CellaVision (CEVI) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 decreased by 1.7% to SEK 176 million, mainly due to negative currency effects and mixed regional performance, but organic sales grew 2.6% year-over-year.

• EBITDA rose to SEK 50 million, with a margin of 28%, reflecting a SEK 1 million increase and a 1 percentage point margin improvement from last year.

• Strategic progress included completion of clinical trials and regulatory submission for the bone marrow application, with CE mark expected early 2026 and commercial launch planned for Q1 2026.

• Major software upgrade completed and verified, with rollout planned for November 2025 and validation ongoing at customer sites.

• Strategic partnerships and adaptation of new microscopy technology advanced, supporting long-term growth.

Financial highlights

• Gross margin increased to 69%, up 1 percentage point year-over-year, aided by price increases and favorable product mix.

• Operating expenses totaled SEK 82 million, with reductions in sales/admin and increased R&D investment, which was 24% of sales.

• EBITDA for Q3 was SEK 50 million (up from SEK 49 million), with an EBITDA margin of 28%.

• Operating cash flow was SEK 29.6–30 million, impacted by working capital changes and late-quarter orders.

• Total cash flow for the quarter was SEK 4 million after SEK 22 million in investments and SEK 4 million in financing outflows.

Outlook and guidance

• CE marking for the bone marrow application is expected early 2026, with commercial launch activities planned for Q1 2026.

• Major software upgrade rollout is planned for November 2025, expected to drive growth and product differentiation.

• Continued R&D investment is planned, with possible changes in capitalization as projects mature or complete.

• U.S. reagent market entry expected mid-2026, with methanol-free stain as a key enabler.

• Management remains confident in long-term growth and value creation across all regions despite quarterly fluctuations.