CellaVision-Americas firing on all cylinders-07/19/2026

研报英文原文证据摘录

CellaVision-Americas firing on all cylinders-07/19/2026

CellaVision

QUARTERLY REVIEW | 19 JUL 2026

Americas firing on all cylinders Target price (SEK) 160

CellaVision delivered a strong Q2, beating sales expectations by 9% on Share price (SEK) 147

exceptional Americas growth and confirming that Q1 margin weakness

was temporary. We raise EBITDA estimates by 5–7% and lift our TP to

SEK 160 (150), but the stock's 14% premium to peers limits the

risk/reward and does not offer grounds for an upgrade. Thus, we

maintain our Hold rating.

Forecast changes

Americas drives a strong beat % 2026e 2027e 2028e

CellaVision delivered a strong Q2 with net sales growing 6% y/y at CER, beating Revenues 2 2 2

expectations by 9%, driven by exceptionally strong growth of 62% y/y at CER in EBITDA 5 7 7

Americas. The outperformance was concentrated in mid-sized and large EBIT adj 6 8 7

laboratory networks, surprising given the already high penetration of large

EPS reported 5 7 6instruments in North America, suggesting the growth was fuelled by Latin America

and an accelerating replacement cycle. With Americas demand remaining robust, EPS adj 5 7 6

upside potential from the DC-1 in smaller labs, and inventory levels normalising at Source: Pareto Securities

the main EMEA distributor, we expect CEVI to sustain mid-to-high single-digit

growth in H2 despite a challenging backdrop in China. For FY2026, we forecast Ticker CEVI.ST, CEVI SS

organic sales growth of 3% y/y, accelerating to 13% in 2027E. Sector Healthcare

Margin recovery confirmed Shares fully diluted (m) 23.9

Market cap (SEKm) 3,511

The gross margin came in at 70%, around 2pp above PASe, likely reflecting the

Net debt (SEKm) -182

favourable mix from stronger-than-expected instrument sales to large

laboratories.