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C-RAD AB (Publ), Interim report Jan-Sept 2013

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Key events during the period Jan-Sept 2013

 

  • Net Sales:
    • Jan-Sept 28,2MSEK (15,5M) +87%
    • Jul-Sept 11,8MSEK (4,7M) +157%
  • Order entry:
    • Jan-Sept 31,9MSEK (18M) +77%
    • Jul-Sept 13,1MSEK (3,6M) +263%
  • EBITDA:
    • Jan-Sept -15,5MSEK (-14,8M)
    • Jul-Sept -2,7MSEK (-4,8M)
  • Loss after tax:
    • Jan-Sept -18,3MSEK (- 17,9M)             
    • Jul-Sept -2,1MSEK (-7,9M)

 

  • Order back log amounted to 22,6MSEK (15.7M)
  • Cash amounted to 7,3MSEK (5,4M)
  • C-RAD and Elekta released the interface for Respiratory Gated Treatments
  • Presentation of the new developed Catalyst HD at ASTRO
  • Successful start of sales of the Cyrpa laser products
  • Promising results with the GEMini Detector
  • Tim Thurn has been appointed as CEO of C-RAD AB
  • Co-operation and agreement with ScandiDos for the North American Market
  • Strategic investment of 29% share in Cyrpa International SPRL
  • Agreement with Cablon Medical to develop and sell an integrated solution for use in dosimetry and portal imaging

 

Key events after the Q3 period

  • First orders in three new markets, Austria, Norway and Thailand
  • Successful Employee Option Program
  • C-RAD ranked in 9th place of Sweden fastest growing technology companies

 

Comment by the CEO, Tim Thurn:

“The 3rd quarter exceeded our expectations on the three Key Performance Indicators bookings, order stock and revenue:

The total order intake was 13 MSEK in Q3. Compared to the same period in 2012 this is an increase of 260 %. Looking at the entire year from Q1 till the end of Q3, we have doubled the bookings for the C-RAD group. This great success results from two main factors: The investments in a strong direct sales organization and the attractive product portfolio which C-RAD is offering to the clinical customers. Customers have developed an increased sensitivity for the importance of an accurate patient setup. The synergies of the newly released respiratory gating interface and the cooperation with Elekta are of course contributing to the overall success. But also our Varian customers are enjoying progressively more the benefits of C-RAD technology.

Deliveries to customers during the period jan-sept in our three sales regions Europe, America and Asia accounted for 28,2MSEK.  This is an increase to 190 % in revenues compared to the same period in the previous year.

The progress we made with the Catalyst system in terms of interfacing to the two major linear accelerator vendors is of big importance to the radiation therapy community. This became obvious i.e. at the ASTRO conference in Atlanta.

In both subsidiaries C-RAD Positioning AB and C-RAD Imaging AB the development resources are focused on the goal for a release at end of the year:

The development of the Gemini detector is progressing well. In the last pre-clinical test we showed the successful implementation of the required filter to reduce internal scatter. New clinical images are expected before the end of this year.

The Catalyst HD system is a newly developed system addressing specifically the markets of stereotactic radio surgery and proton therapy. These upcoming treatment techniques offers a high potential in treating small tumors with high precision. The important US market is driving a demand for the Catalyst HD solution. Catalyst HD will be released for clinical use in December 2013.

It was a satisfying start into the second half of 2013. We have focused all our resources on finishing the second half as successful as it started.”

 

 

 

For further information:

Tim Thurn, CEO C-RAD AB, Phone +46-18-666931, E-mail investors@c-rad.com

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