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CellaVision AB
(CEVI)
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Rating:79Outperform
Price Target:
kr169.00
▲(20.71% Upside)
Action:Reiterated
Date:07/20/26
The score is driven primarily by strong financial fundamentals (high margins and a very low-debt balance sheet), supported by a generally constructive earnings-call outlook (Americas strength, solid margins, and potential H2 growth catalysts). Offsetting factors are signs of near-term slowdown in TTM results and cash-flow volatility, plus a valuation that looks somewhat rich (P/E ~26), while technicals are moderately positive but not decisively strong versus the 200-day trend.
Positive Factors
Conservative balance sheet and low leverage
Extremely low leverage and materially higher equity provide durable financial flexibility. This conservatism supports R&D spending, absorbs working-capital swings and funds regulatory/commercial investments without needing external financing, reducing long-term financial risk.
Negative Factors
TTM revenue and margin deceleration
Trailing‑twelve‑month revenue and margin erosion indicate a pause in prior momentum. If persistent, this reduces operating leverage and cash generation, pressuring reinvestment capacity and return metrics until new product launches or regional recovery restore growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and low leverage
Extremely low leverage and materially higher equity provide durable financial flexibility. This conservatism supports R&D spending, absorbs working-capital swings and funds regulatory/commercial investments without needing external financing, reducing long-term financial risk.
Read all positive factors
CellaVision AB (CEVI) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.63B
Dividend Yield1.8%
Average Volume (3M)36.08K
Price to Earnings (P/E)28.2
Beta (1Y)0.76
Revenue Growth-1.64%
EPS Growth-14.61%
CountrySE
Employees251
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)5.41
Shares Outstanding23,851,547
10 Day Avg. Volume30,505
30 Day Avg. Volume36,083
Financial Highlights & Ratios
PEG Ratio2.78
Price to Book (P/B)4.22
Price to Sales (P/S)4.94
P/FCF Ratio20.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr150.00Price Target Upside7.14% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)5.93
Revenue Forecast (FY)kr783.83M
CellaVision AB Business Overview & Revenue Model
Company Description
CellaVision AB (publ), a Swedish enterprise established in 1994 and based in Lund, specializes in crafting and distributing advanced digital systems for analyzing blood and other bodily fluids within the healthcare industry. The company serves a g...
How the Company Makes Money
CellaVision makes money primarily by selling laboratory instrumentation and generating recurring revenue from software and related offerings. Key revenue streams include: (1) Instrument/system sales: upfront revenue from selling digital cell morph...
CellaVision AB Earnings Call Summary
Earnings Call Date:Jul 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presented a generally positive operational and commercial picture: solid top-line growth (4.5% YoY; ~6% organic), record Americas performance (+≈59% in Americas sales), healthy margins (70% gross margin; 27% EBITDA margin) and progress on strategic initiatives (Bone Marrow launch, FDA 510(k) process, FPM development). Offsetting risks include APAC weakness (notably China), a distributor inventory adjustment in EMEA that depressed near-term sales, increased working capital leading to a negative total cash flow for the quarter, one-time CEO transition costs (SEK 9m) and temporary operational disruptions (SEK 2m delayed reagents). On balance, the positives — strong regional recovery in the Americas, product/reagent momentum in key markets, continued R&D investment and a solid cash buffer — outweigh the transitory and region-specific headwinds.Positive Updates
Revenue Growth and Organic Expansion
Net sales of SEK 200 million in Q2 2026, reported up ~4.5% year-over-year; management also cited ~5.6%–6% organic growth with a ~1.1% FX headwind.
Negative Updates
APAC Underperformance and China Market Challenges
APAC sales were SEK 19 million, 'significantly below' Q2 2025. Management cited challenging trading conditions in China and a tough prior-year comparison (large instrument module shipments in Q2 2025).
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Organic Expansion
Net sales of SEK 200 million in Q2 2026, reported up ~4.5% year-over-year; management also cited ~5.6%–6% organic growth with a ~1.1% FX headwind.
Read all positive updates
Company Guidance
Management's forward-looking messages were constructive: Q2 set a baseline of SEK 200m in net sales (+4.5% YoY, ~+5.6% organic with a 1.1% FX headwind) and SEK 55m in EBITDA (27% margin, including SEK 9m of CEO‑transition costs), with gross margin at 70%, operating cash flow SEK 29m and cash SEK 172m; they said Q3 order books in Americas (Q2 Americas sales SEK 105m, up from SEK 66m) and EMEA (SEK 75m) look promising, inventory adjustments are now normalized (no sign of channel‑stuffing) and APAC headwinds persist, and reiterated an aim for U.S. 510(k) clearance for the Bone Marrow Aspirate application before year‑end with bone‑marrow sales expected to add roughly 1–2 percentage points to growth in H2; additionally, R&D capitalization (SEK 15m YTD vs SEK 20m LY) should increase from Q3, R&D investment is ~22% of sales, and management expects adjusted EBITDA and margins to improve year‑over‑year.CellaVision AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 739.15M | 758.97M | 723.22M | 677.29M | 639.34M | 565.55M |
| Gross Profit | 507.86M | 519.88M | 487.07M | 463.04M | 438.32M | 392.30M |
| EBITDA | 208.24M | 237.28M | 219.75M | 207.25M | 190.87M | 193.60M |
| Net Income | 129.09M | 153.08M | 140.72M | 130.31M | 118.33M | 125.34M |
Balance Sheet | ||||||
| Total Assets | 1.14B | 1.09B | 1.01B | 928.71M | 891.75M | 825.21M |
| Cash, Cash Equivalents and Short-Term Investments | 172.19M | 188.22M | 149.43M | 121.64M | 108.05M | 130.29M |
| Total Debt | 52.27M | 25.65M | 26.85M | 64.70M | 102.50M | 136.65M |
| Total Liabilities | 256.25M | 207.31M | 196.16M | 212.32M | 250.12M | 281.93M |
| Stockholders Equity | 885.90M | 887.58M | 815.73M | 716.39M | 641.63M | 543.28M |
Cash Flow | ||||||
| Free Cash Flow | 112.33M | 181.72M | 186.44M | 109.96M | 67.85M | 75.41M |
| Operating Cash Flow | 172.59M | 200.53M | 198.44M | 196.44M | 137.28M | 159.72M |
| Investing Cash Flow | -74.28M | -86.16M | -76.01M | -85.53M | -70.01M | -84.34M |
| Financing Cash Flow | -81.22M | -74.59M | -95.09M | -97.04M | -90.41M | -48.48M |
CellaVision AB Technical Analysis
Positive
140.00
Price Trends
138.75
Positive
137.02
Positive
145.96
Positive
Market Momentum
3.55
Negative
62.65
Neutral
76.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CEVI, the sentiment is Positive. The current price of 140 is below the 20-day moving average (MA) of 145.02, above the 50-day MA of 138.75, and below the 200-day MA of 145.96, indicating a bullish trend. The MACD of 3.55 indicates Negative momentum. The RSI at 62.65 is Neutral, neither overbought nor oversold. The STOCH value of 76.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CEVI.
CellaVision AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr3.63B | 28.17 | 14.59% | 1.96% | -1.64% | -14.61% | |
70 Outperform | kr1.20B | 24.50 | 14.08% | 0.26% | -0.27% | 93.40% | |
69 Neutral | kr8.78B | 100.00 | 4.13% | ― | 8.79% | -20.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr602.92M | -5.62 | -37.43% | ― | 27.40% | 26.07% | |
45 Neutral | kr1.06B | -29.94 | -3.99% | ― | -0.34% | 29.54% | |
42 Neutral | kr1.09B | -1.15 | -51.81% | ― | -24.97% | -366.73% |
* Healthcare Sector Average
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CellaVision AB Corporate Events
CellaVision Q2: Americas Surge Offsets Mixed Regional Picture
Jul 17, 2026
CellaVision reported a modest sales recovery in the second quarter of 2026, with net sales rising 4.5 percent to SEK 200 million and organic growth of 5.6 percent, while the Americas delivered an all-time high driven by strong demand for large ins...
CellaVision Sets Date for Q2 2026 Report and Investor Presentation
Jul 3, 2026
CellaVision AB announced it will publish its report for the second quarter of 2026 on July 17 at 7:20 am CEST, with the full report available on the company’s website. The disclosure continues the company’s regular financial reporting ...
CellaVision Names Industry Veteran Steve Ferguson as New CEO to Drive Growth
Jun 5, 2026
CellaVision AB has appointed Steve Ferguson as its new CEO with immediate effect, succeeding Simon Østergaard, who will stay on during a transition period to ensure a smooth handover. Ferguson brings more than 25 years of biotechnology and di...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.