CellaVision AB: Interim report January-June 2018

Good sales growth in all regions

1 april-30 June 2018

  • Net sales increased by 17% to eur 91.9 M (78,7).

  • Organic growth amounted to 15%

  • Operating profit amounted to MSEK 31,6 (24,6).

  • The operating margin amounted to 34.4% (31,3).

  • The result before tax amounted to sek 31.8 MILLION (eur 24.2).

  • Earnings per share amounted to SEK 0.98 (0,81).

  • Cash flow before dividend amounted to sek 26.1 M (11,2).

1 January-30 June 2018

  • Net sales decreased by 1% to SEK 169.5 million (171,8).

  • Organic sales decreased by 3% (+37)

  • Operating profit amounted to 54.8 MILLION (59,0).

  • The operating margin amounted to 32.3% (34.3 m).

  • The result before tax amounted to 55.4 MILLION (58,7).

  • Earnings per share amounted to 1.78 SEC (1,87).

  • Cash flow before dividend amounted to 23.7 MILLION (26.7).

CEO comment

The second quarter of 2018 are CellaVisions second best quarter ever with sales of 91,9 MILLION (78,7). Compared with the same period in 2017, the net sales increased organically by 15%, and we had a stable sales growth in all our regions. Profitability developed well in the quarter with an operating profit of 31.6 MILLION (24,6), corresponding to an operating margin of 34.4% (31,3). The earnings trend is a result of CellaVisions effective indirect sales model that allows for geographical expansion with continued good cost control. Cash flow before dividend increased to sek 26.1 M (11,2). The increase is primarily a result of the higher sales volume.

Market development

The Americas had a strong performance in the quarter. Net sales grew by 14 per cent to 47.0 MILLION (41,2). The number of installations at end-customers continues to increase and the market penetration is developing according to plan.

EMEA had a solid quarter with a turnover, which amounted to SEK 26.6 m (25,1), corresponding to a growth of six per cent. It is particularly gratifying to note that the markets in France, Europe’s German-speaking countries and the Middle east, where we have recently established a local organization for marketing support, developed well in the quarter. Our continued assessment is that it will take another few quarters before we get the full return on the investments we made in these countries.

CellaVision conducts an intensive marketing within APAC and continuously strengthen the position in all key markets in the region which we now see the results of. During the second quarter of 2018 resulted in our long-term work in a strong development with a turnover that increased by 48 per cent to 18.3 MSEK (12,4).

Geographic expansion

Geographical expansion is crucial for CellaVisions growth. During the quarter, we established an organization of their own local marknadsupport in Mumbai, India. This as a part of the establishment in new and interesting markets. Consequently, CellaVision directly represented in 14 markets and we can offer marketing support in over 25 countries.

Distributionsexpansion

CellaVision has in the quarter signed a supplementary agreement with Nihon Kohden for the Middle east and a global agreement with Horiba for small — and medium-sized lab. The new agreements is an important part of the kommersialiseringsplanen for our new technology platform.

Innovation

The development of a new technology platform, which aims to broaden our offering to include smaller and medium-sized laboratories in both human and veterinary markets, is going according to plan. The project is in an intensive phase with marknadsförberedelser before the launch during the later part of 2018. The system, which will be called CellaVision® DC-1, is currently undergoing preparation for external clinical studies which is a key part of the future CE-registration.

Geographic expansion and innovation are key strategies for CellaVisions future growth. In 2018, we will add a number of new geographical markets with their own local organisation of marketing support, at the same time as innovation and product development has a strong focus. We intend to continue to strengthen our organization and we put the effort in to recruit additional expertise in order to secure our future innovation and growth.

Miletic Rihter,

Questions about the report are answered by:

Miletic Rihter, president and CEO, CellaVision AB Tel: 0733-62 11 06.

E-mail: zlatko.rihter@cellavision.se

Magnus Blixt, CFO, CellaVision AB Tel: 0708-33 81 68.

E-mail: magnus.blixt@cellavision.se

About CellaVision

CellaVision is an innovative, global medical device company that develops and sells leading systems for routine analysis of blood and other body fluids in health care. The analyses often constitute important basis for the timely and accurate sjukdomsdiagnoser, for example in infections and serious cancers. CellaVisions products rationalize manual laboratory work, and secure and support effective workflows and skills development within and between hospitals. Expertise is in image analysis, artificial intelligence and automated microscopy. Sales through global partners with support from the parent company in Lund, as well as marketing organizations in the united states, Canada, Brazil, China, Japan, south Korea, Australia, Sweden, the United arab Emirates, France, Germany, the Uk, Mexico and India. 2017 net sales 309 Million. The share is listed on Nasdaq Stockholm, Mid Cap. Read more on www.cellavision.se

CellaVision AB Interim report January-June 2018

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: CellaVision AB via Globenewswire

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