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Continued profitable growth


  • Order intake increased 16% to 72.3 (62.3) MSEK (24% in constant currencies).
  • Order backlog amounted to 352.0 (282.1) MSEK.
  • Revenue increased 41% to 60.5 (42.9) MSEK (51% in constant currencies).
  • Operating profit amounted to 6.0 (0.9) MSEK, corresponding to a margin of 10.0 (2.1) %.
  • Net results after tax amounted 5.6 (-2.4) MSEK.
  • Result per share amounted to 0.17 (-0.07) SEK.


  • Order intake amounted to 138.6 (110.0) MSEK, corresponding to a growth of 26% (29% in constant currencies).
  • Revenue amounted to 120.5 (94.7) MSEK, corresponding to a 27% growth (36% in constant currencies)
  • Operating profit amounted to 12.3(1.9) MSEK, corresponding to a margin of 10.2 (2.0) %
  • Net results after tax amounted 8.8 (-2.0) MSEK
  • Result per share amounted to 0.26 (-0.06) SEK

Comments from Tim Thurn, CEO

The effects on our business due to the pandemic continuous to ease up, which allowed us to grow revenue at a high pace of 42 percent and to deliver a record high operating profit for the second quarter and for the first half 2021. Surface tracking is well on its way to become standard of care and C-RAD is in an excellent position to grow with this opportunity.

In the second quarter order intake and revenue continued to develop strongly in the region Americas, with plus 300 percent growth respectively. We see improving results from our cooperation with Elekta in North America. The partnership enhances our market exposure and consequently allows us to present our products to a larger group of customers. Revenue in EMEA improved with 38 percent compared to the same period last year. The APAC region continuous to develop well and in accordance with our plans, however not quite reaching the outstanding result in the same quarter 2020.

Our operating expenses are well under control and we can also conclude a gross margin in the higher range. The gross margin is positively affected by a favorable sales mix, as well as our high margin service business becoming a larger part of our total revenue. Cost control combined with sales growth generated an operating profit of 6.0 MSEK in the quarter, an operating margin of 10 percent.

Travelling and physical marketing activities started to resume in the quarter – primarily in Americas and APAC. However, due to the constraints over the past 18 months we see more customer interactions being virtual. C-RAD has invested in a web-based platform to deliver virtual site visits, where customers can experience the product in a semi-clinical setup to learn the benefits of the C-RAD solution without having the necessity to visit another customer site physically. The virtual customer interactions provide substantial benefits for the company, with regards to both lower cost and time efficiency.

During spring C-RAD opened an office in Delhi to better serve the Indian and South Asian market. The region has huge demand for state-of-the-art radiation therapy equipment, making it one of the fastest growing markets worldwide.

The global pandemic had significant impact on most industries. Looking at radiation therapy clinical measures taken during the pandemic have certainly accelerated the implementation of high precision treatment techniques – so called stereotactic and hypofractionation treatments. For safe and efficient delivery customers use surface tracking technology to position and to monitor the patient during treatment. This development makes us confident that the demand of our technology will continue to grow moving forward and will become part of the standard of care for such treatments, meaning that the majority of all linear accelerators by default will be equipped with surface tracking equipment.

I am excited to report another very successful quarter, where C-RAD managed to excel previous results in key financial metrics. We are coming out strong of the first half-year and look forward to the second half of the year, which typically is the strongest part of the year for C-RAD. While there are still uncertainties in the market, I am overall confident about our future opportunity.

Tim Thurn, CEO

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