CellaVision (CEVI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined 14.6% year-over-year to SEK 166 million, with a 6.6% organic decrease and a negative currency effect of up to 7.9%.

• EMEA experienced significant negative growth due to inventory adjustments at a key distributor, while Americas posted 13% organic growth and APAC delivered 10% organic growth.

• EBITDA margin dropped to 24% from 34% in Q1 2025, reflecting lower sales and gross profit.

• Strategic launches included the CE-marked Bone Marrow Aspirate Application and a major global software upgrade.

• Cash flow from operating activities remained robust at SEK 62 million.

Financial highlights

• Gross margin was 68%, slightly down from 70% year-over-year, with increased amortization of capitalized development expenditures.

• Operating expenses rose to 51% of revenue, mainly due to higher R&D spend and lower capitalization of development costs.

• EBITDA was SEK 40 million, down from SEK 66 million in Q1 2025.

• Profit before tax was SEK 28 million (down from SEK 53 million), and earnings per share were SEK 0.94 (down from SEK 1.74).

• Cash and cash equivalents at quarter-end were SEK 230 million.

Outlook and guidance

• EMEA instrument sales are expected to improve in Q2, but some inventory overhang may persist.

• Americas demand for large instruments remains robust, while small instrument sales may still be affected by prior inventory build-up and tariff uncertainties.

• Revenue from the Bone Marrow Aspirate Application is expected to increase in the second half of the year, with FDA 510(k) clearance targeted for mid-to-late 2026.

• The company aims for an EBITDA margin above 30% over the economic cycle.

• EMEA sales may remain affected in Q2 due to ongoing inventory adjustments and public healthcare budget constraints.