CellaVision AB (CEVI) AI Stock Analysis

• Market Cap: kr3.43B
• Dividend Yield: 1.61%
• Average Volume (3M): 36.08K
• Price to Earnings (P/E): 24.5
• Beta (1Y): 0.75
• Revenue Growth: 1.53%
• EPS Growth: 0.79%
• Country: SE
• Employees: 228
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 1.80
• Shares Outstanding: 23,851,547
• 10 Day Avg. Volume: 30,505
• 30 Day Avg. Volume: 36,083
• PEG Ratio: 2.78
• Price to Book (P/B): 4.22
• Price to Sales (P/S): 4.94
• P/FCF Ratio: 20.63
• 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): 7.23
• Revenue Forecast (FY): kr824.70M

• Rating: 76 Outperform
• Price Target: kr163.00 ▲(1.24% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 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

Strong, resilient margins

CellaVision has maintained high gross and operating margins across 2020–2025. Durable profitability supports robust cash generation, funds sustained R&D and dividends, and provides a margin buffer through FX, product‑mix shifts and cyclicality in instrument sales, preserving long‑term investment capacity.

Very conservative balance sheet

Extremely low leverage and a growing equity base give CellaVision substantial financial flexibility. This reduces refinancing risk, supports continued R&D and commercialization spending, and allows dividends or opportunistic M&A without threatening liquidity during product ramp or tender cycles.

Regulatory milestone broadens product scope

CE marking for the bone‑marrow application is a structural step expanding the addressable market beyond peripheral blood. It creates a new revenue stream and upsell path to installed customers, strengthens product differentiation and underpins longer‑term growth and recurring service opportunities.

Negative Factors

Sustainability of 2025 growth uncertain

Management and analysis note 2025 growth was unusually strong versus prior years. Reliance on lumpy tender wins, regional timing and comparables raises risk that organic growth reverts toward historical norms, complicating medium‑term revenue forecasting and pace of installed‑base expansion.

New product timing risk

Even with regulatory approval, management expects bone‑marrow revenues primarily in H2 2026 and methanol‑free reagents to have limited 2026 impact. Slow lab adoption cycles, trials and protocol tweaks mean material commercial and cash benefits are delayed, extending revenue ramp risk.

Structural margin headwinds (mix, FX, depreciation)

Recent margin pressure stems from product‑mix, FX and upcoming depreciation as capitalized R&D enters charge‑out. These accounting and mix dynamics can persist across quarters, compressing reported margins and free cash flow until scale, pricing or favorable mix offsets materialize.

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 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) companies. Key revenue streams include: (1) Instrument/system sales: revenue from the sale of CellaVision-branded analyzers and related hardware used for automated digital cell morphology; these sales are often fulfilled through distributor channels that market, sell, and service the products locally. (2) Software and licenses: revenue from software that runs the systems and enables image capture, cell pre-classification, workflow management, and review/verification; depending on customer setup, this can include licensing and upgrades/updates. (3) Recurring/service-related revenue: revenue tied to ongoing use and support of installed systems, such as service agreements, maintenance/support, and potentially other recurring components linked to the installed base (exact breakdown not publicly specified here). (4) Partnerships/OEM-style collaboration: CellaVision’s earnings are also supported by partnerships with major IVD/hematology players that integrate or bundle CellaVision’s digital morphology capabilities into broader lab solutions and leverage those partners’ commercial footprints; where specific commercial terms are not publicly disclosed, they cannot be detailed here. Overall, the company’s model is driven by expanding its installed base in labs (supporting follow-on software/service revenue) and by leveraging distributors and strategic IVD relationships to scale global sales.

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.

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.

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.

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

• 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 150.27, above the 50-day MA of 152.08, and below the 200-day MA of 167.68, indicating a bearish trend. The MACD of -1.27 indicates Positive momentum. The RSI at 41.28 is Neutral, neither overbought nor oversold. The STOCH value of 10.79 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	76 Outperform	kr3.43B	24.49	17.89%	1.61%	1.53%	0.79%
CRAD.B	55 Neutral	kr847.55M	103.06	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr682.31M	-5.78	-36.55%	―	62.24%	21.16%
XVIVO	49 Neutral	kr5.76B	233.59	1.20%	―	8.39%	-85.36%
BICO	45 Neutral	kr1.18B	-1.36	-50.36%	―	-23.24%	45.32%
SEDANA	44 Neutral	kr847.34M	-17.24	-4.42%	―	13.48%	28.98%

CellaVision AB Corporate Events

CellaVision Expands Digital Hematology Platform With Bone Marrow Aspirate Launch in EMEA

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 serious blood diseases. The CE-marked, AI-assisted application aims to automate, standardize, and simplify bone marrow morphology, providing laboratories with more consistent and traceable results while addressing the traditionally manual and expertise-dependent nature of these examinations.

The company will distribute the new application in collaboration with Sysmex Corporation, leveraging established relationships with hospital and reference laboratories to accelerate adoption in the EMEA market. CellaVision plans to introduce the solution to the hematology community at the International Symposium on Technological Innovations in Laboratory Hematology in April 2026, a move that underscores its ambition to strengthen its position in advanced laboratory diagnostics and support long-term growth targets.

The most recent analyst rating on (SE:CEVI) stock is a Buy with a SEK184.00 price target. To see the full list of analyst forecasts on CellaVision AB stock, see the SE:CEVI Stock Forecast page.

CellaVision Delivers Solid Q4, Lifts Dividend and Advances Next-Gen Hematology Platform

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

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.