CellaVision AB Stable start of the year with good growth in APAC
The information was submitted for publication at 08.20 CET on April 22, 2020
January 1 – March 31, 2020
Net sales increased by 29 % to SEK 134.4 million (103.9).
Sales grew organically by 1 % (31).
EBITDA increased to SEK 41.2 million (38.3).
EBITDA margin was 31 % (37).
Profit before tax was SEK 25.5 million (34.8).
Earnings per share before and after dilution were SEK 0.85 (1.15).
Cash flow from operating activities was SEK 15.4 million (51.1).
Significant events due to COVID-19
Due to the COVID-19 has the Board of Directors withdrawn the original dividend proposal and proposes instead that no dividend be paid for 2019 (SEK 1.50 / share) at the Annual General Meeting 2020
The company expects the COVID-19-pandemic to have a significant negative impact on CellaVision's sales and earnings for a number of months.
In accordance with the above, the AGM has been postponed and will be held no later than June 30. CellaVision will issue a new notice to the AGM no later than four weeks before the AGM is due to take place.
Sales in the first quarter of 2020 were SEK 134.4 million (103.9), representing organic growth of one percent and a positive currency effect of four percent. Including sales of RAL Diagnostics (RAL) products, growth was 29 percent. Sales grew in all regions. In EMEA, growth was 42 percent, mainly thanks to the acquisition of RAL. In Americas, growth was 3 percent, compared to the very strong first quarter of 2019 and in APAC, growth was 99 percent compared to a weak first quarter of 2019. The effects of the ongoing COVID-19-pandemic were limited in the quarter but are expected to be significant in the coming months.
EBITDA was SEK 41.2 million (38.3) in the quarter, corresponding to an EBITDA margin of 31 percent (37). During the quarter we continued to have good cost control and sound gross margins. Our already strong focus on cost control and cash flow has been further sharpened to equip CellaVision for the effects the COVID-19-pandemic will have.
Effects of COVID-19-pandemic
The outbreak of the COVID-19-pandemic is impacting people and businesses world over and is a challenge to us all. CellaVision is following the developments and effects of the pandemic carefully and we will adjust our operations based on developments in the coming quarters.
Measures to protect our personnel and limit contagion
The COVID-19 outbreak entails an enormous challenge to people's lives and health world over. CellaVision has implemented the COVID-19-related safety regulations issued by the authorities in all parts of our business. This means for example that to a great extent we are conducting our operations in a virtual work environment by working at home and meeting digitally.