CellaVision AB: Interim Report January-September 2015

2015-11-09 - English

Veterinary order resulted in record quarter for CellaVision




July 1-September 30, 2015 
  • Net sales increased by 58 % to SEK 74.5 million (47.0); adjusted for exchange rate effects growth was 47 %
  • Operating profit increased to SEK 30.3 million (7.7)
  • The operating margin was 40.6 (16.3) %
  • Profit before tax increased to SEK 30.3 million (7.9)
  • Earnings per share were SEK 1.02 (0.20)



January 1-September 30, 2015
  • Net sales increased by 23 % to SEK 177.8 million (144.4); adjusted for exchange rate effects growth was 13 %
  • Operating profit increased to SEK 49.0 million (26.0)
  • The operating margin was 27.6 (18.0) %
  • Profit before tax increased to SEK 48.7 million (26.8)
  • Earnings per share were SEK 1.58 (0.83)

CEO's comments

The third quarter of 2015 was a fantastic quarter for CellaVision, with historically strong growth in both sales and profitability. Sales increased by 58 percent compared with the same period in the previous year and the operating margin was 41 percent, to be compared with an operating margin of 16 percent in the corresponding quarter in 2014. The main explanation for this very sound growth is the order for veterinary medicine laboratories in North America. Deliveries and installation have gone according to plan and final delivery will be completed before the end of the current year. For the full year 2015 we continue to expect an operative operating profit in excess of SEK 65 million.

The veterinary order had a major impact on growth in the Americas, which was 113 percent in the quarter. APAC also reported a positive trend, with sales growth of 50 percent and satisfactory growth in Japan and China that are our priority markets in the region.
The human market continues to be the most important for CellaVision and constitutes about 15,000 large laboratories, where we have currently penetrated about 12 percent. The corresponding market for large veterinary laboratories is currently estimated to be about 500. We are now at a stage where we are identifying the most important success factors in the veterinary market, a market where we see long term growth potential.

CellaVision's growth ambitions also include expanding the product offer to the approximately 100,000 small and medium-sized laboratories in the human segment and the approximately 5,000 small laboratories in the veterinary segment. Development of the future technology platform adapted to this type of laboratory passed an important milestone during the quarter, when the prototype phase was concluded and the project moved into a concrete development phase. CellaVision implemented a new organization during the quarter, which includes greater focus on sales and marketing. As part of this, Mattias Lundin has taken up the newly established position of VP Global Sales. During the quarter we also established a new regional office in Shanghai with responsibility for our APAC operations.

We took several important steps in the quarter towards achieving our vision to be a leader in global digitization and automation of blood analyses for both the human and veterinary segments. Our method contributes to improved patient diagnostics, streamlining and reduced healthcare costs.

Zlatko Rihter, President and Chief Executive Officer

Key Ratios

(MSEK) Jul-Sep 2015 Jul-Sep 2014 Jan-Sep 2015 Jan-Sep 2014 Jan-Dec 2014
Net sales 74.5 47.0 177.8 144.4 216.9
Gross profit 54.8 30.4 127.8 94.6 145.1
Operating profit 30.3 7.7 49.0 26.0 42.8
Operating margin, % 40.6 16.3 27.6 18.0 19.7
Profit/loss before tax 30.3 7.9 48.7 26.8 43.4
Cash flow for the period 32.4 12.3 46.7 0.6 -6.0

Questions concerning the report can be addressed to:
Zlatko Rihter, CEO, 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-September 2015

PDF version: CellaVision AB Interim Report January-September 2015

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