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  • Order intake increased 9% to 132.9 (122.1) MSEK (12% in constant currencies).
  • Order backlog amounted to 425.3 (350.5) MSEK.
  • Revenue increased 4% to 77.4 (74.3) MSEK (8% in constant currencies).
  • Operating income amounted to 14.9 (9.8) MSEK, corresponding to a margin of 19.3 (13.2) %.
  • Net results after tax amounted to 11.4 (12.5) MSEK.
  • Result per share amounted to 0.34 (0.37) SEK.


  • Order intake increased 13% to 353.5 (312.6) MSEK (15% in constant currencies).
  • Revenue increased 18% to 261.2 (221.6) MSEK (21% in constant currencies).
  • Operating income amounted to 36.0 (17.1) MSEK, corresponding to a margin of 13.8 (7.7) %.
  • Net results after tax amounted 25.1 (14.4) MSEK.
  • Result per share amounted to 0.74 (0.43) SEK.

Comments from Tim Thurn, CEO

When closing the year 2021 I can conclude we have done measurable progress towards our goal of establishing surface tracking technology as the standard of care in advanced radiation therapy. We are delivering a quarter and full year with a record high in all key metrics – order intake, revenue and operating profit. An achievement despite the increasingly challenging supply chain situation and the again rising implications of the pandemic

Comparing to a strong quarter last year, growth in constant currencies for order intake and revenue amounted to 12 and 8 percent respectively, paired with an operating profit of 14.9 MSEK, a margin of 19 percent, compared to 9.8 MSEK in 2020 and a margin of 13 percent. The increased profitability is a function of a revenue growth with improved gross margin exceeding the increases in operating expenses, coming from enhancing our organization. For the full year revenue grew with 21 percent to 261 MSEK and the operating profit more than doubled to 36 MSEK, a margin of 14 percent. Essentially, the full year profitability increase is a confirmation that the investments made in the organization is generating a return.

The North American market is delivering a 29 percent growth in order intake for the full year. There is substantial potential for our technology and with our setup and the partnership with Elekta, C-RAD is well positioned to exploit this potential. It should be noted that during 2020 about two-third of the orders were booked in the fourth quarter since projects were stalled because of the operational implications for our customers due to the pandemic. The order intake growth in the region, commencing towards the end of 2020, has contributed to a full year revenue growth of 75 percent, a measurable part of the company’s total growth for the year.

The APAC region continued to be affected by the pandemic, especially in Australia, where projects were stalled. However, towards the end of the year we noticed that the situation eased up again and we returned to growing order intake. Our decision to establish an office in Delhi, India has shown first results in terms of orders with expected installations during the first half of 2022. China as the largest market for us in the APAC region continues to show steady growth in order intake for the full year. The vast unmet demand for cancer care in combination with the strong push to establish high-end radiation therapy is the driver for the development in China, which is also shown by the two important proton therapy projects that C-RAD secured in December. Considering a very successful order intake from Japan and Australia in 2020, the region shows a minor decline in order intake for the full year 2021 but ending on a positive trend with a 23 percent growth in the fourth quarter.

The EMEA region is showing a strong recovery both in order intake and revenue growth in the fourth quarter, lifting the region to a full year growth in order intake and revenue of 20 and 23 percent respectively.

Order intake of our positioning products, our largest category, increased across all regions with 16 percent during 2021, which is a very encouraging development and underlines once more the demand for surface tracking in the market. Revenue generated from long term service contracts grew with 40 percent over the previous year and constitutes 13 percent of the annual revenue – as compared to 11 percent in the previous year. This is an important driver behind improved margins for both gross- and operating profit. Moreover, this confirms the trend of an increasing number of customers willing to outsource services to C-RAD and therewith maintain an up-to-date, highly available system over the lifetime of the product.

C-RAD has strengthened the organization during the year, primarily our service organization. In addition, we have continued to invest in new product developments to intensify the cooperation with the OEM’s. The latest example is the integration and validation of C-RAD’s Catalyst+ system with Elekta’s latest linear accelerator – Harmony. All Elekta linear accelerators are now certified for compatibility with the full capabilities of the Catalyst family of products.

I want to take the opportunity to give a big thank you to the C-RAD team, our customers, and partners for the commitment and trust during the last year. It is great to see the progress that C-RAD made. We ended the year with a high level of interest in the marketplace for our solutions, and we are in an excellent position and well prepared to continue in 2022 working towards our goal of making surface tracking standard of care.

Tim Thurn, CEO

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