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C-RAD AB: Year End Report 2012

C-RAD AB (publ), Year End report 2012

C-RAD AB (publ), Year End report 2012

Key events during the period

  • Sales for the period increased with 73 % to 25,8 SEK (14,9 MSEK). Sales for the fourth quarter was 11, 4 (3,7) MSEK, an increase with 211 %.
  • EBITDA of -13,6 MSEK (-16,5 MSEK). For the fourth quarter EBITDA were 0, 6 (-4,8) MSEK.
  • Loss after tax of -19,4 MSEK (- 42,6 MSEK)
  • An order back log of 14,8 (12,8) MSEK
  • Bookings for the period were 33,1 MSEK ( 23,9 MSEK)
  • Earnings per share after tax of -1,22 SEK (-2,68 SEK)
  • Equity ratio of 43 % (66 %)
  • Cash of 7 961 kSEK (24 600 kSEK)
  • Numbers of employees were 22 (19)
  • IBA Dosimetry has for 2012 placed a frame order of 6, 1 MSEK.
  • C-RAD has received FDA clearance for its new Catalyst system and Sentinel with 4DCT
  • Interfaces for communication with Varian accelerators have been released
  • The C-RAD Sentinel system is available with interfaces to three major CT vendors
  • An agreement has been signed with Elekta in the field of respiratory gating
  • A patent has in the US been approved for C-RAD inter active technology
  • New sales offices and subsidiaries have been founded in Berlin and Shanghai
  • Accumulated bookings of five Sentinel  and two Catalyst systems to China
  • Orders of eight Catalyst and two Sentinel systems from Herlev Hospital outside of Copenhagen
  • The appeal court judged in favour of C-RAD in the dispute with the German company LAP
  • Orders of six Sentinel  and Catalyst systems to South Korea


Key events after the close of the reporting period

  • C-RAD is developing an interface to Computer Tomographs of General Electric
  • An agreement has been signed with Cablon Medical to develop and sell a combined solution for use in dosimetry and as an EPID.  Cablon Medical will get the right to sell the GEMini system to customers in the Benelux countries
  • A frame agreement has for 2013 been signed with IBA to deliver diode detectors to a value of 6,1 MSEK

  Press releases

  • For information about the acquisition of Cyrpa Medical Security and the decision for a capital increase, see separate press releases


Comments by Erik Hedlund, president of C-RAD AB.

“In spite of the financial turbulences on the US market C-RAD could for the last quarter of 2012 show a positive EBITDA and for the first time a positive cash flow. Bookings and sales of 2012 compared to previous year showed an increase of 38 % and 73% respectively. Beginning of 2013 continues to show a positive development. Including the frame agreement signed with IBA the backlog is up to 20,8 MSEK.The investments to develop the C-RAD optical systems and the detector system GEMini and the set-up of an own direct sales force will secure the further development of the company.”

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