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Freitag,
15.07.2016 08:25
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CellaVision AB: Interim Report January-June 2016
Tageszeitungen (Symbolbild).
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A high operating margin and continued global expansion with strong growth in China
April 1-June 30, 2016
· Net sales increased by 28% to SEK 65.7 million (51.5).
· Currency-adjusted growth for the quarter was 27% (-15).
· The operating profit was SEK 19.1 million (8.3).
· The operating margin was 29.1% (16.0).
· Earnings per share were SEK 0.71 (0.21).
· Cash flow from operations was SEK 18.5 million (-2.0).
January 1- June 30, 2016
· Net sales increased by 20% to SEK 124.0 million (103.3).
· Currency-adjusted growth was 17.6% (-4,5).
· The operating profit increased to SEK 33.1 million (18.8).
· The operating margin was 26.7% (18.2).
· Earnings per share were SEK 1.12 (0.55).
· Cash flow from operations was SEK 33.0 million (41.2).
CEOs comment
A high operating margin and continued global expansion with strong growth in China
CellaVisions cost-effective business model with indirect sales in combination with strong growth delivered a great profitability improvement in the quarter. CellaVision had a very strong second quarter in 2016, with net sales of SEK 65.7 million (51.5), equivalent to organic growth of 27 percent.
The exchange rate effects in the quarter were limited, amounting to about one percent of net sales. The operating profit was SEK 19.1 million (8.3), equivalent to an operating margin of 29.1 percent.
Sales during the quarter were exclusively to laboratories in the human healthcare market. The veterinary market is difficult to assess, but it is a long-term opportunity for CellaVision.
Positive development in the Americas and APAC
The strong sales growth in the quarter was mainly achieved through good development in the Americas and APAC. The Americas continued its positive trend from the first quarter of the year, with sales growth of 17 percent after strong sales in the USA to SEK 31.6 million (27.1). The growth in APAC was eight times greater than the comparable quarter 2015, with net sales amounting to SEK 15.3 million (1.9) after substantial sales, mainly in the Chinese market. EMEA had a weaker quarter after a strong start to the year, where net sales decreased by 16 percent to SEK 18.8 million (22.5).
Continued market initiatives
CellaVision is continuing the expansion of local organizations for market support. Market support covers both training of our various distribution partners and creating knowledge of digital blood analysis among our end customers. In 2016 to date we have established a direct presence in the Middle East and South Korea and we are planning for further expansion in our key markets, with establishment in France in the third quarter as our next step. The local support organizations have proved to be decisive for driving sustainable growth.
Product development
During the quarter the China Food and Drug Administration (CFDA) approved the CellaVision® DM9600, which means that our entire product portfolio is now available in the Chinese market.
During the quarter we also continued the commercial roll-out of CellaVision® Remote Review Software. Apart from quality assurance of blood analyses, the software enables more effective workflows, making it possible to work in networks entirely independent of the geographical location of the expertise. This means that the presence of skilled biomedical analysts in the lab is no longer crucial for conducting the analysis, which brings major quality improvements and effectiveness opportunities for our end customers. CellaVision's product thus creates a new eco-system for workflows for both large and small laboratory chains!
Development of the new technology platform for small and mid-sized human and veterinary laboratories continued according to plan during the quarter. Launch of the new products is expected to be in 2018.
CellaVision has had a strong start of the year so far and we are proud of the development of profitability showing that our strategic initiatives are delivering as expected.
Zlatko Rihter,
President and Chief Executive Officer
Key Ratios
| (MSEK) | Apr-Jun 2016 | Apr-Jun 2015 | Jan-Jun 2016 | Jan-Jun 2014 | Jan-Dec 2015 |
| Net sales | 65.7 | 51.5 | 124.0 | 103.3 | 239.4 |
| Gross profit | 47.4 | 36.7 | 88.3 | 73.0 | 174.2 |
| Operating profit | 19.1 | 8.3 | 33.1 | 18.8 | 65.5 |
| Operating margin, % | 29.1 | 16.0 | 26.7 | 18.2 | 27.3 |
| Profit/loss before tax | 21.0 | 7.7 | 35.2 | 18.5 | 65.6 |
| Cash flow for the period | -22.0 | -26.7 | -9.0 | 14.4 | 54.8 |
| Equity ratio, % | 79.3 | 78.9 | 79.3 | 78.9 | 83.0 |
Questions concerning the report can be addressed to:
Zlatko Rihter, VD, CellaVision AB, Tel: 0733-62 11 06. E-post: zlatko.rihter@cellavision.se
Magnus Blixt, CFO, CellaVision AB, Tel: 0708-33 81 68. E-post: magnus.blixt@cellavision.se
Link text: CellaVision AB Interim report January-June 2016
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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
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
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