Redeye provides its first take on Cellavision’s Q1 report 2025, published this morning. The organic growth was strong at 14% and in line with the company's long-term goal, with net sales of SEK195m. All regions contributed to the increase, but EMEA stands out with SEK96m. The gross profit was SEK137m with a margin of 70%. This is above the historical 5-year average and mainly attributable to last year’s price increases. The EBITDA was SEK66m with a margin of 34%, also above the 5-year average. Although Q1 was very strong, which will translate into a positive effect on the base case, we will likely make other changes to our forecast to account for the strengthened SEK and weaker global economy, with a counteracting negative impact on the base case.
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