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CellaVision AB : CellaVision AB: Year-end bulletin 2012

           CellaVision AB : CellaVision AB: Year-end bulletin 2012

Growth of 9 per cent and strengthened market position
through more partners

January 1 - December 31, 2012

  *Net sales increased by 9 % to SEK 169.5 million (155.4).
  *Operating profit increased to SEK 20.7 million (17.8).
  *Profit before tax increased to SEK 18.6 million (18.5).
  *Earnings per share were SEK 0.27 (0.61).1
  *Cash and cash equivalents were SEK 46.2 million (56.8) at the end of the
    period.
  *Global distribution agreement with one more partner, Siemens.
  *Increased activities in China; a market office in Shanghai has been
    established.
  *New system for veterinary medicine in North America - first order
    received.
  *New tool for small laboratories in networks launched,
    CellaVision® Image Capture System.
  *The Board of Directors proposes an unchanged dividend of SEK 0.40 per
    share for 2012.

October 1 - December 31, 2012

  *Net sales increased by 9 % to SEK 50.4 million (46.4).
  *Operating profit was SEK 6.8 million (6.9).
  *Result before tax was SEK 6.1 million (7.4).
  *Earnings per share were SEK -0.13 (0.31).1

Comments by CellaVision's CEO Yvonne Mårtensson:
"Sales in the fourth quarter were in line with our expectations.

All geographical regions report growth during the year but variations between
quarters have been significant. In the last six months of the year investments
in medical devices were affected by the generally harsh economic climate and
CellaVision's volume growth was subdued. Fewer new investments in capital
goods mean a longer investment cycle for laboratories and more delayed
business transactions.

Despite a weak global economy CellaVision reports sales growth of 9 per cent
for the full year 2012, which is lower than our growth target and the sales
increase we are used to. However it was gratifying that the operating margin
for the year rose above 12 per cent.

We have strengthened our position in the market and underlying demand for our
products is increasing. A stable base of well-established products and sales
channels with several partners contributes to this. Our partners' confidence
in us and our products confirms that our solution has become a standard method
for digital microscopy of blood and other body fluids.

However, uncertainty in markets important to CellaVision - North America and
Europe - makes growth prospects for 2013 difficult to assess. Our assessment
is that the weak world economy, not least in Europe, has affected hospital
laboratories' purchases of equipment and is now having an impact on our
distributors' demand. This will affect CellaVision's growth in the short term.
In the first quarter of this year we therefore expect lower income and
negative earnings.

For the rest of the year, however, prospects are good for CellaVision's
continued profitable growth. We continue to grow the company by investing in
our own organisation, addressing the market and developing products. We see
ahead of us a number of important business transactions that will further
strengthen the company for the future. I have great confidence in
CellaVision's continued positive development."

Key ratios

(SEK million)               Oct-Dec 2012 Oct-Dec 2011 Full year 2012 Full year
                                                                          2011
Net sales                           50.4         46.4          169.5     155.4
Gross profit                        31.7         32.2          110.1     101.4
Operating profit                     6.8          6.9           20.7      17.8
Operating margin, %                 13.5         15.0           12.2      11.5
Profit before tax                    6.1          7.4           18.6      18.5
Return on operating capital            -            -             46        44
Cash flow for the period            -6.4         13.8          -10.6      21.0

Questions concerning the report can be addressed to:
Yvonne Mårtensson, CEO, CellaVision AB
Tel: +46 708 33 77 82. Email: yvonne.martensson@cellavision.se 
Sven-Åke Henningsson, Acting CFO, CellaVision AB
Tel: +46 705 93 43 81. Email: ir@cellavision.se 

1 See section on Taxes on page 6 in the report.

CellaVision Year-end bulletin 2012

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Source: CellaVision AB via Thomson Reuters ONE
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