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Interim report January 1 - June 30, 2020

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“In the second quarter, net sales declined 14 percent due to lower license sales as a result of COVID-19. Operating loss totaled SEK -11 M (29), however adjusted for currency conversion effects the operating profit would have been SEK 16 M (25). Cash flow was strong and totaled SEK 66 M (4)”, Johan Löf, CEO of RaySearch
 

SECOND QUARTER (APRIL-JUNE 2020)

  • Order intake SEK 177.1 M (370.6)
  • Net sales SEK 163.8 M (189.7)
  • Operating loss SEK -10.9 M (28.8)
  • Loss after tax SEK -9.2 M (21.8) and
    loss per share before/after dilution SEK -0.27 (earnings 0.64)
  • Cash flow SEK 65.9 M (4.1)
  • Order backlog SEK 1,185.8 M (1,043.1) at the end of the period

HALF-YEAR (JANUARY-JUNE 2020)

  • Order intake SEK 477.2 M (572.2)
  • Net sales SEK 372.6 M (362.7)
  • Operating profit SEK 40.6 M (52.0)
  • Profit after tax SEK 31.3 M (39.0) and
    earnings per share before/after dilution SEK 0.91 (1.14)
  • Cash flow SEK 61.7 M (2.3)

SIGNIFICANT EVENTS DURING THE SECOND QUARTER

  • The RayStation® treatment planning system was selected by several leading cancer centers, including Miami Cancer Institute, Asante Three Rivers Medical Center and the Medical University of South Carolina in the US, Southern TOHOKU BNCT Research Center in Japan, the National Cancer Institute in Thailand, Oncorad Garonne (Clinique du Pont De Chaume i Montauban) in France, and Chungnam National University Hospital in South Korea.
  • RaySearch and Varian Medical Systems concluded an interoperability agreement in order to connect the RayCare® oncology information system with Varian’s TrueBeam® linear accelerator.
  • RaySearch and TAE Life Sciences in the US initiated a collaboration regarding treatment planning in boron neutron capture therapy (BNCT) for TAE’s AlphaBeam® neutron system.
  • In June, RayStation 10A*, the latest version of RaySearch’s treatment planning system, was released, with major performance enhancements for proton therapy, new support for ocular proton therapy planning, and improved ability to generate treatment plans using machine learning in the Plan Explorer module.
  • In June, RayCare 4A*, the latest version of RaySearch’s oncology information system, was released, with new functionalities including dynamic team management, scripting support and an improved patient chart.
     

UPDATE REGARDING COVID-19

  • RaySearch expects that the COVID-19 pandemic will continue to have a significantly adverse effect on the company’s sales and earnings for several months to come, mainly because orders may be delayed.
  • Management is monitoring the situation closely and is prepared to take action if needed.
     

The information contained in this interim report is such that RaySearch Laboratories AB (publ) is obliged to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication on August 26, 2020 at 7:45 a.m. CET.
 

TELECONFERENCE IN CONJUNCTION WITH THE INTERIM REPORT

CEO Johan Löf and CFO Peter Thysell will present RaySearch’s interim report for January-June 2020 at a teleconference to be held in English on Wednesday, August 26, 2020 at 15:00-15:30 CET.

For login details to the teleconference, please register on:
http://emea.directeventreg.com/registration/6391624 
 

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
 

ABOUT RAYSEARCH
RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. The company develops and markets the RayStation treatment planning system and RayCare oncology information system to cancer centers all over the world and distributes the products through licensing agreements with leading medical technology companies. The company is also developing a new treatment control system, RayCommand, which is expected to be launched at the beginning of 2021. RaySearch’s software is currently used by over 2,600 centers 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 for trading on Nasdaq Stockholm since 2003.
More information about RaySearch is available at www.raysearchlabs.com

* Regulatory clearance is required in some markets.

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