CellaVision AB: Interim report January - June 2013

2013-07-17 - English

Weak quarter but continued global market initiatives and sales successes in Asia

January 1 - June 30, 2013

  • Net sales were SEK 69.9 million (83.8).
  • Operating profit was SEK -1.0 million (9.9).
  • Profit before tax was SEK -2.0 million (9.4).
  • Earnings per share were SEK -0.08 (0.24).
  • Cash and cash equivalents were SEK 41.1 million (47.5) at the end of the period.

April 1 - June 30 2013

  • Net sales were SEK 36.1 million (43.4).
  • Operating profit was SEK -0.4 million (4.5).
  • Profit before tax was SEK -0.5 million (5.0).
  • Earnings per share were SEK -0.01 (0.13).

Significant events during the second quarter

  • CellaVision and Sysmex published the news of a jointly developed product, the DI-60. CellaVision's digital image analysis technology has been integrated with Sysmex cell counter and sample preparation instrument. The first sales were made in Q1 and Q2. 
  • Another sales channel in Europe: CellaVision and Beckman Coulter increased their cooperation by adding EMEA to their global distribution agreement.
  • The first sale of CellaVision's new product CellaVision® Proficiency Software was made to the Swedish quality assessment organization Equalis.
  • Magnus Blixt took up his position as new CFO and Göran Granqvist was appointed VP Quality.

Key Ratios

(SEK million) Apr-Jun 2013 Apr-Jun 2012 Jan-Jun 2013 Jan-Jun 2012 Full year
2012
Net sales 36.1 43.4 69.9 83.8 169.5
Gross profit  23.4 28.7 45.4 55.8 110.1
Operating profit -0.4 4.5 -1.0 9.9 20.7
Operating margin, % Neg. 10.5 Neg. 11.8 12.2
Profit/loss before tax -0.5 5.0 -2.0 9.4 18.6
Cash flow for the period -11.4 -9.0 -5.1 -9.3 -10.6


Comments by CellaVision's CEO Yvonne Mårtensson:
"Our sales successes in China and Japan continued in the second quarter but in North America and Europe many hospitals are still holding off, and several deals have been delayed. Considering the current conditions in our main markets it is gratifying that sales in Asia and the Pacific region, which is our long-term growth market, continue to show an upward trend.

Activity in the market has been high during the year, with several important business achievements as a consequence. We continue to focus efforts on visibility through strong partners and an increased product portfolio to build the company and be prepared when the market turns. The four largest players in the market now have an agreement with us, which emphasizes the global uniqueness of our product offering. Training is in progress of our three new partners and all have now submitted their first order. As regards the new integrated DI-60 product, we will deliver the first major order to Sysmex in Europe already at the end of July.

In the coming six months we will see a slow improvement and estimate that for the full year, we will report profitability, though without any total growth. The market is difficult to read, but in the longer term conditions for high growth are good. The health care sector's streamlining and quality assurance needs continue to grow."

Questions concerning the report can be addressed to:
Yvonne Mårtensson, CEO, CellaVision AB
Tel: +46 708 33 77 82. Email: yvonne.martensson@cellavision.se 

Magnus Blixt, CFO, CellaVision AB
Tel: +46 708 33 81 68. Email: magnus.blixt@cellavision.se

PDF version: CellaVision AB Interim report January – June 2013

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