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C-RAD AB (publ), Interim report 1 January - 31 March 2013

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Key events during first quarter

  • Net Sales for the period amounted to SEK 8.6 M (2.5)
  • EBITA were SEK -4.4 M (-5.8) and includes increased other external costs compared to previous year, SEK 2 M, mainly due to the acquisition of Cyrpa.
  • Loss after tax was SEK -5.9 M (-7.2)
  • Order back log amounted to SEK 16.1 M (19.2)
  • Order entry was SEK 9.7 M (9.7)
  • Earnings per share before dilution were SEK -0.37 (- 0.50)
  • Equity ratio was 26 % (61 %)
  • Cash amounted to SEK 3.3 M (15.8)
  • At the end of the period the number of employees amounted to 23 (20)
  • C-RAD signed an agreement to acquire the Belgian company 29 percent of Cyrpa International with subsidiaries and obtained an option to acquire the remaining 71 percent
  • The acquisition of Cyrpa is financed by a rights issue
  • Elekta and C-RAD signed an development- and distribution agreement for respiratory gating in radiation therapy
  • IBA Dosimetry placed a frame order of SEK.6.2 M for deliveries of diod detectors during 2013
  • C-RAD is developing an interface to communicate with General Electric’s computer tomograph
  • Agreement was signed with Cablon Medical to develop and sell an integrated solution for use in dosimetry and portal imaging. Cablon Medical is getting the right to sell integrated solutions in the BeNeLux countries
  • Orders from China of Sentinel and Catalyst systems
  • C-RAD received orders of Catalyst systems from two clinics in the USA

 

Key events after the close of the reporting period

  • New orders from Germany, France and the USA
  • Great interest in the C-RAD’s and Cyrpa’s solutions at the ESTRO meeting in Geneva and the following DEGRO meeting in Berlin
  • The detector system GEMini with a new design was installed at the university clinic in Salzburg, Austria

 

 

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

Sales have developed well during the first quarter, especially considering the high order intake during the fourth quarter previous year. Systems have been installed at sites in Europe, the USA and Asia. Other costs compared to last year have increased with SEK 2 M. These are mainly to refer to costs of the acquisition of Cyrpa. Depreciations of SEK 1.4 M are also included in the result. The cash flow from operating activities are positive for the second quarter in a row.

C-RAD has decided to start the process to, during the year, apply for listing of the B share at NASDAQOMX Nordic. The additional costs for the listing will affect the operating income/loss of the year.

The acquisition of the Belgian company Cyrpa gives C-RAD new possibilities to be able to offer complete solutions for the CT and linac room. With a broader product program we will be able to strengthen our own sales activities. The acquisition was well received by the market. The following rights issue was subscribed to 366 percent. The integration of the two operations has commenced according to established plans.

 

A newly developed version of the GEMini detector has been installed at the university clinic in Salzburg. We are with excitement looking forward to the first clinical results.”

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