CellaVision AB
Interim Report January-June 2018
Good sales growth in all regions
April 1-June 30, 2018
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Net sales increased by 17% to SEK 91.9 million (78.7).
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Organic growth was 15%.
January 1-June 30, 2018
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Net sales decreased by 1% to SEK 169.5 million (171.8).
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Organic sales decreased with 3% (+37).
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Operating profit was SEK 54.8 million (59.0).
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Operating margin was 32.3% (34.3).
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Earnings before tax were SEK 55.4 million (58.7).
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Earnings per share were SEK 1.78 (1.87).
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Cash flow before dividend was SEK 23.7 million (26.7).
CEO's comments
The second quarter of 2018 is CellaVision's second best quarter ever, with sales of SEK 91.9 million (78.7). Compared with the same period of 2017, the sales increased organically by 15 percent and we had stable sales growth in all our regions. Profitability developed well during the quarter, with an operating profit of SEK 31.6 million (24.6), corresponding to an operating margin of 34.4 percent (31.3). The positive profitability trend is a result of CellaVision's effective indirect sales model that enables geographical expansion with continued sound cost control. Cash flow before dividend for the quarter increased to SEK 26.1 million (11.2). The increase is primarily a result of the higher sales.
Market development
The Americas reported strong growth in the quarter. Sales grew by 14 percent to SEK 47.0 million (41.2). The number of end customer installations continues to increase and market penetration is developing according to plan.
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EMEA reported a stable quarter, with sales amounting to SEK 26.6 million (25.1), corresponding to a growth of six percent. It is particularly gratifying to be able to state that the markets in France, European German-speaking countries and the Middle East, where we recently established a local organization for market support, have performed well during the quarter. However, our continued assessment is that it will take another few quarters before we will see the full benefit from our market investments in these countries.