CellaVision AB

Year-end bulletin, Jan-Dec 2019

Stable quarter including earnings from RAL Diagnostics

The information was submitted for publication at 08.20 CET on February 5, 2020

October 1 - December 31, 2019
Net sales increased by 35 % to SEK 149.8 million (111.0).
Sales grew organically by 7 % (44).
EBITDA was SEK 41.5 million (37.3).
EBITDA margin was 27.7 % (33.6).
Profit before tax was SEK 35.0 million (36.0).
Earnings per share before and after dilution were SEK 1.02 (1.24).
Cash flow from operating activities increased by SEK 24.0 million (12.8).

January 1 - December 31, 2019
Net sales increased by 27 % to SEK 461.8 million (364.8).
Sales grew organically by 15 % (15).
EBITDA increased to SEK 146.7 million (118.4).
EBITDA margin was 31.8 % (32.5).
Profit before tax increased to SEK 129.2 million (112.1).
Earnings per share before and after dilution were SEK 4.16 (3.72).
Cash flow from operating activities increased by SEK 125.0 million (74.1).
The Board of Directors proposes a dividend of SEK 1.50 per share for 2019 (1.50).

CEO’s comments

The fourth quarter of 2019 was CellaVision's best quarter ever despite challenging comparative figures. Including sales from the newly acquired company RAL Diagnostics (RAL), total sales grew by 35 percent to SEK 149.8 million (111.0). CellaVision completed the acquisition of RAL on October 1, 2019, and consequently RAL is financially integrated into the full quarter. The quarter includes external acquisition costs of about SEK 4 million. The acquisition of RAL drives some initial cost increases linked to integration between CellaVision and RAL started in the quarter. The quarter was also charged with initial ramp-up costs for production and depreciation for the new product CellaVision DC-1 (DC-1). All in all, it was a good quarter for CellaVision, with organic growth of seven percent. Exchange rate impact in the quarter was positive and amounted to about five percent. Profitability was good during the quarter, with an EBITDA of SEK 41.5 million (37.3), corresponding to an EBITDA margin of 27.7 percent (33.6). 

Full year 2019
For the full year sales were SEK 461.8 million (364.8) after growth of 27 percent, corresponding to organic growth of 15 percent. EBITDA was SEK 146.7 million (118.4), corresponding to an EBITDA margin of 31.8 (32.5) percent. Cash flow from operating activities was SEK 125.0 million (74.1).

Market development
The Americas reported a good fourth quarter. Sales were SEK 65.6 million (57.6), corresponding to growth of 14 percent. Sales of analyzers continue to be good in North America and we also see continuously stronger sales of applications and software. For the full year, growth in the Americas was 24.6 percent.