Presentation

CellaVision is a leading provider of digital solutions for medical microscopy in the field of hematology. The product portfolio consists of analyzers with supporting applications and software to replace the conventional microscope used in laboratories. The company serves large and mid-size laboratories with high-volume testing requirements. Sales are via global partners with support from the parent company in Lund and by the company´s 17 local market support organizations covering more than 40 countries.

Recent highlights
Net sales amounted to SEK 184m (135) and EBITDA to SEK 61m, corresponding to 36% net sales increased y/y and an EBITDA margin of 33% (35). Thus, CellaVision had a strong performance and satisfy the financial targets of ~15% sales growth annually and >30% EBITDA margin. This was driven by solid growth in Americas (52%) and EMEA (43%), however, we saw a declining growth in APAC (-6%) due to Covid-19 restrictions. During the second quarter, sales of the CellaVision DC-1 quadrupled in Americas and the majority were sold to networked hospital chains.
In July, CellaVision announced the launch of DIFF-Line™, which is a new workflow solution for low-volume hematology laboratories. The instruments included in this workflow are CellaVision® DC-1, RAL® SmearBox, RAL® StainBox, and methanol-free (MCDh) reagents.

Outlook
CellaVision has communicated its mission to continue providing workflow advantages and diagnostic certainty. A project on the agenda is the launch of separate instruments with new applications that could create a workflow related to the treatment of rare diseases such as bone marrow and other blood-based diseases.
We expect growth in APAC to remain slow, as restrictions in China and partly Japan is still ongoing which hinders sales and access to laboratories. However, in line with eased restrictions in India and southeastern Asia we could expect the growth to gradually recover. We estimate that sales will grow by 23% and gross margin to reach 69% in full-year 2022.