CellaVision AB (publ) CEVI
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The news check keeps the assessment current.
General analysis — not personal advice.
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.
Q2 results beat expectations with stronger profitability and record sales in the Americas, but continued uncertainty around EMEA order flow and cash-flow strength supports maintaining HOLD signal until Q3 provides clearer confirmation.
Sentiment has strengthened marginally due to the CEO's insider purchase and reduced short interest, viewed as positive confidence signals.
HOLD is the call. Neutral is the market mood. Medium risk means some things can go wrong.
Latest change
- 25 Apr 2026 — 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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Show all changes (3) — follow the company freeAbout 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.
Bull case
Strong demand in the Americas, improved profitability and the proposed option program for the CEO can drive re-accelerated growth once EMEA normalizes.
Bear case
If the EMEA recovery drags on or margins and cash flow remain volatile after one-off costs, valuation may continue to be pressured.
Why this signal
Q2 results beat expectations with stronger profitability and record sales in the Americas, but continued uncertainty around EMEA order flow and cash-flow strength supports maintaining HOLD signal until Q3 provides clearer confirmation.
Recent news
The extraordinary general meeting on 2 September approved a personnel option program of up to 100,000 options for CEO Steve Ferguson. New CEO Stephen Ferguson made an insider purchase of 8,077 shares for approximately 1.3 MSEK. A block trade of 150,000 shares was executed and Citadel has closed its public short position.