CellaVision AB: Interim Report January-June 2016
(Thomson Reuters ONE) -
A high operating margin and continued global expansion with strong growth in
China
April 1-June 30, 2016
· Net sales increased by 28% to SEK 65.7 million (51.5).
· Currency-adjusted growth for the quarter was 27% (-15).
· The operating profit was SEK 19.1 million (8.3).
· The operating margin was 29.1% (16.0).
· Earnings per share were SEK 0.71 (0.21).
· Cash flow from operations was SEK 18.5 million (-2.0).
January 1- June 30, 2016
· Net sales increased by 20% to SEK 124.0 million (103.3).
· Currency-adjusted growth was 17.6% (-4,5).
· The operating profit increased to SEK 33.1 million (18.8).
· The operating margin was 26.7% (18.2).
· Earnings per share were SEK 1.12 (0.55).
· Cash flow from operations was SEK 33.0 million (41.2).
CEOs comment
A high operating margin and continued global expansion with strong growth in
China
CellaVisions cost-effective business model with indirect sales in combination
with strong growth delivered a great profitability improvement in the quarter.
CellaVision had a very strong second quarter in 2016, with net sales of SEK
65.7 million (51.5), equivalent to organic growth of 27 percent.
The exchange rate effects in the quarter were limited, amounting to about one
percent of net sales. The operating profit was SEK 19.1 million (8.3),
equivalent to an operating margin of 29.1 percent.
Sales during the quarter were exclusively to laboratories in the human
healthcare market. The veterinary market is difficult to assess, but it is a
long-term opportunity for CellaVision.
Positive development in the Americas and APAC
The strong sales growth in the quarter was mainly achieved through good
development in the Americas and APAC. The Americas continued its positive trend
from the first quarter of the year, with sales growth of 17 percent after strong
sales in the USA to SEK 31.6 million (27.1). The growth in APAC was eight times
greater than the comparable quarter 2015, with net sales amounting to SEK 15.3
million (1.9) after substantial sales, mainly in the Chinese market. EMEA had a
weaker quarter after a strong start to the year, where net sales decreased by
16 percent to SEK 18.8 million (22.5).
Continued market initiatives
CellaVision is continuing the expansion of local organizations for market
support. Market support covers both training of our various distribution
partners and creating knowledge of digital blood analysis among our end
customers. In 2016 to date we have established a direct presence in the Middle
East and South Korea and we are planning for further expansion in our key
markets, with establishment in France in the third quarter as our next step. The
local support organizations have proved to be decisive for driving sustainable
growth.
Product development
During the quarter the China Food and Drug Administration (CFDA) approved the
CellaVision® DM9600, which means that our entire product portfolio is now
available in the Chinese market.
During the quarter we also continued the commercial roll-out of CellaVision®
Remote Review Software. Apart from quality assurance of blood analyses, the
software enables more effective workflows, making it possible to work in
networks entirely independent of the geographical location of the expertise.
This means that the presence of skilled biomedical analysts in the lab is no
longer crucial for conducting the analysis, which brings major quality
improvements and effectiveness opportunities for our end customers.
CellaVision's product thus creates a new eco-system for workflows for both large
and small laboratory chains!
Development of the new technology platform for small and mid-sized human and
veterinary laboratories continued according to plan during the quarter. Launch
of the new products is expected to be in 2018.
CellaVision has had a strong start of the year so far and we are proud of the
development of profitability showing that our strategic initiatives are
delivering as expected.
Zlatko Rihter,
President and Chief Executive Officer
Key Ratios
+------------------------------------------------------------------------------+
|(MSEK) Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec |
| 2016 2015 2016 2014 2015 |
+------------------------------------------------------------------------------+
|Net sales 65.7 51.5 124.0 103.3 239.4 |
+------------------------------------------------------------------------------+
|Gross profit 47.4 36.7 88.3 73.0 174.2 |
+------------------------------------------------------------------------------+
|Operating profit 19.1 8.3 33.1 18.8 65.5 |
+------------------------------------------------------------------------------+
|Operating margin, 29.1 16.0 26.7 18.2 27.3 |
|% |
+------------------------------------------------------------------------------+
|Profit/loss before 21.0 7.7 35.2 18.5 65.6 |
|tax |
+------------------------------------------------------------------------------+
|Cash flow for the -22.0 -26.7 -9.0 14.4 54.8 |
|period |
+------------------------------------------------------------------------------+
|Equity ratio, % 79.3 78.9 79.3 78.9 83.0 |
+------------------------------------------------------------------------------+
Questions concerning the report can be addressed to:
Zlatko Rihter, VD, CellaVision AB, Tel: 0733-62 11 06. E-post:
zlatko.rihter(at)cellavision.se
Magnus Blixt, CFO, CellaVision AB, Tel: 0708-33 81 68. E-post:
magnus.blixt(at)cellavision.se
Link text: CellaVision AB Interim report January-June 2016
CellaVision AB Interim Report January-June 2016:
http://hugin.info/132164/R/2028675/754206.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: CellaVision AB via GlobeNewswire
[HUG#2028675]
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Datum: 15.07.2016 - 08:20 Uhr
Sprache: Deutsch
News-ID 483510
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