CellaVision AB: Interim report January - September 2012

2012-10-26 - English

Continued marginal improvements and strengthened market position through the addition of a new distribution partner

January 1 - September 30, 2012

  • Net sales increased by 9 % to SEK 119.1 million (109.0).
  • The operating profit increased to SEK 13.9 million (10.9).
  • Profit before tax increased to SEK 12.4 million (11.2).
  • Earnings per share were SEK 0.40 (0.31).
  • Cash and cash equivalents increased to SEK 52.6 million (43.0) at the end of the period.

July 1 - September 30, 2012

  • Net sales were SEK 35.3 million (36.5).
  • The operating profit was SEK 4.0 million (3.7).
  • The result before tax was SEK 3.0 million (6.4).
  • Earnings per share were SEK 0.16 (0.21).
  • CellaVision received its first order from the veterinary market in North America.

Significant events after the period close

  • CellaVision signed a global distribution agreement with Siemens Healthcare Diagnostics.

Key ratios

(SEK million) Jul-Sep 2012 Jul-Sep 2011 Jan-Sep 2012 Jan-Sep 2011 Full year 2011
Net sales 35.3 36.5 119.1 109.0 155.4
Gross profit 22.6 22.6 78.4 69.2 101.4
Operating profit/loss 4.0 3.7 13.9 10.9 17.8
Operating margin, % 11.3 10.2 11.7 10.0 11.5
Profit/loss before tax 3.0 6.4 12.4 11.2 18.5
Cash flow for the period 5.2 0.4 -4.2 7.2 21.0

Comments by CellaVision's CEO Yvonne Mårtensson:

"Quarterly variations continue and the strong krona had a negative impact on us in the third quarter. In Europe we report lower sales and we believe this can be explained by the weaker economy. It is gratifying that our growth in the American market is strong; 19 per cent in dollars.

All in all, the first nine months of the year show a growth in sales of 9 per cent and improved profitability. The operating margin for the period was 11.7 per cent.

As planned, CellaVision is continuing to build the company for continued geographical expansion and growth in both existing and new markets. During the quarter we received our first order from the veterinary market in North America and we believe we are now making other laboratories aware of the value of our systems and solutions. At the same time we are continuing with our efforts in China, which will reward us in the long term.

As part of our long-term expansion strategy we have signed a distribution agreement with Siemens, effective from January 1, 2013. This continues to extend our sales channels globally, including Europe, where to date we have worked with an exclusive partner. The fact that our company is associated with three of the world's five largest hematology companies confirms that our product is becoming a global standard for digital microscopy. Through our partners we now reach approximately 75 per cent of the world market and together with them we will drive our future growth."

Questions concerning the report can be addressed to:
Yvonne Mårtensson, CEO, CellaVision AB
Tel: +46 708 33 77 82. Email: yvonne.martensson@cellavision.se  
Sven-Åke Henningsson, Acting CFO, CellaVision AB
Tel: +46 705 93 43 81. Email: ir@cellavision.se  

PDF version: CellaVision AB: Interim report January - September 2012

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