STOCKHOLM, Jan. 28, 2021 /PRNewswire/ --

FOURTH QUARTER 2020

  • Order intake increased 39% to 122.1 (88.1) MSEK (43% in constant currencies).
  • Order backlog amounted to 350.5 (267.1) MSEK.
  • Revenue increased 46% to 74.3 (51.0) MSEK (49% in constant currencies).
  • Operating profit amounted to 9.8 (-0.5) MSEK, corresponding to a margin of 13.2 (-1.0) %.
  • Net results after tax amounted 12.5 (-12.5) MSEK.
  • Result per share amounted to 0.37 (-0.40) SEK.

FULL YEAR JAN - DEC 2020

  • Order intake increased 16% to 312.6 (269.8) MSEK (17% in constant currencies).
  • Revenue increased 8% to 221.6 (205.4) MSEK (9% in constant currencies).
  • Operating profit amounted to 17.1 (2.0) MSEK, corresponding to a margin of 7.7 (1.0) %.
  • Net results after tax amounted 14.4 (-13.8) MSEK.
  • Result per share amounted to 0.43 (-0.45) SEK.

CEO comment

We are closing the year with a record order intake, a record high revenue and all time high operating profit. Considering that the Covid-19 pandemic still had an impact on our business in various markets, we are pleased with the result. It confirms our long-standing belief, that motion management is on its way to become standard of care.

We had a strong growth in order intake during the fourth quarter. Especially China and North America contributed to the success. In both regions, C-RAD succeeded to secure large orders related to prestigious proton therapy projects.

Our business in Europe and APAC started to recover in the first half of 2020 after that pandemic related measures took precedence for the hospital administration in the beginning of the year.

China has shown very good annual growth rates over the past years. We continue to see a good potential in the business in China. The unmet demand for cancer care, especially outside the tier one cities, is significant and investments to build up local cancer care facilities are supported by the government. C-RAD has an excellent position in the market that allows us to further build our presence. The business in North America started to recover only during the third quarter and in the fourth quarter we could see the result of the sales efforts that we did during the year. Also, our partnership with Elekta in North America contributed to the strong order intake in the fourth quarter.

We are delivering order growth in all product categories. Our positioning products is the core of our business and it is encouraging to see its strong development. I also want to highlight the service business that grows at an even higher pace at 64 percent, as a consequence of a larger installed base but also an attachment rate on the rise. The success of the service business underlines our customers long-term engagement for our products and solutions and furthermore secures an important recurring revenue stream for the company.

Revenue grew significantly in the fourth quarter with 46 percent. As many countries were more selective in applying lock-down measures, more customers were willing to take deliveries as installations of our system resumed. APAC, China in particular, is the main contributor to the revenue growth both in the quarter and for the full year, which is a result of the strong order intake during the year. Operating expenses during the year is lower due to active decisions to reduce cost but also for natural reasons with less travel and less conventional marketing exhibitions. The growth in revenue in combination with cost discipline generated a record operating profit for the quarter of 9.8 MSEK, a margin of 13 percent, and 17.1 MSEK for the full year, a margin of 8 percent.

C-RAD ends the year with several positive factors for further success in terms of compelling solutions and a huge market potential supported by a great team, a solid financial platform and a record high order backlog.

We are proud of what we have achieved during the last year. I want to extend my appreciation to all C-RAD employees for great contributions during this very challenging but still successful year. We can continue to expect volatility in individual quarters, and it is still unknown what further impact Covid-19 might have, but I am convinced that we will continue to see a growing demand for our solutions in high precision radiation therapy. I am very much looking forward to the new year.

Tim Thurn, CEO

About C-RAD

C-RAD develops surface-guided imaging solutions for radiation therapy to allow highly accurate dose delivery to the tumor, and at the same time, to protect healthy tissue from unwanted exposure. Using high-speed 3D cameras combined with augmented reality, C-RAD supports the initial patient setup process and monitors the patient's motion during treatment to ensure high confidence, an efficient workflow, and improved accuracy. C-RAD monitors the patient's motion without the use of tattoos or additional imaging dose, to deliver the highest level of patient safety and comfort.

C-RAD. Inspiring excellence in cancer treatment.

C-RAD AB is listed on NASDAQ Stockholm.

For more information on C-RAD, please visit http://www.c-rad.com

For further information:

Tim Thurn, CEO C-RAD AB, Phone +46-18-666930, Email investors@c-rad.com

This information is information that C-RAD AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 08:30 CET on January 28th 2021.

 

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