CellaVision AB (publ)

Net sales were SEK 200 million in Q2 2026, up 4.5% year over year, or 5.6% organic growth, with a 1.1% currency headwind. EBITDA was SEK 55 million, implying a 27% EBITDA margin; management said EBITDA would have increased versus last year excluding SEK 9 million of CEO transition costs. Gross margin was 70%. Operating cash flow was SEK 29 million, working capital increased by SEK 32 million, total cash flow was minus SEK 58 million including a SEK 66 million dividend, and cash and cash equivalents ended at SEK 172 million. By region, Americas sales were SEK 105 million versus SEK 66 million last year, EMEA was SEK 75 million, and APAC was SEK 19 million. Management did not provide full-year financial guidance, but said Q3 order books look strong in EMEA and Americas, expected capitalized R&D to rise from Q3, and reiterated the goal of U.S. bone marrow 510(k) clearance before year-end.

Steve Ferguson framed Q2 as a recovery from a slower start to the year and emphasized commercial execution alongside innovation. He repeatedly pointed to stronger partnership work, especially with the main distributor/Sysmex relationship, and said there is still room to expand into smaller labs and other segments where CellaVision is less present. He also highlighted Bone Marrow Aspirate and FPM as important steps beyond core hematology, describing the pipeline as a foundation for future growth and adjacent-market expansion.

Monica Jonsson said the quarter delivered SEK 200 million in sales, 70% gross margin, SEK 100 million in operating expenses, and SEK 55 million EBITDA. She broke out the margin pressure from SEK 9 million of CEO transition costs, higher amortization on bone marrow and software development, and lower capitalization of R&D at SEK 15 million versus SEK 20 million last year, which made R&D expense look higher in the quarter. Cash generation remained solid at SEK 29 million operating cash flow, though working capital rose SEK 32 million due to receivables and inventory build for summer, and the balance sheet stayed strong with SEK 172 million in cash. She also said capitalization should increase from Q3 as projects mature, and that administration costs included some consultant costs, salary increases from April 1, and IT investments.

Analysts focused on whether the strong Americas print reflected channel stuffing or a genuine demand step-up; management said there was no evidence of stuffing, described the pattern as normal inventory consumption and refresh/tender activity, and said visibility into partner inventories is improving. On EMEA, management said the distributor destocking was now complete and Q3 orders are returning to normal. Questions on Bone Marrow Aspirate were answered with a reiteration that U.S. clearance is still expected by year-end and that management still sees the product contributing about 1% to 2% growth by year-end. Analysts also pressed on APAC reagent growth and R&D expense trends; management said Japan and Australia are driving recurring reagent revenue, and that R&D spending and capitalization should both rise gradually as projects mature.