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C-RAD AB – Interim report Jan – March 2014

Press release 2014-05-16
Key events within the period January-March 2014

Press release 2014-05-16

Key events within the period January-March 2014


  • Net sales: Jan-March 11,1 (8,6) MSEK, +29%
  • Order intake: Jan-March 14,7 (9,7) MSEK, +52%
  • EBITDA: Jan-March -1,7 (-4,4) MSEK
  • Net results after tax: Jan-March -1,9 (-5,9) MSEK
  • Order intake from positioning products 9,1 (2,9) MSEK, +214%
  • Succesful share increase of 700 000 shares, provided 11,4 MSEK before expenses
  • Order of three systems from Azerbaijan.
  • GEMini™ Joint Testing and Validation with TheraView Technology by Cablon Medical B.V.
  • The China Food and Drug Administration has approved the Sentinel system


Key events after the reporting period


  • Outstanding C-RAD Presentation at ESTRO Meeting
  • New Board of Directors elected at the General Meeting
  • Framework agreement with IBA for the supply of diod detectors 3,6 MSEK (6,2 M)



Comments from Tim Thurn, CEO:


“C-RAD has defined three main targets for the year 2014. The targets are financial growth, the development of an international service organization and to release the GEMini™ together with the software package for patient imaging and portal dosimetry. During the first quarter we had significant progress on all three fields:

  • Order Intake exceeded our expectations. Customers placed orders for a total amount of 14,7 MSEK, which accounts for an increase of 52 % compared to the same period in 2013. Focusing on the positioning products order intake stepped up with 214% during Q1 2014. First results from the cooperation with Elekta contributed to the success. The first quarter 2013 was very strong due to the delivery and installation of a large order to a customer in Denmark, however in 2014 the result increased by another 25%. This was a very successful start in the year 2014.
  • Even though we are not yet there where we wanted to be with the development of the GEMini™ detector, we see a constant progress in the right direction. After further tests which have been performed in the first quarter, C-RAD and Cablon Medical agreed to move to the next phase of the cooperation. Joint testing of the GEMini™ and the Cablon software for portal dosimetry and imaging will take place in Utrecht, The Netherlands. The presentation of the product at the ESTRO meeting showed large interest from clinical customers but also from OEM (Original Equipment Manufacturer) vendors. Concrete projects with customers have been identified. This confirms the interest from customers and gives a positive outlook on sales once the product is released.
  • Beside the hard products as Sentinel™, Catalyst™ and the Cyrpa product line C-RAD started to offer so called soft products to the customers. Soft products are value-adding products as for example service contracts. There is an increasing demand for such soft products especially from hospitals in the public sector. Since C-RAD released the Catalyst system in 2011, sales developed strongly. Typically C-RAD devices are delivered with a 12 to 24 month warranty. Devices which have been installed since the product release are now step by step expiring the warranty. Service contracts are offered either as part of the initial procurement or as a follow up item after warranties have expired. My expectation is that the service business will contribute considerably to C-RADs revenue growth in the future.”
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