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CellaVision (CEVI) investor relations material
CellaVision Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net sales declined by 1.7%–2% to SEK 176 million, with organic sales up 2.6% year-over-year despite a -4.3% FX headwind and mixed regional performance.
EBITDA rose to SEK 50 million, margin improved to 28%, and gross margin increased to 69%, reflecting operational efficiency.
Strategic progress included completion of a clinical trial and CE mark submission for the bone marrow application, with approval expected in early 2026.
Major software upgrade completed and validated, with rollout planned for the current quarter.
Cash flow from operating activities was SEK 29.6–30 million, impacted by working capital changes.
Financial highlights
Gross margin increased to 69%, up 1 percentage point year-over-year, aided by price increases and favorable product mix.
EBITDA for Q3: SEK 50 million (up from SEK 49 million); EBITDA margin: 28%.
Operating expenses totaled SEK 82 million, with reductions in sales/admin and increased R&D investment.
R&D investment was 24% of sales, with SEK 14 million capitalized, lower than usual due to vacation and software completion.
Cash and cash equivalents at quarter-end: SEK 159 million.
Outlook and guidance
CE mark for bone marrow application expected early 2026, with commercial launch activities planned for Q1 2026.
Software upgrade is expected to drive growth by enhancing product differentiation, with no additional fee for customers.
Continued R&D investment is planned, with possible changes in capitalization as projects mature or complete.
Management remains confident in long-term growth and value creation across all regions despite quarterly fluctuations.
U.S. reagent market entry expected mid-2026, with methanol-free stain as a key enabler.
How will China local production affect future sales?
Bone marrow application market impact?
How will working capital impact future cash flow?
Bone marrow application: commercial launch strategy
Capitalized R&D: future investment trajectory
China manufacturing: expected sales acceleration
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Next CellaVision earnings date
Q4 20255 Feb, 2026
Next CellaVision earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
CellaVision AB offers systems for automated and digital analysis of body fluids in health care services sector. It provides digital solutions for blood and body fluids analysis; image-based systems for microscopic analysis and clinical review of body fluids, such as peripheral blood film, and urine analysis; lab automation solutions; and software solutions, including Cellavision DM96, a complete solution that consists of an analyzer, instrument camera, computer, software environment with proprietary algorithms, ready-to-use reagents, and quality control material. The company also has integration solutions to hospital information systems and other laboratory systems. CellaVision AB was incorporated in 1994 and is headquartered in Lund, Sweden.
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