CellaVision (CEVI) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw net sales reach SEK 200 million, up 4.5% year-over-year, with 5.6% organic growth despite currency headwinds.

• Americas achieved record sales of SEK 105 million, up 60%, driven by large instrument demand and workflow automation in labs.

• EMEA stabilized post-inventory adjustment, launched the Bone Marrow Aspirate (BMA) Application with initial sales and positive customer feedback.

• APAC sales dropped 59% due to China market challenges, but strong reagent growth continued in Japan and Australia.

• CEO transition completed, incurring SEK 9 million in costs and appointing Steve Ferguson as CEO.

Financial highlights

• Net sales: SEK 200 million, up 4.5% (5.6% organic) year-over-year.

• Gross margin improved to 70% from 68% last year.

• EBITDA was SEK 55 million (27% margin), impacted by SEK 9 million CEO transition costs; adjusted EBITDA margin increased year-over-year.

• Operating expenses rose to SEK 100 million, with higher admin costs due to CEO transition.

• Operating cash flow: SEK 29 million; total cash flow: SEK -58 million, reflecting dividend payout and investments.

Outlook and guidance

• Strong order books in Americas and EMEA for Q3, with inventory normalization completed.

• BMA Application expected to contribute 1–2% incremental growth by year-end; FDA clearance targeted in the US by year-end.

• R&D capitalization to increase in Q3 as projects mature; total R&D costs to rise gradually.

• 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.