CellaVision AB: Strong second quarter with growth and increased profitability
(Thomson Reuters ONE) -
Interim report
January-June 2017
April 1-June 30, 2017 January 1- June 30, 2017
· Net sales increased by 20 % to · Net sales increased by 39 % to
SEK 78.7 million (65.7). SEK 171.8 million (124.0).
· Organic growth for the quarter · Organic growth was 37 % (18).
was 16% (27).
· Operating profit increased by 78%
· Operating profit increased by 29% to to
SEK 24.6 million (19.1). SEK 59.0 million (33.1).
· The operating margin was 31.3% · The operating margin was 34.3 %
(29.1). (26.7).
· Pre-tax profit was SEK 24.2 million · Earnings per share was SEK 1.87
(21.0). (1.12).
· Earnings per share was SEK 0.81 · Cash flow before dividend was
(0.71). SEK 26.7 million (26.8).
· Cash flow before dividend was
SEK 11.2 million (13.7).
CEOs comments
Strong quarter with growth of 20 percent
CellaVision had a good second quarter in 2017, not least in view of the year's
very strong first quarter. In the second quarter the Group's sales grew by 20
percent to SEK 78.7 million (65.7). Exchange rate impact was about four percent.
The operating profit was SEK 24.6 million (19.1), corresponding to an operating
margin of 31.3 percent (29.1). The performance is explained by CellaVision's
indirect business model, which delivers rapidly growing profitability when sales
volumes increase, in combination with sound cost control.
After two strong quarters in 2017 it is important to point out that we continue
as before to expect that both sales and earnings may vary considerably between
different quarters, both for individual regions and for the Group as a whole.
Market development
The year's second quarter was another strong quarter for the Americas. Sales
grew by 30 percent to SEK 41.2 million (31.6). Development was good in both the
USA and Canada, which are both mature markets where the majority of customers in
the human healthcare market choose digital image analysis rather than
traditional microscopy.
EMEA also reported a good second quarter, with sales amounting to SEK 25.1
million (18.8), corresponding to growth of 33 percent. The quarter's sound
performance was mainly achieved through strong sales in Western Europe.
APAC also reported sound sales in the second quarter, amounting to SEK 12.4
million (15.3). Due to very strong comparative figures, growth for the quarter
was negative, about 19 percent. It is worth noting that China again reported a
strong quarter in terms of sales.
Geographical expansion
CellaVision is continuing its ambitious establishment of local organizations for
market support in interesting markets. During the quarter new organizations were
established in the German-speaking part of Europe and in Brazil. Through these
establishments CellaVision now has a direct presence in eleven markets and is
planning further establishments in the year's two last quarters. This is a key
strategy for ensuring long-term global growth.
Veterinary market
CellaVision is continuing its long-term activities in the veterinary market. A
distribution agreement was signed during the quarter with Sysmex in the
Americas. The distribution agreement with Sysmex significantly strengthens
CellaVision's presence, particularly in the North American veterinary market.
Innovation
Development of a new technology platform, aimed at broadening our offer to
include small and mid-size laboratories in both human healthcare and the
veterinary market, is going to plan. The project is now in an intensive phase
with careful market preparations. The launch is planned for 2018 for markets
that do not require FDA or equivalent certification based on clinical validation
.
During the quarter CellaVision also filed a 510(k) submission for CellaVision®
Advanced RBC Application to receive commercial approval in the USA. Advanced RBC
Application, which is a software application that speeds up and simplifies the
morphological assessment of red blood cells, has already been approved and
successfully launched in CellaVision's other markets.
Zlatko Rihter,
President and Chief Executive Officer
Key Ratios
+------------------------------------------------------------------------------+
| Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec|
|(MSEK) 2017 2016 2017 2016 2016|
+------------------------------------------------------------------------------+
|Net sales 78.7 65.7 171.8 124.0 265.0|
+------------------------------------------------------------------------------+
|Gross profit 56.6 47.4 124.7 88.3 188.9|
+------------------------------------------------------------------------------+
|EBITDA 26.7 21.2 63.1 37.1 82.4|
+------------------------------------------------------------------------------+
|Operating profit 24.6 19.1 59.0 33.1 74.2|
+------------------------------------------------------------------------------+
|Operating margin, |
|% 31.3 29.1 34.3 26.7 28.0|
+------------------------------------------------------------------------------+
|Profit/loss before |
|tax 24.2 21.0 58.7 35.2 75.8|
+------------------------------------------------------------------------------+
|Cash flow for the |
|period -24.6 -22.0 -9.0 -9.0 25.8|
+------------------------------------------------------------------------------+
Questions concerning the interim report can be addressed to:
Zlatko Rihter, VD, CellaVision AB, Tel: +46 (0) 733-62 11 06,
E-mail:Â zlatko.rihter(at)cellavision.se
Magnus Blixt, CFO, CellaVision AB, Tel: +46 (0) 708-33 81 68
E-mail:Â magnus.blixt(at)cellavision.se
About CellaVision
CellaVision is an innovative, global medical technology company that develops
and sells its own leading systems for routine analysis of blood and other body
fluids in health care services. The products rationalize manual laboratory work,
and secure and support effective workflows and skills development within and
between hospitals. The company has leading-edge expertise in image analysis,
artificial intelligence and automated microscopy. Sales are via global partners
with support from the mother company in Lund and by the market support
organizations in the US, Canada, China, Japan, Dubai, Korea, Australia, France,
Germany and Brazil. In 2016 sales were SEK 265 million and sales continue to
increase, with a growth target of at least 15 % per year over an economic cycle.
CellaVision's registered office is in Lund, Sweden. The share is listed on the
Nasdaq Stockholm, Small Cap list. Read more at www.cellavision.com
CellaVision Interim report Q2 2017:
http://hugin.info/132164/R/2120904/808068.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: CellaVision AB via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 18.07.2017 - 08:20 Uhr
Sprache: Deutsch
News-ID 552704
Anzahl Zeichen: 8534
contact information:
Town:
Lund
Kategorie:
Business News
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