CellaVision walked into Q3 2026 earnings with the share price at SEK195.60 after a strong 90 day run and a double digit gain over the past month. The headline was clear: the business reported roughly SEK200m in sales with an EBITDA margin around 32%, supported by demand for hematology analyzers and related products.
What markets reacted to most was sentiment around margins and valuation, not a collapse in the income statement. The stock already carried high expectations, so even a solid report can feel underwhelming when investors are priced for perfection.
Love CellaVision’s healthy EBITDA margin but wary of paying up when sentiment is this stretched? Compare it with our 201 high quality undervalued stocks to see how it stacks up against peers with quality fundamentals at more grounded valuations.
Q3 2026 Earnings Summary
- Revenue (Q3 2026 vs Q3 2025): SEK199.5m vs. SEK175.6m (up roughly 13.6%)
- Net Income (Q3 2026 vs Q3 2025): SEK40.2m vs. SEK31.3m (up about 28%)
- Basic EPS (Q3 2026 vs Q3 2025): 1.37 SEK vs. 1.31 SEK (modest increase)
- EBITDA Margin (Q3 2026 vs Q3 2025): approximately 32%, with the prior-year level not disclosed (management highlighted solid profitability)
BMA is already contributing in EMEA while FDA approval is pending. Ask Charlie what CellaVision’s BMA launch means for U.S. growth.
CellaVision’s Execution Checkpoint On Growth Catalysts
The bullish story around CellaVision hinges on concrete adoption milestones rather than just higher forecasts.
"Ongoing adoption of digital cell analysis in hospital labs in the Americas and across APAC, including integrated health networks that connect smaller sites to central labs, supports broader instrument placements and recurring reagent and software revenue over time."
Q3 gives that claim real footing. Americas sales of SEK 89m, with strong connected platform and software demand, together with very rapid organic growth in APAC outside China, show digital workflows gaining traction. Instrument revenue of SEK 105m and double digit growth in reagents and software indicate the recurring ecosystem that bullish investors want to see is taking shape.
Not everyone reads the same price the same way. → See the lower figure this Narrative lands on, and how it gets there.
CellaVision Bear Case: Procurement And Partner Risks Probed
The harsher view argues that CellaVision’s reliance on public tenders and a single major distributor keeps results fragile.
"The business relies heavily on Sysmex as a distribution partner. The recent episode of excess inventory in EMEA, along with ongoing stock imbalances in smaller instruments in the U.S., shows that partner inventory decisions and ERP rollouts can create sudden order gaps that depress instrument sales, keep gross margin volatile and put pressure on EBITDA and earnings."
Q3 sales of SEK 200m with a 32% EBITDA margin suggest no fresh shock from Sysmex or tenders this time. EMEA revenue of SEK 86m did fall year on year and management still highlights healthcare investment pressure, so procurement and partner risk remain present, even if not escalating in this quarter.
Hunt For Mispriced Execution Stories
CellaVision illustrates how a solid quarter can still unsettle investors when expectations are elevated. The real opportunity is in assessing stocks that could be undervalued before the market adjusts their pricing.
- Company 1 - 32% below our estimate - shifts its product mix toward higher margin composite and clean energy solutions while tightening working capital and financing discipline.
- Company 2 - 27% below our estimate - extends lending from microfinance into affordable housing and small business credit as digital platforms deepen reach into underbanked borrowers.
- Company 3 - 38% below our estimate - builds a larger manufacturing and supply chain base to support higher margin protective films and installation services across more distribution channels.
That is three of the list. See the full list of 201 companies trading below our fair value estimates →
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