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CellaVision AB reported its Q3 2025 earnings, revealing a net sales decline of 1.7% to CHF 176 million, missing the revenue forecast of 180.93 million. The market reacted negatively, with the stock price falling by 10.23% to 158, nearing its 52-week low.
Key Takeaways
- CellaVision missed its revenue forecast for Q3 2025.
- The stock price dropped significantly by 10.23% post-earnings.
- Organic sales growth was positive at 2.6%, despite an overall sales decline.
- EBITDA and gross margins improved, indicating operational efficiency.
- Increased R&D investments and operating expenses were highlighted.
Company Performance
CellaVision’s Q3 2025 performance was mixed, with a notable revenue miss overshadowing positive organic sales growth and improved margins. The company’s focus on innovation and strategic investments continues, but the increased expenses and revenue shortfall have raised concerns among investors.
Financial Highlights
- Revenue: CHF 176 million, a decrease of 1.7% year-over-year.
- Organic sales growth: 2.6% after adjusting for FX headwinds.
- EBITDA: CHF 50 million, with a margin improvement to 28%.
- Gross margin: Improved to 69%.
- Operating expenses: CHF 82 million, with significant R&D spending.
Earnings vs. Forecast
CellaVision’s revenue of CHF 176 million fell short of the forecasted 180.93 million. This 2.7% miss contributed to the negative market sentiment and subsequent stock price decline.
Market Reaction
The stock price fell by 10.23% to 158, reflecting investor disappointment with the revenue miss and increased expenses. This decline positions the stock closer to its 52-week low, indicating bearish sentiment.
Outlook & Guidance
CellaVision remains committed to innovation, with expectations for a CE Mark for its bone marrow application in Q1 2026 and a US reagent market launch mid-2026. The company continues to invest heavily in R&D and strategic initiatives to drive future growth.
Executive Commentary
CEO Simon Ostergard emphasized the company’s innovative focus, stating, "We are an innovation company." He also highlighted the importance of aligning with opportunities, noting, "It’s a matter of getting aligned and getting back and really working with the opportunities."
Risks and Challenges
- Revenue shortfall and increased expenses could pressure future profitability.
- Temporary softness in smaller instrument sales may affect short-term growth.
- Continued investment in R&D may strain financial resources.
- Market volatility and economic conditions could impact sales across regions.
Q&A
Analysts queried the impact of increased R&D spending and the timeline for new product launches. The company confirmed that software upgrades would be included in instrument packages at no extra cost, maintaining R&D investment levels, and focusing on growth opportunities in APAC markets.
Full transcript - CellaVision AB (CEVI) Q3 2025:
Conference Moderator: Now I will hand the conference over to CEO, Simon Ostergard. Please go ahead.
Simon Ostergard, CEO, Television: Thank you very much, and thanks to everyone taking the time to listen in to our quarterly report that we’ve launched this morning for our third quarter. I’m happy to say that I also have our interim CFO, Monica Jensen, with me, and we’ll be happy to also answer any questions you may have when we get to that part of the session. So the quarter in brief. So we have named our quarterly report softer quarter with mixed regional performance, and this is also related to currency effects. We saw Americas and EMEA.
We had some quarterly variations, resulting in modest growth, which we are highlighting here. We are coming out with a quarter here where we are reporting net sales decreased by 1.7 percentage points to CHF 176,000,000, although due to the FX headwind of minus 4.3%, then sales increased organically by 2.6% during this quarter versus the comparable quarter last year. On the EBITDA side, we increased our EBITDA to CHF 50,000,000, so we increased by CHF 1,000,000, and this relates to or corresponds to an EBITDA margin of 28%, also a small increase. In terms of what we want to highlight with regards to our strategic direction and our progress. We actually see a lot of progress.
It’s a very exciting time for the company and our partner. We’re highlighting the fact that we’ve completed our clinical trial. We’ve submitted our documentation to receive the CE Mark for our bone marrow application. So we do expect this one to be done according to plan and obtain the CE Mark by, here we say, early twenty twenty six. I think we’ve set q one, so that’s still in line.
We are positively optimistic around it even though there are, of course, always risk with with anything, but this is an exciting time. So now we are really looking into training and the commercial launch activities for for 2026. Another big chunk, of our investment has gone into an upgraded software for our platforms where we’ve done the verification that has been completed and now being installed at customer sites for final validation before we roll it out, which is planned for for next quarter, which is this quarter here in November. All right. Think I’ll there we go.
Yes. And then slide around the financial development. So it’s a busy slide, but what you have here is our Q3 numbers reported fresh at the very left hand side, the comparable quarter and then the year to date numbers for for 2025 in the middle, followed by the compare last year and then the full year 2024 on the very right hand side. So I talked about the organic growth and and the, the revenue of 176. If we sort of peel the onion and work our way through the P and L, that translates into a gross margin of 69%.
So we increased the gross margin by a percentage point. We had full impact from our price increases during Q3, and we had a little bit of a product mix. So that was a positive contribution. On the operating expense side of things, we invested CHF 82,000,000, went down with as compared to last year, a little bit on sales, a little bit on admin, and according to plan, invested a little bit more on the R and D side. So that actually translated into a growth of EBITDA of around two percentage points.
So from CHF 49,000,000 to CHF 50,000,000 despite the negative sort of decline in revenue. On the R and D side, as you can see, 24%, so we have of sales is what we have invested into R and D, of course, slightly affected by sales. However, really, the investments are following our plan. And we’ve capitalized a little bit less than normal, only CHF 14,000,000 this quarter, which is primarily due to the vacation piece and partly also completion of the software upgrade, which also had a little bit of an impact on how much we capitalized. On the cash flow side of things, we had a cash flow before the working capital items of CHF 52,000,000.
And then the working capital adjustments or impact was actually minus CHF 22,000,000, and the majority of that was from accounts receivable since we had quite a number of orders being placed in September. So this is why our accounts receivable increased. So we had an operating cash flow of 29,600,000.0, CHF 30,000,000. And on the investment side, we invested CHF 22,000,000, both on the capitalized R and D activities, as I said, but also investments into data storage was significant chunk this year to server capacity for some of our new technologies. And then after subtracting our 4,000,000 of finance activities, the cash flow that were related with that, we ended up with a total cash flow of 4,000,000.
So that’s really the story around our P and L. Let’s take a look at the regional highlights. So in Americas, we had 68,000,000 on the top line coming from the Americas region, South And Northern America, which is equivalent to organic growth of 4%. So we also had currency effect there, of course. I’d say in general, it was carried by it came from from really good traction on the last inch large instrument platforms and and less from the smaller instruments where we’ve saw a modest decrease.
However, we also saw good traction in Latin America. So that is also positive for future growth. Generally, I’d say, our our sort of also when we look at our leading indicators in collaboration with our strategic partner, we believe that we have increasing potential in The U. S, which was also confirmed in the half year report of Systemax launched yesterday. In EMEA, likewise, sales amounted to 96,000,000 versus the CHF 98,000,000 last year.
That is organic growth of 1%. I think this was actually acceptable also in the light that we were up against a pretty tough compare since we had inventory buildup in the comparable quarter last year. So a decent single digit growth in reality. We had reagents growth as well quite a bit from AMEA. However, on the hematology side, was modest, very modest with only 1%.
So there was some phasing of orders on the hematology side there. But generally, a good, 14% growth, on the Regent business. For APAC, I’d highlight that it was a soft quarter, 13,000,000. So 10% growth, but, of of course, on a on a very low base. This was also what we hinted in our previous quarterly report where we had some inventory shipping, since we are entering our program where we are manufacturing out of China.
So we we ship quite a number of of, parts and and instrument modules to China, which impacted sales. This was the main contributor to a to a soft sales across APAC. We sold also outside of China. So we do see momentum in pockets across Southeast Asia and Australia. So that is a positive outlook there.
And then I also want to emphasize that we are seeing a good traction, 5x improvement of revenue sales from our reagent in APAC. Of course, it’s small numbers in APAC, but it gives us the confidence that we that our penetration and expansion in APAC on the region side is on the right track. If we cut the numbers in terms of sales per product group, So so same numbers but sliced per product category. We have 93,000,000, versus 102 on the instrument category. And, again, contribution from the large inch large instruments was was important.
And then I as I just alluded to on the Made in China initiative, it is very important for us to be able to participate in the market in China by manufacturing our instrument in China. So that is a project that is also coming to the end as part of our strategy. On the reagent side, I mentioned the growth of CHF 40,000,000 in revenue versus the CHF 35,000,000. So that’s the 14% growth. So good to see also that our what we define as non hematology is actually contributing, with a decent, sort of single digit healthy growth, this this quarter here.
So that is, really good. And then finally, on the software side, 43. So and that is also a correlation of against how we’re doing on the instrument side, but it is actually a decent software revenue we accomplished. And also, we had, a contribution coming from spare parts and consumables worth, 23,000,000. So the key takeaways is that, as we say, yes, we’ve had somewhat softer quarter with some different variation across regions.
But underlying is healthy business, which is supported by the gradually expanding strategic partnership, which is advancing across multiple dimensions on internal processes on the now the focus also on launching the products. Because this is another thing that the power of focus strategy that we launched in June 2022, it is starting to provide the output both from what you see when we decided to enter the specialty arena or specialty analysis with the bone marrow that is is, that is expected to come out. So our focus on activities are really on training and commercial launch activities, and so they will be here as we start the new calendar year. I also emphasized the software upgrade without going into details prior to launch, then I would say that it is delivering a faster, smarter workflow and and it does have a new cutting edge user user experience. In terms of our, fifth pillar in our strategic direction or strategy, the power of focus, We also have these new areas where we expand beyond hematology, which is really the focus of deploying our full year titrographic microscopy technology, the FPM technology.
And we have reported that we are lifting this into our next generation hematology analyzer. And that is really, proceeding according to plan. And and based on this development, we’re now also able to really scan different sample formats in the context of cytology and pathology as an example. And that is also an exciting area where we are having discussions with partners, potential partners playing in those field. So taken together, a solid quarter.
We worked hard, but also on the R and D and now on the marketing side is ramping up. So it’s a pleasure to present the results today. And with that, I think we should open the floor for questions. Any questions are, of course, welcome. Thanks.
Conference Moderator: The next question comes from Simon Larsson from Danske Bank. Please go ahead.
Simon Larsson, Analyst, Danske Bank: Yes. Hi, I’d like to maybe kick off with a question on the software upgrade you announced here is rolling out. Should we expect any financial impact from the rollout here already in Q4? And will this be sold as an option to the customers? Will it be mandatory?
How will you charge for it? Just any more color on the software upgrade would be helpful.
Simon Ostergard, CEO, Television: Sure. The software upgrade is is seen as an upgrade on our instruments both on the usability and and the performance to improve the workflow. We have decided to that this will be part of the package when you purchase the bloodline. Why I suspect that’s an example, then this will this will not come with an additional fee for the end user. So this is really a means of differentiation.
So you should see this as a as a growth contributor by keep on being relevant in the labs and demonstrating our innovation model muscle prior to our next generation system. That’s how you should look at it.
Simon Larsson, Analyst, Danske Bank: Okay. That’s very clear. And also on the R and D CapEx here going forward, I think roughly the levels now, I’d say, like 70,000,000 per year capitalized. Should we expect this to decline here going forward as the software product is now rolling out, bone marrow is coming out, of course, still investing in the next generation instruments, I suppose. But how should how do you believe we should look at the capitalized R and D here in coming, let’s say, one or two years?
Should it decline more to a historic level? Or should it be kept roughly at the same level?
Simon Ostergard, CEO, Television: Yes. Our aspiration is really to maintain focus on us being an innovation, innovator, innovation company. I think we are at a pretty decent level here. On the capitalization, we have a portfolio of projects we wanna start. So so if this is also a a bandwidth question for us, I think we’re at a reasonable level.
But but as we see more of our projects being terminated, it is a balance as to how, mature our new projects. Are we capitalizing or are they more immature than that? So you may see some changes in our capitalization, but our intention is actually to keep on investing in the R and D phase. We expect that as we see more changes also throughout next year, we’ll probably give give more sort of guidance or or how update on how we see it as we’ve come to the end of the power of focus. So we will certainly be more specific around this particular question as we enter 2026.
Simon Larsson, Analyst, Danske Bank: Yes. I think that would be a good idea. I think just as you’re now sort of finishing up a few of these bigger projects, would be good to help us understand how we should look at this going forward, yes. Maybe the final one from my end. You mentioned, I think, that the cash flow was a bit held back by an increased amount of orders placed during the end of the Q3 quarter.
Could we expect that sort of this dynamic to sort of has continued into Q4, I. E, that sort of the so how you enter Q4 is looking sort of good on that same trajectory? Or was it just a matter of timing that it sort of ended up in the late Q3 here order intake and delivery?
Simon Ostergard, CEO, Television: That is simply just the nature of the payment terms when receive the orders throughout September. Then that’s why you see this fluctuation on accounts receivable this time around. It’s not a systemic thing per se. It’s really a timing thing.
Simon Larsson, Analyst, Danske Bank: Okay. Clear. Thanks so much. I’ll get back in line.
Simon Ostergard, CEO, Television: Thank you very much, Simon.
Conference Moderator: The next question comes from Ulrich Trotter from DNB Carnegie. Please go ahead.
Ulrich Trotter, Analyst, DNB Carnegie: Thank you very much. And a few questions on my end. Starting off with the product mix and the gross margin. And you say you’ve had a favorable product mix here in the quarter, improving margins. But regardless of the mix, some portion here in your profile are increasing its gross margin sequentially, I.
E. System software or reagents. And because the margins are a bit higher than it’s been before, and you’re still sort of affected by negative FX in the quarter. So can you help us or decipher what segment is improving its margins?
Simon Ostergard, CEO, Television: Yeah. I think so pricing was one element. In terms of mix thing, we we still have we had 14% growth on the region side. That actually pulls down the the margin. We have a little bit lower margin on the region side versus instruments and software.
But that was still despite that, we had sort of solid growth on the large instruments, which kind of contributed to the 1% increase versus the last year.
Ulrich Trotter, Analyst, DNB Carnegie: Yes. Still, sort of when I sort of any way you look at it, if you split it up into two segments, like cell morphology systems or morphology systems and reagents, some of these segments have improved its gross margin sequentially and year over year?
Simon Ostergard, CEO, Television: Yes. So help me out here. What are you looking for specifically? Which product group is it that you’re?
Ulrich Trotter, Analyst, DNB Carnegie: I’m just trying to figure out sort of what in the product mix have increased in margin. Regardless of the mix, some of your system or reagents have increased its margins sequentially. And I’m just trying to figure out whether sort of Yeah. Which part of it is is moving the needle.
Simon Ostergard, CEO, Television: Yeah. I I think maybe this time around, I I think we have we have probably more contribution from last systems versus the small. So that that has been a contributor, positively contributing to the, to the overall gross margin. I’d I’d say that’s probably the most that’s probably the driver you’re looking for.
Simon Larsson, Analyst, Danske Bank: Yeah. That’s that’s great. Thanks.
Ulrich Trotter, Analyst, DNB Carnegie: And the software upgrades, like live here in November, enables you to commercialize wider sort of the MCDH reagents. Have you received any feedback from customers? And can you just give us sort of the highlights here of of how you intend to commercialize it sort of near term? Will it be initial sort of customer feedback then gradual ramp up? Or or how should we view this?
Simon Ostergard, CEO, Television: Yeah. No. That’s a great question. No. You’re absolutely right that the software upgrade also comes with with the opportunity that you can say changes on the smearing and staining device by Sysmex, which is called SP 50.
So that has also been upgraded so they can host our methanol free stain. That’s an important part of this, integrated software upgrade. So that allows us now to actually start positioning methanol free stains or Sysmex to position the methanol free stains to be used on the SP50, which is a major milestone. So we’re in the phase of evaluating the stain with customers. I believe that so Europe will be first.
This is where we have the majority of our business on the round, the classic stains. So there will there can be some conversion, but it obviously the value proposition of methanol free is strong. So we can see that can still contribute in Europe. And then it’s also an enabler for The US. And we expect the launch in 2026 for The US.
Here, there’s both customer assessments and a little bit of a, you can say, regional preferences that we are working on finalizing. But we expect the launch to be happening next year. That’s kind of where we are for The U. S. Great.
Ulrich Trotter, Analyst, DNB Carnegie: And if we were to look at sort of China, and you’ve been working here and we can read in the reports on sort of transferring systems. And I guess it’s Sysmex that is trying to build up manufacturing in China in order to participate in local tenders. So where are they in terms of operations in China?
Simon Ostergard, CEO, Television: They have a fixed site in in China where we that where we work together. So we we are, doing our manufacturing of our Chinese devices within, China, in in their plant as part of that. And they also have cell counters manufactured out of China. And as you say rightfully, that allows us to actually participate in hospital tenders or deals where it’s a prerequisite that you have a Chinese manufacturer instrument. So this is why this strategic initiative has been an important enabler for us to continue to compete in a more competitive market as opposed to other elsewhere.
Ulrich Trotter, Analyst, DNB Carnegie: And are we to expect any of the current effects from this initiative or?
Simon Ostergard, CEO, Television: Sorry, can you repeat that, Ulrik?
Ulrich Trotter, Analyst, DNB Carnegie: Are we supposed to expect any acceleration in China sales from this initiative in the near term?
Simon Ostergard, CEO, Television: I think it’s fair to be mindful also if you read the report that came out day from from Sysmex. It is obvious that China is a fierce competitive market to be in. However, this gives us the opportunity to actually, compete, in collaboration with China in that market. So protecting the market share that they report they have, and of course, for growth via differentiation is our is our game plan. But it is fierce that we all know that that both on the pricing side and on the competitive side with local players, it is a difficult market.
But it is relatively sizable for out of our APAC numbers, which is also why we have invested in this program to protect our position.
Ulrich Trotter, Analyst, DNB Carnegie: Okay, great. And last question on my end and building a little bit more on the capitalized R and D. It’s down quite a lot sequentially and as you highlighted sort of summer months and reported R and D is up. To what degree is this sort of just summer months in prioritization? And how much of the business pipeline maturing?
The bone marrow application has now been submitted. What is left in terms of R and D spend for bone marrow application and as well sort of the software upgrade is also now a commercial product. So I guess that will not run you that much R and D.
Simon Ostergard, CEO, Television: No, that’s true. I think after Q2, we also released some consultant costs or some consultants, which is also reflected in the less capitalization. And as you say, of course, also the, the amount capitalized is equal to what we did last year, but coming from a higher base. So that is really because we are also releasing some consultants. Having said that, we we we we are an an innovation company, and I think that’s super important, which is also what I I tried to elaborate to Simon in the previous the previous questioners that were that were posed there.
So we are seeking for opportunities to invest and maintain our strategic focus of differentiating. We cannot disclose what are those programs. That would be unwise from a competitive position. But our intention is to really pursue our direction. And back to a part of your question was also related to bone marrow.
We are confident as as we report, of course, there are risks, but we are confident that we are getting the CE Mark for for Europe. We still have investments to do to complete our trials and the work that we do to also enter The US. So we’re not fully, you know, at harbor, so to speak, with, with the investments related to bone marrow. Marrow.
Ulrich Trotter, Analyst, DNB Carnegie: Great. That was all questions on my end. Thank you, Simon.
Simon Ostergard, CEO, Television: Thanks, Ulrich.
Conference Moderator: The next question comes from Christian Lee from Pareto Securities. Please go ahead.
Christian Lee, Analyst, Pareto Securities: Yes. Good morning and thank you for taking my questions. The first one is regarding the instrument phase that declined year on year, but your tone remains optimistic and especially for the larger systems. So should we view this as an indication that demand strength will translate into stronger instrument phase in Q4 already?
Simon Ostergard, CEO, Television: Probably defer to sort of be super specific on what happens in Q4. However, I do know that our leading indicators are positive. I do know that just mix for the past two quarters, so including the quarter they completed or they reported yesterday, so their Q1 and Q2 equivalent to calendar year Q2, Q3. I do know that they are signaling or they are reporting instrument growth of 10% in The U. S.
And 4% in Europe. And I think there is a healthy environment. This is also what we see. So we’re positively optimistic. So you read my tone correctly, but I will defer for being super specific until we’ve seen what orders we get in and so forth.
Christian Lee, Analyst, Pareto Securities: Okay, perfect. And demand for smaller instruments is a bit softer than for the larger ones. Do you view this as a temporary situation? What factors do you believe could drive a recovery in the near term?
Simon Ostergard, CEO, Television: Yes. No, I think, I think it’s temporarily. I think, we, together with our partner, has pushed a concept, which, included both, for the small labs, which included both the smearing and the staining and then our DC-one instruments. Prior to this, we had a very healthy double digit growth on the DC one’s instruments sold by itself. And then we positioned this this instrument package called the Difline.
And and it is no secret that we had some operational performance issues with the smear box. So so so I I I truly believe that the part of the issue is not the market demand. It’s it’s our product issue that we had. And now we we do have another simple solution that can substitute. So it’s a it’s a matter of getting aligned and getting back and and and really working with the opportunities as opposed to, because we have seen a glitch in the pipeline that were built up due to this.
But I have I really trust that it’s it’s a temporary thing. The demand is there. And, also, if I look at especially in The US, all the IHNs, are set up for our solution. And I do believe we’re the only company who can actually serve that segment in a networked manner, from small labs integrated with the connectivity and our software solution to cater and be managed and decided upon from a diagnostic perspective at the large labs. So it’s temporary, Christian.
Christian Lee, Analyst, Pareto Securities: Okay. Great. My final question. Regions performed really well with strong momentum in APAC. Do you see any risk of inventory buildup in the region that could dampen sales in the fourth quarter?
Simon Ostergard, CEO, Television: No. You’re you’re right. I I I’d say inventory buildup, then I’m thinking specifically around China. And the challenge there when you build up a, own manufacturing is that, first of all, the line you you we we are selling a lot into China that is then sitting in the manufacturing line. And then after that, you have a layer of 60 to 70 distributors below.
So there’s a very little transparency to the end user in China. So from that perspective, I would probably answer that, yes, there is a risk of some inventory buildup for the time being because it’s very hard to translate how it how it how much is actually entering the the end users for the time being. So there’s a little bit of risk for that, specifically related to China. Okay. Perfect.
Christian Lee, Analyst, Pareto Securities: Yep. Okay. Great. Thank you very much.
Simon Ostergard, CEO, Television: Thanks, Christian.
Conference Moderator: The next question comes from Ludwig Lundgren from Nordea. Please go ahead.
Ludwig Lundgren, Analyst, Nordea: Yes. Hi, Simon. So wanted to continue a bit on this last question with APAC instrument sales. So of course, it was lower in Q3 with some inventory destocking following the large Q2 order. But given that you now have local assembly in China, as I understand it, like will this lead to APAC instrument even more lumpy ahead?
It has been lumpy historically as well, but could it be even further enhanced now?
Simon Ostergard, CEO, Television: I think I think the lumpiness is primarily driven for China and not APAC as a whole. So that’s that’s for China specifically, I would say. But but temporarily, I I can certainly not guarantee that there will not be some lumpiness. China sorry. APAC has always been quite lumpy, and also because China is the biggest market that we serve.
However, I do see, opportunities both, when we look at Japan and when we look at Southeast Asia, not the least in in Australia and Sweden. So, so so some lumpiness, can occur, and that that cannot be, sort of neglected, so to speak. But still, I think it’s it’s positive that we’re actually seeing opportunities both on the instrument side and then also on the reagent side, where we believe there is a good opportunity to actually bundle our offerings because we are the only provider who can actually provide both instrument software and reagents.
Ludwig Lundgren, Analyst, Nordea: Okay, great. So yes, just a follow-up to that. So you saw this SEK 3,000,000 reagent sales in APAC in Q3. Like we have seen some spikes in reagent sales as well. Like is this to be considered somewhat of a one off, this level?
Or does it rather reflect that you are seeing a significant increase in reagent customers in the region?
Simon Ostergard, CEO, Television: No. You’re right. It’s not a continuous sort of flow. There is lumpiness if you look at the the revenue for for APAC reagents, per se. However, we do believe that that the, the shipments that we send, they go to multiple markets.
So you should see it as a sign of, of us starting to actually, grow the base of of, RAL regions being consumed across multiple markets in APAC. So I think that’s the positive thing. And then also, we’re also working on our logistics setup to serve the reagent market in APAC, which is another driver that can also help us facilitate and provide reagents. So you should expect growth, but I cannot guarantee that there will not be this lumpiness because it is a matter of it’s large shipments that goes when they go and sometimes they don’t go. So that’s how you should look at it.
Ludwig Lundgren, Analyst, Nordea: Okay. I understand. Very clear. And then another follow-up. Just like looking at the instrument sales in APAC.
So on a rolling twelve month basis, I guess, has stabilized now around $2,527,000,000, something like that. Like is this a fair level to extrapolate ahead? Or do you expect this to grow, for example, looking into 2026?
Simon Ostergard, CEO, Television: For example, to the last part, I didn’t hear that.
Ludwig Lundgren, Analyst, Nordea: Yes. For so 2026, like do you expect to have a similar type of or similar amount of quarterly deliveries on an average level?
Simon Ostergard, CEO, Television: Yes. It’s always tricky with the average question. I I think it’s a it’s a decent level. Having said that, there are specific opportunities. I’d say that when we look into and we discuss with our partner, there are specific opportunities sitting in APAC that are significant.
And if they don’t come, then then you end up with this relatively flat look. However, the spikes can certainly come because we we have some good opportunities across network hospitals, both in in Australia, New Zealand, but but but also in in Japan. And if they materialize, then then I I think, we should certainly expect growth when you do your your math, over the the twenty twenty six.
Ludwig Lundgren, Analyst, Nordea: Okay, great. And like because I think last year, we saw quite a significant spike in APAC instrument deliveries in Q4. Like is there any seasonal component to that, that customers trying to fill their budgets? Or was that more of a one off
Simon Ostergard, CEO, Television: timing, We sort of compare that with last year, what I recall was that we had to serve we were obligated to serve a specific tender that was, you know, five years old type of thing. So that happens in the comparable quarter q four last year. I I don’t expect there to be much, you can call it seasonality per se. It’s more a function of where the specific opportunities materialize rather than seasonality.
Ludwig Lundgren, Analyst, Nordea: Okay. Thank you. And then final question. Like you have talked a bit before about reagent sales in The U. S.
And the potential there, like any updates on that? And if we could start to see this starting to ramp into 2026? Or yeah. Just how to think about that.
Simon Ostergard, CEO, Television: Yeah. No. I I I think about it in a way where we’ve been also at our Capital Market Day when we launched the Power of Focus. We were really emphasizing that in CDH, the methanol free state, is the enabler to go and penetrate the region market in The US. That assumption has not changed.
But now we’ve progressed much further, so we’re actually able to bring MCDH onto, to the the systemic smearing and staining device that is consuming, our methanol free stain. So I think we’ve come a long way on the development side. So now it’s it’s about getting some customer feedback on on on the stain, whether there are any last tweaks. For US, I do expect it to, to materialize, let’s say, mid, mid, mid, 2026, which, of course, means that the contribution from from, the reagent in in 2026 US is not, enormously, but but milestone wise and the fact that we start launching, this has enormous impact, also on how we work with the team over there, to to actually position our total solution, now also including instruments. So so by the end of the day, very exciting times for us.
Ludwig Lundgren, Analyst, Nordea: Okay. Yeah. I agree. Thanks a lot for for taking my questions. I jump back in.
Simon Ostergard, CEO, Television: Thanks, Ludwig. Pleasure.
Conference Moderator: There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.
Simon Ostergard, CEO, Television: Thank you very much. And first of all, thanks to all of you taking the time to listen in and staying with us throughout the Q and A. In my closure comment, I I wanna thank especially our our strategic partners, the partner organizations all across the regions and the different functions. I really see gradual, constant progress here one and a half year after we especially launched the strategic alliance agreement with the Sysmex Corporation team. I also, in particular, want to thank our own team, our staff.
It’s been an extremely, probably more than usual, a tough quarter, and I think they know what I referred to on the internal lines. However, the dedication and the focus seems to take no ends, all across our functions. So so really a heartfelt piece of appreciation here. And then finally, I wanna emphasize that on 02/05/2026, this is when we announce and present our year end bulletin for 2025. So that will be published, and we are looking very much forward to present the results.
And and with that, I thank you for your attention and your interest in Television. Thank you.
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