CellaVision AB: Interim report January - September 2017
(Thomson Reuters ONE) -
An in-between quarter though with stronger market presence as well as product
sales approval in the USA
1 juli-30 september 2017 1 januari-30 september 2017
* Net sales decreased by 10 % to * Net sales increased by 21.3 per
SEK 61.3 million (68.3) cent to SEK 233.2 million
* Organic growth was -11 % (-9). (192.3).
* Operating profit decreased by * Organic growth was 19.5 % (6.1).
47.3 % to SEK 10.2 million * Operating profit increased by
(19.5). 31.8 % to SEK 69.2 million (52.5).
* The operating margin decreased to * The operating margin increased to
16.7% (28.5). 29.7% (27.3).
* Profit before tax decreased to * Profit before tax decreased to SEK
SEK 9.9 million (19.8). 68.6 million (55.0).
* Earnings per share decreased to * Earnings per share increased to
SEK 0.32 (0.64). SEK 2.2 (1.76).
* Cash flow decreased to SEK 5.6 * Cash flow before dividend
million (7.4). decreased to SEK 32.4 million
(34.1).
Significant events after the period
close
* CellaVision signed a distribution
agreement with Boule Diagnostics
prior to the launch in 2018 of
product for small and medium-sized
laboratories.
CEO's comments
After six quarters of good growth in the human healthcare segment CellaVision
experienced negative sales growth in the third quarter of the year. CellaVision
has an uneven order flow with variation between quarters. Accumulated growth for
the first nine months was 21 percent and is in line with the previously
communicated target of 15 percent annual growth over an economic cycle. Our
assessment is that CellaVision's future development in the short and long term
is unchanged positive.
For the quarter, sales decreased by ten percent to SEK 61.3 million (68.3)
compared with the same period in the previous year, when sales growth was 50
percent in the human healthcare market. Exchange rate impact in the quarter was
slightly positive; plus one percent. The operating profit was SEK 10.2 million
(19.5), equivalent to an operating margin of 16.7 percent (28.5). The lower
operating margin is mainly explained by a lower sales volume.
Market development
Sales in the Americas fell by about eleven percent compared with the same period
in the previous year, which was a quarter that experienced growth of 30 percent
in the human healthcare market. Apart from the strong comparative figures, the
quarter's decrease is explained by some buildup of inventories in previous
quarters by CellaVision's various distribution partners. However, the number of
customer installations and CellaVision's end customer penetration continued to
grow at a steady rate.
EMEA again reported a quarter with sound sales growth; about 23 percent. It is
worth noting, however, that the comparative quarter in 2016 for EMEA was
relatively weak.
Sales in APAC decreased by 28 percent in the third quarter of the year compared
with the same period in the previous year. Despite the decrease compared with
the corresponding quarter in 2016 the underlying trend is positive for the
region as a whole. Sales in China continued to show strength, while other
markets in the region saw a weaker quarter.
Geographical expansion: United Kingdom / Ireland
CellaVision is continuing to establish local organizations for market support in
priority markets and establishment of the organization in the United
Kingdom/Ireland during the quarter was part of this. This establishment means
that CellaVision now has 12 local organizations for market support that gives
the company a presence in a total of 25 countries. Establishing local
organizations for market support is a key strategy for securing sustainable
growth globally and CellaVision is planning for further establishments during
the year.
The veterinary market
CellaVision is continuing its long-term marketing activities in the veterinary
market, and in the previous quarter, a distribution agreement was signed with
Sysmex in the Americas.
Distribution expansion prepares launch of new technology platform
Progress on the new technology platform is going according to plan, with
considerable investments in research and development. Apart from this, there are
production preparations and marketing activities ahead of the launch that is
planned for the second half of 2018 for the markets that do not require FDA or
equivalent certification based on clinical validation.
In preparation for the coming launch of the new technology platform, with
analyzers for small and mid-size labs in both the human healthcare and
veterinary markets, CellaVision entered into a global distribution agreement
with Boule Diagnostics. The company is active in the segment for small and mid-
size labs and thus an important partner for ensuring future access to digital
morphology for this type of lab. Discussions are in progress with more
distribution partners in this segment.
FDA approval of the CellaVision® Advanced RBC Application
During the quarter was the CellaVision® Advanced RBC Application, a software
application that speeds up and simplifies morphological assessment of red blood
cells, was approved by the US regulatory authority, the FDA. This makes the
product commercially available in the USA and globally, since the application
has already been approved and launched in CellaVision's other markets.
Zlatko Rihter,
President and Chief Executive Officer
Key Ratios
+------------------------------------------------------------------------------+
| Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec |
|(MSEK) 2017 2016 2017 2016 2016 |
+------------------------------------------------------------------------------+
|Net sales 61.3 68.3 233.2 192.3 265.0 |
+------------------------------------------------------------------------------+
|Gross profit 43.2 47.9 167.8 136.2 188.9 |
+------------------------------------------------------------------------------+
|EBITDA 12.4 21.5 75.5 58.6 82.4 |
+------------------------------------------------------------------------------+
|Operating profit 10.2 19.5 69.2 52.5 74.2 |
+------------------------------------------------------------------------------+
|Operating margin, |
|% 16.7 28.5 29.7 27.3 28.0 |
+------------------------------------------------------------------------------+
|Profit/loss before |
|tax 9.9 19.8 68.6 55.0 75.8 |
+------------------------------------------------------------------------------+
|Cash flow for the |
|period 5.6 7.4 -3.4 -1.6 25.8 |
+------------------------------------------------------------------------------+
|Equity ratio, % 82.7 79.9 82.7 79.9 80.4 |
+------------------------------------------------------------------------------+
Questions concerning the interim report can be addressed to:
Zlatko Rihter, CEO, CellaVision AB, Tel: +46 (0) 733-62 11 06, E-
mail: zlatko.rihter(at)cellavision.com
Magnus Blixt, CFO, CellaVision AB, Tel: +46 (0) 708-33 81 68, E-
mail: magnus.blixt(at)cellavision.com
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, Brazil and Great Britain.
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 AB Interim Report January -September 2017:
http://hugin.info/132164/R/2144072/821650.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: 25.10.2017 - 08:20 Uhr
Sprache: Deutsch
News-ID 565141
Anzahl Zeichen: 10507
contact information:
Town:
Lund
Kategorie:
Business News
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