CellaVision AB (CEVI) AI Stock Analysis

• Market Cap: kr3.52B
• Dividend Yield: 1.61%
• Average Volume (3M): 36.08K
• Price to Earnings (P/E): 23.2
• Beta (1Y): 0.76
• Revenue Growth: 1.53%
• EPS Growth: 0.79%
• Country: SE
• Employees: 228
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 1.30
• Shares Outstanding: 23,851,547
• 10 Day Avg. Volume: 30,505
• 30 Day Avg. Volume: 36,083
• PEG Ratio: 4.57
• Price to Book (P/B): 6.36
• Price to Sales (P/S): 7.17
• P/FCF Ratio: 42.98
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: kr175.00 ▲(8.70% Upside)

The score is driven primarily by strong underlying profitability and an exceptionally low-debt balance sheet, providing resilience. It is held back by weak recent growth and subpar free-cash-flow conversion, while technicals remain mixed/soft and valuation (P/E ~25) looks only moderately supported by the dividend. Earnings-call commentary adds a modest positive tilt via product/software milestones but highlights near-term FX and regional/cash-flow challenges.

Positive Factors

High profitability and margins

Sustained high gross and net margins indicate strong product pricing power and efficient operations. Durable margins support reinvestment in R&D, fund operating leverage if sales recover, and provide a cushion against adverse cycles, underpinning long-term shareholder returns.

Conservative balance sheet with minimal leverage

Extremely low leverage provides financial flexibility to fund product development, absorb regional softness, and pursue targeted M&A or capital returns without refinancing risk. This resilience reduces bankruptcy risk and preserves strategic optionality over the medium term.

Recurring revenue and product innovation pipeline

A mix of hardware sales plus recurring software/licenses and maintenance increases revenue visibility and customer stickiness. Ongoing innovation—CE marking pursuit and software upgrades—can expand addressable market and boost lifetime customer value sustainably.

Negative Factors

Sharp recent revenue decline

A ~40% TTM revenue drop signals a significant demand setback that may not be transient. Persistent top-line contraction can erode economies of scale, pressure future R&D funding, and make margin maintenance harder, raising execution risk over the coming quarters.

Weak free cash flow conversion and working-capital strain

Low FCF conversion and volatile cash from working-capital swings reduce internally available funds for capex, dividends, or buybacks. Recurring AR issues can force external financing or slower reinvestment, weakening the company’s ability to execute strategic projects reliably.

Regional weakness and competitive pressure in China/APAC

Sustained pricing pressure and strong local competitors in China/APAC threaten market share and margin expansion. Given the region’s growth importance, persistent competitive dynamics could limit long-term revenue growth and require ongoing investment or price concessions to defend position.

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 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 Money

CellaVision 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 Financial Statement Overview

Summary

Strong profitability (gross margin ~69%, net margin ~20%, EBIT margin ~27%) and a very conservative balance sheet (minimal leverage, healthy ROE ~18%) support a high score. Offsetting factors are the sharp TTM revenue decline (~-40%) and weaker/volatile free cash flow conversion (FCF much lower vs net income), which raise near-term execution risk.

Income Statement

Profitability is strong and consistent, with TTM (Trailing-Twelve-Months) gross margin around 69% and net margin around 20%, and solid operating profitability (EBIT margin ~27%). However, growth has turned into a key concern: TTM (Trailing-Twelve-Months) revenue declined sharply (~-40%) versus steady positive growth in prior annual periods, suggesting a notable demand slowdown or tough comparison period despite margins holding up.

Balance Sheet

The balance sheet is very conservatively financed: debt is minimal (TTM debt-to-equity ~0.03) and equity is sizable relative to assets, providing strong financial flexibility. Returns remain healthy (TTM return on equity ~18%), though down from earlier peak levels, implying profitability is still good but not accelerating.

Cash Flow

Cash generation from operations is solid (TTM operating cash flow exceeds net income), indicating good earnings quality. The weaker point is free cash flow conversion and volatility: TTM free cash flow is much lower relative to net income (~0.32) and free cash flow fell materially versus the last annual period, pointing to higher reinvestment needs or working-capital drag.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	748.45M	723.22M	677.29M	639.34M	565.55M	471.44M
Gross Profit	517.25M	487.07M	463.04M	438.32M	392.30M	313.04M
EBITDA	229.98M	219.75M	207.25M	198.36M	193.60M	134.37M
Net Income	151.41M	140.72M	130.31M	118.33M	125.34M	89.48M
Balance Sheet
Total Assets	1.08B	1.01B	928.71M	891.75M	825.21M	668.02M
Cash, Cash Equivalents and Short-Term Investments	158.67M	149.43M	121.64M	108.05M	130.29M	102.26M
Total Debt	27.26M	26.85M	64.70M	102.50M	136.65M	132.78M
Total Liabilities	224.75M	196.16M	212.32M	250.12M	281.93M	238.41M
Stockholders Equity	851.50M	815.73M	716.39M	641.63M	543.28M	429.62M
Cash Flow
Free Cash Flow	61.53M	120.69M	109.96M	67.85M	75.41M	37.47M
Operating Cash Flow	195.10M	198.44M	196.44M	137.28M	159.72M	71.12M
Investing Cash Flow	-92.79M	-76.01M	-85.53M	-70.01M	-84.34M	-34.96M
Financing Cash Flow	-81.11M	-95.09M	-97.04M	-90.41M	-48.48M	-35.22M

CellaVision AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 161.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 154.89, above the 50-day MA of 155.96, and below the 200-day MA of 173.02, indicating a bearish trend. The MACD of -1.84 indicates Positive momentum. The RSI at 38.61 is Neutral, neither overbought nor oversold. The STOCH value of 4.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CEVI.

CellaVision AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CEVI	71 Outperform	kr3.52B	23.22	17.89%	1.61%	1.53%	0.79%
CRAD.B	66 Neutral	kr1.07B	45.72	6.93%	―	-5.80%	-65.99%
XVIVO	60 Neutral	kr7.09B	281.92	1.32%	―	8.39%	-85.36%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BICO	50 Neutral	kr1.22B	-1.78	-57.26%	―	-23.24%	45.32%
SEDANA	48 Neutral	kr997.34M	-24.54	-4.42%	―	13.48%	28.98%
SEZI	43 Neutral	kr786.08M	-5.77	-36.55%	―	62.24%	21.16%

CellaVision AB Corporate Events

CellaVision’s Bone Marrow Application Achieves CE Marking

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.

CellaVision Reports Mixed Q3 Performance Amid Strategic Advancements

CellaVision AB’s third quarter of 2025 showed mixed regional performance with a slight decrease in net sales, impacted by currency effects and changes in the supply chain. Despite these challenges, the company remains optimistic about its long-term growth, driven by strong demand for its products, particularly in the US and APAC regions. Strategic advancements include the completion of European clinical trials for a new bone marrow application and the upcoming launch of upgraded software for hematology analyzers, reflecting CellaVision’s commitment to innovation and enhanced diagnostic solutions.

The most recent analyst rating on (SE:CEVI) stock is a Buy with a SEK199.00 price target. To see the full list of analyst forecasts on CellaVision AB stock, see the SE:CEVI Stock Forecast page.

CellaVision to Present Q3 2025 Report on November 6

CellaVision AB announced the release of its third-quarter 2025 report on November 6, inviting analysts, investors, and media to a conference call and webcast for a presentation by CEO Simon Østergaard. This event underscores the company’s commitment to transparency and engagement with stakeholders, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (SE:CEVI) stock is a Buy with a SEK199.00 price target. To see the full list of analyst forecasts on CellaVision AB stock, see the SE:CEVI Stock Forecast page.

CellaVision Announces Nomination Committee for 2026 AGM

CellaVision has announced the formation of its Nomination Committee ahead of the 2026 Annual General Meeting, scheduled for April 28 in Lund. The committee, chaired by Joel Eklund, will propose candidates for key positions such as the Chairman of the General Meeting and members of the Board of Directors. This announcement is a routine part of CellaVision’s governance process, ensuring structured leadership and strategic planning for the company’s future operations.

The most recent analyst rating on (SE:CEVI) stock is a Buy with a SEK199.00 price target. To see the full list of analyst forecasts on CellaVision AB stock, see the SE:CEVI Stock Forecast page.