CellaVision AB: Year-end bulletin 2011

2012-02-14 - English

Major growth in North America and improved delivery capacity with strengthened cash flow

January 1 - December 31, 2011

  • Net sales rose by 18 % to SEK 155.4 million (131.6)
  • The operating result was SEK 17.8 million (13.9), an increase of 28 %
  • Profit before tax was SEK 18.5 million (10.7)
  • Earnings per share for the year were SEK 0.61 (1.61)
  • Cash and cash equivalents at the end of the period were SEK 56.8 million (35.8)
  • Strong growth on the US market
  • FDA approves body fluid application for the CellaVision® DM1200 analyzer in the USA
  • Important order from a leading Canadian laboratory
  • Company management reinforced with COO responsible for product supply
  • The Board proposes a dividend of SEK 0.40 per share

October 1 - December 31, 2011

  • Net sales rose by 11 % to SEK 46.4 million (41.9)
  • The operating result was SEK 6.9 million (9.1)
  • Profit before tax was SEK 7.4 million (9.5)
  • Earnings per share for the fourth quarter were SEK 0.31 (1.56)

Significant events after year-end

  • CellaVision launches digital cell morphology system into the North American veterinary market

CellaVision in brief 

(SEK million) Oct-Dec 2011 Oct-Dec 2010 Full year 2011 Full year 2010
Net sales 46.4 41.9 155.4 131.6
Gross profit 32.2 28.9 101.4 87.6
Operating result 6.9 9.1 17.8 13.9
Profit before tax 7.4 9.5 18.5 10.7
Cash flow 13.8 5.1 21.0 13.8

Yvonne Mårtensson, CEO: Long-term initiatives now paying off
2011 was an anniversary year that well rewarded our long-term initiatives. We increased our sales for the tenth year in succession, we sold our thousandth analyzer and reported a profit for the fifth year in succession.

Demand for our products continues to be strong and we reached 18 % growth in 2011 despite a weak world economy. The distribution strategy with parallel, global sales channels makes a considerable contribution to the positive sales trend, above all in the USA.

A production move and component shortage meant long delivery times to customers in the first part of the year, but we were able to successively improve the situation and now have a stable rate of production and delivery. This has had a positive impact on our cash flow, particularly in the fourth quarter.

CellaVision has a good financial position and it is gratifying that CellaVision's Board of Directors proposes that the Annual General Meeting approve a dividend of SEK 0.40 per share for the 2011 financial year.

The prospects for continued growth in 2012 appear good, with possibilities of increased market penetration. We are further developing our products for the hematology segment; for example with a system for the veterinary market and a product for hospitals in networks. We are also planning geographical expansion and increasing our efforts in Asia, focusing on China and South East Asia. I look forward to a good reward for our initiatives in 2012 in terms of both growth and earnings.

Questions concerning the report can be addressed to:

Yvonne Mårtensson, CEO cell: +46 708 33 77 82, email: yvonne.martensson@cellavision.se  
Johan Wennerholm, CFO celll: +46 708 33 81 68, email: johan.wennerholm@cellavision.se  

PDF version: CellaVision Year-end bulletin 2011

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