CellaVision (CEVI) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw mixed regional performance: APAC achieved record sales with 44% growth, EMEA remained solid, and the Americas declined 31% year-over-year, resulting in overall negative organic growth of -7%.

• Full-year 2024 net sales grew 7% organically to SEK 723m, with double-digit growth in EMEA and APAC, but declines in the Americas.

• Strategic alliance with Sysmex Corporation deepened, supporting innovation and commercialization, including clinical trials for bone marrow analysis and integration of FPM technology.

• Installed base surpassed 8,000 instruments globally, with penetration in large labs nearing 30% and significant growth potential in small labs.

• Celebrated 30th anniversary, marking progress in innovation and global reach.

Financial highlights

• Q4 2024 net sales were SEK 187 million, down 7% year-over-year; full-year net sales rose 7% to SEK 723 million.

• Q4 EBITDA was SEK 61 million (margin 33%), down from SEK 73 million (margin 36%); full-year EBITDA increased to SEK 219 million (margin 30%).

• Gross margin reached 69% in Q4, up from 68% last year; full-year gross margin was 67%.

• Operating cash flow for Q4 was SEK 46 million; full-year operating cash flow reached SEK 198 million.

• Board proposes a dividend of SEK 2.50 per share for 2024, up from SEK 2.25.

Outlook and guidance

• Gradual recovery in Americas order placements expected as political uncertainty eases, with positive leading indicators.

• Continued strong performance anticipated in EMEA and APAC, supported by diversification, network expansion, and successful tenders.

• Launches of new innovations, including bone marrow application and next-gen platforms, expected in 2025–2026, with CE-marking for bone marrow analysis by end of 2025.

• R&D investments as a share of sales expected to remain flat at around 22% in 2025.

• Long-term ambition targets a CAGR of over 15% and EBITDA margin above 30% over the economic cycle.