by training and commercial launch activities 
starting in the first quarter of 2026.
In parallel, the verification for the upgraded software version 
for our hematology analyzers has come to completion. It 
has now been installed at a selected customer site for final 
validation ahead of broader market rollout. The upgraded 
software is planned to be available for all our systems on the 
market during November 2025, offering an enhanced Digital 
Cell Morphology Software that delivers a faster, smarter 
workflow with a cutting-edge user experience.
Additionally, our strategic partnership has advanced 
significantly, with emphasis on reinforcing commercialization 
initiatives and preparing for the launch of our bone marrow 
application. CellaVision and Sysmex Americas have had joint 
booth activities at the Association for Diagnostics & Laboratory 
Medicine in July in Chicago. The partnership is key in delivering 
enhanced diagnostic solutions within hematology and reflects 
our shared commitment to improving patient care worldwide.
Finally, an extended thanks to our employees and partners. 
Together, we create long-term value by improving laboratory 
workflows, elevating patient care through the power of 
intelligent microscopy, and strengthening our position in the 
healthcare sector.
Simon Østergaard,
President and CEO

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

- 3 -
Sales, Earnings and Investments
Net Sales and Currency Effects
Net sales for the third quarter amounted to SEK 176 m (179),  
a decrease of 2 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 4 percent, net sales increased organically by 3 percent 
compared to the corresponding quarter in 2024.
Net sales increased to SEK 562 m (537) for the nine-month 
period. Adjusted for negative currency effects of 3 percent,  
sales increased organically by 8 percent.
Gross Profit and Gross Margin
Gross profit for the third quarter was in line with previous 
year at SEK 121 m (121), corresponding to a gross margin 
of 69 percent (68).
For the nine-month period the gross profit increased by  
8 percent to SEK 388 m (358), corresponding to a gross margin 
of 69 percent (67).
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. Price increases towards customers 
introduced in the second quarter this year now has full effect.
Amortization of capitalized development expenses was 
unchanged from the corresponding quarter last year and 
amounted to SEK 2 m (2) and to SEK 6 m (6) for the nine-
month period.
Operating Expenses
Operating expenses for the third quarter decreased by 1 percent 
to SEK 82 m (83), compared to the same quarter last year.
For the nine-month period the operating expenses increased 
by 4 percent to SEK 241 m (232).
Administrative as well as sales and marketing expenses have 
decreased mainly due to lower consultancy costs. The increase 
in research and development expenses aligns with CellaVision’s 
long-term product development strategy.
EBITDA and EBITDA Margin
EBITDA for the third quarter increased to SEK 50 m (49), 
corresponding to an EBITDA margin of 28 percent (27). 
EBITDA improved due to lower operating expenses.
For the nine-month period EBITDA increased by 11 percent 
to SEK 176 m (158), corresponding to an EBITDA margin of 
31 percent (29).
Net Financial Items
As of September 30th, 2025, interest-bearing liabilities in 
the form of bank loans amounted to SEK 4 m (13). Interest 
expenses related to bank loans for the third quarter amounted 
to SEK 0.1 m (0.2), compared to the same quarter last year. 
The net financial result is mainly impacted by exchange losses 
on financial items and interest expenses on lease liabilities in 
accordance with IFRS 16.  
For the nine-month period interest expenses from bank loans 
amounted to SEK 0.2 m (1.0).
Sales per quarter 
and rolling 12 months
EBITDA per quarter and  
EBITDA margin rolling 12 months

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

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Investments
CellaVision continuously capitalizes expenses related to 
product development. During the quarter, capitalized 
development expenses amounted to SEK 14 m (14), impacted 
by vacation period. Total research and development expenses 
before capitalization increased to SEK 43 m (40).
For the nine-month period capitalized development expenses 
increased to SEK 52 m (45). Total research and development 
costs, before capitalization, increased to SEK 128 m (113) for the 
nine-month period.
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 159 m (138). In addition, CellaVision has an unutilized 
overdraft facility of SEK 30 m (30).
Cash flow from operating activities amounted to SEK 30 m 
(41) in the third quarter of 2025. The financial performance 
contributed positively to cash flow, while high sales in the end 
of the quarter increased accounts receivable and affected cash 
flow negatively. For the nine-month period, the cash flow from 
operating activities amounted to SEK 149 m (152).
Cash flow from investing activities for the quarter amounted 
to SEK -22 m (-16) and was, as in the corresponding period last 
year, mainly related to capitalized expenses for research and 
development. The investment in tangible assets was mainly 
related to increased data storage capacity to support ongoing 
development projects. For the nine-month period, the cash flow 
from investing activities amounted to SEK -68 m (-52).
Cash flow from financing activities for the quarter amounted to 
SEK -4 m (-9). For the nine-month period, the cash flow from 
financing activities amounted to SEK -71 m (-85) and includes 
dividend to shareholders of SEK -60 m (-54).
The total cash flow for the quarter amounted to SEK 4 m (16) 
and for the nine-month period to SEK 10 m (16).
Parent Company
Apart from manufacturing of reagents, the group is in all 
material aspects represented by the operations in the parent 
company, the comments on the Group’s result and financial 
position also refers to the parent company.

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

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Development in the Geographical Markets
Americas: SEK 68 m (69) 
Sales in the Americas decreased by 2 percent, reaching 
SEK 68 m (69), compared to the corresponding quarter in 
2024. Adjusted for negative currency effects of 6 percent, 
sales increased organically by 4 percent. Large instruments 
continued to perform consistently, while small instruments 
experienced a modest decrease compared to the third quarter 
of 2024.
CellaVision offers a unique market solution in the US, where 
demand from networked laboratories is increasing, although 
these projects usually require longer implementation timelines. 
This expanding pipeline reflects a positive momentum and 
supports our long-term growth opportunities across the region.
In the U.S., CellaVision further strengthened its market 
presence through participation in trade shows, symposiums, 
and targeted social media campaigns – initiatives that 
enhanced brand visibility and customer engagement. In Latin 
America, we continued to strengthen our market presence with 
the successful completion of training programs tailored for 
emerging markets.
EMEA: SEK 96 m (98)
Sales in EMEA decreased by 2 percent, and amounted to 
SEK 96 m (98), compared to the corresponding quarter in 
2024. Adjusted for negative currency effects of 3 percent, sales 
increased organically by 1 percent. Notably, high comparable 
figures for the third quarter of 2024 were attributed to a 
distributor stockpiling instruments to pre-empt potential 
logistical disruptions later that year. The demand for digital 
morphology solutions remained strong, with sustained interest 
in large instruments.
Hematology reagents sales continued to grow and increased 
by 1 percent compared to the corresponding quarter last year. 
EMEA continues to be the largest contributor to global reagent 
sales.
Strategic marketing initiatives remained a priority during 
the quarter. On-site demonstrations, training programs, and 
joint sales promotion activities further supported commercial 
execution and deepened customer engagement across the 
region.
APAC: SEK 13 m (12)
In APAC, sales increased by 6 percent, reaching SEK 13 m 
(12), compared to the corresponding quarter in 2024. Adjusted 
for negative currency effects of 4 percent, sales increased 
organically by 10 percent. 
Following a strong first half of the year, hardware installations 
slowed, reflecting the inherent volatility in instrument sales 
across the region, which tends to fluctuate from quarter to 
quarter. During the second quarter 2025, our partner started 
to build capacity for local production of integrated solutions 
for the Chinese market, hence increasing inventory levels and 
adversely impacting sales during the third quarter 2025.
In addition, the quarter saw a strong rise in reagent uptake 
across several key markets – although reagents still represent 
a smaller portion of total sales in APAC. This growth marks 
a meaningful step-change in adoption and highlights the 
impact of collaboratively commercial initiatives with our key 
distribution partner. The strong momentum in reagent sales 
validates the strategic focus on recurring revenue and portfolio 
expansion. 
Net sales per region, MSEK
Net sales per region (MSEK) Jul-Sep 
2025
Jul-Sep 
2024
Growth 
%
Jan-Sep 
2025
Jan-Sep 
2024
Growth 
%
Americas 68 69 -2% 211 208 1%
EMEA 96 98 -2% 271 260 4%
APAC 13 12 6% 80 68 17%
Total 176 179 -2% 562 537 5%
Americas
 EMEA
 APAC

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

- 6 -
Our vision is to elevate healthcare through 
the evolution of microscopy. By devoting 
considerable resources to research and 
development, we continue pushing the 
boundaries of innovation and strengthening 
our leadership in digital cell morphology, 
thus improving the quality of care for 
patients worldwide.
The European clinical trials for our bone 
marrow analysis application have now been 
completed, and the regulatory application 
has been submitted to the Notified Body. 
Due to its high regulatory classification, the 
registration process is expected to be lengthy, 
but it also enables us to support stronger 
and more impactful clinical claims. With an 
intelligent solution for automated, simplified, 
and standardized bone marrow examination, 
we aim to further expand the role of digital 
microscopy. We foresee that the review will 
continue throughout 2025, with CE marking 
expected early 2026, followed by training 
and commercial launch activities in the first 
quarter of 2026.
In parallel, after completing the verification, 
the upgraded software version for our 
hematology analyzers has been installed at 
a selected customer site for final validation 
ahead of broader market rollout. The new 
version will further enhance customer 
workflows and significantly improve the user 
interface, introducing several new features. 
The upgrade is planned to be available for all 
systems that are on the market in November 
2025. The software upgrade offers seamless 
integration to Sysmex’s SP-50™ smearing and 
staining device, which is also compatible with 
CellaVision’s methanol-free stain (MCDh). 
Our enhanced Digital Cell Morphology 
Software delivers a faster, smarter workflow 
with a cutting-edge user experience.
The development of Fourier Ptychographic 
Microscopy (FPM) for application in 
hematology is progressing steadily. By 
integrating FPM, we are driving the next 
generation of hematology solutions and 
reinforcing our position as a leader in 
advanced diagnostics. In parallel, we are 
exploring the technology’s potential in 
adjacent fields such as pathology and 
cytology, where its speed and superior image 
quality provide substantial advantages. 
Evaluations demonstrate that FPM offers 
significant benefits compared to conventional 
technologies.
At the end of the period, CellaVision’s, patent 
portfolio comprised 26 patented innovations 
and 123 granted patents. Three patents expired 
during the quarter, however, none of them are 
used in any products on the market today.
Research and Development

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

- 7 -
The interim report has been subject to review by the company’s auditors
Simon Østergaard 
President and CEO
 
Lund, November 6, 2025
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. 
Annual General Meeting
Declaration by the Board of 
Directors and President/ CEO
Annual General Meeting 2026
The CellaVision Annual General Meeting 2026 will be held on April 28, 2026 at 15:00 o´clock CEST, 
in Lund. Shareholders wishing to have matters considered at the Annual General Meeting can send a 
written request by email to: ir@cellavision.com 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 =====

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Amounts in ' 000 SEK Note Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024
Net sales 4 175,633 178,656 561,764 536,529 723,217
Cost of goods sold -54,332 -57,369 -173,681 -178,626 -236,143
Gross profit 121,301 121,288 388,083 357,903 487,074
Sales and marketing expenses -32,770 -34,615 -98,294 -101,269 -136,592
Administration expenses -20,304 -21,977 -67,188 -63,156 -85,357
R&D expenses -28,684 -26,301 -75,629 -67,149 -87,4 47
Operating profit 8 39,543 38,395 146,972 126,328 177,679
Interest income and similar profit items 78 1,103 2,511 4,463 7,340
Interest expense and similar profit loss items -395 -582 -9,761 -5,421 -8,159
Profit before tax 39,226 38,916 139,722 125,371 176,860
Tax -7,888 -7,802 -29,257 -25,589 -36,138
Profit for the period 31,338 31,114 110,465 99,782 140,722
Other comprehensive income:
Components not to be reclassified to net profit:
Effect on revaluation of pensions 35 17 135 -60 150
Tax effect on revaluation of pensions -9 -4 -34 15 -37
Sum of Components not to be reclassified to net profit: 26 13 101 -45 112
Components to be reclassified to net profit:
Translation difference
Translation difference in the group -2,810 -2,589 -15,167 5,403 12,169
Sum of Components to be reclassified to net profit: -2,810 -2,589 -15,167 5,403 12,169
Sum of other comprehensive income: -2,784 -2,576 -15,066 5,358 12,281
Comprehensive result for the period 28,554 28,538 95,399 105,140 153,003
Income Statement in Summary  
and Consolidated Statement of Comprehensive Income, Group

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

- 9 -
Per share data Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024
Earnings per share, before and after dilution, SEK */ 1.31 1.30 4.63 4.18 5.90
Equity per share, SEK 35.70 32.19 35.70 32.19 34.20
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 172.60 293.00 172.60 293.00 217.50
Dividend per share, SEK  - - 2.50 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 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Net sales 175,633 191,328 194,802 186,688 178,656 187,793
Gross profit 121,301 129,572 137,209 129,171 121,288 124,550
Gross margin, % 69 68 70 69 68 66
Expenses -81,758 -79,262 -80,090 -77,821 -82,892 -75,435
EBITDA 49,822 59,645 66,457 60,942 48,776 59,706
EBITDA margin, % 28 31 34 33 27 32
Net profit 31,338 37,610 41,517 40,940 31,114 38,548
Cash flow from operating activities 29,626 58,052 61,426 45,993 40,876 40,212
Total cash flow 3,629 -30,446 36,749 11,263 15,791 -4 4,117

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

- 10 -
Amounts in ' 000 SEK Note 09/30/2025 09/30/2024 06/30/2025 12/31/2024
Assets
Intangible assets 5 521,736 467,674 513,141 487,645
Tangible assets 6 126,015 119,581 124,194 119,943
Financial assets 7 2,673 3,034 2,680 2,653
Inventory 113,046 114,940 115,498 124,823
Trade receivables 7 130,074 114,421 112,595 102,824
Other receivables 7 24,034 26,525 23,386 25,736
Cash and bank 7 158,668 137,663 155,281 149,430
Total assets 1,076,246 983,839 1,046,775 1,013,054
Equity and liabilities
Equity 851,496 767,864 822,942 815,727
Deferred tax liability 77,213 65,871 75,219 69,285
Other provisions 5,425 5,731 6,445 6,254
Long-term debt, interest-bearing 13,281 14,979 14,648 12,678
Short-term debt, interest-bearing 13,977 20,407 15,510 14,171
Short-term debt, non interest-bearing 7 72,221 61,016 68,757 60,449
Trade payables 7 41,395 45,625 41,944 32,222
Warranty provisions 1,238 2,345 1,310 2,268
Total equity and liabilities 1,076,246 983,839 1,046,775 1,013,054
Amounts in ' 000 SEK 09/30/2025 09/30/2024 06/30/2025 12/31/2024
Balance at the beginning of the year 815,727 716,389 815,727 716,389
Dividend -59,629 -53,666 -59,629 -53,666
Net profit for the period 110,465 99,782 79,127 140,722
Comprehensive result for the period -15,066 5,358 -12,282 12,281
Closing balance 851,496 767,864 822,942 815,727
Balance Sheet in Summary, Group
Consolidated Statement of Changes in Equity, Group

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

- 11 -
Amounts in ' 000 SEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024
Result before taxes 39,226 38,916 139,722 125,371 176,860
Adjustment for items not included in cash flow 19,057 16,386 42,395 47,463 63,144
Income tax paid -5,895 -6,196 -21,330 -19,277 -26,154
Cash flow from operating activities before changes in working capital 52,388 49,106 160,787 153,557 213,850
Changes in working capital -22,762 -8,230 -11,683 -1,112 -15,412
Cash flow from operating activities 29,626 40,876 149,104 152,445 198,438
Capitalization of development costs -13,934 -13,841 -52,440 -45,389 -65,755
Acquisitions/divestment of intangible assets - -374 - -374 -
Acquisitions/divestment of tangible assets -8,266 -2,268    -15,963 -7,237 -11,994
Acquisitions/divestment of financial assets 7 887 -20 1,362 1,743
Cash flow from investing activities -22,193 -15,596 -68,423 -51,638 -76,006
Amortization of loans -403 -6,409 -1,220 -21,749 -28,960
Amortization of leasing debts -3,401 -3,080 -9,900 -9,314 -12,463
Dividend paid - - -59,629 -53,666 -53,666
Cash flow from financing activities -3,804 -9,489 -70,749 -84,729 -95,089
Total cash flow 3,629 15,791 9,932 16,079 27,342
Liquid funds at beginning of period 155,281 122,261 149,430 121,645 121,645
Exchange rate fluctuations in liquid funds -242 -390 -694 -61 443
Liquid funds at end of period 158,668 137,663 158,668 137,663 149,430
Disclosures regarding interest expense:
Interest expenses for Jan-Sep 2025 amount to SEK 569 k (1,453) whereof SEK 340 k (427) is attributable to leasing in accordance with IFRS 16.
Cash Flow Statement in Summary, Group

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

- 12 -
Amounts in ' 000 SEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024
Net sales 129,268 139,059 428,034 413,029 555,523
Cost of goods sold -29,712 -33,498 -99,210 -104,372 -133,896
Gross profit 99,556 105,561 328,824 308,657 421,627
Sales and marketing expenses -23,085 -24,617 -66,841 -71,065 -96,410
Administration expenses -16,195 -17,745 -55,822 -50,292 -68,287
R&D expenses -41,028 -38,609 -123,123 -107,719 -146,837
Operating profit 19,247 24,590 83,038 79,581 110,094
Interest income and financial exchange gains 48 1,093 2,411 9,189 13,889
Interest expense and financial exchange losses -162 -286 -9,103 -4,609 -6,992
Profit before income tax 19,133 25,398 76,346 84,161 116,991
Taxes -3,941 -5,232 -15,807 -16,448 -23,399
Net profit 15,191 20,165 60,539 67,714 93,592
Statement of Comprehensive Income, Parent Company Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024
Net profit for the period 15,191 20,165  60,539    67,714 93,592
Other comprehensive income  -     -     -     -     -    
Comprehensive profit for the period 15,191 20,165  60,539    67,714 93,592
Income Statement in Summary and Consolidated Statement of Comprehensive In-
come, Parent Company

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

- 13 -
Amounts in ' 000 SEK 09/30/2025 09/30/2024 06/30/2025 12/31/2024
Assets
Intangible assets 24,701 27,692 25,449 26,944
Tangible assets 13,372 6,874 8,623 7,074
Deferred tax assets 755 496 755 755
Long term receivables from group companies 27,641 32,770 28,981 32,162
Financial assets 261,426 261,616 261,427 261,220
Inventory 70,947 76,564 73,427 86,655
Trade receivables 99,251 87,002 87,542 72,581
Receivables from group companies 4,423 5,229 5,381 4,598
Other receivables 19,032 21,163 17,458 21,543
Cash and bank 145,718 120,441 140,360 135,189
Total assets 667,266 639,847 649,403 648,721
Equity and liabilities
Equity 555,852 529,063 540,660 554,941
Other provisions 1,915 1,142 1,720 1,399
Short-term debt, interest-bearing 0 6,441 - -
Short-term debt, non interest-bearing 48,822 40,078 46,981 41,838
Trade payables 34,640 36,846 34,084 22,111
Liabilities to group companies 24,800 23,933 24,648 26,164
Warranty provisions 1,237 2,345 1,310 2,268
Total equity and liabilities 667,266 639,847 649,403 648,721
Balance Sheet in Summary, Parent Company

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

- 14 -
NOTE 1. ACCOUNTING POLICIES 
The Group applies IFRS Accounting Standards, as adopted by the EU. This interim report has been 
prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the 
Nasdaq Stockholm Rule Book for Issuers. Disclosures in accordance with IAS 34 p. 16A appears 
not only in the financial statements and their accompanying notes but also in other parts of the 
interim report. The parent company applies the Annual Accounts Act and the Swedish Financial 
Reporting Board recommendation RFR 2 Accounting for Legal Entities. The accounting policies and 
calculation methods applied are consistent with those described in the Annual and Sustainability 
Report for 2024. 
NOTE 2. SEGMENT REPORTING 
CellaVision’s operations comprise only one operating segment: automated microscopy systems 
and reagents in the field of hematology. Therefore, references are made to the Group’s 
consolidated income statement and balance sheet regarding operating segment reporting.
NOTE 3. RISKS AND UNCERTAINTIES
CellaVision is exposed to several risks, which may impact the Group’s development to a greater 
or lesser extent. Reduced demand, currency fluctuations and production disruptions are both 
risks and uncertainties to varying degrees. For a more detailed description of the risks and 
uncertainties facing CellaVision, please refer to the risk analysis on pages 53-55 and Note A2 and 
A5 in the Annual and Sustainability Report for 2024.
Notes
NOTE 4. ALLOCATION OF SALES 
Jul-Sep 2025 Jul-Sep 2024
Amounts in ' 000 SEK Instruments Reagents Software & 
Other
Total Instruments Reagents Software & 
Other
Total
Americas 44,645 825 22,064 67,534 44,386 769 23,882 69,037
EMEA 41,533 35,891 18,126 95,550 47,996 33,756 16,011 97,764
APAC 6,619 3,217 2,713 12,549 9,135 547 2,173 11,855
Total 92,797 39,933 42,903 175,633 101,518 35,072 42,066 178,656
Jan-Sep 2025 Jan-Sep 2024
Amounts in ' 000 SEK Instruments Reagents Software & 
Other
Total Instruments Reagents Software & 
Other
Total
Americas 134,904 2,306 74,075 211,285 137,502 1,927 68,999 208,427
EMEA 113,053 106,480 51,253 270,786 107,052 101,418 51,304 259,774
APAC 65,371 6,453 7,869 79,693 56,098 2,846 9,384 68,328
Total 313,328 115,239 133,197 561,764 300,651 106,190 129,687 536,529
Other refers to spare parts and consumables.

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

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NOTE 9. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE
No significant events have occurred after the period close.
NOTE 5. INTANGIBLE ASSETS
Amounts in ' 000 SEK 09/30/2025 09/30/2024
Capitalised expenditure for development 314,258 249,434
Goodwill 123,340 126,056
Trademarks, customer relationships and other intangible assets 84,138 92,184
Total intangible assets 521,736 467,674
NOTE 6. TANGIBLE FIXED ASSETS
Amounts in ' 000 SEK 09/30/2025 09/30/2024
Right of use assets 
Land and buildings 21,437 21,469
Machinery, equipment 3,085 1,802
Total right of use assets 24,522 23,272
Tangible fixed assets that are not right of use assets 
Land and buildings 65,204 68,075
Machinery, equipment 36,289 28,234
Total tangible fixed assets that are not right of use assets 101,493 96,309
Total tangible fixed assets 126,015 119,581
The tangible fixed assets amounted to SEK 126,015 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.
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 Jul-Sep 2025 Jul-Sep 2024
Permanent employees 231 228
Temporary employees 18 19
Total 249 247
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.

===== SIDA 16 =====

- 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 to the left.
Currency effect.  Exchange rate effects on sales growth for the 
period.
Equity/assets ratio. Shareholders’ equity including non-
controlling interests as a percentage of total assets.
EBITDA. Overall financial performance before interest, taxes, 
depreciation and amortization.
Gross margin. Gross profit as a percentage of net sales.
Gross profit.  Net sales less cost of goods sold.
Operating margin (EBIT), Operating profit (EBIT) as a 
percentage of net sales for the period.
Operating profit (EBIT).  Earnings before interest and tax.
Reconciliation Tables KPIs, Non-IFRS Measures
Equity-asset ratio
Amounts in ‘ 000 SEK 09/30/2025 09/30/2024 12/31/2024
Equity 851,496 767,864 815,727
Balance sheet total 1,076,246 983,839 1,013,054
Equity ratio 79% 78% 81%
Gross margin
Amounts in ‘ 000 SEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024
Net sales 175,633 178,656 561,764 536,529 723,217
Gross profit 121,301 121,288 388,083 357,903 487,074
Gross margin 69% 68% 69% 67% 67%
Operating margin
Amounts in ‘ 000 SEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024
Net sales 175,633 178,656 561,764 536,529 723,217
Operating profit 39,543 38,395 146,972 126,328 177,679
Operating margin 23% 21% 26% 24% 25%
EBITDA
Amounts in ‘ 000 SEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024
Operating profit 39,543 38,395 146,972 126,328 177,679
Amortization/depreciation/write-down 10,279 10,381 28,952 31,414 41,005
EBITDA 49,822 48,776 175,924 157,742 218,684
Net sales
Jul-Sep 2025 
(%)
Jul-Sep 2025 
‘000 SEK
Jul-Sep 2024 
(%)
Jul-Sep 2024 
‘000 SEK
Last period 178,656 167,895
Organic growth 2.6% 4,649 9.4% 15,779
Currency effect -4.3% -7,672 -3.0% -5,018
Current period -1.7% 175,633 6.4% 178,656

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

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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 2025 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 6 November 2025
KPMG AB
Jonas Nihlberg  Tobias Lindberg
Authorized Public Accountant Authorized Public Accountant
Auditor in charge

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

- 18 -
Questions Concerning the Report
Publication
This information constitutes information that CellaVision AB (publ) is obliged to make public pursuant to the EU 
Market Abuse Regulation. The information was submitted for publication at 7:20 a.m. CET on November 6, 2025.
CellaVision is listed on the Nasdaq Stockholm, Mid Cap list. The company is traded under the ticker symbol CEVI 
and ISIN code SE0000683484.
Conference
In connection with the release of the interim report analysts, investors and media are invited
to a telephone conference and audio webcast on November 6, at 11:00 a.m. CET 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/q3-report-2025
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/q3-report-2025/dial-in
No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start time
to facilitate a timely start.
Simon Østergaard
President & CEO
Phone: +46 46 460 16 23
simon.ostergaard@cellavision.com
Monica Jönsson
Interim CFO
Phone: +46 46 460 26 24 
monica.jonsson@cellavision.com
Financial Calendar 2026
Year-end Bulletin 2025
February 5, 2026
Interim Report January-March
April 24, 2026
Annual General Meeting
April 28 2026
Interim Report January-June
July 17, 2026
Year-end Bulletin 2026
February 4 2027
Interim Report January-September  
October 29, 2026

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

- 19 -
This is CellaVision
 Mission
To advance laboratory workflow and diagnostic certainty 
through intelligent microscopy
Our tools for automating cell classification with 
diagnostic certainty include analyzers, reagents, 
smearing, staining devices, and software.
Vision
Elevating healthcare through the evolution of microscopy
We provide digital microscopy solutions to make 
laboratory work easier and more efficient. Because 
the faster a blood sample can be correctly analyzed, 
the faster a patient can be diagnosed and treated.
About Us
CellaVision is an innovative, global medical technology company 
that develops and sells its own leading solutions for routine 
analysis of blood and other body fluids in health care services. 
These analyses play a vital role in swift and accurate disease 
diagnoses, particularly in cases of infections and serious cancer 
diseases. The products replace manual laboratory work, and 
secure and support effective workflows and skills development 
within and between hospitals. The company has leading-edge 
expertise in sample preparation, image analysis, artificial 
intelligence and automated microscopy. Sales are via global 
partners with support from the parent company in Lund, Sweden 
and by the company´s 12 local market support organizations 
covering more than 40 countries.
Our Strategic Ambition: The Power of Focus
Our strategic ambition is to digitalize and improve microscopy 
workflows to provide diagnostic certainty in the medical labs 
of the world. Our strategy is supported by our organization, 
processes and culture. The strategy rests on five strategic pillars: 
1. Maximize our leading position in large laboratories
2. Accelerate the worldwide adoption of the DC-1
3. Accelerate our global leadership in reagents
4. Expand into specialized microscopy analyses
5. Explore new areas of analytics with innovation
Financial Ambition
CellaVision’s objective is to create a global standard for digital 
microscopy. The objective is broken down in two important 
financial targets:
• Sales growth 
Increase sales over an economic cycle by an average of around  
15 percent per year.
• Profitability 
The EBITDA margin is to exceed 30 percent over an economic cycle.
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