CellaVision AB Good profitability despite negative COVID-19-effect - Seite 2

Nachrichtenquelle: globenewswire
16.07.2020, 08:20  |  132   |   |   

CellaVision responded early to the COVID-19 pandemic and implemented a series of cost-related measures that had a major impact in the quarter. The Annual General Meeting followed the Board's proposal and decided that no dividend should be paid for 2019, which secured liquidity in the company. The impact on the Group's total cash flow for the quarter was strong and increased to SEK 18.1 million (-23.8).

Furthermore, we have prioritized our efforts and thus managed to maintain good profitability in the quarter despite negative organic growth. EBITDA amounted to SEK 36.2 million (41.3) in the quarter, corresponding to an EBITDA margin of 31 percent (37). The EBITDA margin is slightly lower than before, but given the current situation, we are satisfied with the outcome and our ability to quickly reposition the business to meet current challenges. With the measures taken we are well equipped for the future and can accelerate when the situation in the world normalizes.

Effects of the COVID-19 pandemic

Our end-customers in the Americas and EMEA were heavily affected by the extensive lockdowns in the quarter, and very few installations have been carried out in the USA and France in the last three months. In countries such as China and Korea, which were hit early by restrictions due to the COVID-19 pandemic, the situation has improved during the quarter and the markets are now on the path to a more normalized situation.   

CellaVision has not implemented any short-time work or laid off any staff due to the COVID-19 pandemic, but as part of the cost-cutting measures, we have postponed planned recruitments.

Market development

Americas was heavily affected by the COVID-19 pandemic in the second quarter of the year with a growth amounting to negative 57 percent. Americas is normally CellaVision's largest region, but during the second quarter of the year, Americas was the region with the lowest sales. Sales amounted to SEK 28.8 million (66.7). The lockdown in the region has resulted in limited possibilities to install, which also affected our distribution partners. The focus for CellaVision has instead been on conducting training and marketing through digital channels, which has increased significantly. We have developed a new methodology to reach our customers in the wake of the pandemic that we will benefit from in the future.

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CellaVision AB Good profitability despite negative COVID-19-effect - Seite 2 The information was submitted for publication at 08.20 CET on July 16, 2020 1 April -30 June 2020 Net sales increased by 5% to SEK 118.0 million (112.4).Sales decreased organically by 15% (+18).EBITDA amounted to SEK 36.2 million (41.3).EBITDA …

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