CellaVision (CEVI) investor relations material

Executive summary

• Net sales reached SEK 200 million in Q2 2026, up 4.5% year-over-year, with 5.6% organic growth despite currency headwinds.

• Americas achieved record sales, up 60% to SEK 105 million, driven by large instrument demand and automation trends.

• EMEA stabilized after inventory adjustments, launched the Bone Marrow Aspirate (BMA) Application with initial sales and customer interest.

• APAC faced a 59% sales decline due to tough China comparisons, but saw strong reagent growth in Japan and Australia.

• CEO transition completed, incurring SEK 9 million in costs.

Financial highlights

• Gross margin improved to 70% from 68% year-over-year, with gross profit at SEK 141 million.

• EBITDA was SEK 55 million (27% margin), impacted by SEK 9 million CEO transition costs.

• Operating expenses totaled SEK 100 million, up from SEK 79 million, mainly due to higher admin costs.

• Operating cash flow was SEK 29 million; total cash flow was SEK -58 million, reflecting SEK 66 million in dividends.

• Cash and cash equivalents stood at SEK 172 million at quarter-end.

Outlook and guidance

• Strong order books in Americas and EMEA support a robust outlook for H2 2026.

• BMA Application expected to contribute incremental growth as commercialization expands; FDA clearance targeted by year-end.

• Continued investment in innovation and digital transformation to drive long-term value.

• Financial ambition remains a CAGR of >15% and EBITDA margin >30% over the economic cycle.

• R&D capitalization to increase in Q3 as projects mature, with gradual overall R&D cost growth.