C-RAD AB: Interim report 1 2011

C-RAD AB (publ), Interim report 1 January- 31 March 2011

           Key events during first quarter

• IBA Dosimetry has placed a frame order of 4,8 MSEK to C-RAD Imaging AB for deliveries of 1 600 diode detectors in 2011
• The first service agreements has been signed
• An agreement has been signed with Paracelsus Medical University at the University Clinic Salzburg, Austria to clinically integrate the C-RAD GEMini ED imaging detector
• Agreement to sell Aktina Medical products on the Scandinavian market
• Sale of 5 656 kSEK (2 779 kSEK)
• Bookings of 6,1 MSEK (6,0 MSEK)
• Profit after tax of - 5 157 kSEK (-1 608 kSEK)
• Earnings per share after tax of -0,42 SEK (- 0,16 SEK)
• Operating loss of -5 038 kSEK (-1 462 kSEK)
• Equity ratio of 72 % (72 %)
• Cash of 11 801 kSEK (12 225 kSEK)
• Numbers of employees were 21 (19).

            Key events after the close of the reporting period

• Agreement has been signed with Christie NHS Foundation Trust in Manchester for clinical evaluation of the Sentinel system
• Participation at the Nordic oncology meeting ACTA/NACP in Uppsala, Sweden
• A new CEO at C-RAD Positioning AB
• Introduction of the Catalyst system at the ESTRO conference in London

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

“Bookings during first quarter were according to expectations and at the same time the sale doubled. The largest order of 4,8 MSEK came from IBA Dosimetry. C-RAD Imaging will in 2011 manufacture and deliver 1600 diode detectors for use mainly in vivo dosimetry. Compared to operating profit of Q1 2010 the loss was higher. There are two reasons behind. C-RAD has started depreciation of the GEMini project. This has an effect on profit of 1,2 MSEK. In addition there have been large investments made in the marketing organisation and for the Catalyst system.

We are very happy about the positive response at the ESTRO meeting for the Catalyst system. We are in 2011 expecting a further good development of the company.”