CellaVision (OM:CEVI) has posted its Q2 2026 numbers with revenue of SEK199.9 million and net income of SEK32.6 million, translating to basic EPS of SEK1.37 as investors focus on how these figures line up against the company’s recent track record. The company has seen quarterly revenue move from SEK191.3 million in Q2 2025 to SEK199.9 million in Q2 2026, while basic EPS shifted from SEK1.58 to SEK1.37 over the same period. This gives a clear snapshot of how top line and EPS trends are evolving. With trailing 12 month net profit margins reported at 17.5% versus 20.1% a year earlier, the latest release puts the spotlight firmly on how CellaVision is managing profitability alongside its broader strategic focus.
See our full analysis for CellaVision.With the headline figures on the table, the next step is to set these results against the main narratives around CellaVision, highlighting where the numbers support the common stories and where they start to push back.
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Margins Ease Back From 20.1% to 17.5%
- On a trailing 12 month view, CellaVision’s net profit margin is 17.5%, compared with 20.1% a year earlier, alongside TTM revenue of SEK739.1 million and net income of SEK129.1 million.
- Bears focus on this margin slip, arguing that higher R&D spend of around SEK30 million per quarter and lower capitalization could keep EBITDA and net margins under pressure, even if new products like the Bone Marrow Application and Fourier Ptychographic Microscopy take time to translate into the SEK935.3 million revenue and SEK182.9 million earnings scenario they highlight for 2029.
- That concern lines up with the reported move from a 20.1% to 17.5% net margin, which shows costs rising faster than earnings over the last year.
- At the same time, the current TTM net income of SEK129.1 million gives bears a reference point to question whether margin expansion to the levels they discuss is achievable without a visible turnaround in profitability metrics.
TTM EPS of SEK5.41 Versus Growth Ambitions
- Trailing 12 month basic EPS sits at SEK5.41, compared with quarterly EPS of SEK1.37 in Q2 2026 and SEK0.94 in Q1 2026, so recent quarters feed into a level of earnings that analysts expect to grow about 18.3% per year.
- Bullish investors point to forecast earnings growth of roughly 18.3% per year and revenue growth of about 8.9% per year as support for their view that CellaVision can lift EPS beyond the current TTM SEK5.41 figure, helped by new software releases and the bone marrow module.
- Those growth expectations are measured against the Swedish market forecasts of 6.3% earnings growth and a 1.7% revenue decline, so bulls see the current earnings base as a springboard rather than a peak.
- The fact that TTM net income is SEK129.1 million while bullish scenarios talk about earnings above SEK200 million in a few years highlights the gap they expect product launches and wider adoption to close over time.
P/E Around 27x With DCF Value at SEK247.48
- The stock trades at SEK147.20, on a P/E of about 27.2x that is in line with the 27.3x peer average and close to the 27x European Medical Equipment industry, while the supplied DCF fair value is SEK247.48.
- Consensus narrative points to CellaVision being priced below a DCF fair value of SEK247.48 and below a 173.00 analyst target, while also noting that recurring software and reagent sales and expansion in APAC are key to justifying a valuation that currently sits on a P/E broadly similar to peers.
- The roughly 40.5% gap between the SEK147.20 share price and the DCF fair value figure is central to the idea that investors are not paying up for the growth and margin improvements analysts model.
- At the same time, mixed signals such as a 17.5% net margin versus 20.1% a year earlier and an unstable dividend record help explain why the P/E multiple is only in line with peers rather than clearly higher despite the stronger growth forecasts.
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for CellaVision on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
If the mix of optimism and concern around CellaVision still feels unclear, take a moment to review the underlying figures yourself and decide how they stack up against your expectations. Then weigh the company’s positives against the issues flagged by checking out the 2 key rewards and 1 important warning sign.
See What Else Is Out There
CellaVision shows some pressure on profitability, with net margins easing from 20.1% to 17.5% and earnings carrying a P/E multiple that is only in line with peers.
If that margin squeeze and valuation balance make you cautious, compare CellaVision with companies that screen well on quality and pricing by using the 231 high quality undervalued stocks.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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