CellaVision (CEVI) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered strong results with 12.2% organic sales growth, driven by robust performance in the Americas and EMEA, while APAC was softer due to tough prior-year comparables.

• Full-year 2025 saw 9% organic growth and net sales of SEK 759 million, with strategic milestones including CE Mark approval for the Bone Marrow Aspirate Application and a major software upgrade.

• The Board proposes increasing the dividend to SEK 2.75 per share for 2025, up from SEK 2.5.

• EBITDA margin for Q4 was 33%, with profit before tax rising to SEK 55 million.

• Appointment of Monica Jönsson as CFO effective December 12, 2025.

Financial highlights

• Q4 net sales rose 5.6% to SEK 197 million, with organic growth of 12.2% after a -6.6% FX headwind.

• EBITDA for Q4 was SEK 65 million (33% margin); full-year EBITDA was SEK 241 million (32% margin).

• Gross margin for Q4 was 67%, slightly lower due to software mix and FX effects; full-year gross margin was 68%.

• Operating cash flow for Q4 was SEK 51 million; year-end cash position was SEK 188 million with low debt.

• Earnings per share for Q4 were SEK 1.79; full-year EPS was SEK 6.42.

Outlook and guidance

• Strong momentum in the Americas is expected to continue into H1 2026, with no signs of slowdown.

• Bone Marrow Aspirate Application launch planned for Q1 2026 in Europe, with sales expected in H2 2026.

• Methanol-free reagent launch in the U.S. is planned for 2026, with incremental revenue expected late in the year.

• Gradual roll-out of the new Digital Cell Morphology Software throughout 2026.

• Continued high R&D costs are expected in 2026, in line with earlier quarters.