CellaVision AB (publ) (CEVI) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

regulatory wise and also a slightly increased R&D spend as well, according to our strategy. So that gives us an EBITDA of 60 million in sort of comparable with an equivalent to the comparable quarter and an EBITDA margin of 31% in line with our corporate objectives. I can unfold our R&D spend a little. It's 22%. It's increased from 19 to 22%. And in sort of actual numbers, we've spent 42 million versus 36 million last year in the comparable quarter. So here we have approximately 22 million sitting in the P&L and then we have 20 million capitalized versus last year where we had 20 million sitting in the P&L and 16 million capitalized. Cash flow wise, we have an operating cash flow of 58 million this quarter. So we've had positive contribution from our working capital, 7.5 million, primarily due to the fact that we've driven down accounts receivable and we've driven down inventory. So that's kind of a shared contribution, if you like. On the investment side, I talked about the capitalized R&D, which is the 20 million, which is the majority of the 25 million we have on the investment side of our cash flow. And on the financial cash flow implications, we have minus 63 million, and that is pretty much 60 million going to dividends of our shareholders. So that leaves us with a total cash flow of minus 30 million this quarter, which is somewhat stronger than the comparable quarter last year. Still a very healthy company from a financial perspective with hardly any debt. And we have cash and bank equivalents of 155 million sitting on the balance sheet as of today, as of this quarter. Let's try and unfold the regional highlights on the top line, what happens in America, in the U.S. and in the APEC. So for America, we had a growth of 5%, so that was equivalent to 66 million. S...