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Net Sales: Decreased by 1.7% to SEK176 million; organic growth of 2.6% after FX headwind of -4.3%.
EBITDA: Increased to SEK50 million, with an EBITDA margin of 28%.
Gross Margin: Increased by 1 percentage point to 69%.
Operating Expenses: SEK82 million, with increased investment in R&D.
R&D Investment: 24% of sales, with SEK14 million capitalized.
Operating Cash Flow: SEK29.6 million.
Total Cash Flow: SEK4 million after investments and finance activities.
Americas Revenue: SEK68 million, organic growth of 4%.
EMEA Revenue: SEK96 million, organic growth of 1%.
APAC Revenue: SEK13 million, 10% growth.
Instrument Revenue: SEK93 million, with significant contribution from large instruments.
Reagent Revenue: SEK40 million, 14% growth.
Software Revenue: SEK43 million.
Spare Parts and Consumables Revenue: SEK23 million.
Release Date: November 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
CellaVision AB (FRA:C26) reported an organic sales increase of 2.6% despite a net sales decrease of 1.7% due to currency effects.
The company achieved an EBITDA margin of 28%, with EBITDA increasing by SEK1 million to SEK50 million.
CellaVision AB completed a clinical trial and submitted documentation for CE Marking for its bone marrow application, expecting approval by early 2026.
The company has upgraded its software for platforms, with installations at customer sites for final validation, indicating progress in product development.
Strong performance in the reagent business, particularly in EMEA with a 14% growth, and a 5x improvement in APAC reagent sales, showing positive market penetration.
Net sales decreased by 1.7% to SEK176 million, impacted by a negative FX headwind of 4.3%.
Operating cash flow was affected by a SEK22 million impact from accounts receivable due to a high number of orders placed in September.
APAC experienced a soft quarter with only SEK13 million in sales, despite a 10% growth, indicating challenges in the region.
Instrument sales declined year-on-year, with smaller instruments seeing a modest decrease, raising concerns about demand variability.
The company faces fierce competition in the Chinese market, impacting its ability to grow despite local manufacturing initiatives.
Q: Can you provide more details on the financial impact of the software upgrade and how it will be offered to customers? A: The software upgrade is part of our instrument package and will not incur additional fees for end users. It is intended to enhance usability and performance, contributing to growth by maintaining relevance in labs and showcasing our innovation capabilities. Simon Ostergaard, President, Chief Executive Officer
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Q: How should we view the capitalized R&D expenses going forward, especially with major projects like the bone marrow application nearing completion? A: We aim to maintain our focus on innovation. While some projects are concluding, we plan to continue investing in R&D. The level of capitalization may fluctuate based on project maturity, but we will provide more guidance as we approach 2026. Simon Ostergaard, President, Chief Executive Officer
Q: Could you explain the impact of increased orders at the end of Q3 on cash flow and whether this trend will continue into Q4? A: The increase in accounts receivable was due to the timing of orders received in September. This is not a systemic issue but rather a timing-related fluctuation. Simon Ostergaard, President, Chief Executive Officer
Q: What factors contributed to the improved gross margin despite negative FX impacts? A: The gross margin improvement was driven by price increases and a favorable product mix, particularly with strong sales of large instruments, which offset the lower margins from reagents. Simon Ostergaard, President, Chief Executive Officer
Q: How do you plan to commercialize the methanol-free stains, and what is the expected timeline for its launch in the U.S.? A: The methanol-free stains will be evaluated with customers, starting in Europe, with a U.S. launch expected in 2026. This upgrade allows us to position the stains on the SP-50 device, marking a significant milestone. Simon Ostergaard, President, Chief Executive Officer
For the complete transcript of the earnings call, please refer to the full earnings call transcript.