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CellaVision AB
(CEVI)
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Rating:75Outperform
Price Target:
kr187.00
▲(14.02% Upside)
Action:Reiterated
Date:10/20/26
The score is driven primarily by strong financial performance—robust margins and a low-debt, flexible balance sheet—supported by a constructive earnings call highlighting solid growth and profitability with improving regional momentum (especially Americas). Offsetting factors are a richer valuation (P/E ~31) and only mixed near-term technical momentum, alongside evidence of TTM deceleration and weaker recent free cash flow.
Positive Factors
Strong and consistent profitability
Sustained gross and EBIT margins indicate that CellaVision has a differentiated, profitable business model with meaningful operating quality. Maintaining these levels across periods supports reinvestment, resilience against moderate cost pressure, and durable earnings generation as the installed base expands.
Negative Factors
Recent revenue and margin deceleration
The decline in trailing revenue and profitability shows that recent performance has softened after a stronger 2025. If this persists, slower growth could reduce operating leverage, constrain the pace of earnings expansion, and make it harder for new products or regional recovery to offset weakness.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong and consistent profitability
Sustained gross and EBIT margins indicate that CellaVision has a differentiated, profitable business model with meaningful operating quality. Maintaining these levels across periods supports reinvestment, resilience against moderate cost pressure, and durable earnings generation as the installed base expands.
Read all positive factors
CellaVision AB (CEVI) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.05B
Dividend Yield1.62%
Average Volume (3M)25.53K
Price to Earnings (P/E)31.4
Beta (1Y)0.82
Revenue Growth-1.64%
EPS Growth-14.61%
CountrySE
Employees251
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)5.41
Shares Outstanding23,851,547
10 Day Avg. Volume32,142
30 Day Avg. Volume25,528
Financial Highlights & Ratios
PEG Ratio2.78
Price to Book (P/B)4.22
Price to Sales (P/S)4.94
P/FCF Ratio20.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6.06
Revenue Forecast (FY)kr776.50M
CellaVision AB Business Overview & Revenue Model
Company Description
CellaVision AB (publ), a Swedish enterprise established in 1994 and based in Lund, specializes in crafting and distributing advanced digital systems for analyzing blood and other bodily fluids within the healthcare industry. The company serves a g...
How the Company Makes Money
CellaVision primarily makes money by selling its digital morphology systems and associated software to clinical laboratories and healthcare institutions, typically through a combination of instrument/system sales and recurring software-related rev...
CellaVision AB Earnings Call Summary
Earnings Call Date:Jul 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presented a generally positive operational and commercial picture: solid top-line growth (4.5% YoY; ~6% organic), record Americas performance (+≈59% in Americas sales), healthy margins (70% gross margin; 27% EBITDA margin) and progress on strategic initiatives (Bone Marrow launch, FDA 510(k) process, FPM development). Offsetting risks include APAC weakness (notably China), a distributor inventory adjustment in EMEA that depressed near-term sales, increased working capital leading to a negative total cash flow for the quarter, one-time CEO transition costs (SEK 9m) and temporary operational disruptions (SEK 2m delayed reagents). On balance, the positives — strong regional recovery in the Americas, product/reagent momentum in key markets, continued R&D investment and a solid cash buffer — outweigh the transitory and region-specific headwinds.Positive Updates
Revenue Growth and Organic Expansion
Net sales of SEK 200 million in Q2 2026, reported up ~4.5% year-over-year; management also cited ~5.6%–6% organic growth with a ~1.1% FX headwind.
Negative Updates
APAC Underperformance and China Market Challenges
APAC sales were SEK 19 million, 'significantly below' Q2 2025. Management cited challenging trading conditions in China and a tough prior-year comparison (large instrument module shipments in Q2 2025).
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Organic Expansion
Net sales of SEK 200 million in Q2 2026, reported up ~4.5% year-over-year; management also cited ~5.6%–6% organic growth with a ~1.1% FX headwind.
Read all positive updates
Company Guidance
Management's forward-looking messages were constructive: Q2 set a baseline of SEK 200m in net sales (+4.5% YoY, ~+5.6% organic with a 1.1% FX headwind) and SEK 55m in EBITDA (27% margin, including SEK 9m of CEO‑transition costs), with gross margin at 70%, operating cash flow SEK 29m and cash SEK 172m; they said Q3 order books in Americas (Q2 Americas sales SEK 105m, up from SEK 66m) and EMEA (SEK 75m) look promising, inventory adjustments are now normalized (no sign of channel‑stuffing) and APAC headwinds persist, and reiterated an aim for U.S. 510(k) clearance for the Bone Marrow Aspirate application before year‑end with bone‑marrow sales expected to add roughly 1–2 percentage points to growth in H2; additionally, R&D capitalization (SEK 15m YTD vs SEK 20m LY) should increase from Q3, R&D investment is ~22% of sales, and management expects adjusted EBITDA and margins to improve year‑over‑year.CellaVision AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 739.15M | 758.97M | 723.22M | 677.29M | 639.34M | 565.55M |
| Gross Profit | 507.86M | 519.88M | 487.07M | 463.04M | 438.32M | 392.30M |
| EBITDA | 208.24M | 237.28M | 226.02M | 207.25M | 190.87M | 193.60M |
| Net Income | 129.09M | 153.08M | 140.72M | 130.31M | 118.33M | 125.34M |
Balance Sheet | ||||||
| Total Assets | 1.14B | 1.09B | 1.01B | 928.71M | 891.75M | 825.21M |
| Cash, Cash Equivalents and Short-Term Investments | 172.19M | 188.22M | 149.43M | 121.64M | 108.05M | 130.29M |
| Total Debt | 52.27M | 25.65M | 26.85M | 64.70M | 102.50M | 136.65M |
| Total Liabilities | 256.25M | 207.31M | 196.16M | 212.32M | 250.12M | 281.93M |
| Stockholders Equity | 885.90M | 887.58M | 815.73M | 716.39M | 641.63M | 543.28M |
Cash Flow | ||||||
| Free Cash Flow | 112.33M | 181.72M | 186.44M | 109.96M | 67.85M | 75.41M |
| Operating Cash Flow | 172.59M | 200.53M | 198.44M | 196.44M | 137.28M | 159.72M |
| Investing Cash Flow | -74.28M | -86.16M | -76.01M | -85.53M | -70.01M | -84.34M |
| Financing Cash Flow | -81.22M | -74.59M | -95.09M | -97.04M | -90.41M | -48.48M |
CellaVision AB Technical Analysis
Positive
164.00
Price Trends
165.02
Positive
153.16
Positive
147.13
Positive
Market Momentum
0.75
Positive
56.09
Neutral
80.14
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CEVI, the sentiment is Positive. The current price of 164 is below the 20-day moving average (MA) of 168.01, below the 50-day MA of 165.02, and above the 200-day MA of 147.13, indicating a bullish trend. The MACD of 0.75 indicates Positive momentum. The RSI at 56.09 is Neutral, neither overbought nor oversold. The STOCH value of 80.14 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CEVI.
CellaVision AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | kr4.05B | 31.39 | 14.59% | 1.62% | -1.64% | -14.61% | |
74 Outperform | kr65.60B | 102.81 | 30.26% | 0.39% | 13.94% | 5.70% | |
53 Neutral | kr543.18M | 86.11 | 1.93% | ― | -0.51% | ― | |
52 Neutral | kr1.70B | -2.02 | -49.84% | ― | -15.45% | -164.23% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
43 Neutral | kr183.56M | -0.82 | -303.61% | ― | 51.21% | 42.24% | |
42 Neutral | kr231.98M | -5.50 | -100.09% | ― | 65.82% | 41.28% |
* Healthcare Sector Average
SE:CEVI
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CellaVision AB Corporate Events
CellaVision Sets Investor Call for Q3 2026 Results
Oct 15, 2026
CellaVision AB will publish its third-quarter 2026 report on October 29 at 7:20 am CET, with the full results available on the company’s website. The disclosure continues the Swedish medtech group’s regular reporting cycle, offering in...
CellaVision Sets Nomination Committee Ahead of 2027 AGM
Oct 14, 2026
CellaVision has appointed a Nomination Committee ahead of its 2027 Annual General Meeting, including representatives from major shareholders William Demant Invest, Grenlunden CEVI, Christer Fåhraeus with Companies and SEB Funds. Joel Eklund w...
CellaVision Adopts CEO Option Program With Limited Share Dilution
Sep 2, 2026
CellaVision AB, a Lund-based medical technology company listed on Nasdaq Stockholm, develops and sells advanced automated systems for the routine analysis of blood and other body fluids, supporting faster and more accurate diagnoses for infections...
CellaVision Calls EGM to Approve New CEO Stock Option Program
Aug 7, 2026
CellaVision AB has called an Extraordinary General Meeting for 2 September 2026 at its Lund headquarters, inviting shareholders registered by 25 August to attend and vote, with procedures outlined for nominee-registered shareholders and proxy repr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.