Interim report January 1 - September 30, 2017

RaySearch Laboratories AB (publ)

“In the first nine months of the year, net sales rose 12 percent to SEK 380 M (340). The operating margin declined to 16 percent (29) due to lower growth for RayStation®, negative currency effects due to the weakening of the USD and higher costs due to the company’s investments in the global marketing organization and in research and development. The development of RayCare® is continuing as planned,” says Johan Löf, President and CEO of RaySearch. 

THIRD QUARTER (JULY-SEPTEMBER 2017) 

• Net sales SEK 111.7 M (125.7), of which revenues from RayStation SEK 99.1 M (112.6)  
• Loss after tax SEK 1.0 M (profit: 28.9) and loss per share before/after dilution SEK 0.03 (earnings: 0.84) 
• Operating profit SEK 0.7 M (38.5) 
• Cash flow SEK 1.2 M (neg: 4.2) 
• Order intake excl. service agreements SEK 102.0 M (101.1), of which RayStation SEK 92.8 M (91.2) 
• At the end of the period, the order backlog for RayStation was SEK 39.1 M (55.5)

NINE MONTHS (JANUARY-SEPTEMBER 2017) 

• Net sales SEK 380.1 M (340.1), of which revenues from RayStation SEK 339.1 M (301.2)  
• Profit after tax SEK 45.3 M (75.5) and earnings per share SEK 1.32 (2.20) 
• Operating profit SEK 60.9 M (99.3) 
• Cash flow negative SEK 15.5 M (neg: 30.4) 
• Order intake excl. service agreements SEK 315.7 M (312.1),of which RayStation SEK 284.6 M (284.6)

SIGNIFICANT EVENTS DURING THE THIRD QUARTER

• RayStation was selected by a number of leading cancer clinics, for example, CYCLHAD Hadrontherapy Center in France, OLVZ Aalst in Belgium and the University of Tsukuba in Japan. RayStation was also chosen by the University of Wisconsin-Madison and the Provision CARES proton therapy center in Nashville in the US. Provision CARES will be the first clinical ProNova proton system in the world. 
• A long-term collaborative agreement for RayCare* was signed with Provision Healthcare in the US.
• A partnership was also initiated with Neutron Therapeutics in the US and Sumitomo Heavy Industries in Japan for treatment planning for boron neutron capture therapy (BNCT).

NO SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD 

The information contained in the 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 November 22, 2017 at 7:45 a.m. CET.  

FOR FURTHER INFORMATION, PLEASE CONTACT: 

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. 

* Regulatory approval is required in some markets.

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