CellaVision AB (SE:CEVI)
:CEVI
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CellaVision AB
(CEVI)
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Rating:76Outperform
Price Target:
kr162.00
▲(0.62% Upside)
Action:ReiteratedDate:02/07/26
The score is driven primarily by strong financial performance (high margins, low leverage, solid cash generation). Earnings-call commentary is broadly positive with clear commercial momentum and strategic milestones, though near-term margin headwinds and product-launch timing add uncertainty. Technicals are mixed (near-term strength but longer-term trend remains pressured), and valuation looks fair-to-moderate rather than clearly cheap.
Positive Factors
High and consistent margins
Sustained high gross and operating margins indicate durable product-level economics and pricing power in digital hematology. Margins support reinvestment in R&D, stable operating cash flow and the ability to fund service and installed-base support without eroding profitability over multiple periods.
Negative Factors
New-product timing risk
Key growth drivers (bone marrow application and methanol-free reagents) face multi-quarter adoption and regulatory/tactical rollouts. Delayed or slow commercial uptake creates persistent near-term uncertainty in revenue pacing and cadence, making growth projections lumpy over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High and consistent margins
Sustained high gross and operating margins indicate durable product-level economics and pricing power in digital hematology. Margins support reinvestment in R&D, stable operating cash flow and the ability to fund service and installed-base support without eroding profitability over multiple periods.
Read all positive factors
CellaVision AB (CEVI) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.52B
Dividend Yield1.61%
Average Volume (3M)36.08K
Price to Earnings (P/E)24.5
Beta (1Y)0.74
Revenue Growth1.53%
EPS Growth0.79%
CountrySE
Employees228
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.80
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)7.23
Revenue Forecast (FY)kr824.70M
CellaVision AB Business Overview & Revenue Model
Company Description
CellaVision AB (publ) develops and sells digital solutions for blood and body fluids analysis in health care services sector in Sweden, Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company provides CellaVision DM1200 an...
How the Company Makes Money
CellaVision makes money primarily by selling digital microscopy/analysis systems and associated software to clinical laboratories, typically via a global network of distributors and through collaborations with large in-vitro diagnostics (IVD) comp...
CellaVision AB Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive operational and financial picture: solid revenue and organic growth, a strong EBITDA margin above target, record Americas performance, important strategic progress (bone marrow CE Mark, software validation, DI-60 throughput improvements), a healthy cash position and a proposed dividend increase. Offsetting factors include a weak APAC quarter driven by comparables and tender timing, softness in reagents/software mix that pressured Q4 gross margin, FX headwinds, and near-term uncertainty on revenue ramp from new product launches (bone marrow and U.S. methanol-free reagents). Overall these negatives appear manageable against the company’s clear commercial momentum and strategic milestones.Positive Updates
Q4 Revenue and Organic Growth
Net sales for Q4 increased 5.6% to SEK 197 million, corresponding to organic growth of 12.2% after an FX headwind of -6.6%.
Negative Updates
APAC Softness and Large Comparable Impact
APAC Q4 revenue SEK 28 million representing an organic decline of ~-40% quarter-on-quarter, primarily driven by a very strong comparable period last year (one-off tender in New South Wales) and shipment phasing.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Revenue and Organic Growth
Net sales for Q4 increased 5.6% to SEK 197 million, corresponding to organic growth of 12.2% after an FX headwind of -6.6%.
Read all positive updates
Company Guidance
Management gave no formal numeric 2026 revenue guide but outlined timing and drivers: Q4 revenue SEK 197m (+5.6%; organic +12.2% after FX -6.6%), Q4 gross margin 67% (FY 68%), operating expenses 39%, EBITDA SEK 65m (33%, above 30% target), Q4 R&D SEK 37m (19% of sales) with SEK 15m capitalized (FY capitalized R&D SEK 67m), operating cash flow SEK 51m and total Q4 cash flow SEK 30m, year‑end cash SEK 188m and FY revenue SEK 759m (organic +9%). Looking ahead they expect continued Americas momentum (Q4 Americas SEK 90m; organic ~50–58%) and healthy order intake/shipments into H1 2026, rollout of software 7.2 bundled with DI‑60 (instrument price increases planned but software not separately charged), CE‑marked bone‑marrow application to start generating revenue in H2 2026 (targeting Q4), methanol‑free reagents to be launched/scaled in 2026 with limited 2026 contribution, sustained high R&D investment in 2026 with a similar capitalization rate and some near‑term gross‑margin headwinds from FX, product mix and depreciation (management noted roughly a ~1 percentage‑point margin impact from starting depreciation).CellaVision AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 758.97M | 723.22M | 677.29M | 639.34M | 565.55M |
| Gross Profit | 519.88M | 487.07M | 463.04M | 438.32M | 392.30M |
| EBITDA | 237.28M | 219.75M | 207.25M | 198.36M | 193.60M |
| Net Income | 153.08M | 140.72M | 130.31M | 118.33M | 125.34M |
Balance Sheet | |||||
| Total Assets | 1.09B | 1.01B | 928.71M | 891.75M | 825.21M |
| Cash, Cash Equivalents and Short-Term Investments | 188.22M | 149.43M | 121.64M | 108.05M | 130.29M |
| Total Debt | 25.65M | 26.85M | 64.70M | 102.50M | 136.65M |
| Total Liabilities | 207.31M | 196.16M | 212.32M | 250.12M | 281.93M |
| Stockholders Equity | 887.58M | 815.73M | 716.39M | 641.63M | 543.28M |
Cash Flow | |||||
| Free Cash Flow | 181.72M | 120.69M | 109.96M | 67.85M | 75.41M |
| Operating Cash Flow | 200.53M | 198.44M | 196.44M | 137.28M | 159.72M |
| Investing Cash Flow | -86.16M | -76.01M | -85.53M | -70.01M | -84.34M |
| Financing Cash Flow | -74.59M | -95.09M | -97.04M | -90.41M | -48.48M |
CellaVision AB Technical Analysis
Neutral
161.00
Price Trends
150.87
Negative
154.89
Negative
166.41
Negative
Market Momentum
-1.55
Positive
47.38
Neutral
46.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CEVI, the sentiment is Neutral. The current price of 161 is above the 20-day moving average (MA) of 148.87, above the 50-day MA of 150.87, and below the 200-day MA of 166.41, indicating a bearish trend. The MACD of -1.55 indicates Positive momentum. The RSI at 47.38 is Neutral, neither overbought nor oversold. The STOCH value of 46.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | kr3.52B | 24.49 | 17.89% | 1.61% | 1.53% | 0.79% | |
59 Neutral | kr7.02B | 233.59 | 1.20% | ― | 8.39% | -85.36% | |
55 Neutral | kr872.88M | 103.06 | 6.93% | ― | -5.80% | -65.99% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | kr648.51M | -5.78 | -36.55% | ― | 62.24% | 21.16% | |
48 Neutral | kr1.19B | -1.36 | -50.36% | ― | -23.24% | 45.32% | |
44 Neutral | kr876.15M | -17.24 | -4.42% | ― | 13.48% | 28.98% |
* Healthcare Sector Average
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CellaVision AB Corporate Events
CellaVision Calls 2026 AGM and Proposes Dividend of SEK 2.75 per Share
Mar 25, 2026
CellaVision AB has called its Annual General Meeting for 28 April 2026 at the company’s premises in Lund, Sweden, setting out participation procedures for registered and nominee-registered shareholders, as well as rules for proxy representat...
CellaVision Expands Digital Hematology Platform With Bone Marrow Aspirate Launch in EMEA
Mar 11, 2026
CellaVision has launched its CellaVision Bone Marrow Aspirate Application across the EMEA region, expanding its digital cell morphology platform into bone marrow aspirate analysis, a key tool in diagnosing and monitoring blood cancers and other se...
CellaVision Delivers Solid Q4, Lifts Dividend and Advances Next-Gen Hematology Platform
Feb 5, 2026
CellaVision reported a solid fourth quarter of 2025, with net sales up 5.6% to SEK 197 million and organic growth of 12.2%, driven primarily by a 50% sales surge in the Americas and steady gains in EMEA, while APAC declined on tough comparisons. E...
CellaVision Schedules Presentation of 2025 Year-End Results for 5 February
Jan 22, 2026
CellaVision AB will publish its year-end report for 2025 on 5 February 2026 and make it available on the company’s website, followed by an English-language conference call and webcast at 11:00 CET where President and CEO Simon Østergaar...
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.