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CellaVision AB: Interim report January-March 2014

Strong cash flow and successful product development

January 1-March 31 2014

* Net sales increased by 28 % to SEK 43.2 million (33.8).
* Operating profit increased to SEK 7.5 million (-0.7).
* Profit before tax increased to SEK 7.4 million (-1.5).
* Earnings per share increased to SEK 0.25 (-0.06).
* Two new patents granted for the Asian market.

Significant events after the first quarter

* Introduction of two new products - CellaVision® DM9600 and CellaVision®
Advanced RBC Application.
* Yvonne Mårtensson is to leave her post as President/CEO of CellaVision.
Yvonne will continue as President/CEO until her successor is appointed or
until December 31st 2014.

CEO's comments

The strong trend from 2013 is continuing into 2014 with growth of 28 per cent
and an operating margin of just over 17 per cent. The figures continue to be
strong, though they are being compared with a weak performance in Q1 2013.
The increase in sales is primarily accounted for by the North American market
(+132 %), where we see a continued recovery. EMEA is also showing signs of an
upturn (+17 %), above all in the Nordics and southern Europe. The
Asia&Pacific region was down in the quarter (-83 %), which can be explained
by a lot of business being brought forward in Q4 2013.

The strong operating margin is partly due to higher growth, which is explained
among other things by a higher percentage of software sales especially in the
USA, and partly due to continued hard work with sound cost control at all
stages. It is gratifying that our efforts to strengthen cash flow have paid
off. Cash flow from operating activities is very strong and was SEK 29.4
million (7.5) for the quarter.

In line with our strategy, our product portfolio is being strengthened with
two new products to be launched in May. A new analyzer, the DM9600, which
replacesour most sold analyzer since 2004, the DM96, and new application
software for specialized analysis of red blood cells, Advanced RBC. The
DM9600 is based on the same technical platform as the existing products
DM1200 and DI-60, which should be able to deliver synergy effects in the long

With two new products and continued sales drives in Asia, we have decided not
to add more partners in 2014, but instead focus on those we already work
with. This means that the discussions started with the Chinese company
Mindray have been postponed, and in China we will continue with our partners
Sysmex, Beckman Coulter and Vastec.

I will be leaving the post of President/CEO of CellaVision at the end of this
year. It has been a fantastic journey over the 16 years I have spent in the
job - from a development project to a global company with products in some 50
countries. The process of finding my replacement is starting now and I will
continue as President/CEO until my successor is in place or until the end of
this year.

Yvonne Mårtensson, President and Chief Executive Officer

|Key ratios |
|(MSEK) Jan-Mar Jan-Mar Jan-Dec |
| |
| 2014 2013 2013 |
|Net sales 43.2 33.8 179.9 |
|Gross profit or loss 28.0 22.0 112.6 |
|Operating profit 7.5 -0.7 25.9 |
|Operating margin, % 17.4 Neg 14.4 |
|Profit/loss before tax 7.4 -1.5 24.7 |
|Total cash flow for the period 18.3 6.3 11.6 |
Questions concerning the report can be addressed to:
Yvonne Mårtensson, CEO, CellaVision AB
Tel: +46 708 33 77 82. Email:yvonne.martensson@cellavision.se

Magnus Blixt, CFO, CellaVision AB
Tel: +46 708 33 81 68. Email:magnus.blixt@cellavision.se

CellaVision AB Interim report January - March 2014


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


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