CellaVision (CEVI) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw mixed regional performance: APAC achieved record sales, EMEA was modest, and the Americas declined, resulting in a 7% organic sales drop for the quarter.

• Full-year 2024 net sales grew 7% organically to SEK 723m, with double-digit growth in EMEA and APAC, but declines in the Americas.

• Strategic alliance with Sysmex Corporation advanced, driving double-digit growth and deeper collaboration in innovation and commercialization.

• Ongoing investments in innovation, including next-generation digital cell morphology analyzer, bone marrow application clinical trials, and integration of Fourier Ptychographic Microscopy.

• 30th anniversary celebrated, with over 8,000 installations worldwide.

Financial highlights

• Q4 net sales were SEK 187 million, down 7% year-over-year, with no FX impact.

• Q4 EBITDA was SEK 61 million (33% margin), down from SEK 73 million (36%) last year; full-year EBITDA rose to SEK 219 million (30% margin).

• Q4 operating cash flow was SEK 46 million; full-year operating cash flow reached SEK 198 million.

• Board proposes a dividend of SEK 2.50 per share for 2024, up from SEK 2.25.

• Gross margin reached 69% in Q4, supported by favorable product mix.

Outlook and guidance

• Gradual recovery in Americas order placements expected as political uncertainty eases.

• EMEA and APAC expected to maintain solid performance, supported by diversified growth and successful tenders.

• Continued investment in innovation, with new product launches anticipated in 2025 and 2026.

• R&D spend as a share of sales expected to remain around 22% and flat throughout 2025.

• Long-term ambition targets a CAGR above 15% and EBITDA margin above 30% over the economic cycle.