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Interim report January 1 – June 30, 2021

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“In the second quarter of 2021, net sales declined 6 percent due to lower license sales. Recurring support revenue rose 9 percent and accounted for 44 percent (38) of net sales. Operating loss amounted to SEK -22 M (-11)”, says Johan Löf, CEO of RaySearch.

SECOND QUARTER (APRIL–JUNE 2021)

  • Order intake SEK 189.8 M (177.1)
  • Net sales SEK 154.6 M (163.8)
  • Operating loss SEK -22.5 M (-10.9)
  • Loss after tax SEK -16.5 M (-9.2)
  • Loss per share before/after dilution SEK -0.48 (-0.27)
  • Cash flow SEK -74.4 M (65.9)
  • Order backlog SEK 1,213.4 M (1,185.8) at the end of the period

FIRST HALF-YEAR (JANUARY–JUNE 2021)

  • Order intake SEK 334.9 M (477.2)
  • Net sales SEK 316.7 M (372.6)
  • Operating loss SEK -10.2 M (40.6)
  • Loss after tax SEK -9.4 M (31.3)
  • Loss per share before/after dilution SEK -0.27 (0.91)
  • Cash flow SEK -41.6 M (61.7)

SIGNIFICANT EVENTS DURING THE SECOND QUARTER

  • The RayStation® treatment planning system was sold to several leading cancer centers, including the Atrium Health Carolinas Medical Center and the Radiation Center of Greater Nashua in the US, the Institute de Cancerologie Jean Godinot in France, the German Oncology Center in Cyprus, and the Higashi Omi City Gamo Medical Center in Japan.
  • The Centre hospitalier universitaire vaudois (CHUV) has purchased the RayCare® oncology information system and the RayIntelligence® data analytics system, and also expanded its RayStation installation with functionality for automatic planning and segmentation with machine learning as well as planning for Accuray’s CyberKnife® system.
  • In March 2021, RaySearch breached an EBITDA-based covenant in the company’s credit facility with Skandinaviska Enskilda Banken (SEB) with a credit limit of SEK 350 M. As a consequence, the amount of credit withdrawn of SEK 50 M was repaid in April. Now the company meets the covenants and the credit facility is thus available for utilization.
  • RaySearch has signed a sales agent agreement with Canon Medical Systems USA, Inc., enabling RaySearch America’s salesforce to promote Canon Medical’s Aquilion Large Bore CT and Celesteion PET/CT products.
  • RayStation 11A was released in May, the latest version of RaySearch’s treatment planning system, with support for Accuray’s CyberKnife system, prescription of specific dose levels to multiple tumors, the use of multiple GPUs in Monte Carlo simulation for photons, and improved integration with RayCare and RayCommand.
  • RayCare 5A was released in May, the latest version of RaySearch’s oncology information system, with support for Accuray’s CyberKnife® system, radiation therapy prescriptions, a new whiteboard that provides an overview of patient treatments, configurable forms, and a number of enhancements to task management, scheduling and automation.
  • In June, RayStation 9 was granted regulatory clearance in China – a significant growth market for RaySearch.

THE COVID-19 PANDEMIC

  • The COVID-19 pandemic with temporary reprioritizations in healthcare continued to have a negative impact on sales in the second quarter. RaySearch expects that the negative effects of the COVID-19 pandemic on the company’s sales and earnings will continue for some months to come, mainly because orders may be delayed.

NO SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

TELECONFERENCE IN CONJUNCTION WITH THE INTERIM REPORT

CEO Johan Löf and CFO Peter Thysell will present RaySearch’s interim report for January-June 2021 at a teleconference to be held in English on Wednesday, August 25, 2021 at 4:00-4:30 p.m. CEST.

For login details to the teleconference, please register on:
http://emea.directeventreg.com/registration/3790384
 

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

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 25, 2021 at 7:45 a.m. CEST.

ABOUT RAYSEARCH

RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. The company markets worldwide its treatment planning system RayStation and next-generation oncology information system RayCare*. In December 2020, the company also launched a new treatment control system, RayCommand*, as well as the data anlytics system, RayIntelligence*. RaySearch’s software is currently used by more than 2,600 cancer 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.

* Marketing clearance is required in some markets.

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