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C-RAD AB (publ): Year End Report 2010

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Key events during 2010

  • 6 Sentinel systems has been ordered by the Swedish Medical Center in Seattle, USA
  • IBA Dosimetry ordered 1400 diode detectors to a value of 4,3 MSEK
  • The new share issue was oversubscribed by 35 %
  • Since March 2010 the C-RAD B-share is listed at NASDAQ OMX First North Premier
  • A subsidiary called C-RAD Inc. was founded for distribution of C-RAD solutions in the US. A distribution agreement was signed with Aktina Medical Corporation.
  • New distributors in China, India and German speaking countries
  • Agreement signed with Varian Medical Systems
  • The Group show positive cash flow from operating activities in Q4 2010
  • Bookings of 16,55 MSEK (8,79 MSEK)
  • Profit after tax of - 9 838 kSEK (-10 251 kSEK)
  • Earnings per share after tax of -0,73 SEK (- 0,96 SEK)
  • Operating profit of -9 420 kSEK (-9 925 kSEK)
  • Equity ratio of 71 % (67 %)
  • Cash of 19 376 kSEK (3 981 kSEK)
  • Numbers of employees were 19 (18).

 

            Key events after the close of the reporting period

  • 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

 

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

“Both bookings and sales shoved heavy growth in 2010 compared to previous year with +88 % and +190 % respectively. We are happy to be able to show a positive cash flow from operating activities in Q4. Sales in Scandinavia where C-RAD is selling direct to the radiation therapy clinics and deliveries of diode detectors to IBA Dosimetry in Germany have developed well.

The agreement with Paracelsus Medical University at the University Clinic in Salzburg is an important milestone for C-RAD and its GEM technology. The intention is to clinically integrate the GEMini ED imaging detector on a linear accelerator from Elekta.

Bookings in the US did not meet expectations. The main reason was the C-RAD distributor who run into problems due to the financial crisis. The agreement was per 31 December 2010 terminated. C-RAD took the decision to start its own subsidiary in the US. A sales manager was hired. In parallel a new distributor agreement was signed with Aktina Medical Corporation.” 

 

See Mr. Erik Hedlund, President of C-RAD AB comment the financial year of 2010 on our webbsite www.c-rad.se

 

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