Q2 2024 CellaVision AB Earnings Call Transcript
Key Points
- CellaVision AB (CLVSF) reported an 11% growth for Q2 2024, with organic growth at 10%, achieving SEK188 million in revenues.
- The company achieved an EBITDA of SEK60 million, corresponding to a 32% margin, surpassing their financial ambition of 30%.
- Strong performance in the APAC region, with a record high growth of 198%, driven by multiple jurisdictions including Japan, China, and Australia.
- Successful completion of internal clinical and preclinical studies for bone marrow applications, with external clinical validation set for autumn.
- Continued double-digit growth in small instruments, particularly in the Americas, indicating strong market demand and potential.
- Temporary slowdown in the Americas, particularly in the large instrument segment, due to operational matters impacting installation pace.
- Gross margin remained at 66%, slightly lower due to increased material and product costs, with price increases yet to significantly impact.
- Operating cash flow was reduced to SEK40 million due to outstanding accounts receivable, resulting in a total negative cash flow of SEK44 million.
- Reagent sales showed only 1% growth for the quarter, indicating a softer performance compared to previous periods.
- Increased operating expenses to SEK75 million from SEK73 million in the comparable quarter last year, partly due to inflation and regulatory requirements.
Thank you very much. So I'm Simon Ostergaard, President and CEO of CellaVision, and I have Magnus Blixt, our CFO with me today. We appreciate you listening in in this summer season to hear about our Q2 results that we are half halfway through 2024 results. So we are pleased to share the outcome.
Let's just jump right into it. So what we call the quarter in brief. Yeah, we landed the quarter at 11% growth. So organically, that was 10%. So hardly any FX impact on our results of SEK188 million in revenues. The EBITDA for the quarter, we landed at SEK60 million EBITDA corresponding to 32%. So just over our financial ambition of having 30% or more percent in EBITDA.
And I'd say the highlights, if we talk about the quarter here and there was stability, however, with some fluctuations. Top level, I would say we were very pleased to what we've seen in APAC across multiple countries. We see consistent performance out of EMEA. So that is positive. And then we saw this quarter had somewhat of a temporary slowdown in Americas.
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