CellaVision AB: Interim report January-March 2015

2015-05-05 - English

Continued growth and strong operating margin

January 1-March 31, 2015 

Net sales increased by 20 % to SEK 51.8 million (43.2).

Operating profit was SEK 10.5 million (7.5).

The operating margin was 20.2 % (17.4).

Profit before tax was SEK 10.8 million (7.4).

Earnings per share were SEK 0.34 (0.25)

The new President/CEO Zlatko Rihter took up his position on January 1, 2015.

Significant events after the first quarter 

CellaVision was granted three national European patents.


CEO's comments

It is gratifying to note that CellaVision's sound sales growth is continuing for the seventh quarter in a row. In the year's first quarter we grew in all our regions: EMEA +17 %, Americas +4 % and APAC (Asia Pacific) grew by more than 300%. Sales in the quarter for CellaVision as a whole were SEK 51.8 million, which is equivalent to sales growth of 20 percent. The operating margin was also strengthened and reached a sound 20 percent.

The strong trend should also be seen in the light of the challenging comparative figures from the first quarter of 2014, when sales increased by 28 percent. The substantial sales growth in EMEA and APAC is the main factor behind the quarter's positive trend, while growth in the Americas was more modest compared with the record quarter in 2014. We had a favourable exchange rate effect for both EUR and USD that contributed to the increase and altogether there was a positive influence on sales of about 12 percent in the quarter.

Together with our strategic distribution partners we will continue to be a globally active and value-creating partner in the hematology area. A focus for our efforts this year is to develop our marketing support organization in APAC to proactively address the fastest growing region in our industry, with special focus on China and Japan. In China we are now benefitting from the approval from the CFDA (China Food and Drug Administration) in 2014 for the CellaVision® DM1200 and Sysmex DI-60. EMEA continues to show strong growth, above all in the EU markets.

During the quarter we installed and started up all equipment linked to the veterinary order we received at the end of 2014.

CellaVision maintains a high pace of innovation and introduction. Sales of the DI-60, which was launched in 2013, have now successfully accelerated in all regions. During the quarter we also carried out activities for minor updates of our current product portfolio for CellaVision® DM9600 Vet and CellaVision® DM1200 Vet to meet the needs of the veterinary market. The pre-study aimed at expanding our current product portfolio with a platform for small laboratories is approaching completion.

CellaVision has continued improving in all key parameters even into the first quarter of 2015, which is a sign of strength.  Since I took up my position I have focused on establishing close contact with our distributors and I am convinced that we have the right business model, developing our business together with our partners.

We have also started adjusting the organization to better meet both our end customers' and our partners' needs. CellaVision must have the ambition and basic curiosity to continually improve patient diagnoses. We must also be involved in improving effectiveness, reducing costs and removing sources of error in health care. Our current core competence in digital image analysis constitutes a fantastically exciting starting point for these ambitions.

Zlatko Rihter, President and Chief Executive Officer 

Key Ratios

(MSEK) Jan-Mar 2015 Jan-Mar 2014 Jan-Dec 2014
Net sales 51.8 43.2 216.9
Gross profit 36.3 28.0 145.1
Operating profit 10.5 7.5 42.8
Operating margin, % 20.2 17.4 19.7
Profit/loss before tax 10.8 7.4 43.4
Cash flow for the period 41.0 18.3 -6.0

Questions concerning the report can be addressed to:
Zlatko Rihter, VD, CellaVision AB
Tel: 0733-62 11 06. E-post: zlatko.rihter@cellavision.se

Magnus Blixt, CFO, CellaVision AB
Tel: 0708-33 81 68. E-post: magnus.blixt@cellavision.se
Link text: CellaVision AB: Interim report January-March 2015

PDF version: CellaVision AB: Interim report January-March 2015

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