RaySearch Laboratories AB (publ) interim report January 1 – September 30, 2016

 “Revenues from RayStation® rose 52 percent to SEK 113 M (74) and prospects for the rest of the year look favorable. The development of RayCare® is progressing as planned, and within short we will sign additional long-term collaboration agreements with world-leading cancer clinics regarding RayCare ,” says Johan Löf, CEO of RaySearch. 

THIRD QUARTER (JULY-SEPTEMBER, 2016) 

• Net sales SEK 125.7 M (100.6), of which RayStation SEK 112.6 M (73.9)  
• Profit after tax SEK 28.9 M (14.5) and earnings per share before/after dilution SEK 0.84 (0.42) 
• Operating profit SEK 38.5 M (20.1) 
• Cash flow negative SEK 4.2 M (neg: 6.5) 
• Order intake excl. service agreements SEK 101.1 M (109.0), of which RayStation SEK 91.2 M (89.6)  
• Order backlog for RayStation was SEK 55.5 M (59.3) at the end of the period
  

NINE MONTHS (JANUARY-SEPTEMBER, 2016) 

• Net sales SEK 340.1 M (265.6), of which RayStation SEK 301.2 M (190.9)  
• Profit after tax SEK 75.5 M (36.9) and earnings per share before/after dilution SEK 2.20 (1.08) 
• Operating profit SEK 99.3 M (51.0) 
• Cash flow negative SEK 30.4 M (neg: 8.8)  
• Order intake excl. service agreements SEK 312.1 M (267.3) of which RayStation SEK 284.6 M (214.0)

SIGNIFICANT EVENTS DURING THE THIRD QUARTER 

• RaySearch continued to win major orders from some of the world’s largest and most respected cancer clinics, including University Medical Center Groningen (UMCG) in the Netherlands, UZ Leuven University Hospital, UCL Saint-Luc University Hospital and AZ Sint-Jan Brugge-Oostende AV in Belgium, Queen Elizabeth Hospital Birmingham in the UK, and others.
• Strategic alliance with IBA to offer a comprehensive and integrated solution for adaptive radiation therapy using protons, and expanded partnership with Mevion in relation to RayCare and support for HYPERSCAN Adaptive Aperture.
• The company’s credit facility was increased from SEK 50 M to SEK 100 M, whereby mortgages were increased to SEK 100 M.
• Victoria Sörving, General Counsel, left the company in September.

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD 

•  Erik Hedlund resigned as Chairman and resigned from the Board on 17 November 2016. Carl Filip Bergendal was appointed new Chairman until the Annual General Meeting, which will be held on 24 May, 2017.

ABOUT RAYSEARCH 

RaySearch Laboratories is a medical technology company that develops advanced software solutions for improved radiation therapy of cancer. RaySearch develops and markets the RayStation treatment planning system to clinics all over the world and distributes 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 which 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 November 2003. More information about RaySearch is available at www.raysearchlabs.com.

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