Key events during 2013
•Net Sales:
•Jan-Dec 45 (25,8) MSEK +74%
•Okt-Dec 16,8 (11,4) MSEK +47%
•Order entry:
•Jan-Dec 50,3 (33,1) MSEK +52%
•Okt-Dec 18,4 (15,1) MSEK +22%
•EBITDA:
•Jan-Dec -14,3 (-13,6) MSEK
•Okt-Dec -1,6 (0,7) MSEK
•Loss after tax:
•Jan-Dec -20,7 (-19,4) MSEK
•Okt-Dec -2,4 (-1,5) MSEK
•Order back log amounted to 21,4 (14.8) MSEK
•Cash amounted to 10,3 (8) MSEK
•Positive cash flow from the operations in Q1 and Q4
•Large orders to China and Norway
•First orders for newly developed Catalyst HD System
•Promising Results with the Gemini Detector
•C-RAD paid back the loan from ALMI Företagspartner in December
•C-RAD and Elekta released the interface for Respiratory Gated Treatments
•New CEO and CFO in C-RAD AB started in Q3
•C-RAD signed a cooperation and distribution agreement with ScandiDos for the North American Market in Q2
•Cyrpa Acquisition in Q1
Key events after the reporting period
•Order of three systems from Azerbaijan
•The China Food and Drug Administration has approved the Sentinel System
Comments from Tim Thurn, CEO
“In 2013 C-RAD can for the first time show a positive cash flow during two quarters. Both, the first and the last quarter, operations generated a positive cash flow.
Bookings in Q4 summed up to 18,4 MSEK and therewith representing the strongest quarter in C-RAD’s history. The company is ending the year with more than 50 MSEK in bookings. Compared to the year before it is an increase of 52%.
One of the strategic targets in 2013 was to strengthen our direct sales force, covering key markets in North America, Europe and Asia. As a result, bookings in these territories have more than doubled.
Due to the strong deliveries in Q3 and Q4 the cash balance has improved. The order back log has increased compared to the end of the 3rd quarter. Revenues summed up to 45 MSEK. The finalization of the Interface for respiratory gating on Elekta linear accelerators gave C-RAD sales an additional push to offer Catalyst and Sentinel for upgrades of existing installations but also for new linac projects. The growth in 2013 came mainly from the sales of the patient positioning products – Catalyst, Sentinel and the Cyrpa lasers. In this segment we increased bookings with over 70% compared to 2012. The IBA production as well as the sales of IBA Dosimetry equipment remained on level with 2012.
C-RAD’s development had two targets for the Q4: The finalization of the Catalyst HD system and the GEMini Detector. The Catalyst HD is based on Catalyst technology however focused on the application for stereotactic treatments as well as for proton therapy. Immediately after the product release first orders from customers were placed. Catalyst HD targets the US market as well as high-end sites in Europe. The development of the Gemini detector progressed very well.
Even though we missed the objective of being able to present first clinical images before Christmas, the progress made us confident. The remaining parts are addressed and clinical images will be available within short time.
The change of the listing to NASDAQOMX Small Cap is in the last phase of its preparations. Our expectations are more international visibility for the C-RAD share and to attract more institutional investors. Institutions are mostly only allowed to invest in companies listed in the regulated markets.
We are starting with a strong sales organization and attractive product portfolio into the year 2014. We have had already a good start and are looking forward to continue to develop the company also in 2014.”
