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C-RAD AB: Year End report 2011

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Key events during 2011

  • IBA Dosimetry placed a frame order of 4,8 MSEK to C-RAD Imaging AB for deliveries of1 600 diode detectors in 2011 with an outcome of 6,0 MSEK.
  • Cooperation agreement signed with Skåne University Hospital and orders of seven Catalyst systems
  • A research agreement has been signed with Elekta
  • A new share issue with preferential rights of 32,6 MSEK, oversubscribed by 65%
  • New convertible loans signed with Norrlandsfonden
  • Six Catalyst systems have been installed
  • A letter of intent has been signed with a dosimetry company
  • A first order of a GEMini ED detector
  • Impairment loss of development GEMini
  • Sales of 14,9 MSEK (14,2 kSEK)
  • Bookings of 23,9 MSEK (16,6 MSEK)
  • Loss after tax of -42 607 kSEK (- 9 838 kSEK)
  • EBITA of -16,5 MSEK (-6,3 MSEK)
  • Earnings per share after tax of -2,68 SEK (- 0,80 SEK)
  • Equity ratio of 66 % (71 %)
  • Cash of 24 600 kSEK (19 376 kSEK)
  • Numbers of employees were 19 (21)

 

            Key events after the close of the reporting period

  • Two orders of C-RAD Sentinel from Elekta in China
  • A new frame agreement for 2012 signed with IBA Dosimetry to a value of 6,1 MSEK
  • A new cooperation agreement signed with Uppsala Akademiska Sjukhus

 

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

“Bookings during fourth quarter showed a strong growth. For 2011 orders to a value of 23, 9 MSEK were booked. An increase +45 % compared to 2010. Sales were in the same order as the year before. Most orders were booked end of the year and after first deliveries of the Catalyst system. A major part of bookings will be invoiced in 2012. Back log increased to 12, 8 MSEK.

To secure a strong growth in 2012 C-RAD has invested heavily in product development and in sales and marketing. These investments have had a temporarily negative effect on profit.

The cooperation with the university hospital in Salzburg has developed well. The performance of the GEMini system has been improved. A new plan for developments in 2012 has been agreed upon. Due this cooperation and investments in the field of dosimetry earlier investments at the subsidiary C-RAD Imaging AB have been questioned. After accomplished impairments tests C-RAD has decided to write-down capitalized developments at C-RAD Imaging AB.

As a result C-RAD is showing a loss of -42,6 MSEK compared to a loss of -9,8 MSEK 2010.

With a strong and innovative program introduced to the market, an improved market and sales organization and working technical and commercial relationships with the larger vendors in radiation therapy expectations in 2012 are high. Sales activities will be focused on key markets in Europe, North America and East Asia.”

 

 

For further information:

Erik Hedlund, CEO C-RAD AB, Phone +46 (0)18 66 69 31, E-mail erik.hedlund@c-rad.se

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