Kvartalsrapport Q1 2024

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

C-RAD AB January – March 2024 
Interim report 
14 May 2024 
  
Starting the year with strong growth and solid 
profitability  
First quarter January–March 2024  
• Order intake totalled 91.6 (91.4) MSEK   
(0 percent in constant currencies) 
• Order backlog amounted to 730.1 (649.3) MSEK 
• Revenue increased 40 percent to 118.0 (84.4) MSEK  
(39 percent in constant currencies) 
• EBIT amounted to 14.2 (6.4) MSEK, corresponding to a 
margin of 12.0 (7.5) percent.  
• Cash flow from operating activities amounted to  
16.5 (-11.9) MSEK. 
• Net earnings amounted to 16.0 (3.2) MSEK. 
• Earnings per share amounted to 0.47 (0.10) SEK.  
 
Group summary 
 
 
 
Order intake and revenue 
 
FULL YEAR
MSEK 2024 2023 Change LTM 2023
Order intake 91,6 91,4 0% 524,8 524,5
Revenues 118,0 84,4 40% 458,2 424,6
Gross profit 76,6 55,0 39% 296,0 274,4
Gross margin (%) 65% 65% 65% 65%
EBIT 14,2 6,4 123% 52,1 44,2 *
EBIT (%) 12,0% 7,5% 11,4% 10,4%
Net earnings 16,0 3,2 398% 48,4 35,5 **
Earnings per share (SEK) 0,47 0,10 398% 1,05
Cash flow from operating activities 16,5 -11,9 238% 33,4
Cash 147,0 105,2 40% 129,4
Order backlog 730,1 649,3 12% 763,2
   out of which Products 401,7 364,4 10% 428,6
   out of which Services 328,4 284,9 15% 334,6
** Excluding costs related to dispute with a former employee, Net earnings amounted to 46.1 
MSEK.
* Excluding costs related to dispute with a former employee, EBIT amounted to 57.5 MSEK, 
equivalent to an EBIT-margin of 13.5 percent
Q1, JAN-MAR
0
50
100
150
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024
MSEK Revenue Order intake
Q1

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

C-RAD AB, Interim report, January – March 2024  2 
 
 
CEO Comment 
The year is starting off with the best-ever revenue 
for a first quarter. Profitable growth continues to 
be our focus, also for 2024, and the EBIT for Q1 
more than doubled to 14.2 MSEK. While the 
macro-economic situation continues to be chal-
lenging, we have a stable order intake of 92 
MSEK. Surface Guided Radiation Therapy (SGRT) 
is increasingly becoming a given in the treatment 
workflow and we are seeing great interest across 
all our markets. Our continued and profitable 
growth is moving our operations and organisation 
towards the next level. 
The revenue growth of 40 percent to 118 MSEK is our 
best first quarter so far, and we have growth in all mar-
kets. Order intake of 92 MSEK was at the same level as 
the first quarter of last year. The order backlog is 730 
MSEK, an increase of 12 percent from Q1 last year. The 
cashflow from operations increased to 16.5 MSEK, sup-
ported by improved profitability and slightly lowered in-
ventory levels. Our focus on profitable growth is shown 
in the EBIT of 14.2 MSEK, translating to an EBIT margin 
of 12 percent. 
C-RAD has been growing rapidly in recent years, which 
has taken us to a new level of operations. To further 
strengthen our foundation and enhance our capability 
to deliver on the strategy to offer world-class products 
and services, we will make additional investments in the 
offering, reach and organisation during 2024. In the 
same spirit, we are strengthening our back-office, with 
process improvements and automation.  
Strong demand in APAC 
The interest in SGRT and our technology in the APAC 
markets is high. The first quarter of this year was no ex-
ception. Revenues increased by 57 percent to 35 MSEK. 
Order intake was 34 MSEK, a growth of 25 percent com-
pared with the first quarter of last year. New orders in 
Australia from GenesisCare for their newest and most 
advanced facility in Western Sydney confirm our mar-
ket-leading position. We participated in the ITEM con-
ference in Yokohama, Japan, with our industry partners 
and the unmet demand for SGRT in Japan is evident. 
The market activity level and interest in SGRT in China 
continues to be high. I am pleased to announce that the 
important registration of our new generation of prod-
ucts in China was approved in April.  
Americas is picking up 
The US is starting to show signs of recovery. We can see 
that some investments that were on hold are now mov-
ing. The order intake of 25 MSEK is an increase of 20 
percent. Revenue grew 41 percent to 25 MSEK, sup-
ported by a strong order backlog conversion. Ensuring 
satisfied customers is a priority for our Services organi-
sation. Hence, a cross-functional customer outreach 
programme is being initiated in the Americas region to 
assess customer satisfaction and identify needs for cus-
tomised training. 
Strong revenue but softer order intake for EMEA  
We received a 12 MSEK extension order from our part-
ner and distributor Tecnosan, Italy, connected to the na-
tional tender awarded at the end of 2022. I am pleased 
with the SGRT adoption in Italy and that the C-RAD in-
stalled base is growing.  EMEA revenue started the year 
well, growing 31 percent to 58 MSEK for the first quar-
ter. Order intake had a softer start, with a decline of 25 
percent to 33 MSEK. This is mainly due to the lack of 
larger tenders which we have seen during the last cou-
ple of years. In addition, there is an increased tendency 
to delay extensions of service contracts, with many clin-
ics being under cost pressure. We are intensifying our 
market activity and will hold our second EMEA distribu-
tor meeting, this time in the Middle East.  
Execution on strategy 
Across our global team, we continue to build our capa-
bilities in line with our Strategy Execution plan and our 
striving for profitable growth.  
To capture the unmet demand for SGRT, we are 
strengthening the capabilities of our distributor net-
work. This resonates well with our hybrid approach to 
improve our scalability and reach, with a combination of 
direct sales and partners. In early March, we held the 
first APAC face-to-face distributor meeting. Later in 
March, the EMEA distributors gathered for training and 
knowledge sharing.  
The investment in the research and development organ-
isation to secure our world-class portfolio today and to-
morrow continues.  
Services business is a priority for two main reasons, to 
ensure that our customers use our technology to its full 
potential. Building long-lasting relationships and a 
deeper understanding of our customers’ processes 
strengthens SGRT’s long-term position as the standard 
of care. Secondly, we want to secure a growing portion 
of recurring revenue. This requires hard work. In addi-
tion to strategic enhancements, e. g. in the Nordics, 
Central Eastern Europe and China, we have also 
launched important continuous improvement pro-
grammes to enhance spare part delivery as well as to 
implement an optimised installation process.  
The year has started off at full speed. We recently re-
turned from our important tradeshow ESTRO, where we 
announced our exciting collaboration with RaySearch. 
We have an interesting and important year ahead of us, 
together with our highly committed and passionate 
team, our partners and customers. When I spend time 
in the clinics, seeing our technology in use, it makes me 
both proud and humble. We are part of the important 
fight against cancer and to improve the lives of cancer 
patients around the world.  
 
 
Uppsala May 14, 2024  
 
Cecilia de Leeuw, CEO  
C-RAD AB

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

C-RAD AB, Interim report, January – March 2024  3 
 
Financial development 
First quarter  
Order intake 
Order intake for the first quarter amounted to 91.6 
(91.4) MSEK, an increase of 0.2 percent. In constant 
currencies, order intake was unchanged compared with 
the same quarter of 2023.  
 
Order intake in EMEA decreased 25 percent to 32.8 
MSEK. The highlight of the quarter was the product or-
der for 12 MSEK from our Italian distributor Tecnosan, 
which is an extension of the national procurement pro-
cess conducted at the end of 2022.  
Americas achieved an order intake of 24.6 MSEK, an in-
crease of 20 percent compared with the previous year. 
The quarter contained a good mix of product sales, in-
cluding a proton order, as well as a number of service 
contracts.  
The strong development in APAC continued during the 
first quarter of the year. Order intake increased 25 
percent to 34.3 MSEK. We received several orders in 
both Japan and China during the quarter. 
By category, order intake for the core Products business 
totalled 74.3 MSEK for the quarter, an increase of 21 
percent compared with the same period last year. Order 
intake for Services decreased 42 percent to 17.3 MSEK. 
The main reason for the decreased order intake within 
Services is due to that we during the previous year 
signed two major service agreements of a total of 
approximately 13 MSEK. We consider the underlying 
demand within Services as good. 
Revenues 
Revenues grew by 40 percent to 118.0 (84.4) MSEK in 
the first quarter, which is the highest figure for the first 
quarter of the year. In constant currencies, revenues 
grew by 39 percent.  
Several deliveries were made to customers such as 
Tecnosan and Accuray during the quarter, which con-
tributed to the strong revenue. Revenues in EMEA in-
creased 31 percent to 57.9 (44.3) MSEK, revenues in the 
Americas increased 41 percent to 24.9 (17.7) MSEK and 
revenues in APAC increased 57 percent to 35.2 (22.4) 
MSEK. Out of the total revenue, 85 percent referred to 
Products and 15 percent to Services.  
 
 
 
 
 
Order intake Jan–Mar   
by market by category    
  
  
 
     
Revenue Jan–Mar     
by market by category     
  
   
0
10
20
30
40
50
Americas EMEA APAC
MSEK
Q1-23 Q1-24
0
20
40
60
80
Products Services
MSEK
Q1-23 Q1-24
0
10
20
30
40
50
60
Americas EMEA APAC
MSEK
Q1-23 Q1-24
0
20
40
60
80
100
120
Products Services
MSEK
Q1-23 Q1-24

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

C-RAD AB, Interim report, January – March 2024  4 
 
Order backlog and order conversion rate  
The order backlog represents orders that have been re-
ceived but not delivered and invoiced. The order back-
log amounted to 730.1 (649.3) MSEK at the end of the 
quarter, an increase of 12 percent compared with the 
same quarter last year. Of the total order backlog, 401.7 
(364.4) MSEK relates to products and 328.4 (284.9) 
MSEK to service contracts, with the order backlog for 
products increasing by 10 percent and the order backlog 
for service contracts by 15 percent.  
The average delivery time for products in the first quar-
ter was just under eight months. This is the time from 
receipt of an order until delivery is made and thus reve-
nue recognised. The average delivery time depends on 
several factors and varies between periods.  
Of the order backlog for Services, 59.2 (48.0) MSEK, or 
18 percent, will be recognised as revenue within the 
next 12 months. Service contracts are recognised as rev-
enue over the contract period. Service contracts can last 
for up to eight years, while the most common contract 
period is three to five years.  
 
Order backlog 
 
 
  
0
200
400
600
800
1000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024
MSEK
Products Services

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

C-RAD AB, Interim report, January – March 2024  5 
 
Seasonality  
There is a seasonal pattern in C-RAD’s operations. The 
second half of the year is usually the strongest period, in 
terms of both 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 the majority of C-RAD’s cost base is fixed, 
fluctuations in revenue have a direct impact on 
quarterly EBIT. Volatility in order intake between 
quarters and markets is therefore to be expected in  
C-RAD’s business. Gross profit is affected by the product 
mix and the division between direct and indirect sales 
channels in our various markets. 
Results 
Gross profit  
The gross profit margin was 65 (65) percent in the first 
quarter.  
Other external expenses 
Other external expenses for the quarter amounted to 
28.3 (21.3) MSEK. The company has incurred additional 
costs during the current quarter for legal fees and to 
strengthen the Finance function. The company has also 
increased its activities and organised customer-based 
events.  
Personnel expenses 
Personnel expenses for the quarter amounted to 35.7 
(30.4) MSEK, of which 0.8 MSEK relates to salary, includ-
ing social security contributions, relating to royalty pay-
ment of 1 percent. The main reason for the increase in 
expenses compared with the previous year is an in-
crease in the number of employees.  
The average number of employees was 87 during the 
first quarter of 2024, compared with 80 in the corre-
sponding period of 2023. At the end of March 2024, the 
number of employees in the Group totalled 89 (80).  
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.  
Capitalised development costs  
Capitalisations during the quarter amounted to 1.6 (4.0) 
MSEK and are related to the continued development of 
our products. During the current quarter, capitalisations 
related almost exclusively to internally generated ex-
penses. In the comparison quarter, several major exter-
nal expenses were also capitalised, which explains the 
reduced capitalisation of development costs in the cur-
rent quarter. During the quarter, 1.2 (0.9) MSEK was 
amortised.  
Total capitalised development costs amounted to 30.5 
(24.5) MSEK at the end of the quarter.  
EBIT and net earnings  
EBIT for the quarter amounted to 14.2 (6.4) MSEK, cor-
responding to a margin of 12.0 (7.5) percent.  
Net earnings for the quarter amounted to 16.0 (3.2) 
MSEK, corresponding to 0.47 (0.10) SEK per share.  
The tax expense was -2.8 (-3.1) MSEK for the quarter. 
The tax expense for the quarter is equivalent to an ef-
fective tax rate of 14.8 (49.2) percent. At the end of the 
quarter, the deferred tax receivables were 0.2 (0.0) 
MSEK.  
Cash flow and net financial income  
In previous years, C-RAD has had weak cash flow during 
the first quarter. The company has actively worked to 
improve cash flow and this has paid off during the cur-
rent quarter in the form of positive cash flow of 14.0 (-
16.9) MSEK.  
The company’s strong EBIT and a reduction in the capi-
tal tied up in finished goods inventory provided the plat-
form for the positive cash flow during the quarter. The 
accounts receivables increased during the quarter, due 
to high revenues in March, which affected the cash flow 
negatively. Processes relating to cash flow will remain a 
priority for the management as the company’s business 
develops. 
Working capital changed during the quarter by  
-0.8 (-20.4) MSEK. Cash flow from operating activities 
for the quarter amounted to 16.5 (-11.9) MSEK. Invest-
ments also had an impact on cash flow of -1.7 (-4.0) 
MSEK during the quarter. 
Cash and cash equivalents at the end of the period 
amounted to 147.0 (105.2) MSEK. In addition, the com-
pany has an unused credit facility of 20 MSEK.  
Net financial income for the quarter amounted to 4.7 
(0.0) MSEK. The improvement compared with the previ-
ous year’s figure is the result of interest income from 
the company’s bank accounts, as well as positive cur-
rency effects from the company’s EUR bank account.

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

C-RAD AB, Interim report, January – March 2024  6 
 
Other information
Disputes  
C-RAD is not involved in any material disputes. 
Significant risks and uncertainties  
Reference is made to the Annual Report 2023 for de-
tails of significant risks and uncertainties and their 
management.  
Significant events during the first 
quarter  
• At the beginning of the quarter, C-RAD announced 
that the joint development project with Accuray has 
led to installation in a customer’s clinical environ-
ment. 
• On 22 February, the Supreme Court announced that 
it would not grant leave to appeal in the dispute be-
tween C-RAD and a former employee. This decision 
upholds the ruling of the Patent and Market Court of 
Appeal on 30 June 2023. As a result of the Supreme 
Court’s decision, in the annual report for 2023 C-
RAD has charged the Group’s profit for the year, as 
reported in the year-end report for 2023, with an 
additional -10.5 MSEK, which was paid during the 
second quarter. The amount relates to all periods up 
to 31 December 2023. See Note 33 of the Annual 
Report 2023 for how the various adjusting items 
have been accounted. For products that use the in-
vention described in patent applications 
US12/632526 or PCT/SE2010/051338, C-RAD must 
compensate the counterparty with a 1% royalty on 
the net price of future sales until 7 December 2029. 
• C-RAD won an order worth 12 MSEK to supply prod-
ucts to our Italian distributor, Tecnosan. The order is 
for several Catalyst+HD systems and relates to the 
previous successful tender in a national procure-
ment process held in Italy in 2022. 
Significant events after the quarter  
• No significant events occurred after the end of the 
reporting period. 
Parent company  
No operations are conducted at the parent company 
except for Group Management and administration. 
For the quarter, revenues for the parent company 
amounted to 11.4 (7.3) MSEK and EBIT was -6.4 (-6.3) 
MSEK.  
Annual Report 2023 
The Annual Report 2023 is published on C-RAD’s web-
site: https://c-rad.com/investors/financial-reports/  
 
Annual General Meeting 2024 
The Annual General Meeting of C-RAD AB will be held 
on 15 May 2024 at 15:00 CET at the company’s prem-
ises at Sjukhusvägen 12K in Uppsala.  
Dividend 
The Board of Directors proposes to the 2024 Annual 
General Meeting that no dividend be paid for the fi-
nancial year 2023. It is proposed that all available 
funds are to be carried forward. 
Calendar  
• 15 May 2024: Annual General Meeting 
• 18 July 2024: Interim report Q2 2024 
• 23 October 2024: Interim report Q3 2024 
• 7 February 2025: Year-end report 2024

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

C-RAD AB, Interim report, January – March 2024  7 
 
Shareholders  
On March 31, 2024, the largest shareholders were: 
 
Source: Euroclear 
Outlook 
We remain confident about our market opportunities 
and that C-RAD is well positioned to capitalise on 
these. C-RAD will continue to help improve efficiency 
in cancer treatments for healthcare providers – mak-
ing care better and safer for patients and medical per-
sonnel. 
We are closely monitoring macroeconomic factors as 
geopolitical instability, the current inflation rate and 
its development, and how this could have an impact 
on our business. 
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 uncer-
tainties faced by the parent company and the Group 
companies. 
If there are any deviations between the reports in Eng-
lish and Swedish, the Swedish version shall prevail. 
Uppsala, May 14, 2024 
 
 
Cecilia de Leeuw  
CEO 
This report has not been reviewed by the company auditors. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Name Class A-shares Class B-shares Total shares Share Capital, % Votes, %
Svea Bank AB 100 000 3 924 969 4 024 969 11,92% 11,86%
Hamberg Förvaltning AB 379 762 822 671 1 202 433 3,56% 11,12%
Lars Kling 180 000 2 070 000 2 250 000 6,66% 9,32%
Lars Nyberg 70 000 1 940 165 2 010 165 5,95% 6,36%
Linc AB 133 125 1 295 250 1 428 375 4,23% 6,32%
Avanza Pension - 1 793 656 1 793 656 5,31% 4,32%
Nordnet Pensionsförsäkring - 1 651 706 1 651 706 4,89% 3,98%
Margareta Hamberg - 1 060 722 1 060 722 3,14% 2,55%
Bank Julius Baer & Co LTD 832 974 832 974 2,47% 2,01%
Cliens Fonder - 783 826 783 826 2,32% 1,89%
Total, 10 largest shareholders 862 887 16 175 939 17 038 826 50,46% 59,72%
Others - 16 728 109 16 728 109 49,54% 40,28%
Total 862 887 32 904 048 33 766 935 100,00% 100,00%

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

C-RAD AB, Interim report, January – March 2024  8 
 
 
 
 
 
 
 
 
 
   
Consolidated income statement in brief 
Q1 Q1 Full Year
MSEK 2024 2023 2023
Revenues 118,0 84,4 424,6
-41,4 -29,4 -150,2
Gross profit 76,6 55,0 274,4
Gross profit margin 65% 65% 65%
Other external expenses -28,3 -21,3 -92,5
Personnel expenses -35,7 -30,4 -136,9
Capitalized development costs 1,6 4,0 12,8
Depreciation -2,3 -2,3 -8,9
Other operating income/expenses 2,3 1,3 -4,7
Total operating expenses -62,4 -48,7 -230,2
Earnings before interest and taxes 14,2 6,4 44,2
Financial income 4,9 0,0 0,1
Financial costs -0,2 0,0 -0,4
Earnings before taxes 18,9 6,3 43,9
Tax -2,8 -3,1 -8,4
Net earnings 16,0 3,2 35,5
(Attributable to Parent company´s shareholders) 
Earnings per share (SEK) 0,47 0,10 1,05
Earnings per share after dilution (SEK) 0,47 0,10 1,05
Consolidated statement of comprehensive income
Q1 Q1 Full Year
MSEK 2024 2023 2023
Net income 16,0 3,2 35,5
Other comprehensive income 
Income/expenses recognized in equity
Exchange differences on translating foreign operations 3,6 0,2 -4,6
Other comprehensive income of the period (after tax) 19,7 3,4 30,9
Total comprehensive income for the period 19,7 3,4 30,9
Raw material and consumables
(Attributable to Parent company´s shareholders)

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

C-RAD AB, Interim report, January – March 2024  9 
 
 
 
 
 
 
 
 
 
 
 
 
Segment reporting
MSEK Q1 Q1 Full Year
Revenue per region 2024 2023 2023
Americas 24,9 17,7 86,0
EMEA 57,9 44,3 220,0
APAC 35,2 22,4 118,6
Total 118,0 84,4 424,6
Revenue per category
Products 99,9 69,2 348,4
Services 18,1 15,2 76,2
Total 118,0 84,4 424,6
Segment reporting is based on the same accounting principles as applied in the consolidated financial statements for 2023.

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

C-RAD AB, Interim report, January – March 2024  10 
 
 
 
  
  
Consolidated balance sheet in brief
MSEK 31-03-2024 31-03-2023 31-12-2023
Non-current assets
Intangible assets 30,6 24,6 30,1
Tangible assets 5,7 2,8 6,0
Right-of-use assets 4,5 5,8 4,6
Deferred tax receivables 0,2 0,0 0,2
Total non-current assets 41,0 33,2 40,9
Current assets
Inventory 56,0 46,7 64,1
Trade receivables 148,1 117,5 116,7
Other receivables 12,6 6,6 19,9
Prepayments and accrued income 24,7 27,9 34,6
Cash and liquid assets 147,0 105,2 129,4
Total current assets 388,5 304,0 364,6
Total assets 429,4 337,1 405,5
Equity and liabilities
Equity 290,9 245,9 271,2
Non-current liabilities
Long-term lease liabilities 1,7 3,2 1,8
Total non-current liabilities 1,7 3,2 1,8
Current liabilities
Accounts payable 19,8 28,5 29,7
Warranty provisions 4,7 3,0 4,7
Other current liabilities 32,5 10,6 33,0
Accrued expenses and deferred income 79,8 46,0 65,2
Total current liabilities 136,8 88,1 132,6
Total equity and liabilities 429,4 337,1 405,5

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

C-RAD AB, Interim report, January – March 2024  11 
 
   
Consolidated cash flow statement in brief
Q1 Q1 Full Year
MSEK 2024 2023 2023
Earnings before interest and taxes 14,2 6,4 44,2
Adjustment for non-cash items 2,3 2,3 10,5
Interests received 1,1 0,0 0,1
Interest paid -0,2 -0,1 -0,3
Tax paid 0,0 -0,1 2,0
17,4 8,5 56,6
Changes in working capital, whereof -0,8 -20,4 -23,2
  Change in inventory 8,1 -6,7 -24,1
  Change in operating receivables -14,6 -6,8 -24,7
  Change in operating payables 5,7 -6,9 25,6
Cash flow from operating activities 16,6 -11,9 33,4
Investments -1,7 -4,0 -16,9
Cash flow from investing activities -1,7 -4,0 -16,9
Premiums received for warrants 0,0 0,0 0,5
Repurchase of own shares 0,0 0,0 -2,8
Amortization of lease liabilities -0,8 -0,9 -3,4
Cash flow from financing activities -0,8 -0,9 -5,7
Net increase (decrease) in cash and cash equivalents 14,0 -16,9 10,8
Cash and liquid assets at beginning of period 129,4 121,9 121,9
Exchange rate differences 3,6 0,1 -3,3
Cash and liquid assets at end of period 147,0 105,2 129,4
Change in group equity
Q1 Q1 Full Year
MSEK 2024 2023 2023
Opening balance 271,2 242,5 242,5
Warrants program 0,0 0,0 0,5
Repurchase of shares 0,0 0,0 -2,8
Changes in the period 0,0 0,0 -2,3
Total comprehensive income for the period 19,7 3,4 30,9
Closing balance at end of period 290,9 245,9 271,2

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

C-RAD AB, Interim report, January – March 2024  12 
 
 
  
Parent Company income statement in brief
Q1 Q1 Full Year
MSEK 2024 2023 2023
Revenues 11,4 7,3 53,5
Operating expenses -17,8 -13,5 -55,5
Earnings before interest and taxes -6,4 -6,3 -2,0
Financial items 6,5 0,0 -2,8
Earnings before taxes 0,0 -6,3 -4,7
Tax 0,0 0,0 0,0
Net earnings 0,0 -6,3 -4,7
Parent Company balance sheet in brief
MSEK 31-03-2024 31-03-2023 31-12-2023
Assets
Tangible assets 0,2 0,3 0,2
Financial assets 282,2 218,2 268,7
Total non-current assets 282,4 218,5 268,9
Current receivables 7,0 4,5 8,4
Cash and liquid assets  0,4 43,1 5,1
Total assets 289,7 266,1 282,3
Equity and liabilities
Restricted equity 5,1 5,1 5,1
Unrestricted equity 247,3 248,1 247,3
Equity 252,4 253,1 252,3
Total current liabilities 37,4 12,9 30,0
Total equity and liabilities 289,7 266,1 282,3

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

C-RAD AB, Interim report, January – March 2024  13 
 
   
Group summary per quarter
Income Statement
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2024 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021
118,0 138,4 111,2 90,6 84,4 98,8 83,5 62,7 56,3 77,4 63,2 60,5 60,0
-41,4 -48,1 -39,3 -33,5 -29,4 -34,2 -29,7 -22,0 -20,2 -26,5 -22,9 -22,6 -23,5
76,6 90,4 71,9 57,1 55,0 64,6 53,8 40,7 36,2 50,9 40,3 37,9 36,6
65% 65% 65% 63% 65% 65% 64% 65% 64% 66% 64% 63% 61%
-28,3 -24,2 -22,8 -24,3 -21,3 -25,6 -16,6 -18,6 -14,9 -14,5 -12,4 -12,7 -12,8
-35,7 -49,3 -28,9 -28,2 -30,4 -34,2 -24,3 -23,6 -21,2 -20,1 -18,0 -17,6 -16,0
1,6 1,9 4,3 2,6 4,0 4,0 2,0 2,4 1,7 1,1 1,1 1,2 1,1
-2,3 -2,2 -2,1 -2,2 -2,3 -2,5 -2,5 -2,5 -2,6 -2,5 -2,5 -2,4 -2,4
2,3 -5,0 -3,5 2,5 1,3 0,0 2,3 2,4 1,0 0,1 0,3 -0,5 -0,2
-62,4 -78,8 -53,1 -49,7 -48,7 -58,4 -39,2 -39,9 -36,0 -35,9 -31,5 -31,9 -30,3
Earnings before interest and taxes 14,2 11,6 18,9 7,4 6,4 6,2 14,6 0,8 0,2 14,9 8,8 6,0 6,2
4,7 0,0 0,0 -0,2 0,0 -0,2 -0,3 0,0 -0,1 -0,1 -0,1 0,0 -0,1
Earnings before taxes 18,9 11,5 18,9 7,3 6,3 6,0 14,3 0,8 0,1 14,9 8,7 6,0 6,2
-2,8 4,5 -7,9 -1,8 -3,1 -1,8 -7,2 -3,7 -1,3 -3,5 -3,8 -0,4 -3,0
Net earnings 16,0 16,0 10,9 5,4 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 Q4 Q3 Q2 Q1
MSEK 2024 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021
Non-current assets 41,0 40,9 39,3 33,1 33,2 32,0 31,3 37,7 41,0 42,6 47,5 50,3 50,9
Current assets 388,5 364,6 342,4 313,4 304,0 307,1 281,6 270,7 260,5 264,1 238,0 228,2 221,2
Total assets 429,4 405,5 381,7 346,5 337,1 339,2 312,9 308,4 301,5 306,7 285,4 278,5 272,1
Equity 290,9 271,2 261,5 251,9 245,9 242,5 240,3 231,2 230,6 231,1 219,6 213,8 208,4
Non-current liabilities 1,7 1,8 3,4 2,4 3,2 4,1 4,5 5,3 6,0 6,4 7,1 7,3 7,0
Current liabilities 136,8 132,6 116,8 92,3 88,1 92,6 68,0 71,8 64,9 69,2 58,8 57,3 56,7
Total equity and liabilities 429,4 405,5 381,7 346,5 337,1 339,2 312,9 308,4 301,5 306,7 285,4 278,5 272,1
Cash Flow Statement
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2024 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021
Operating cashflow 16,5 50,7 16,6 -22,0 -11,9 31,8 -10,7 -6,4 -4,9 13,1 -0,5 4,3 1,3
Cashflow from investing activities -1,7 -5,0 -5,2 -2,7 -4,0 -5,0 -2,0 -2,5 -1,7 -1,2 -2,2 -1,2 -1,2
Cashflow from financing activities -0,8 -0,9 -3,5 -0,4 -0,9 -0,9 -0,9 0,2 -0,8 -0,8 -0,8 -0,3 3,0
Total cash flow 14,0 44,9 7,9 -25,1 -16,9 25,9 -13,7 -8,7 -7,4 11,1 -3,5 2,7 3,1
Tax
(Attributable to Parent Company´s shareholders) 
Capitalized development costs
Depreciation  
Other operating income/expenses 
Operating expenses 
Financial items. net 
Personnel expenses
Revenues
Cost of Sale
Gross Profit
Gross margin
Other external expenses

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

C-RAD AB, Interim report, January – March 2024  14 
 
 
  
Key Ratios
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2024 2023 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021
Total order intake (MSEK) 91,6 148,5 168,6 116,0 91,4 216,6 80,9 105,6 81,5 132,9 82,1 72,3 66,3
Quarterly change (%)    -38% -12% 43% 29% -58% 168% -23% 30% -39% 62% 14% 9% -46%
Change compared to same period last year (%) 0% -31% 108% 12% 12% 63% -1% 46% 23% 9% 2% 16% 39%
Total Revenues (MSEK) 118,0 138,4 111,2 90,6 84,4 98,8 83,5 62,7 56,3 77,4 63,2 60,5 60,0
Quarterly change (%)    -15% 24% 23% 7% -15% 18% 33% 11% -27% 23% 4% 1% -19%
Change compared to same period last year (%) 40% 40% 33% 44% 50% 34% 32% 4% -6% 4% 20% 41% 16%
Gross Margin (percent of Revenues) 65% 65% 65% 63% 65% 65% 64% 65% 64% 66% 64% 63% 61%
EBIT-margin (percent of Revenues) 12% 8% 17% 8% 8% 6% 18% 1% 0% 19% 14% 10% 10%
Profit margin (percent of Revenues) 14% 12% 10% 6% 4% 4% 9% -5% -2% 15% 8% 9% 5%
0,47 0,47 0,32 0,16 0,10 0,12 0,21 -0,09 -0,04 0,34 0,15 0,17 0,09
0,47 0,47 0,32 0,16 0,10 0,12 0,21 -0,09 -0,04 0,34 0,15 0,17 0,09
Equity per share before dilution (SEK)  8,61 8,03 7,74 7,46 7,28 7,18 7,12 6,85 6,83 6,85 6,51 6,34 6,17
Equity per share after dilution (SEK)  8,61 8,03 7,74 7,46 7,28 7,18 7,12 6,85 6,79 6,84 6,50 6,33 6,17
Equity/asset ratio (%) 68% 67% 69% 73% 73% 72% 77% 75% 76% 75% 77% 77% 77%
Cash Balance (MSEK) 147,0 129,4 89,8 82,6 105,2 121,9 95,6 108,3 115,5 122,4 111,0 114,1 111,6
Number of employees at end of period  89 87 84 83 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 33,8 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 33,8 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 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 0,2 0,2 0,2 0,2
Earnings per share before dilution (SEK)  
Earnings per share after dilution (SEK)

===== SIDA 15 =====

C-RAD AB, Interim report, January – March 2024  15 
 
Notes 
Note 1. Accounting policies  
This interim report has been prepared, for the Group, in 
accordance with IAS 34, RFR1 “Redovisning för 
koncerner” and the Swedish Annual Accounts Act and, 
for the parent company, in accordance with the Swedish 
Annual Accounts Act and RFR 2. The accounting policies 
applied are consistent with those set out in Note 1 in 
the Annual Report 2023.  
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 are included in the con-
solidation. Orders, order backlog and income statement 
items are translated at the average exchange rate for 
the period January to March, while balance sheet items 
are translated at the closing rate. The average EUR rate 
during the period January to March was 11.28 (11.20), 
while the average USD rate for the period was 10.39 
(10.43). The closing rate for EUR was 11.53 (11.28) and 
USD 10.66 (10.35).  
Note 3. Related party transactions  
During the first quarter, C-RAD has paid 7,500 SEK in 
service fees to Ropa & Boarda AB. The owner of Ropa & 
Boarda AB is C-RAD Board member Jenny Rosberg. 
Note 4. Capitalised development costs  
Development expenses that fulfil the recognition crite-
ria in IAS 38 are capitalised. Impairment tests are per-
formed annually. 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 chattel mortgage for the com-
pany’s credit line with Nordea (security of 20,000,000 
SEK).  
Note 8. Alternative performance measures (APMs)  
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.  
Order intake 
Order intake consists of the value of orders received in 
the reported periods. 
Order backlog 
Order backlog is the value of the orders at the end of 
the reporting period which the company has yet to de-
liver and recognise as revenue. The company reports 
the order backlog for both products and services. 
Gross profit and gross margin  
Gross profit is the difference between net sales and cost 
of goods 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 state-
ment from factors such as product mix and price devel-
opment.  
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.

===== SIDA 16 =====

C-RAD AB, Interim report, January – March 2024  16 
 
 
 
Presentation of the interim report  
CEO Cecilia de Leeuw will present the interim report together with Jonas Reinhammar, interim CFO, on Tuesday 14 
May 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_H3Sy-CIaQ9WSRZQwpC84kA 
For more information:  
Cecilia de Leeuw, CEO, +46 (0)795 85 66 77, 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 efficacy in advanced radiotherapy. The company has sales and support opera-
tions in the USA, Europe, China and Australia. C-RAD 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 persons set out below, on 14 May 
2024 at 08:30 CET.