CellaVision AB

Interim report January-September 2018 - Seite 2

APAC also developed well in the third quarter, with growth in sales of 22 percent to 18.2 million (15.0). Marketing activities continued at a high level in the key markets of Japan and China. During the quarter CellaVision's digital morphology also saw an important breakthrough in the Australian market after winning a public procurement contract in New South Wales. The procurement means that around sixty laboratories will install CellaVision's solution in the coming years to compare with only a few instruments on the entire Australian market historically.

Geographical expansion

Geographical expansion is crucial to CellaVision's growth. In 2018 we established our own organizations for local market support in Mexico and India, as well as establishing a local presence in the Chengdu area of China. In coming months, we will establish more organizations for South East Asia and the southern parts of Europe. CellaVision currently has 14 local organizations that together offer market support in more than 25 countries.

Distribution expansion

During the quarter CellaVision signed a supplementary agreement for small and mid-size laboratories with Sysmex. With this agreement in place we now have distribution agreements with the most relevant distribution partners for reaching small and mid-size laboratories globally.

Innovation

The development of our new technology platform, CellaVision DC-1, for small and mid-size laboratories in both the human healthcare and veterinary markets, is going to plan. DC-1 is now undergoing external clinical studies at five European laboratories as a key part of future CE registration. DC-1 attracted great attention at its first external presentation at the AACC Annual Scientific Meeting in Chicago in summer this year.

Geographical expansion and innovation are key strategies for CellaVision's future growth. We are continuing to add new geographical markets with their own local organization for market support, while putting major focus on innovation and product development. Our organization is constantly being strengthened and we are putting great energy into recruiting more leading-edge expertise to ensure our future innovative power and growth opportunities.

The CellaVision Story was published just recently. The book was written by CellaVision's very first customer, Per Simonsson, at Malmö General Hospital in 2001. A readable account story that I warmly recommend.

Zlatko Rihter, President and CEO

 

Key Ratios

(MSEK)	Jul-Sep 2018	Jul-Sep 2017	Jan-Sep 2018	Jan-Sep 2017	Jan-Dec 2017
Net sales	84,3	61,3	253,8	233,2	309,3
Gross profit	62,2	43,2	188,9	167,8	223,2
EBITDA	22,5	12,4	81,1	75,5	99,3
Operating profit	21,0	10,2	75,8	69,2	90,9
Operating margin, %	24,9	16,7	29,9	29,7	29,4
Profit/loss before tax	20,7	9,9	76,1	68,6	90,3
Total cash flow	22,2	5,6	10,1	-3,4	22,4
Equity ratio, %	78,7	82,7	78,7	82,7	80,1