CellaVision (CEVI) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered SEK 191 million in revenue, with 1.9% reported and 7.6% organic growth, despite a 5.8% currency headwind.

• Regional performance was mixed: APAC showed strong growth, Americas moderate, and EMEA modest but stable.

• Strategic progress included nearing completion of bone marrow analysis clinical trials and a major software upgrade for the DI-60 system.

• CFO Magnus Blixt announced his departure, effective July 18, 2025.

Financial highlights

• Gross margin improved to 68% year-over-year, aided by price increases but offset by FX effects.

• EBITDA reached SEK 60 million, with a 31% margin, in line with objectives.

• Operating expenses were 41% of sales, reflecting higher admin and R&D spend.

• Operating cash flow was SEK 58 million, with positive working capital effects.

• Total cash flow was -SEK 30 million, mainly due to SEK 60 million in dividends.

Outlook and guidance

• Commercial launch of the bone marrow module in Europe is expected in Q1 2026, pending CE marking.

• Major software upgrade for DI-60, including methanol-free stain compatibility, to launch in autumn 2025.

• R&D investment will remain high but may decrease after current strategic projects conclude.