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Interim report January 1 – June 30, 2017

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RaySearch Laboratories AB (publ)

“In the first half of the year, net sales rose 25 percent to SEK 268 M (214). However, the operating margin declined to 22 percent (28) as a result of currency effects and increased selling expenses due to the expansion of our global sales and support organization. The University of Wisconsin-Madison has become a business partner for RayCare® and development activities are progressing according to plan,” says Johan Löf, President and CEO of RaySearch. 

SECOND QUARTER (APRIL-JUNE 2017) 

  • Net sales SEK 141.6 M (119.0), of which revenues from RayStation® SEK 127.6 M (107.8)  
  • Profit after tax SEK 20.1 M (28.8), and earnings per share before/after dilution SEK 0.59 (0.84) 
  • Operating profit SEK 26.8 M (37.5) 
  • Cash flow negative SEK 13.7 M (neg: 21.0) 
  • Order intake excl. service agreements SEK 108.8 M (129.1), of which RayStation SEK 98.0 M (120.8)  
  • At the end of the period, the order backlog for RayStation was SEK 36.0 M (65.2)

HALF-YEAR (JANUARY-JUNE 2017) 

  • Net sales SEK 268.4 M (214.4), of which RayStation SEK 240.0 M (188.6)  
  • Profit after tax SEK 46.4 M (46.6) and earnings per share SEK 1.35 (1.36) 
  • Operating profit SEK 60.3 M (60.8) 
  • Cash flow negative SEK 16.7 M (neg: 26.3)  
  • Order intake excl. service agreements SEK 213.7 M (211.0), of which RayStation SEK 191.8 M (193.4)

SIGNIFICANT EVENTS DURING THE SECOND QUARTER 

  • RayStation was selected by a number of leading cancer clinics, including Johns Hopkins/Sibley Memorial Hospital, MedStar Georgetown University Hospital and Mayo Clinic Hospital in the US, the Academic Medical Center (AMC) in the Netherlands and Salzburger Landeskliniken (SALK) in Austria. 
  • All functionality in RayStation® 6 for Pencil Beam Scanning (PBS) can now also be used for Mitsubishi Electric’s PBS systems.  
  • Another six proton therapy centers opted for RayStation during the second quarter bringing the total number of proton therapy centers that have chosen RayStation to 35, representing more than half of all global proton therapy centers. 
  • A long-term collaborative agreement for RayCare* was signed with the University of Wisconsin-Madison. 
  • The company’s credit facility was increased from SEK 100 M to SEK 350 M. 

NO SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD 

ABOUT RAYSEARCH
RaySearch Laboratories AB (publ) is a medical technology company that develops advanced software solutions for improved radiation therapy of cancer. The company develops and markets the RayStation treatment planning system to clinics all over the world and distributes the products through licensing agreements with leading medical technology companies. The company is also developing the next-generation oncology information system, RayCare, which comprises a new product area for RaySearch, and will be launched in 2017. RaySearch’s software is currently used by over 2,600 clinics in more than 65 countries. The company was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm and the share has been listed on Nasdaq Stockholm since 2003.

More information about RaySearch is available at www.raysearchlabs.com. 

FOR FURTHER INFORMATION, PLEASE CONTACT:
Johan Löf, President and CEO     Tel: +46 8 510 530 00  E-mail: johan.lof@raysearchlabs.com
Peter Thysell, CFO                     Tel: +46 70 661 05 59  E-mail: peter.thysell@raysearchlabs.com 

* Regulatory approval is required in some markets. 

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