CellaVision (CEVI) Q3 2026 earnings summary

Executive summary

• Q3 net sales were SEK 199.5m, up 13.6% YoY with 13.4% organic growth; EBITDA was SEK 64m and EBITDA margin reached 32%.

• Americas and APAC led growth; EMEA declined against a strong prior-year comparison. Q3 operating cash flow more than doubled to SEK 68.1m.

Financial highlights

• Gross margin was 66% versus 69% YoY; operating expenses were SEK 82m, or 41% of sales, and included SEK 4m in final CEO-transition settlement costs.

• Amortization of capitalized development costs was SEK 5m versus SEK 2m YoY; the increase was charged to cost of goods sold.

• 9M net sales were SEK 565.8m versus SEK 561.8m; EBITDA was SEK 158.8m versus SEK 175.9m, and operating profit was SEK 120.1m versus SEK 147.0m.

• Q3 net profit was SEK 40.2m versus SEK 31.3m; diluted and undiluted EPS were SEK 1.68 versus SEK 1.31.

Segment performance

• Americas sales rose 32% to SEK 89m, supported by connected platforms, software, a Canadian tender and installed-base replacements.

• EMEA sales fell 10% to SEK 86m against a strong Q3 2025 comparison; BMA Application revenue and reagent sales grew.

• APAC sales rose 90% to SEK 24m, with 91% organic growth; performance outside China was solid, including strong reagent sales and conversion in Japan.

• Instrument sales increased 14% to SEK 105m; reagents rose 12% to SEK 45m, and Software & Other increased 15% to SEK 49m.

• 9M sales rose 30% in Americas to SEK 274m, fell 16% in EMEA to SEK 227m, and declined 18% in APAC to SEK 65m.