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1. Company Snapshot

1.a. Company Description

CellaVision AB (publ) develops and sells digital solutions for blood and body fluids analysis in health care services sector in Sweden, Europe, the Middle East, Africa, the Americas, and the Asia Pacific.The company provides CellaVision DM1200 and CellaVision DM9600, which automatically capture digital images of cells from blood smears and body fluid preparations; and CellaVision DC-1, an analyzer.It also offers CellaVision Peripheral Blood Application that enables laboratories to automate, standardize, and simplify morphological examination of peripheral blood smears; CellaVision Advanced RBC Application, which enables to perform comprehensive examination of red blood cell morphology; CellaVision Body Fluid Application that enables laboratories to automate, standardize, and simplify morphological examination of body fluid preparations; and CellaVision Remote Review Software, which removes restrictive geographical constraints from the smear review process.


In addition, the company provides CellaVision Server Software that creates a single streamlined workflow within one or multiple testing sites; CellaVision Dashboard, a tool designed to give an at-a-glance view of CellaVision analyzer and reviewer metrics; CellaVision Proficiency Software, a cloud-based software designed to help laboratory managers assess, monitor, and promote staff competency in the area of cell morphology; CellaVision CellAtlas, which combines a series of mini lectures with an extensive cell image library; and CellaVision VET that offers digital solutions for medical microscopy in the field of hematology.It sells its products to hospital and commercial laboratories.CellaVision AB (publ) was incorporated in 1994 and is headquartered in Lund, Sweden.

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1.b. Last Insights on CEVI

CellaVision AB's recent performance was hindered by sales challenges in the Americas, which offset the company's strong regional performance in APAC. The company's strategic alliances and record APAC sales in Q4 2024 were not enough to compensate for the decline in sales in the Americas. Furthermore, increased operating expenses have added to the company's woes. The European market's mixed performance, with the STOXX Europe 600 Index edging up by 0.56%, has also had a limited impact on the company's short-term prospects.

1.c. Company Highlights

2. CellaVision's Q4 2025 Earnings: A Strong Performance in the Americas

CellaVision reported a solid Q4 2025, with net sales increasing by 5.6% to SEK 197 million, driven by strong performance in the Americas, where revenue grew by 58% organically. The company's EBITDA contribution was SEK 65 million, equivalent to 33% of revenue, above the target of 30%. The gross margin was 67%, lower than normal due to software and FX effects. Earnings per share (EPS) came in at SEK 1.79, slightly below estimates of SEK 1.81. For the full year, revenue was SEK 759 million, representing an organic growth of 9%.

Publication Date: Feb -24

📋 Highlights
  • Strong Americas Performance:: Net sales increased by 5.6% to SEK 197 million, with organic growth of 12.2% and a record quarterly revenue of SEK 90 million (58% organic growth).
  • EBITDA Outperformance:: EBITDA contribution reached SEK 65 million (33% of revenue), exceeding the 30% target, despite a 67% gross margin dip due to software and FX effects.
  • Strategic Milestones Achieved:: Launched bone marrow aspirate applications with CE Mark and validated a major hematology software upgrade for fleet modernization.
  • High R&D Investment:: R&D expenses rose to 19% (SEK 37 million), with SEK 15 million capitalized, reflecting focus on next-gen analyzers and methanol-free reagents.
  • Regional Disparities:: APAC saw a 40% organic decline due to a strong prior-year quarter, while EMEA faced currency and reagent challenges, contrasting with Americas' success.

Regional Performance

The regional performance was a key highlight, with the Americas achieving an all-time high of SEK 90 million, driven by strong sales. In EMEA, the company saw an increase in small and large systems, but was impacted by currency and reagent effects. APAC reported a reasonable quarter, but an organic decline of 40% due to a strong comparable quarter. As Simon Østergaard noted, "We're confident that our innovation program pays off, enabling us to launch new opportunities that will be a profound platform for future growth."

Product Developments and Launches

CellaVision made significant progress on its strategic direction, including obtaining the CE Mark for its new bone marrow aspirate applications, which is expected to drive future growth. The company is also launching a new UI with improvements in its software, providing additional customer experience before its next-gen software is released. The bone marrow application is expected to contribute to revenue in the second half of 2026, particularly in Q4.

Valuation Metrics

With a P/E Ratio of 23.53 and an EV/EBITDA of 14.19, the market appears to be pricing in a certain level of growth. The ROE of 18.01% and ROIC of 15.96% indicate that the company is generating strong returns on its equity and invested capital. The current valuation metrics suggest that the market has a relatively optimistic view of the company's prospects, with analysts estimating revenue growth of 11.9% for the next year.

Outlook and Expectations

CellaVision is confident in its position in the hematology space and is now focused on protecting and growing its business. The company is also looking to expand into adjacent areas like cytology, pathology, and life science. With a strong track record of innovation and a solid financial position, CellaVision is well-positioned for future growth, driven by its new product launches and expanding global presence.

3. NewsRoom

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Insider Activity Highlights 3 Undervalued Small Caps In Global Markets

Feb -19

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Insider Activity Highlights 3 Undervalued European Small Caps

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European Small Cap Gems With Insider Action

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European Undervalued Small Caps With Insider Action To Consider

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Exploring 3 Undervalued Small Caps In Global With Insider Buying

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3 Undervalued European Small Caps With Insider Buying

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Insider Buying Highlights 3 Undervalued Small Caps In Global Markets

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.31%)

6. Segments

Instruments

Expected Growth: 12%

CellaVision AB's 12% growth is driven by increasing adoption of digital pathology solutions, expansion into new markets, and growing demand for automated blood cell analysis. Strong sales of its flagship product, DM1200, and increasing recurring revenue from software and services also contribute to the growth. Additionally, strategic partnerships and investments in R&D further support the company's expansion.

Software and Other

Expected Growth: 14%

CellaVision AB's 14% growth in Software and Other is driven by increasing demand for digital pathology solutions, expansion into new markets, and growing adoption of artificial intelligence in healthcare. Additionally, the company's strategic partnerships and investments in research and development have contributed to the growth.

Reagents

Expected Growth: 11%

CellaVision AB's 11% growth in Reagents is driven by increasing adoption of digital morphology in hematology, rising demand for automated blood cell analysis, and expansion into new geographies. Additionally, the company's focus on product innovation, strategic partnerships, and growing customer base contribute to its growth momentum.

7. Detailed Products

CellaVision DM96

A digital microscope system for remote blood cell morphology analysis

CellaVision DC-1

A digital cell morphology system for automated blood cell differential counting

CellaVision DM1200

A digital microscope system for remote blood cell morphology analysis with advanced image analysis

CellaVision Remote Review

A software solution for remote review and validation of blood cell morphology

CellaVision Image Analysis

A software solution for advanced image analysis of blood cells

8. CellaVision AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for CellaVision AB (publ) is moderate due to the presence of alternative solutions in the market, but the company's strong brand recognition and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for CellaVision AB (publ) as the company operates in a niche market with limited competition, giving customers limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for CellaVision AB (publ) as the company relies on a few key suppliers for critical components, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants is low for CellaVision AB (publ) due to the high barriers to entry in the medical technology industry, including significant research and development costs and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high for CellaVision AB (publ) as the company operates in a competitive market with several established players, leading to aggressive marketing and pricing strategies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 8.28%
Debt Cost 6.35%
Equity Weight 91.72%
Equity Cost 9.36%
WACC 9.11%
Leverage 9.03%

11. Quality Control: CellaVision AB (publ) passed 9 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
InMode

A-Score: 4.7/10

Value: 6.9

Growth: 6.9

Quality: 9.4

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

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ChemoMetec

A-Score: 4.6/10

Value: 0.0

Growth: 7.8

Quality: 9.2

Yield: 0.6

Momentum: 8.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Eckert & Ziegler

A-Score: 4.3/10

Value: 3.3

Growth: 7.0

Quality: 7.2

Yield: 1.2

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
CellaVision

A-Score: 3.6/10

Value: 1.8

Growth: 6.7

Quality: 8.0

Yield: 1.9

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Guerbet

A-Score: 3.0/10

Value: 8.3

Growth: 2.6

Quality: 2.1

Yield: 2.5

Momentum: 1.0

Volatility: 1.3

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Stock-Card
Xvivo Perfusion

A-Score: 3.0/10

Value: 0.8

Growth: 9.8

Quality: 5.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

145.2$

Current Price

145.2$

Potential

-0.00%

Expected Cash-Flows