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Interim report January 1 – September 30, 2021

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“In the third quarter of 2021, license revenue rose 37 percent and support revenue rose 12 percent. Overall, net sales rose 15 percent and operating loss totaled SEK -27 M (-29)”, says Johan Löf, CEO of RaySearch.

THIRD QUARTER (JULY–SEPTEMBER 2021)

  • Order intake SEK 127.9 M (138.5)
  • Net sales SEK 136.4 M (119.1)
  • Operating loss SEK -26.6 M (-29.5)
  • Loss after tax SEK -22.0 M (-26.2)
  • Loss per share before/after dilution SEK -0.64 (-0.76)
  • Cash flow SEK -10.1 M (pos: 21.7)
  • Order backlog SEK 1,211.6 M (1,228.5) at the end of the period

FIRST NINE MONTHS (JANUARY–SEPTEMBER 2021)

  • Order intake SEK 462.7 M (615.6)
  • Net sales SEK 453.1 M (491.8)
  • Operating loss SEK -36.8 M (profit: 11.1)
  • Loss after tax SEK -31.3 M (profit: 5.1)
  • Loss per share before/after dilution SEK -0.91 (earnings: 0.15)
  • Cash flow SEK -51.6 M (pos: 83.4)

SIGNIFICANT EVENTS DURING THE THIRD QUARTER

  • The RayStation® treatment planning system was sold to more leading cancer centers, including National Cancer Centre Singapore (NCCS), Centro de Tratamiento e Investigación sobre cáncer Luis Carlos Sarmiento Angulo (CTIC) in Colombia, and Queen Elizabeth Hospital (QEH) in Hong Kong. In addition, Iridium Network in Belgium expanded its existing RayStation installation.
  • In September, Iridium Network in Belgium, one of RaySearch’s development partners for RayCare, decided to invest in RayCare as its primary oncology information system.
  • In September, RayStation was taken into clinical use together with Accuray’s CyberKnife therapy device at Centre hospitalier universitaire vaudois (CHUV) in Switzerland.

THE COVID-19 PANDEMIC

  • The COVID-19 pandemic with temporary reorganizations in healthcare also had a negative impact on sales in the third 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.

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

  • In October, RayCare was taken into clinical use with Accuray’s Radixact® treatment delivery system at Swiss Medical Network in Switzerland.
  • RaySearch and IBA are expanding their collaboration around proton therapy in the areas of FLASH radiotherapy, proton arc therapy and the treatment of tumors in motion.  
  • RaySearch and Mevion Medical Systems are expanding their collaboration on the development of treatment planning methods for FLASH radiotherapy with the Mevion S250i Proton Therapy System.
  • When access is granted to the new head office premises in the fourth quarter of 2021, total assets are expected to increase approximately SEK 466 M in accordance with IFRS 16.
  • Torbjörn Wingårdh was appointed new CFO of RaySearch as of November 15, 2021.

TELECONFERENCE IN CONJUNCTION WITH THE INTERIM REPORT

CEO Johan Löf and CFO Peter Thysell will present RaySearch’s interim report for January-September 2021 at a teleconference to be held in English on Thursday, November 18, 2021 at 10:00-10:30 a.m. CET.

For login details to the teleconference, please register on:
http://emea.directeventreg.com/registration/5435207

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 November 18, 2021 at 7:45 a.m. CET.

ABOUT RAYSEARCH

RaySearch is a medical technology company that develops innovative software solutions to improve cancer care. The company markets worldwide its treatment planning system RayStation® and next-generation oncology information system RayCare®*. The latest additions to RaySearch's product line are RayIntelligence® and RayCommand®. RayIntelligence is an oncology analysis system (OAS) that cancer clinics can use to collect, structure and analyze data. The treatment control system (TCS) RayCommand® is designed as a link between the treatment machine and the systems for dose planning and oncology information. RaySearch software is used in about 2,600 clinics in over 65 countries. The company was founded in 2000 and the share has been listed on Nasdaq Stockholm since 2003. More information about RaySearch is available at www.raysearchlabs.com.

* Subject to regulatory clearance in some markets.

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