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C-RAD AB – Consolidated interim report Jan – June 2015

Press release 2015-08-14
Key events in the period January-June 2015

Press release 2015-08-14

Key events in the period January-June 2015


  • Net sales: Jan-Jun 30.4 (24.1) MSEK, +26%
  • Order intake: Jan-Jun 38.4 (25.6) MSEK, +50%
  • Operating loss: Jan-Jun -7.3 (-5.6) MSEK
  • Net results per share: Jan-Jun -0.37 (0.04)
  • C-RAD secures important first order from Japan, the second largest market in the world for advanced radiotherapy technology
  • C-RAD grows sales organization in the United States
  • C-RAD completes private placement of 25 MSEK
  • Employee Warrant Program Oversubscribed
  • Order for three C-RAD systems from Italy
  • Order for three C-RAD systems from Bayreuth in Germany
  • C-RAD validates its respiratory gating interface for IBA proton and particle therapy
  • AGM elects Kicki Wallje-Lund to the Board of Directors


Comments from Tim Thurn, CEO:


C-RAD’s investment in sales efforts have paid off, with the first half of 2015 showing a record in order intake 38.4 MSEK, 50% above the same period last year, providing a very strong order stock as we continue to expand our sales activities.

This quarter’s new sales include a first order for high-end patient monitoring systems from Japan, which is the second largest radiotherapy market worldwide, with close to 800 treatment centers. This marks an excellent start with our partner Elekta K.K. – the Japanese subsidiary of Elekta, a global supplier of radiation treatment systems.

While we have had increased sales activity and a strong order flow due to our expanded sales force, we cannot influence delivery time, which is not clear at the time an order is entered. Thus revenues are not quite up to our expectations: 26% above the same period last year. Cash balance at the end of the quarter was 11 MSEK.

Major shareholders increased their positions as part of a direct placement of 25 MSEK, signifying their increased commitment towards the company and recognizing its growth potential. While 5 MSEK was used to pay back a loan, the other funds were used to finance growth of the organization, partly through an acquisition and expansion of the sales force in key markets.

The first hearing was held in the patent infringement lawsuit brought on by Beamocular, in which both parties laid out their positions. It is management’s continued belief that C-RAD’s case has great merit, and our realistic expectation is that this case will be resolved in our favor early next year.

Our major investment in expanding our sales force has yielded results, and shall continue. We appointed a new global marketing manager, Ling Zhang, who took up his duties in April. He has extensive experience in sales of radiation therapy products due to his previous positions with Elekta and Siemens. This year we have recruited three new salespersons, one in France and two in the US.

Since the quarter ended, two important developments have occurred:

In keeping with our previous statement about accelerating integration with Cyrpa International, C‑RAD has acquired the remaining 71% of the shares in this Franco-Belgian provider of innovative laser solutions for patient positioning and virtual simulation within radiation therapy. The acquisition price is based on a conditional earn-out of 2.5% of the sales of Cyrpa products and three fixed installments totaling 120 KEUR over a three-year period. While sales management for C-RAD and Cyrpa products will remain separated, on an operational level they will be merged. For the first six month this year the Cyrpa group showed a positive net result driven by strong operations.

In an additional positive development, Skandion Clinic (Skandionkliniken) has reconfirmed its previous decision to equip its proton therapy center, the first nordic proton therapy center, with the C-RAD surface tracking solution. Skandion published its first tender in mid-2014, which was decided in C-RAD’s favor. This was appealed by a competitor in September 2014, resulting in a second public tender, which was also recently decided in C-RAD’s favor. At the moment, however, this second tender has also been appealed by the same competitor, and the matter is in the hands of an administrative court, with no definite date for its resolution. 

In keeping with previous forecasts and results thus far, we are expecting a strong revenue boost in 2H 2015, based on our strong order intake and identified potential.



About C-RAD

C-RAD develops new and innovative solutions for the use in advanced radiation therapy. The company group of C-RAD offers products and solutions for patient positioning, tumor localization and radiation treatment systems. End users are radiation therapy clinics worldwide. All product development is conducted in three fully owned subsidiaries; C-RAD Positioning AB, C-RAD Imaging AB and C-RAD Innovation AB. C-RAD Imaging AB is located in Östersund while the other companies are located in Uppsala. Numbers of employees are currently 28 people. The activities in C-RAD AB originate from research and development at the Karolinska Institutet in Solna. Sales of the company’s first product, the C-RAD SentinelTM, started in 2007. Cooperation agreements have been signed with the Swedish company Elekta, the US company Varian  and the Belgian company IBA. C-RAD is represented by distributors specialized in radiation therapy on major markets. C-RAD has founded three companies for direct sales, C-RAD Incorporated in the US, C-RAD GmbH in Germany and C-RAD WOFE in China. C-RAD has invested in 29 % of the laser company Cyrpa and with an option to acquire the remaining 71 %. C-RAD AB is since March 2010 listed at Nasdaq Omx First North Premier. Erik Penser Bankaktiebolag is appointed as C-RAD’s Certified Adviser.

For more information on C-RAD, please visit


For further information:

Tim Thurn, CEO C-RAD AB, Phone +46-18-666931, E-mail

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