CellaVision AB (publ) CEVI

Stockholm | Technology | Medtech diagnostics (digital hematology)

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Full analysis: 6 Apr 2026 Latest news check: 18 Jul 2026

General analysis — not personal advice.

HOLD 6/10

Confidence

Maintain the current position; consider adding only if Q3 shows a clear EMEA recovery and stable cash generation, or if there is tangible commercial/regulatory progress for the bone marrow application in the US.

HOLD: Q2 reduces downside risk with profitability above expectations and strong Americas performance, but the case still needs Q3 confirmation that EMEA ordering normalizes and that cash flow re-strengthens after a weaker quarter, and that one-offs do not turn into sustained margin pressure.

Market sentiment 6/10 ↑

Trend: Improving

Sentiment has improved after the Q2 beat and indications that the EMEA inventory adjustment is completed, but the market will likely still demand proof of normalized ordering and stronger cash flow over the next quarters.

Risk assessment 5/10

Dilution: Low Profitable, net cash, no financing signals

Jurisdiction: Low Sweden/EU/US, stable legal frameworks

Execution: Medium New launches require adoption and regulatory timing

Recent changes

Q1 2026 came in weaker than expected with revenue of 166 MSEK (-14.6% YoY), EBITDA of 40 MSEK (~24% margin) and EPS of 0.94 SEK; the decline was mainly driven by EMEA (-32%) linked to distributor inventory reductions.

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About the company

CellaVision develops and sells automated systems and software for digital image analysis of blood and body fluids in hematology. The company is profitable with low leverage and moderate growth, with new applications (e.g., bone marrow) expanding its addressable market. Sales are global and often routed through OEM/distribution partners.

Sector: Medtech diagnostics (digital hematology)

Type: Tech

Next report

28 Oct 2026

Catalysts

●

28 Oct 2026

Q3 2026 report High

○

Q3 2026

Bone marrow application: commercial traction Medium

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Q4 2026

FDA 510(k) for the bone marrow application (US) High

Horizon:

Bull case

Strong Americas demand and improving underlying profitability, combined with upside from the bone marrow application, could re-accelerate growth as EMEA normalizes.

Bear case

If the EMEA recovery takes longer than expected or margins and cash flow remain volatile after one-offs, valuation could stay pressured despite growth in the Americas.

Signal rationale (informational)

Recent news

On 17 July, CellaVision released Q2 2026 results: net sales of SEK 200m (+4.5%), organic growth of 5.6% and EBITDA of SEK 55m (above consensus), including SEK 9m one-offs related to the CEO transition; the Americas delivered record sales while EMEA was still impacted by an inventory adjustment at the largest distributor, which management says is now completed. The share rose notably on the report day and Pareto raised its target price to SEK 150 but downgraded to Hold.

Price & valuation

Last close

SEK 155

2026-08-11

1 week

+4.5 %

3 months

+28.6 %

12 months

-6.9 %

From 52w high

-17.8 %

From 52w low

+30.7 %

Exchange

Stockholm

Type

Technology

Sector

Medtech diagnostics (digital hematology)