Growth of 9 per cent and strengthened market position
through more partners
January 1 - December 31, 2012
* Net sales increased by 9 % to SEK 169.5 million (155.4).
* Operating profit increased to SEK 20.7 million (17.8).
* Profit before tax increased to SEK 18.6 million (18.5).
* Earnings per share were SEK 0.27 (0.61).1
* Cash and cash equivalents were SEK 46.2 million (56.8) at the end of the
* Global distribution agreement with one more partner, Siemens.
* Increased activities in China; a market office in Shanghai has been
* New system for veterinary medicine in North America - first order received.
* New tool for small laboratories in networks launched,
CellaVisionÂ® Image Capture System.
* The Board of Directors proposes an unchanged dividend of SEK 0.40 per share
October 1 - December 31, 2012
* Net sales increased by 9 % to SEK 50.4 million (46.4).
* Operating profit was SEK 6.8 million (6.9).
* Result before tax was SEK 6.1 million (7.4).
* Earnings per share were SEK -0.13 (0.31).1
Comments by CellaVision's CEO Yvonne MÃ¥rtensson:
"Sales in the fourth quarter were in line with our expectations.
All geographical regions report growth during the year but variations between
quarters have been significant. In the last six months of the year investments
in medical devices were affected by the generally harsh economic climate and
CellaVision's volume growth was subdued. Fewer new investments in capital goods
mean a longer investment cycle for laboratories and more delayed business
Despite a weak global economy CellaVision reports sales growth of 9 per cent for
the full year 2012, which is lower than our growth target and the sales increase
we are used to. However it was gratifying that the operating margin for the year
rose above 12 per cent.
We have strengthened our position in the market and underlying demand for our
products is increasing. A stable base of well-established products and sales
channels with several partners contributes to this. Our partners' confidence in
us and our products confirms that our solution has become a standard method for
digital microscopy of blood and other body fluids.
However, uncertainty in markets important to CellaVision - North America and
Europe - makes growth prospects for 2013 difficult to assess. Our assessment is
that the weak world economy, not least in Europe, has affected hospital
laboratories' purchases of equipment and is now having an impact on our
distributors' demand. This will affect CellaVision's growth in the short term.
In the first quarter of this year we therefore expect lower income and negative
For the rest of the year, however, prospects are good for CellaVision's
continued profitable growth. We continue to grow the company by investing in our
own organisation, addressing the market and developing products. We see ahead of
us a number of important business transactions that will further strengthen the
company for the future. I have great confidence in CellaVision's continued
(SEK million) Â Oct-Dec 2012 Oct-Dec 2011 Full year 2012 Full year
Net sales 50.4 46.4 169.5 155.4
Gross profit 31.7 32.2 110.1 101.4
Operating profit 6.8 6.9 20.7 17.8
Operating margin, % 13.5 15.0 12.2 11.5
Profit before tax 6.1 7.4 18.6 18.5
Return on operating capital - - 46 44
Cash flow for the period -6.4 13.8 -10.6 21.0
Questions concerning the report can be addressed to:
Yvonne MÃ¥rtensson, CEO, CellaVision AB
Tel: +46 708 33 77 82. Email: firstname.lastname@example.org
Sven-Ã…ke Henningsson, Acting CFO, CellaVision AB
Tel: +46 705 93 43 81. Email: email@example.com
1 See section on Taxes on page 6 in the report.
CellaVision Year-end bulletin 2012:
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Source: CellaVision AB via Thomson Reuters ONE