In this report, analysts Johan Olsson and Jakob Siemund present
an investment case for CellaVision, the global leader in digital cell
morphology. The analysts highlight how the launch of the Bone
Marrow Aspirate application, CellaVision’s scalable partnership with
Sysmex and significant untapped demand among smaller laboratories
could accelerate growth and increase the share of high-margin recurring
revenue. An equally weighted DCF and peer valuation results in a target
price of SEK 182, implying 29.1% upside.
Investment Thesis
- The Bone Marrow Aspirate application can be licensed to approximately
6,000 existing systems across Europe and the US. This creates high-
margin incremental revenue without requiring additional system
placements and is expected to support meaningful gross-margin expansion. - CellaVision’s partnership with Sysmex provides access to a global distribution
network and an extensive installed base. Sysmex’s 65% market share and
approximately 90% win rate in new US haematology orders enable CellaVision
to grow without substantial commercial reinvestment. - CellaVision has reached approximately 30% penetration among high-volume
laboratories, while penetration in the addressable low-volume segment remains
around 3%. This leaves an estimated 50,000 potential systems and provides a
substantial long-term growth runway as laboratories increasingly automate manual
workflows.