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CellaVision AB (SE:CEVI)
:CEVI
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CellaVision AB
(CEVI)
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Rating:76Outperform
Price Target:
kr184.00
▲(14.29% 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 margins & profitability
CellaVision's consistently high gross and operating margins indicate durable product-level economics and pricing power in diagnostic imaging. Strong margins support reinvestment in R&D and steady returns to equity holders, insulating profitability through modest revenue volatility.
Very conservative balance sheet
Near-zero leverage provides significant financial flexibility for product investment, M&A or to weather demand cycles. Low debt reduces refinancing risk and interest burden, preserving cash flow for strategic projects and protecting returns during industry slowdowns.
Product pipeline & recurring revenue
Regulatory progress (bone marrow CE submission) and completed software upgrades strengthen the addressable market and attachment/recurring revenue potential. Clinical milestones plus software installs improve long-term adoption, stickiness, and predictable license/service revenues.
Negative Factors
Sharp recent revenue decline
A pronounced TTM revenue drop signals structural demand weakness or lost share that can persist across quarters. Even with healthy margins, sustained top-line contraction pressures scale economics, limits reinvestment capacity and raises execution risk for strategic initiatives.
Weak free-cash-flow conversion
Low FCF conversion and volatility—driven by higher working capital—reduce the company's ability to self-fund R&D, dividends or bolt-on investments. Chronic conversion weakness increases reliance on operational improvement or external financing to support long-term growth plans.
APAC/China competitiveness
Intense local competition and pricing pressure in China/APAC limit durable margin expansion and market share gains in high-growth regions. Local manufacturing steps help but competitive dynamics may compress long-term growth and require sustained commercial investment.
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)23.7
Beta (1Y)0.82
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)kr826.39M
CellaVision AB Business Overview & Revenue Model
Company DescriptionCellaVision 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 and CellaVision DM9600, which automatically capture digital images of cells from blood smears and body fluid preparations; and CellaVision DC-1, an analyzer. It also offers CellaVision Peripheral Blood Application that enables laboratories to automate, standardize, and simplify morphological examination of peripheral blood smears; CellaVision Advanced RBC Application, which enables to perform comprehensive examination of red blood cell morphology; CellaVision Body Fluid Application that enables laboratories to automate, standardize, and simplify morphological examination of body fluid preparations; and CellaVision Remote Review Software, which removes restrictive geographical constraints from the smear review process. In addition, the company provides CellaVision Server Software that creates a single streamlined workflow within one or multiple testing sites; CellaVision Dashboard, a tool designed to give an at-a-glance view of CellaVision analyzer and reviewer metrics; CellaVision Proficiency Software, a cloud-based software designed to help laboratory managers assess, monitor, and promote staff competency in the area of cell morphology; CellaVision CellAtlas, which combines a series of mini lectures with an extensive cell image library; and CellaVision VET that offers digital solutions for medical microscopy in the field of hematology. It sells its products to hospital and commercial laboratories. CellaVision AB (publ) was incorporated in 1994 and is headquartered in Lund, Sweden.
How the Company Makes MoneyCellaVision generates revenue primarily through the sale of its advanced digital microscopes and software solutions designed for automated blood sample analysis. The company operates on a model that includes direct sales of equipment, as well as recurring revenue from software licenses and maintenance agreements. Key revenue streams include the initial sale of hardware systems, ongoing software subscriptions, and service contracts. Additionally, CellaVision has established partnerships with various distributors and strategic alliances within the healthcare sector, which help expand its market reach and drive sales. These partnerships, along with a focus on providing high-quality, reliable diagnostic solutions, contribute significantly to the company's earnings.
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.Q4-2025 Updates
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%.
Strong EBITDA and Margin Outperformance
EBITDA of SEK 65 million in Q4, representing a 33% EBITDA margin, above the company's 30% target.
Full-Year Revenue and Organic Growth
Full-year 2025 revenue of SEK 759 million, with 9% organic growth for the year and a full-year gross margin of 68%.
Record Performance in Americas
Americas revenue reached an all-time high of SEK 90 million in Q4 with very strong momentum: reported organic growth ~50% (CEO also referenced 58% organic upside), driven particularly by the U.S. integrated network opportunities.
Instrument Sales Growth and Mix
Instrument revenue of SEK 126 million in the quarter, up 8% year-over-year, with recovery momentum in large integrated placements and improved order-to-install timelines (~2–6 months typical).
Regulatory Milestone — Bone Marrow CE Mark
Achieved CE Mark (Class C, IVDR) for the bone marrow aspirate application, enabling commercial launches in Europe starting in 2026 with expected initial revenues in H2 (ambition for Q4).
Software Upgrade Validated and DI-60 Throughput Improvement
Major software upgrade successfully validated at a customer site; new software (7.2) integrated with DI-60 increases throughput and user experience. Upgrade will be provided as part of instrument offering to protect installed base and support future placements.
R&D Investment and Capitalization Progress
Quarterly R&D spend SEK 37 million (19% of sales). Capitalized SEK 15 million in Q4 (about half of R&D spend), with continued strategic investments and capitalization/depreciation phasing as projects move to launch (e.g., bone marrow).
Cash Position, Cash Flow and Low Leverage
Operating cash flow of SEK 51 million in Q4 and total cash flow SEK 30 million for the quarter; year-end cash balance SEK 188 million. Low financing activity and minimal debt.
Dividend Increase Proposed
Board proposes increasing dividend from SEK 2.50 to SEK 2.75 per share, signaling confidence in cash generation and capital allocation.
Hematology Reagents Growth and APAC Momentum (Selective)
Hematology reagent portfolio (majority of reagent revenues) showed ~10% growth in core markets; APAC hematology reagent revenue grew from SEK 1.4 million to SEK 2.0 million year-over-year (more than doubled), indicating early traction in the region for that product line.
Manufacturing and Market Access in China
Integrated system manufacturing in China enables participation in domestic tenders requiring local production/registration, supporting longer-term APAC/China market opportunities.
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.
Reagents and Software/Other Weakness in Q4
Quarterly reagents were flat to -2% (quarter) despite 6% growth year-to-date; software & other declined materially due to lapping a large APAC tender and FX effects, negatively impacting product mix and margin.
Gross Margin Pressure and FX Headwind
Q4 gross margin dipped to 67% (slightly below normal) with management attributing the decline to software mix issues and currency effects; FY FX headwind was -6.6% on reported growth.
Capitalization Depreciation Impact on Margins
Certain capitalized R&D projects will begin depreciating (e.g., bone marrow launch), which management estimates could be roughly a ~1 percentage point headwind to gross margin as depreciation charges ramp.
Non-Hematology Product Lines Dragging Organic Growth
Some non-hematology product lines underperformed and reduced overall organic growth; company highlighted that these product lines 'have taken our organic growth a little bit down.'
Timing and Near-Term Revenue Uncertainty for New Products
Although bone marrow CE Mark achieved, revenue timing remains conservative — expected to start in H2 2026 (not material in early 2026). Methanol-free stain rollout in the U.S. is planned but expected to contribute only limited revenue in 2026 due to protocol tweaking, trials and adoption lags.
Potential Cannibalization in Europe from Methanol-Free Stain
Methanol-free stains may cannibalize some legacy stain volumes in Europe as customers convert, which could mute net reagent revenue uplift in the near term despite improved product offering.
R&D Spend and Capitalization Variability
Quarterly R&D was down versus prior-year quarter (SEK 37 million, down from prior levels), but management expects R&D costs to increase again in 2026; capitalization rates may remain similar, creating variability in reported expenses and margins quarter-to-quarter.
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
High-quality fundamentals: strong and resilient profitability (gross margin ~66–69%, EBIT margin ~23–28%), very conservative balance sheet with minimal leverage (debt-to-equity ~0.03), and solid cash generation with operating cash flow exceeding net income in recent years. Main watch-outs are historical cash-flow variability and whether the unusually strong 2025 growth is sustainable versus more moderate 2023–2024 trends.Income Statement
CellaVision shows solid, consistent profitability with strong gross margins (~66–69%) and healthy operating margins (EBIT margin ~23–28%) across 2020–2025. Revenue has grown steadily overall (from 471m in 2020 to 759m in 2025), with 2025 showing an exceptionally high reported growth rate, while 2023–2024 growth was more moderate. Net margins remain attractive (~19–22%) but dipped from the 2021 peak, suggesting some normalization in profitability even as scale improved.86
Very Positive
Balance Sheet
The balance sheet is very conservative: debt has fallen materially since 2021–2022 and leverage is now minimal (debt-to-equity ~0.03 in 2024–2025). Equity has compounded strongly (from 430m in 2020 to 888m in 2025), supporting a larger asset base and providing significant financial flexibility. Returns on equity are consistently strong (~17–23%), though slightly lower than earlier years as the equity base expanded.90
Very Positive
Cash Flow
Cash generation is strong and improving, with operating cash flow rising meaningfully versus earlier years and comfortably exceeding net income in recent periods (coverage ~1.65–1.84 in 2023–2025). Free cash flow conversion improved substantially in 2025 (free cash flow close to net income), and free cash flow growth accelerated sharply in 2025 after more modest gains in 2023–2024. The main weakness is historical volatility (notably weaker cash flow and free cash flow declines in 2020 and 2022), indicating cash conversion can fluctuate year to year.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
Negative
161.00
Price Trends
153.25
Negative
161.37
Negative
170.58
Negative
Market Momentum
-0.79
Positive
44.96
Neutral
51.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CEVI, the sentiment is Negative. The current price of 161 is above the 20-day moving average (MA) of 151.76, above the 50-day MA of 153.25, and below the 200-day MA of 170.58, indicating a bearish trend. The MACD of -0.79 indicates Positive momentum. The RSI at 44.96 is Neutral, neither overbought nor oversold. The STOCH value of 51.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | 23.65 | 17.89% | 1.61% | 1.53% | 0.79% | |
55 Neutral | kr881.32M | 84.74 | 6.93% | ― | -5.80% | -65.99% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | kr1.26B | -1.16 | -57.26% | ― | -23.24% | 45.32% | |
49 Neutral | kr708.25M | -4.79 | -36.55% | ― | 62.24% | 21.16% | |
49 Neutral | kr5.67B | 225.34 | 1.32% | ― | 8.39% | -85.36% | |
44 Neutral | kr857.28M | -14.47 | -4.42% | ― | 13.48% | 28.98% |
* Healthcare Sector Average
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CellaVision AB Corporate Events
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. EBITDA rose to SEK 65 million, maintaining a 33% margin, cash flow from operations strengthened to SEK 51 million, and the board proposed a higher dividend of SEK 2.75 per share, underscoring confidence in the company’s financial position. The group advanced its strategic agenda by securing CE marking for its new Bone Marrow Aspirate Application, validating an upgraded hematology software platform for rollout in 2026, and progressing development of next‑generation microscopy based on Fourier Ptychographic Microscopy, moves that are expected to reinforce its leadership in digital hematology and open adjacent market opportunities despite regional demand volatility.
The most recent analyst rating on (SE:CEVI) stock is a Buy with a SEK156.00 price target. To see the full list of analyst forecasts on CellaVision AB stock, see the SE:CEVI Stock Forecast page.
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 Østergaard will present and comment on the results. The event is aimed at analysts, investors and media, reflects the company’s ongoing commitment to transparent financial communication, and gives stakeholders an opportunity to engage directly with management on CellaVision’s performance and outlook in the medical diagnostics technology market.
The most recent analyst rating on (SE:CEVI) stock is a Hold with a SEK166.00 price target. To see the full list of analyst forecasts on CellaVision AB stock, see the SE:CEVI Stock Forecast page.
CellaVision’s Bone Marrow Application Achieves CE Marking
Dec 8, 2025
CellaVision has achieved CE marking approval for its Bone Marrow Aspirate Application under the EU In Vitro Diagnostic Regulation as a Class C product, marking a significant milestone. This approval allows laboratories to automate and standardize bone marrow aspirate examinations, enhancing efficiency and reducing workload in diagnosing hematologic conditions, thus strengthening CellaVision’s position in the medical technology industry.
The most recent analyst rating on (SE:CEVI) stock is a Hold with a SEK174.00 price target. To see the full list of analyst forecasts on CellaVision AB stock, see the SE:CEVI Stock Forecast page.
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.