Kvartalsrapport Q1 2023

===== SIDA 1 =====

C-RAD AB January – March 2023 
Interim report 
May 5, 2023 
  
A solid start of the year with strong revenue 
growth and increased profitability 
First quarter January – March 2023   
• Order intake increased 12 percent to 91.4 (81.5) 
MSEK (5 percent in constant currencies). 
• Order backlog amounted to 649,3 (451,6) MSEK. 
• Revenue increased 50 percent to 84.4 (56.3) 
MSEK (36 percent in constant currencies). 
• EBIT amounted to 6.4 (0.2) MSEK, corresponding 
to a margin of 7.5 (0.3) percent.  
• Cash flow from operating activities amounted to 
-11,9 MSEK (-4,9 MSEK) 
• Net earnings amounted to 3.2 (-1.2) MSEK. 
• Earnings per share amounted to 0.10 (-0,04) SEK 
 
 
Group summary 
 
Order Intake and Revenue 
 
Full Year
MSEK 2023 2022 Change 2022
Order intake 91,4 81,5 12% 484,6
Revenues 84,4 56,3 50% 301,3
Gross profit 55,0 36,2 52% 195,2
Gross margin (%) 65 64 65
EBIT 6,4 0,2 21,8 *
EBIT (%) 7,5 0,3 7,2 *
Net earnings 3,2 -1,2 7,5
Earnings per share (SEK) 0,10 -0,04 0,22
Cash flow from operating activities -11,9 -4,9 9,7
Cash 105,2 115,5 -9% 121,9
Order backlog 649,3 451,6 44% 616,0
   out of which Products 364,4 229,5 59% 355,7
   out of which Services 284,9 222,1 28% 260,3
* Excluding non-recurring expenses relating to a change of management, EBIT for the year amounted to 26.1 
(36.0) MSEK, corresponding to a EBIT (%) of 8.6 (13.8)%
Q1, January - March 
0
50
100
150
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023
MSEK Revenue Order intake
Q1

===== SIDA 2 =====

C-RAD AB, Interim report, January – March 2023  2 
 
 
CEO Comment  
Our focus during the first quarter has 
been on growing revenue and managing 
costs. The activity levels in the markets 
are getting back to normal levels prior 
to covid and we can see an unmet de-
mand for Surface Guided Radiation 
Therapy. Against a backdrop of contin-
ued challenging global macroeconomic 
conditions, we have a solid start of the 
year. 
 
In the first quarter, we grew our revenues by 50 percent 
compared with the same period last year. The order intake 
was 12 percent better than the same period last year, leav-
ing us with an order backlog of 649 MSEK by the end of the 
quarter. All regions increased their revenues and in partic-
ular APAC, as the Chinese market is continuing its journey 
back to a pre-covid situation.  
The gross profit margin is on a healthy level of 65 (64) per-
cent. The strive towards profitable growth continues and 
this is further visualised in the EBIT-margin of 7.5 (0.3) per-
cent. Due to our strong order backlog, in combination with 
the need to secure fast deliveries, we have decided to in-
crease our stock levels resulting in a negative impact on 
the cashflow. 
 
“There is unmet demand in all mar-
kets, both developing and ad-
vanced markets.” 
The interest in Surface Guided Radiation Therapy (SGRT) 
continues to be high across the regions. There is unmet de-
mand in all markets, both developing and advanced mar-
kets. The year started off well, with a prestigious 8 MSEK 
win with the leading German radiotherapy practice 
Nordstrahl. Despite economic headwinds, we see signifi-
cant demand for SGRT systems in the EMEA market, with 
an 18 percent growth in order intake and a 48 percent 
growth in revenue. APAC continues to perform well, with a 
revenue growth of 64 percent, strengthened by China con-
tinuing to get back to normal.  
Despite facing a market situation with cost increases im-
pacting the speed of investment decisions, Americas was 
showing growth. The renewal and expansion of the multi-
year services agreement with a radiation oncology network 
in Missouri, US, was in line with our ambition to increase 
services as well as growing the business in the US. Our ser-
vices team has been active in installing new systems and 
training customer’s staff in the hospitals and clinics. The or-
der intake for Services grew 21 percent in the first quarter 
compared to the same period last year. A good comple-
ment is our further enhanced cost-effective online training 
portal, eDucation. 
  
“We will continue to invest and de-
liver on our strategy for profitable 
growth.” 
After the end of the quarter, we got yet another confirma-
tion of the importance of our state-of-the art radiation 
therapy systems. Australian Cancer Care Associates (CCA) 
selected C-RAD for their clinics across Australia. Together 
with our partner Gamma Gurus Pty Ltd, we will be support-
ing them in making SGRT available in all clinics across the 
CCA network to an order value of approximately 23 
MSEK. 
My first quarter as CEO has indeed been very active and re-
warding. I continue to be impressed by our passionate and 
skilled team. As I have travelled to the regions there has 
also been an opportunity for me to receive direct feedback 
from our customers. Our ability to increase efficiency in 
the treatment workflow and the user-friendliness is well 
received by the customers’ clinical staff. Looking ahead, we 
will continue to invest and deliver on our strategy for prof-
itable growth. Together with our industrial partners and 
network of distributors, we are able to make a difference 
in ensuring the best possible care for cancer patients 
around the world. 
 
Uppsala May 5, 2023  
 
Cecilia de Leeuw, CEO,  
C-RAD AB

===== SIDA 3 =====

C-RAD AB, Interim report, January – March 2023  3 
 
Financial development 
Revenues and order intake  
Order intake 
Order intake for the first quarter amounted to 91.4 
(81.5) MSEK, a growth of 12 percent. In constant 
currencies, order intake increased 5 percent compared 
with the same quarter of 2022.  
 
Order intake in EMEA grew by 18 percent to 43.6 MSEK.  
An order from the radiotherapy practice Nordstrahl in 
Germany contributed with 8 MSEK to the order intake 
and in part it explains the increase from last year. Order 
intake in the Americas increased 1 percent to 20,5  
MSEK. In APAC, order intake increased 12 percent to 
27,4 MSEK. The APAC-region was opening up after the 
COVID restrictions during early 2022, and the first quar-
ter last year the order intake was thereby still affected 
by the pandemic.  
By category, the order intake for the core business, 
Products amounted to 60.4 MSEK in the quarter, an 
increase of 8 percent compared to the same period last 
year. The order intake for Services grew 21 percent to 
30.0 MSEK. 
Revenues 
Revenues grew 50 percent to 84.4 (56.3) MSEK in the 
first quarter. In constant currencies, the growth was 36 
percent.  
The revenues increased in all regions. Revenues in 
EMEA increased 48 percent to 44.3 (30.0) MSEK, reve-
nues in the Americas increased 39 percent to 17.7 (12,7) 
MSEK and revenues in APAC increased 64 percent to 
22.4 (13.7) MSEK. Per category, 82 percent of the reve-
nues referred to products and 18 percent to Services.  
Seasonality  
There is a seasonal pattern in C-RAD’s operations. The 
second half of the year is usually the strongest period, 
both in terms of order intake and revenue. This is due to 
the fact that a large number of customers are hospitals 
and clinics, which have annual budgets aligned to the 
calendar year. Delivery capacity and periods of 
restricted access to hospitals may also bring additional 
volatility. As a large part of C-RAD’s cost base is fixed, 
fluctuations in revenue have a direct impact on the 
quarterly operating profit. Volatility in order intake 
between quarters and markets is to be expected in  
C-RAD’s business. 
Order backlog and order conversion rate  
The order backlog represents orders that have been re-
ceived but not delivered and invoiced. The backlog 
amounted to 649.3 (451.6) MSEK at the end of the quar-
ter, an increase of 44 percent compared with same time 
last year. From the total order backlog, 364.4 (229.5) 
MSEK relates to products and 284.9 (222.1) MSEK re-
lates to service contracts, with the order backlog for 
products increasing by 59 percent and the order backlog 
for service and support contracts increasing by 28 per-
cent.  
The average delivery time depends on several factors 
and varies between periods. As regards products, the 
weighted average delivery time was six months in the 
first quarter. This was the time from the receipt of an 
order until delivery was made, and thus revenue recog-
nized. As regards services, these contracts can be up to 
eight years, while the most common service contract 
period is three to five years. 48.0 MSEK, or 17 percent, 
of the order backlog for Services, will be recognized as 
revenue within 12 months, as service contracts are rec-
ognized as revenue over the contract period.  
Order Backlog 
  
0
100
200
300
400
500
600
700
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023
MSEK
Products Services
Order Intake January – March  
By Region By Category  
  
 
   
Revenue January – March  
By Region By Category  
  
 
0
25
50
75
Americas EMEA APAC
MSEK
Q1-22 Q1-23
0
25
50
75
Products Services
MSEK
Q1-22 Q1-23
0
10
20
30
40
50
Americas EMEA APAC
MSEK
Q1-22 Q1-23
0
10
20
30
40
50
60
70
80
Products Services
MSEK
Q1-22 Q1-23

===== SIDA 4 =====

C-RAD AB, Interim report, January – March 2023  4 
 
Results 
Gross profit  
The gross profit margin was 65 (64) percent during the 
first quarter. Fluctuations in gross profit can be ex-
pected between quarters, as it is dependent on the 
product mix and the division between direct and indi-
rect sales channels in our various markets. 
Other external expenses  
Other external expenses amounted to 21.3 (14.9) MSEK 
for the first quarter. The increase is mainly explained by 
increased travel costs related to the higher order intake 
and increased sales activities, costs related to the use of 
external consultants in our R&D projects and costs re-
lated to the change of CFO and other staff changes 
within the CFO office.  
C-RAD has external expenses in foreign currencies, pri-
marily USD and EUR. The first quarter was not signifi-
cantly impacted by currency exchange rate changes.  
Personnel expenses 
Personnel expenses for the quarter amounted to 30.4 
(21.2) MSEK. The company has during the second half of 
2022 strengthened the organization, primarily within 
sales and services but also within R&D. Consequently, 
the increase by 9.2 MSEK is partly explained by a higher 
number of employees in the first quarter 2023 com-
pared to the corresponding quarter in 2022. The large 
increase in revenue in the quarter is also reflected in in-
creased costs for sales commission and bonus. 
The personnel expenses in the first quarter were also af-
fected by costs for salary increases, which in turn were 
impacted by the high inflation rate this year. 
A major part of C-RADs personnel expenses is in foreign 
currencies, primarily USD and EUR. The slightly weak-
ened Swedish krona against the euro during the first 
quarter increased personnel expenses by 0.8 MSEK.  
The number of employees was 80 at the end the first 
quarter, compared with 70 at the end of the corre-
sponding period in 2022.  
Other operating income/expenses  
The main composition of other operating income and 
expenses relates to fluctuations in exchange rates, and 
thus the revaluation of balance sheet items, as further 
described in Note 2.  
Capitalized development costs  
Capitalizations during the quarter amounted to 4.0 (1.7) 
MSEK. The capitalizations are related to development 
costs for our products. The increase compared with the 
same period last year is mainly explained by the invest-
ment in R&D resources. External consultants were en-
gaged in the development work to a greater extent than 
last year. The amortization of capitalized development 
costs amounted to 0.9 (1.2) MSEK during the quarter.  
Total capitalized development costs amounted to 24.5 
(16.4) MSEK at the end of the quarter.  
EBIT and Net earnings  
EBIT for the quarter amounted to 6.4 (0.2) MSEK, corre-
sponding to a margin of 7.5 (0.3) percent.  
Net earnings amounted to 3.2 (-1.2) MSEK in the first 
quarter, corresponding to 0.10 (-0.04) SEK per share.  
The tax expense was 3.1 (1.3) MSEK for the first quarter. 
At the end of the quarter the deferred tax receivables 
were 0.0 (11.8) MSEK. 
Cash flow and Net financial income  
In the first quarter, cash flow from operating activities 
was negative, -11.9 (-4.9) MSEK. The working capital 
had a negative impact of -20.4 (-7.4) MSEK on the cash 
flow in the quarter; explained in part by deliveries exe-
cuted and invoiced at the end of the quarter, and thus 
increased accounts receivables, and in part by a higher 
inventory level to secure continued future delivery ca-
pacity. 
The cash flow from investing activities was -4.0 (-1.7) 
MSEK. Cash flow from financing activities was -0.9 (-0.8) 
MSEK. The net decrease in cash and cash equivalents in 
the quarter was -16.9 (-7.4) MSEK.  
Total liquid funds amounted to 105.2 (115.5) MSEK at 
the end of the period. In addition, the company has an 
unused credit facility of 20 MSEK.  
Net financial income for the quarter amounted to 0.0 (-
0.1) MSEK. The company has no external debt nor uses 
factoring, hence the negligible financial expense relating 
primarily to the use of letters of credit to secure pay-
ments from customers.

===== SIDA 5 =====

C-RAD AB, Interim report, January – March 2023  5 
 
Other information 
Legal disputes  
On July 1st, 2021, the Patent and Market Court rejected 
a claim from a former employee for compensation for 
an invention made during their employment. Further-
more, the court verdict states that the former employee 
must bear C-RAD’s legal fees, amounting to 3.1 MSEK, 
which will be recognized in the income statement when 
refunded. The verdict was appealed by the counterparty 
on July 22nd, 2022. The appeal is scheduled to be heard 
in May 2023. 
All expenses for the disputes are recognized as a cost 
when they arise.  
Significant risks and uncertainties  
Reference is made to the Annual Report 2022 for signifi-
cant risks and uncertainties.  
Significant events during the first  
quarter  
• Christoffer Herou was appointed new CFO in January. 
He took up his post in May 2023. 
•  A radiation oncology network in Missouri, U.S. signed 
a premium full care service support agreement for 
their C-RAD surface guided radiation therapy (SGRT) 
systems. This was an extension and expansion of an 
existing agreement, and the order value was approxi-
mately 8,8 MSEK. The new agreement starts in au-
tumn 2023. 
• Nordstrahl, a leading radiotherapy practice in Nurem-
berg, Germany, signed an order for the Catalyst+HD™ 
and Sentinel 4DCT™. The order includes multiple sys-
tems, along with a multiyear service agreement. The 
order value was approximately 8,3 MSEK. Delivery 
and installation are expected to commence before the 
end of the year. 
• C-RAD’s board proposes to the 2023 AGM, that no 
dividend be paid for the 2022 financial year. 
Significant events after the quarter  
• C-RAD announced a new order for Catalyst+HD™ and 
Sentinel 4DCT™ from Australian Cancer Care Associ-
ates (CCA). The total order value is approximately 23 
MSEK and delivery and installation are expected to 
take place over the coming two years, starting second 
half of 2023. 
Parent company  
No operations are conducted in the Parent Company ex-
cept for Group Management and administration. For 
the first quarter of 2023, revenues for the Parent Com-
pany amounted to 7.3 (7.0) MSEK and EBIT was -6.3 
(0.1) MSEK.  
Annual report  
The 2022 Annual report is published on C-RAD’s web-
site. https://c-rad.com/investors/ 
Annual General Meeting  
The 2023 Annual General Meeting of C-RAD AB will be 
held in Uppsala on May 5, 2023 at 14:00 CET (at the 
same day as this report was published).  
Dividend  
C-RAD’s Board of Directors proposes to the 2023 AGM 
that no dividend to be paid for the 2022 financial year. 
Financial calendar  
• May 5: 2023 Annual General Meeting  
• July 20: Interim report Q2 2023  
• October 27: Interim report Q3 2023  
• February 2, 2024: Year-End Report 2023 
Shareholders  
A current list of shareholders is available via the follow-
ing link:  
https://c-rad.com/investors/shareholders-se/ 
Outlook 
We remain confident in our opportunities in the market 
and are convinced that C-RAD is well positioned to take 
advantage of this opportunity. C-RAD’s technology helps 
to minimise the risks involved in radiation therapy and 
contributes to improved quality of life for cancer pa-
tients and more can be cured. The company has a clear 
strategy to increase sales of its technology, which is be-
coming established as the standard of care. 
Certification by the CEO  
The Chief Executive Officer of C-RAD AB confirms that 
this report provides a true and fair view of the Group’s 
operations, financial position and earnings, and pro-
vides an overview of the significant risks and uncertain-
ties faced by the Parent Company and the Group com-
panies. 
If there are any deviations between the reports in Eng-
lish and Swedish, the Swedish version shall prevail. 
Uppsala May 5 2023 
 
Cecilia de Leeuw, CEO 
This report has not been reviewed by the company auditors.

===== SIDA 6 =====

C-RAD AB, Interim report, January – March 2023  6 
 
 
 
Consolidated income statement in brief 
Q1 Q1 Full Year
MSEK 2023 2022 2022
Revenues 84,4 56,3 301,3
-29,4 -20,2 -106,1
Gross profit 55,0 36,2 195,2
Gross profit margin 65% 64% 65%
Other external expenses -21,3 -14,9 -75,8
Personnel expenses -30,4 -21,2 -103,3
Capitalized development costs 4,0 1,7 10,1
Depreciation -2,3 -2,6 -10,1
Other operating income/expenses 1,3 1,0 5,7
Total operating expenses -48,7 -36,0 -173,4
Earnings before interest and taxes 6,4 0,2 21,8
Financial income 0,0 0,0 0,2
Financial costs 0,0 -0,1 -0,4
Earnings before taxes 6,3 0,1 21,5
Tax -3,1 -1,3 -14,0
Net earnings 3,2 -1,2 7,5
(Attributable to Parent company´s shareholders) 
Results per share before dilution 0,10 -0,04 0,22
Results per share after dilution 0,10 -0,04 0,22
Consolidated statement of comprehensive income
Q1 Q1 Full Year
MSEK 2023 2022 2022
Net income 3,2 -1,2 7,5
Other comprehensive income 
Income/expenses recognized in equity
Exchange differences on translating foreign operations 0,2 0,7 3,0
Other comprehensive income of the period (after tax) 3,4 -0,5 10,4
Total comprehensive income for the period 3,4 -0,5 10,4
Raw material and consumables
(Attributable to Parent company´s shareholders)

===== SIDA 7 =====

C-RAD AB, Interim report, January – March 2023  7 
 
  
Segment reporting
MSEK Q1 Q1 Full Year
Revenue per region 2023 2022 2022
Americas 17,7 12,7 70,6
EMEA 44,3 30,0 147,5
APAC 22,4 13,7 83,3
Total 84,4 56,3 301,3
Revenue per category
Products 69,2 45,9 252,2
Services 15,2 10,4 49,2
Total 84,4 56,3 301,3
Segment reporting is based on the same accounting principles as applied in the consolidated financial statements for 2021.

===== SIDA 8 =====

C-RAD AB, Interim report, January – March 2023  8 
 
 
  
Consolidated balance sheet in brief
MSEK 31-03-2023 31-03-2022 31-12-22
Non-current assets
Intangible assets 24,6 17,3 21,7
Tangible assets 2,8 3,1 3,1
Right-of-use assets 5,8 8,9 7,0
Long-term receivables 0,0 0,0 0,0
Deferred tax receivables 0,0 11,8 0,2
Total non-current assets 33,2 41,0 32,0
Current assets
Inventory 46,7 25,9 40,0
Current receivables 152,1 119,1 145,2
Cash and liquid assets 105,2 115,5 121,9
Total current assets 304,0 260,5 307,1
Total assets 337,1 301,5 339,2
Equity and liabilities
Equity 245,9 230,6 242,5
Non-current liabilities
Long-term lease liabilities 3,2 6,0 4,1
Total non-current liabilities 3,2 6,0 4,1
Current liabilities
Current liabilities 88,1 64,9 92,6
Total current liabilities 88,1 64,9 92,6
Total equity and liabilities 337,1 301,5 339,2

===== SIDA 9 =====

C-RAD AB, Interim report, January – March 2023  9 
 
 
 
 
Consolidated cash flow statement in brief
Q1 Q1 Full Year
MSEK 2023 2022 2022
Earnings before interest and taxes 6,4 0,2 21,8
Adjustment for non-cash items 2,3 2,4 9,9
Interests received 0,0 0,0 0,0
Interest paid -0,1 0,0 -0,2
Tax paid -0,1 0,0 0,0
8,5 2,5 31,5
Changes in working capital, whereof -20,4 -7,4 -21,8
  Change in inventory -6,7 -8,7 -22,8
  Change in operating receivables -6,8 5,4 -20,8
  Change in operating payables -6,9 -4,1 21,8
Cash flow from operating activities -11,9 -4,9 9,8
Investments -4,0 -1,7 -11,2
Cash flow from investing activities -4,0 -1,7 -11,2
Premiums received for warrants 0,0 0,0 1,0
Amortization of lease liabilities -0,9 -0,8 -3,4
Cash flow from financing activities -0,9 -0,8 -2,4
Net increase (decrease) in cash and cash equivalents -16,9 -7,4 -4,0
Cash and liquid assets at beginning of period 121,9 122,4 122,4
Exchange rate differences 0,1 0,5 3,5
Cash and liquid assets at end of period 105,2 115,5 121,9
Change in group equity
Q1 Q1 Full Year
MSEK 2023 2022 2022
Opening balance 242,5 231,1 231,1
Warrants program 0,0 0,0 1,0
New share issue 0,0 0,0 0,0
Cost of share issue 0,0 0,0 0,0
Changes in the period 0,0 0,0 1,0
Total comprehensive income for the period 3,4 -0,5 10,4
Closing balance at end of period 245,9 230,6 242,5

===== SIDA 10 =====

C-RAD AB, Interim report, January – March 2023  10 
 
  
Parent Company income statement in brief
Q1 Q1 Full Year
MSEK 2023 2022 2022
Revenues 7,3 7,0 28,9
Operating expenses -13,5 -6,9 -29,7
Earnings before interest and taxes -6,3 0,1 -0,8
Financial items 0,0 0,0 21,3
Earnings before taxes -6,3 0,1 20,5
Tax 0,0 0,0 -4,2
Net earnings -6,3 0,1 16,3
Parent Company balance sheet in brief
MSEK 31-03-2023 31-03-2022 31-12-2022
Intangible assets 0,0 0,8 0,1
Tangible assets 0,3 0,4 0,3
Financial assets 218,2 175,9 205,4
Deferred tax asset 0,0 4,2 0,0
Total non-current assets 218,5 181,3 205,9
Current receivables 4,5 3,3 4,9
Cash and liquid assets  43,1 62,0 59,2
Total assets 266,1 246,7 270,0
Equity and liabilities
Equity 253,1 242,2 259,4
Total current liabilities 12,9 4,5 10,6
Total equity and liabilities 266,1 246,7 270,0

===== SIDA 11 =====

C-RAD AB, Interim report, January – March 2023  11 
 
  
Group summary per quarter
Income Statement
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2023 2022 2022 2022 2022 2021 2021 2021 2021
84,4 98,8 83,5 62,7 56,3 77,4 63,2 60,5 60,0
-29,4 -34,2 -29,7 -22,0 -20,2 -26,5 -22,9 -22,6 -23,5
55,0 64,6 53,8 40,7 36,2 50,9 40,3 37,9 36,6
65% 65% 64% 65% 64% 66% 64% 63% 61%
-21,3 -25,6 -16,6 -18,6 -14,9 -14,5 -12,4 -12,7 -12,8
-30,4 -34,2 -24,3 -23,6 -21,2 -20,1 -18,0 -17,6 -16,0
4,0 4,0 2,0 2,4 1,7 1,1 1,1 1,2 1,1
-2,3 -2,5 -2,5 -2,5 -2,6 -2,5 -2,5 -2,4 -2,4
1,3 0,0 2,3 2,4 1,0 0,1 0,3 -0,5 -0,2
-48,7 -58,4 -39,2 -39,9 -36,0 -35,9 -31,5 -31,9 -30,3
Earnings before interest and taxes 6,4 6,2 14,6 0,8 0,2 14,9 8,8 6,0 6,2
0,0 -0,2 -0,3 0,0 -0,1 -0,1 -0,1 0,0 -0,1
Earnings before taxes 6,3 6,0 14,3 0,8 0,1 14,9 8,7 6,0 6,2
-3,1 -1,8 -7,2 -3,7 -1,3 -3,5 -3,8 -0,4 -3,0
Net earnings 3,2 4,2 7,1 -2,9 -1,2 11,4 4,9 5,6 3,2
Balance Sheet
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2023 2022 2022 2022 2022 2021 2021 2021 2021
Non-current assets 33,2 32,0 31,3 37,7 41,0 42,6 47,5 50,3 50,9
Current assets 304,0 307,1 281,6 270,7 260,5 264,1 238,0 228,2 221,2
Total assets 337,1 339,2 312,9 308,4 301,5 306,7 285,4 278,5 272,1
Equity 245,9 242,5 240,3 231,2 230,6 231,1 219,6 213,8 208,4
Non-current liabilities 3,2 4,1 4,5 5,3 6,0 6,4 7,1 7,3 7,0
Current liabilities 88,1 92,6 68,0 71,8 64,9 69,2 58,8 57,3 56,7
Total equity and liabilities 337,1 339,2 312,9 308,4 301,5 306,7 285,4 278,5 272,1
Cash Flow Statement
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2023 2022 2022 2022 2022 2021 2021 2021 2021
Operating cashflow -11,9 31,8 -10,7 -6,4 -4,9 13,1 -0,5 4,3 1,3
Cashflow from investing activities -4,0 -5,0 -2,0 -2,5 -1,7 -1,2 -2,2 -1,2 -1,2
Cashflow from financing activities -0,9 -0,9 -0,9 0,2 -0,8 -0,8 -0,8 -0,3 3,0
Total cash flow -16,9 25,9 -13,7 -8,7 -7,4 11,1 -3,5 2,7 3,1
Personnel expenses
Revenues
Cost of Sale
Gross Profit
Gross margin
Other external expenses 
Tax
(Attributable to Parent Company´s shareholders) 
Capitalized development costs
Depreciation  
Other operating income/expenses 
Operating expenses 
Financial items. net

===== SIDA 12 =====

C-RAD AB, Interim report, January – March 2023  12 
 
 
  
Key Ratios
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2023 2022 2022 2022 2022 2021 2021 2021 2021
Total order intake (MSEK) 91,4 216,6 80,9 105,6 81,5 132,9 82,1 72,3 66,3
Quarterly change (%)    -58% 168% -23% 30% -39% 62% 14% 9% -46%
Change compared to same period last year (%) 12% 63% -1% 46% 23% 9% 2% 16% 39%
Total Revenues (MSEK) 84,4 98,8 83,5 62,7 56,3 77,4 63,2 60,5 60,0
Quarterly change (%)    -15% 18% 33% 11% -27% 23% 4% 1% -19%
Change compared to same period last year (%) 50% 34% 32% 4% -6% 4% 20% 41% 16%
Gross Margin (percent of Revenues) 65% 65% 64% 65% 64% 66% 64% 63% 61%
Operating profit-margin (percent of Revenues) 8% 6% 18% 1% 0% 19% 14% 10% 10%
Profit margin (percent of Revenues) 4% 4% 9% -5% -2% 15% 8% 9% 5%
0,10 0,12 0,21 -0,09 -0,04 0,34 0,15 0,17 0,09
Equity per share before dilution (SEK)  7,28 7,18 7,12 6,85 6,83 6,85 6,51 6,34 6,17
Equity per share after dilution (SEK)  7,28 7,18 7,12 6,85 6,79 6,84 6,50 6,33 6,17
Equity/asset ratio (%) 73% 72% 77% 75% 76% 75% 77% 77% 77%
Cash Balance (MSEK) 105,2 121,9 95,6 108,3 115,5 122,4 111,0 114,1 111,6
Number of employees at end of period  80 79 79 70 70 66 65 64 57
Average number of outstanding shares (millions) 33,8 33,8 33,8 33,8 33,8 33,7 33,7 33,7 33,7
Average number of diluted shares (millions) 33,8 33,8 33,8 33,8 33,9 33,8 33,8 33,8 33,8
Number of outstanding shares at end of period 
(millions) 33,8 33,8 33,8 33,8 33,8 33,8 33,8 33,8 33,8
Number of outstanding warrants at end of period 
(millions) 0,2 0,2 0,2 0,2 0,2 0,2 0,2 0,2 0,2
Earnings per share before dilution (SEK)

===== SIDA 13 =====

C-RAD AB, Interim report, January – March 2023  13 
 
Notes 
Note 1. Accounting policies  
This interim report is prepared, for the Group, in ac-
cordance with IAS 34, RFR1 “Redovisning för koncerner” 
and the Swedish Annual Accounts Act and, for the Par-
ent company, the Swedish Annual Accounts Act and RFR 
2. The accounting principles applied are consistent with 
what is stated in Note 1 in the Annual Financial State-
ments for 2022.  
Note 2. Exchange rates  
The financial statements are presented in SEK, the func-
tional currency of C-RAD. Sales and orders are largely 
generated in foreign currency, mainly EUR and USD and, 
in addition, foreign subsidiaries and associates are in-
cluded in the consolidation. Orders, order backlog and 
income statement are translated at the period-average 
exchange rate while balance sheet items are translated 
at the closing rate. The average EUR rate during the first 
quarter of 2023 was 11.20 (10.5), while the average USD 
rate for the quarter was 10.43 (9.30). Closing rate for 
EUR was 11.28 (10.3) and USD 10.35 (9.3).  
Note 3. Related party transactions  
There were no transactions with closely related parties 
during the first quarter of 2023.  
Note 4. Capitalized Development Costs  
Development expenses that fulfil the recognition crite-
ria in IAS 38 are capitalized. Impairment tests are per-
formed quarterly. The progress of current development 
projects is reviewed on a regular basis.  
Note 5. Deferred tax  
Deferred tax assets are reviewed at the end of each re-
porting period and adjusted in line with the probable fu-
ture taxable result.  
Note 6. Contingent liabilities  
Contingent liability at the Parent Company C-RAD AB for 
a general unlimited guarantee commitment to C-RAD 
Positioning AB and C-RAD Imaging AB. 
Note 7. Pledged assets 
Pledged assets refer to a mortgage on business assets, 
Nordea (SEK 20,000,000). 
Note 8. Alternative Performance Measures 
C-RAD AB presents certain financial measures in the in-
terim report that are not defined in IFRS. It is C-RAD’s 
opinion that these measures provide valuable supple-
mentary information to investors and company man-
agement as they facilitate the evaluation of the com-
pany’s performance. These measures shall not be con-
sidered a replacement for any financial measure as de-
fined by IFRS.  
Gross profit and gross margin  
Gross profit is the difference between net sales and cost 
of products sold and is presented on a separate line in 
the income statement. Gross profit as a percentage of 
net sales represents gross margin. The gross margin is 
used by management to review effects on the income 
statement from factors such as product mix and price 
development.  
EBIT and EBIT (%)  
This measure is presented in the income statement as 
C-RAD considers it to provide users of the financial 
statements with a better understanding of the Group’s 
operating performance from a financial perspective. The 
EBIT (%) shows the earnings before interest and taxes as 
a percentage of net sales. 
EBIT excluding non-recurring expenses and EBIT (%) ex-
cluding non-recurring expenses 
This measure is presented in the report as C-RAD con-
siders it to provide users of the financial statements 
with a better understanding of the Group’s operating 
performance from a financial perspective. The EBIT (%) 
excluding non-recurring expenses shows the earnings 
before interest and taxes excluding non-recurring ex-
penses as a percentage of net sales.

===== SIDA 14 =====

C-RAD AB, Interim report, January – March 2023  14 
 
 
 
Presentation of the report  
CEO Cecilia de Leeuw and CFO Christoffer Herou will present the interim report for the first quarter 2023 by webcast 
on Friday, May 5 at 11:00 CET. After the presentation, there will be time for questions. The presentation will be held in 
English. To participate in the presentation, please register using the link below:  
https://us06web.zoom.us/webinar/register/WN_INtBtbjjT-GBkmDG54fOVA 
For more information:  
Cecilia de Leeuw, CEO, +46 (0)18 751 33 22, investors@c-rad.com 
Christoffer Herou, CFO, +46 (0)725 82 86 16, investors@c-rad.com  
C-RAD in brief 
C-RAD is a research and development company in the field of medical technology whose hardware and software en-
sure exceptional precision, safety and efficency in advanced radiotherapy. The company has sales and support opera-
tions in the USA, Europe, China and Australia. C-RAD AB has been listed on Nasdaq Stockholm Small Cap since 2014.  
C-RAD’s mission is to be the preferred partner for ensuring safety and efficacy within advanced radiation oncology and 
so help to cure more cancer patients and improve their quality of life. 
C-RAD AB (publ)  
Sjukhusvägen 12 K, SE-753 09 Uppsala, Sweden  
Telephone +46 (0)18 - 66 69 30  
www.c-rad.com 
Corp. reg. no 556663-9174  
 
 
The information in this report is such that C-RAD is obliged to publish under the EU Market Abuse Regulation. The 
information was submitted for publication, through the agency of the contact person set out below, on May 5, 
2023 at 8:30 am.