CellaVision AB

Year-end bulletin, Jan-Dec 2019 - Seite 3

Geographical expansion
We are now fully operative in our latest establishments in Thailand, India, Spain/Portugal and Italy. During the quarter we started an establishment in Russia and in 2020 we will also strengthen the organization in some of our current markets, including India, to meet growing demand. Altogether CellaVision now has 18 local organizations offering market support in more than 40 countries.

Innovation
The DC-1, our new product for small and mid-size laboratories, was CE marked in February 2019. The reception from our various distribution partners has been very positive and most of them have now launched the DC-1 in their own sales channels. In 2019 we gradually increased the rate of production and in 2020 will have the capacity to meet the demand from our customers. In 2019 we obtained commercial approval for the DC-1 in a number of important markets in addition to the EU countries. We have also initiated the action required to take the next step in the application process for sales approval of the DC-1 in the USA and China in 2020.

In the coming quarter CellaVision will launch a complete upgrade of the veterinary portfolio. The Sysmex system, DI-60 Vet, and CellaVisionDC-1 Vet will be launched, while the current CellaVision DM1200 Vet and CellaVision DM9600 Vet will be upgraded to the latest software generation. All systems will be able to analyze canine and feline blood. In addition, the DC-1 Vet will also have an application for avian blood analysis.

Geographical expansion and R&D are CellaVision's core areas and we will continue to accelerate investments, primarily within innovation, to secure our growth and future position in our market segment.

Zlatko Rihter,
President and CEO

Key Ratios (MSEK)	Oct-Dec 2019	Oct-Dec 2018	Full year 2019	Full year 2018
Net sales	149,8	111,0	461,8	364,8
Gross profit	99,9	82,0	336,7	270,9
EBITDA	41,5	37,3	146,7	118,4
Operating profit	31,8	35,8	126,6	111,6
Operating margin, %	21,2	32,3	27,4	30,6
Profit/loss before tax	35,0	36,0	129,2	112,1
Total cash flow	-116,2	4,3	-67,3	14,4
Equity ratio, %	54,3	77,9	54,3	77,9