FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
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C-RAD AB (publ) January-March 2025
Interim Report
May 7th, 2025
Solid quarter in a wait-and-see market
First quarter January-March
• Order intake increased by 5 percent to MSEK 96.5 (91.6), 5 percent at constant exchange rates.
• Revenue increased by 1 percent to MSEK 118.8 (118.0), flat at constant exchange rates.
• EBIT amounted to MSEK 10.0 (14.1), corresponding to a margin of 9 (12) percent. Excluding nega-
tive unrealized currency effects of MSEK -11.2 (2.3) relating to the revaluation of operating bal-
ances, EBIT amounted to MSEK 21.2 (11.9), corresponding to a margin of 18 (10) percent.
• Profit after tax amounted to MSEK -8.1 (16.1). Adjusted for unrealized currency effects of a total of
-24.8 (18.1) MSEK related to the revaluation of operating balances and cash balances, profit after
tax amounted to MSEK 16.7 (10.0).
• Earnings per share amounted to SEK -0.24 (0.47). Adjusted for unrealized currency effects, earn-
ings per share amounted to SEK 0.49 (0.30).
• Cash flow from operating activities amounted to SEK 25.7 (16.5).
• On May 5, C-RAD announced medium-term financial targets; average organic growth to exceed 10
percent and the operating margin (EBIT margin) to reach 25 percent. At least 30 percent of the net
profit will be returned to shareholders.
x
Group Summary
Jan-Mar 12 months
MSEK 2025 2024 Change LTM 2024
Order intake 96.5 91.6 5% 491.0 486.1
Revenues 118.8 118.0 1% 469.8 469.0
Gross profit 78.0 76.6 2% 318.6 317.2
Gross margin (%) 66% 65% 1% 68% 68%
EBIT 10.0 14.1 -29% 66.0 70.0
EBIT (%) 9% 12% -3% 14% 14.9%
Net earnings -8.1 16.0 -151% 32.4 56.5
Earnings per share (SEK) -0.24 0.47 -151% 1.0 1.67
Cash flow from operating activities 25.7 16.5 56% 39.1 29.9
Cash balance 161.1 147.0 10% 150.9
Order backlog 713.4 730.1 -2% 758.9
out of which Products 372.3 401.7 -7% 413.3
out of which Services 341.2 328.4 4% 345.6
Order intake and revenue first quarter, MSEK
0,0
20,0
40,0
60,0
80,0
100,0
120,0
140,0
Q1'21 Q1'22 Q1'23 Q1'24 Q1'25
Order intake Revenue
Q1’25
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C-RAD AB (publ), Interim Report, January-March 2025 2
CEO comment
The organisation is working hard to navigate the current macroeconomic and geopolitical environment. We delivered a stable
quarter, with increased order intake and an operating margin that was negatively impacted by unrealised currency effects, but the
underlying profit is still solid. Our strategy remains firm, focusing on delivering world-leading products, increasing market
presence and growth, and developing the service business. During the quarter, we received a prestigious proton order in the US,
as well as several strategically important orders from clinics that use Varian’s linear accelerators. We also strengthened our
relationships with existing customers, achieving strong growth in the service business in both EMEA and APAC.
Order intake for the first quarter amounted to MSEK 97 (92), representing a growth of 5
percent compared with Q1 last year. The large installed base of C-RAD systems provides
a growing platform for service contracts. Services increased by 58 percent this quarter
compared with Q1 last year.
Order intake for the Americas region decreased by 21 percent and has been affected by
the uncertainty created by the adverse effects of tariffs in the US, where several
planned investments have been delayed. Despite this, we have obtained prestigious
contracts for several Varian linear accelerators, as well as a proton contract for the state
of Wisconsin. The EMEA markets remain cautious, but our focus on establishing
reference clinics and increasing market presence has paid off and order intake increased
by 15 percent during the quarter. We gained business in the UK, Turkey, Poland, France
and Germany, among others. In Germany, our customer DTZ Berlin has made further
investments in improving the clinic’s workflow. We also secured a number of important
service contracts during the quarter, including new contracts and extensions of existing
contracts. Interest in SGRT in APAC remains high and order intake increased by 15
percent. For example, we won a major contract in Taiwan which included SGRT systems
for several hospitals. Australia continues to implement SGRT across the country and in
China we hold a strong position within SGRT solutions for proton systems. We are at an early stage on the Indian market, but it is
encouraging to see demand increasing and we received a number of important orders from research hospitals in different parts of
the country during the quarter.
Revenues in the first quarter amounted to MSEK 119 (118). The Americas region had a strong quarter, with revenues increasing by
35 percent to MSEK 34 (25) as delayed deliveries from the fourth quarter were realised during this quarter. Revenues for EMEA
decreased by 39 percent to MSEK 36 (58). This decline is the result of a weak market and order intake in EMEA in 2024. The high
order intake in APAC in 2024 contributed to a 41 percent increase in revenues in APAC to MSEK 50 (35).
We have set ourselves ambitious goals, but given the challenges on the market, I am satisfied with our work and commitment to
increase market presence and strengthening of our customer relationships. Work also continued during the quarter to strengthen
both the organisation and our offering and we have implemented a number of measures to streamline operations and establish good
cost control.
Operating profit was positively affected by a slight improvement in gross margin and lower operating costs, but unrealised currency
effects of MSEK 11 had a negative impact. Operating profit amounted to MSEK 10 (14), corresponding to an EBIT margin of 9 percent
(12 percent). Adjusted for unrealised currency effects, the operating margin was 18 percent (10 percent).
Clear strategic focus and priorities amid short-term market uncertainty
There is considerable uncertainty due to both geopolitics and tariffs on all our markets. In the short term, it is difficult to assess how
the market will develop. In the long term, we can see a significant growing interest in SGRT as a standard of care for better
radiotherapy treatment on all markets.
It is therefore important to continue to pursue our clearly defined goals and strategies to gradually strengthen our business. We do
this by focusing on the following strategic areas:
• Increase order intake and revenue by gaining market shares and growing the existing offering in the US, on advanced
markets in EMEA and on selected emerging markets.
• Continue to invest in product innovation through product development of the existing portfolio and launch new
complementary solutions and collaborations.
• Continue to develop and grow the service business. The service offering is a key contributor to customer satisfaction and
long-term business relationships.
• Continue working to build a resilient business to achieve profitable growth. This includes streamlining operations to
achieve scalability in operating profit while also generating stable cash flow.
N
ew products bring new opportunities
It has been a busy start to the year and we have just finished the ESTRO trade show, where we launched new patient-centred
functionality with a focus on clinical workflow, developed in close consultation with strategic customers. At ESTRO, we also
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C-RAD AB (publ), Interim Report, January-March 2025 3
presented our new Catalyst+LITE offering for the first time, which is designed for clinics that are at the beginning of their SGRT
journey for safe patient positioning.
Fin
ancial targets
Our ambition and guidance to investors is that, in the medium-term, we will have an average organic growth exceeding 10 percent,
the operating margin will reach 25 percent and at least 30 percent of the net profit will be returned to shareholders.
I
look forward to an exciting year ahead, together with our dedicated and passionate team, our partners and our hard-working
customers. Together, we are part of the important fight to improve the lives, both during and after treatment, of cancer patients all
over the world.
U
ppsala May 7th, 2025
Cecilia de Leeuw, President & CEO
C-RAD AB (publ)
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C-RAD AB (publ), Interim Report, January-March 2025 4
Financial development
First quarter
Order intake
Order intake for the first quarter amounted to MSEK 96.5 (91.6), an increase of 5 percent. Even at constant exchange
rates, the increase in total order intake was 5 percent. Both EMEA and APAC showed growth compared to the
corresponding quarter of last year.
The Americas developed weaker than expected and also had a strong first quarter last year. Order intake mainly
comprised product sales and amounted to MSEK 19.4 (24.6), which was a decrease of 21 percent compared to the last
year.
Order intake in EMEA increased by 15 percent to MSEK 37.6 (32.8). The increase was mainly in Germany, Turkey and
the United Kingdom.
In APAC, order intake was MSEK 39.5 (34.3), which corresponds to an increase of 15 percent compared to last year .
Taiwan, Australia and China were the main contributors to the increase in the region.
By sales category, orders received for Products amounted to MSEK 69.3 (74.3) during the quarter, a decrease of 7
percent compared to the corresponding period of last year. Orders received for Services were again strong, increasing
by 58 percent, to MSEK 27.3 (17.3).
Of the total orders received, 72 (81) percent were attributable to Products and 28 (19) percent were attributable to
Services.
Revenue
Revenue increased by 1 percent to MSEK 118.8 (118.0) in the first quarter. At constant exchange rates, revenue was
unchanged compared to the previous year. Both Americas and APAC showed double -digit growth, while EMEA had
lower revenue compared to the previous year.
In the Americas, which also had a strong first quarter last year, revenue increased by 35 percent to MSEK 33.7 (24.9).
The increased revenue is mainly due to increased product revenue related to proton deliveries.
In EMEA, revenue decreased by 39 percent to MSEK 35.5 (57.9). The decrease is mainly due to lower revenue in Ger-
many, Italy and France. The negative development of revenue for EMEA in the first quarter is partly due to a slightly
lower order conversion but also to the lower order intake last year.
In APAC, revenue increased by 41 percent to MSEK 49.5 (35.2) as a result of increased installations primarily in China,
Thailand, as well as India and Singapore.
Of the total revenue, 81 (85) percent is attributable to Products and 19 (15) percent to Services.
Jan-Mar Order intake Revenue
MSEK 2025 2024 % %* 2025 2024 % %*
Americas 19.4 24.6 -21% -24% 33.7 24.9 35% 32%
EMEA 37.6 32.8 15% 15% 35.5 57.9 -39% -38%
APAC 39.5 34.3 15% 16% 49.5 35.2 41% 41%
Total 96.5 91.6 5% 5% 118.8 118.0 1% 0%
Jan-Mar Order intake Revenue
MSEK 2025 2024 % %* 2025 2024 % %*
Products 69.3 74.3 -7% -7% 95.7 99.9 -4% -5%
Services 27.3 17.3 58% 58% 23.1 18.1 28% 29%
Total 96.5 91.6 5% 5% 118.8 118.0 1% 0%
*) Constant exchange rates
Order backlog and order conversion rate
The order backlog represents orders that have been received but not yet delivered. The order backlog at the end of
the quarter amounted to MSEK 713.4 (730.1), which is a decrease of 2 percent compared to the corresponding period
last year. Of the total order backlog, MSEK 372.3 (401.7) relates to Products and MSEK 341.2 (328.4) to Services. The
order backlog for Products decreased by 7 percent and the order backlog for Services increased by 4 percent.
The average delivery time is the time from receipt of an order until its delivery has taken place and is thus recognized
as revenue. The average delivery time for Products during the first quarter was 6 months, which is in the lower range
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C-RAD AB (publ), Interim Report, January-March 2025 5
of the normal interval, which is a delivery time of 6 to 8 months. The reason for the decrease compared to previous
quarter is partly a larger number of deliveries of older orders from 2023 and earlier at the end of last year, but also
more so-called “book-and-bill” in this quarter, which means orders that are received and delivered in the same quar-
ter.
To ensure a stable and efficient delivery process, we are actively working with our order backlog, with the goal of
meeting our customers’ expectations and converting the order backlog without unnecessary delays.
Of the order backlog for Services, MSEK 72.1 (59.2), or 21 percent, will be recognized as revenue within the next 12
months. Service agreements are recognized as revenue over the contract period and run for up to eight years, while
the most common contract term is three to five years.
Seasonality
There is usually a seasonal pattern in C-RAD’s operations, with the second half of the year being the strongest period,
in terms of both order intake and revenues. 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 results. 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 the various markets.
Results
Gross profit and margin
Gross profit for the quarter amounted to MSEK 78.0 (76.6) corresponding to a margin of 66 (65) percent, which is in
line with both the corresponding quarter last year and the previous quarter. The margin has been positively affected
by delivered proton orders but also by a higher share of service revenue, which was partly offset by sales of other
products with lower margins.
Other external expenses
Other external expenses for the quarter amounted to MSEK 19.6 (28.3). The decrease is due to lower external costs
for legal services, consulting fees and other external services.
Personnel expenses
Personnel expenses for the quarter amounted to MSEK 36.5 (35.7), of which MSEK 0.7 (0.8) relates to salary incl. social
security contributions related to royalty payments. The increase in personnel costs compared to last year is due to an
increased number of employees as external consultants have been replaced with own employees, mainly within the
service organization. The average number of employees was 101 during the quarter compared to 87 during the corre-
sponding period in 2024. At the end of the first quarter, the number of employees in the Group was 105 (89).
Other operating income/expenses
Other operating income/expenses of MSEK -11.1 (2.3) consist mainly of unrealized exchange rate differences on oper-
ating balances. For the quarter, these amounted to MSEK -11.2 (2.2). See further information in Note 2.
Capitalised development expenses
The capitalization of development expenses during the quarter amounted to MSEK 2.0 (1.6) and are related to the
continued development of C-RAD's products. Depreciation amounted to MSEK -2.7 (-2.3) for the quarter.
Total capitalized development costs amounted to MSEK 30.6 at the end of the quarter compared to MSEK 30.6 at the
same time last year.
EBIT, net financial items and net earnings
EBIT for the quarter, which was heavily affected by unrealized exchange rate losses due to the stronger Swedish Krona
at the end of the quarter, amounted to MSEK 10.0 (14.2), corresponding to a margin of 8.5 (12.1) percent.
Net financial items were also affected by the strengthened Swedish Krona and amounted to MSEK - 17.7 (4.7) for the
quarter, of which unrealized currency effects on cash and cash equivalents in EUR and USD amounted to MSEK - 13.6
(3.8). Net income for the quarter thus amounted to MSEK -8.1 (16.1), corresponding to -0.24 (0.47) SEK per share.
Tax expense amounted to MSEK -0.4 (-2.8) for the quarter and consists mainly of tax on positive results in our German
subsidiary.
Cash flow and cash balances
Cash and cash equivalents increased during the quarter by MSEK 10.2 and amounted to MSEK 161.1 compared to
MSEK 150.9 at the beginning of the quarter.
Cash flow from operating activities before changes in working capital amounted to MSEK 9.8 (17.4) for the quarter.
Cash flow from changes in working capital amounted to MSEK 15.8 (-0.8). Working capital was positively affected dur-
ing the quarter mainly by reduced accounts receivable as a result of payments from customers. The positive effect was
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C-RAD AB (publ), Interim Report, January-March 2025 6
offset to some extent by lower operating liabilities which were mainly affected by payments of accounts payable
which were higher mainly at the turn of the year. Cash flow from operating activities thus amounted to MSEK 25.7
(16.5).
Cash flow from investments amounted to MSEK -2.4 (-1.7) and consists mainly of development costs relating to C-
RAD's products.
Cash flow from financing activities for the quarter amounted to MSEK -0.9 (-0.8) and mainly relates to amortization of
lease liability.
Cash and cash equivalents at the end of the period thus amounted to MSEK 161.1 compared to MSEK 150.9 at the be-
ginning of the year. In addition, the company has an unutilized credit facility of MSEK 20.
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C-RAD AB (publ), Interim Report, January-March 2025 7
Other information
Disputes
C-RAD is not involved in any ongoing material disputes.
Significant risks and uncertainties
Reference is made to the Annual Report 2024 page 30-32, for details of significant risks and uncertainties and their
management.
Significant events during the quarter
No significant events occured during the first quarter.
Significant events after the quarter
On May 5, C-RAD announced medium-term financial targets; average organic growth to exceed 10 percent and
the operating margin (EBIT margin) to reach 25 percent. At least 30 percent of the net profit will be returned to
shareholders.
Parent company
No operations are conducted at the parent company except for Group Management and administration. For the f irst
quarter, revenue for the parent company amounted to MSEK 9.6 (11.4) and EBT was MSEK -5.3 (0.0).
Annual Report 2024
The Annual Report 2024 has been published on C-RAD’s web page https://c-rad.com/investors/financial-reports/
Annual General Meeting 2025
The Annual General Meeting for C-RAD AB will be held on May 8th 2025 at the company’s premises at Sjukhusvägen
12K, Uppsala.
Dividend
The Board’s proposal to the Annual General Meeting 2025 is that no dividend is to be paid for the financial year 2024.
It is proposed that all available funds are to be carried forward.
Financial calendar
• Annual General Meeting 2025, May 8, 2025
• Interim report Q2 2025, July 18, 2025
• Interim report Q3 2025, October 23, 2025
• Year-end report 2025, February 12, 2025
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C-RAD AB (publ), Interim Report, January-March 2025 8
Shareholders
On March 31, 2025, the largest shareholders were:
Name Class A shares Class B shares Total shares
Share capital,
% Votes, %
Linc AB 263,125 2,395,250 2,658,375 7.87% 12.10%
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%
Cervantes Capital 120,000 2,904,997 3,024,997 8.96% 9.88%
Avanza Pension 1,589,614 1,589,614 4.71% 3.83%
Lars Nyberg 1,432,078 1,432,078 4.24% 3.45%
Nordnet Pensionsförsäkring 1,379,051 1,379,051 4.08% 3.32%
Måns Flodberg 1,200,000 1,200,000 3.55% 2.89%
Margareta Hamberg 1,150,059 1,150,059 3.41% 2.77%
Peter Hamberg 763,000 763,000 2.26% 1.84%
Total 10 largest shareholders 862,887 17,561,689 18,424,576 54.56% 63.06%
Others 15,342,359 15,342,359 45.44% 36.94%
Total 862,887 32,904,048 33,766,935 100.00% 100.00%
Source: Modular Finance
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 – making care bet-
ter and safer for patients and medical personnel.
We are closely monitoring external factors such as geopolitical instability, the current inflation rate and its de-
velopment and how this could have an impact on our business.
X
Certification from 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 provides an overview of the significant risks and uncertainties
faced by the Parent Company and the Group companies.
If there are any deviations between the reports in English and Swedish, the Swedish version shall prevail.
Uppsala, May 7th, 2025
This report has not been reviewed by the company auditors.
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C-RAD AB (publ), Interim Report, January-March 2025 9
Consolidated income statement in brief
Jan-Mar Jan-Mar Jan-Dec
MSEK 2025 2024 2024
Revenues 118.8 118.0 469.0
Raw material and consumables -40.8 -41.4 -151.8
Gross profit 78.0 76.6 317.2
Gross profit margin 66% 65% 68%
Other external expenses -19.6 -28.3 -102.6
Personnel expenses -36.5 -35.7 -140.3
Capitalized development costs 2.0 1.6 5.8
Depreciation -2.7 -2.3 -9.9
Other operating income/expenses -11.1 2.3 -0.2
Total operating expenses -68.0 -62.4 -247.2
Earnings before interest and taxes 10.0 14.2 70.0
Financial net -17.7 4.7 9.7
Earnings before taxes -7.7 18.9 79.8
Tax -0.4 -2.8 -23.3
Net earnings -8.1 16.1 56.5
(Attributable to Parent company´s shareholders)
Earnings per share (SEK) -0.24 0.47 1.67
Earnings per share after dilution (SEK) -0.24 0.47 1.67
Consolidated statement of comprehensive income
Jan-Mar Jan-Mar Jan-Dec
MSEK 2025 2024 2024
Net income -8.1 16.1 56.5
Other comprehensive income
Income/expenses recognized in equity
Exchange differences on translating foreign operations 12.3 3.6 -4.6
Other comprehensive income of the period (after tax) 4.2 19.7 51.9
Total comprehensive income for the period 4.2 19.7 51.9
(Attributable to Parent company´s shareholders)
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C-RAD AB (publ), Interim Report, January-March 2025 10
Segment reporting
Revenue by region
Jan-Mar Jan-Mar Jan-Dec
MSEK 2025 2024 2024
Americas 33.7 24.9 72.7
EMEA 35.5 57.9 186.0
APAC 49.5 35.2 210.3
Total revenue 118.8 118.0 469.0
Revenue by category
Jan-Mar Jan-Mar Jan-Dec
MSEK 2025 2024 2024
Produkter 95.7 99.9 389.2
Services 23.1 18.1 79.8
Total revenue 118.8 118.0 469.0
Segment reporting is based on the same accounting principles as applied in the consolidated financial statements for 2024.
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C-RAD AB (publ), Interim Report, January-March 2025 11
Consolidated balance sheet in brief
MSEK Mar 31, 2025 Mar 31, 2024 Dec 31, 2024
Non-current assets
Intangible assets 30.6 30.6 29.9
Tangible assets 5.6 5.7 5.7
Right-of-use assets 14.6 4.5 13.0
Deferred tax receivables 1.1 0.2 0.0
Total non-current assets 51.9 41.0 48.5
Current assets
Inventory 51.0 56.0 53.4
Trade receivables 140.2 148.1 164.1
Other receivables 8.5 12.7 15.3
Prepayments and accrued income 53.6 24.7 57.2
Cash and liquid assets 161.1 147.0 150.9
Total current assets 414.3 388.4 440.8
Total assets 466.2 429.4 489.4
Equity and liabilities
Equity 329.2 290.9 325.0
Non-current liabilities
Deferred tax liability 3.0 0.0 2.7
Long-term lease liabilities 10.9 1.7 9.0
Total non-current liabilities 13.9 1.7 11.7
Current liabilities
Accounts payable 18.3 19.8 31.4
Warranty provisions 4.1 4.7 4.1
Other current liabilities 33.6 32.5 47.0
Accrued expenses and deferred income 67.1 79.8 70.1
Total current liabilities 123.1 136.8 152.7
Total equity and liabilities 466.2 429.4 489.4
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C-RAD AB (publ), Interim Report, January-March 2025 12
Consolidated cash flow statement in brief
Jan-Mar Jan-Mar Jan-Dec
MSEK 2025 2024 2024
Cash flow from operations
Earnings before interest and taxes 10.0 14.2 70.0
Adjustment for non-cash items 9.4 2.3 18.0
Interest received 0.3 1.1 6.6
Interest paid -0.5 -0.2 -0.6
Tax paid -9.4 0.0 -2.1
Total cash flow from operations before changes in working capital 9.8 17.4 91.9
Changes in working capital , whereof 15.8 -0.8 -62.0
Change in inventory 2.6 8.1 10.7
Change in operating receivables 25.0 -14.6 -67.9
Change in operating payables -11.8 5.7 -4.8
Cash flow from operating activities 25.7 16.5 29.9
Investing activities
Investments -2.4 -1.7 -6.5
Cash flow from investing activities -2.4 -1.7 -6.5
Financing activities
Premiums received for warrants 0.0 0.0 0.6
Repurchase of own shares 0.0 0.0 -4.4
Amortization of lease liabilities -0.9 -0.8 -3.3
Cash flow from financing activities -0.9 -0.8 -7.1
Net increase (decrease) in cash and cash equivalents 22.3 14.0 16.4
Cash and cash equivalents at beginning of period 150.9 129.4 129.4
Exchange rate differences -12.1 3.6 5.1
Cash and cash equivalents at end of period 161.1 147.0 150.9
Changes in group equity
Jan-Mar Jan-Mar Jan-Dec
MSEK 2025 2024 2024
Opening balance 325.0 271.2 271.2
Warrant program 0.0 0.0 0.6
Repurchase of shares 0.0 0.0 -4.4
Changes in the period 0.0 0.0 -3.8
Total comprehensive income for the period 4.2 19.7 57.6
Closing balance at end of period 329.2 290.9 325.0
(Attributable to Parent company´s shareholders)
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Parent Company income statement in brief
Jan-Mar Jan-Mar Jan-Dec
MSEK 2025 2024 2024
Revenue 9.6 11.4 53.5
Operating expenses -11.8 -17.8 -55.5
Earnings before interest and taxes -2.2 -6.4 -2.0
Financial items -3.1 6.4 -2.8
Earnings before taxes -5.3 0.0 -4.7
Tax 0.0 0.0 0.0
Net earnings -5.3 0.0 -4.7
Parent Company balance sheet in brief
MSEK Mar 31, 2025 Mar 31, 2024 Dec 31, 2024
Assets
Intangible assets 0.1 0.2 0.2
Financial assets 246.5 282.2 268.7
Total non-current assets 246.6 282.4 268.9
Current receivables 38.2 7.0 8.3
Cash and cash equivalents 7.7 0.4 5.1
Total assets 292.5 289.8 282.3
Equity and liabilities
Restricted equity 5.1 5.1 5.1
Unrestricted equity 245.8 247.3 247.3
Total equity and liabilities 250.9 252.4 252.3
Assets 41.6 37.4 30.0
Intangible assets 292.5 289.8 282.3
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C-RAD AB (publ), Interim Report, January-March 2025 14
Group summary by quarter
Income statement
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2025 2024 2024 2024 2024 2023 2023 2023 2023 2022 2022 2022 2022
Revenues 118.8 121.4 100.1 129.4 118.0 138.4 111.2 90.6 84.4 98.8 83.5 62.7 56.3
Cost of Sale -40.8 -41.6 -27.4 -41.4 -41.4 -48.1 -39.3 -33.5 -29.4 -34.2 -29.7 -22.0 -20.2
Gross Profit 78.0 79.9 72.7 88.0 76.6 90.4 71.9 57.1 55.0 64.6 53.8 40.7 36.2
Gross margin 66% 66% 73% 68% 65% 65% 65% 63% 65% 65% 64% 65% 64%
Other external expenses -19.6 -20.0 -23.7 -30.6 -28.3 -24.2 -22.8 -24.3 -21.3 -25.6 -16.6 -18.6 -14.9
Personnel expenses -36.5 -37.1 -30.0 -37.4 -35.7 -49.3 -28.9 -28.2 -30.4 -34.2 -24.3 -23.6 -21.2
Capitalized development costs 2.0 1.6 1.3 1.3 1.6 1.9 4.3 2.6 4.0 4.0 2.0 2.4 1.7
Depreciation -2.7 -3.2 -2.2 -2.2 -2.3 -2.2 -2.1 -2.2 -2.3 -2.5 -2.5 -2.5 -2.6
Other operating income/expenses -11.1 -0.8 -0.7 -1.0 2.3 -5.0 -3.5 2.5 1.3 0.0 2.3 2.4 1.0
Operating expenses -68.0 -59.5 -55.3 -69.9 -62.4 -78.8 -53.1 -49.7 -48.7 -58.4 -39.2 -39.9 -36.0
Earnings before interest and taxes 10.0 20.4 17.4 18.1 14.2 11.6 18.9 7.4 6.4 6.2 14.6 0.8 0.2
Financial items net -17.7 4.8 4.8 -4.6 4.7 0.0 0.0 -0.2 0.0 -0.2 -0.3 0.0 -0.1
Earnings before taxes -7.7 25.5 22.2 13.5 18.9 11.5 18.9 7.3 6.3 6.0 14.3 0.8 0.1
Tax -0.4 -10.8 -6.8 -2.9 -2.8 4.5 -7.9 -1.8 -3.1 -1.8 -7.2 -3.7 -1.3
Net earnings -8.1 14.5 15.4 10.6 16.0 16.0 10.9 5.4 3.2 4.2 7.1 -2.9 -1.2
(Attributable to Parent company´s
shareholders)
Balance sheet
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2025 2024 2024 2024 2024 2023 2023 2023 2023 2022 2022 2022 2022
Non-current assets 51.9 48.5 50.7 40.5 41.0 40.9 39.3 33.1 33.2 32.0 31.3 37.7 41.0
Current assets 414.3 440.8 399.4 424.2 388.5 364.6 342.4 313.4 304.0 307.1 281.6 270.7 260.5
Total assets 466.2 489.4 450.1 464.8 429.4 405.5 381.7 346.5 337.1 339.2 312.9 308.4 301.5
Equity 329.2 325.0 310.2 302.7 290.9 271.2 261.5 251.9 245.9 242.5 240.3 231.2 230.6
Non-current liabilities 13.9 11.7 12.7 1.5 1.7 1.8 3.4 2.4 3.2 4.1 4.5 5.3 6.0
Current liabilities 123.1 152.7 127.2 158.1 136.8 132.6 116.8 92.3 88.1 92.6 68.0 71.8 64.9
Total equity and liabilities 466.2 489.4 450.1 464.8 429.4 405.5 381.7 346.5 337.1 339.2 312.9 308.4 301.5
Cash flow statement
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2025 2024 2024 2024 2024 2023 2023 2023 2023 2022 2022 2022 2022
Operating cash flow 25.7 33.0 -17.2 -2.6 16.5 50.7 16.6 -22.0 -11.9 31.8 -10.7 -6.4 -4.9
Cash flow from investing activities -2.4 -1.9 -1.2 -1.7 -1.7 -5.0 -5.2 -2.7 -4.0 -5.0 -2.0 -2.5 -1.7
Cash flow from financing activities -0.9 -0.7 -4.3 -0.4 -0.8 -0.9 -3.5 -0.4 -0.9 -0.9 -0.9 0.2 -0.8
Total cash flow 22.3 30.4 -22.7 -4.7 14.0 44.9 7.9 -25.1 -16.9 25.9 -13.7 -8.7 -7.4
===== SIDA 15 =====
C-RAD AB (publ), Interim Report, January-March 2025 15
Key ratios
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2025 2024 2024 2024 2024 2023 2023 2023 2023 2022 2022 2022 2022
Total order intake (MSEK) 96.5 167.5 99.6 127.4 91.6 148.5 166.8 117.8 91.4 216.6 80.9 105.6 81.5
Quarterly change (%) -42% 68% -22% 39% -38% -12% 43% 29% -58% 168% -23% 30% -39%
Change compared to same period last
year (%) 5% 13% -40% 8% 0% -31% 108% 12% 12% 63% -1% 46% 23%
Total Revenues (MSEK) 118.8 121.5 100.1 129.4 118.0 138.4 111.2 90.6 84.4 98.8 83.5 62.7 56.3
Quarterly change (%) -2% 21% -23% 10% -15% 24% 23% 7% -15% 18% 33% 11% -27%
Change compared to same period last
year (%) 1% -12% -10% 43% 40% 40% 33% 44% 50% 34% 32% 4% -6%
Gross Margin (percent of Revenues) 66% 66% 73% 68% 65% 65% 65% 63% 65% 65% 64% 65% 64%
EBIT-margin (percent of Revenues) 8% 17% 17% 14% 12% 8% 17% 8% 8% 6% 18% 1% 0%
Profit margin (percent of Revenues) -7% 12% 15% 8% 14% 12% 10% 6% 4% 4% 9% -5% -2%
Earnings per share before dilution
(SEK) -0.24 0.43 0.45 0.31 0.47 0.47 0.32 0.16 0.10 0.12 0.21 -0.09 -0.04
Earnings per share after dilution (SEK) -0.24 0.43 0.45 0.31 0.47 0.47 0.32 0.16 0.10 0.12 0.21 -0.09 -0.04
Equity per share before dilution (SEK) 9.75 9.63 9.44 8.96 8.61 8.03 7.74 7.46 7.28 7.18 7.12 6.85 6.83
Equity per share after dilution (SEK) 9.75 9.63 9.44 8.96 8.61 8.03 7.74 7.46 7.28 7.18 7.12 6.85 6.79
Equity/asset ratio (%) 71% 66% 69% 65% 68% 67% 69% 73% 73% 72% 77% 75% 76%
Cash Balance (MSEK) 161.1 150.9 118.7 142.4 147.0 129.4 89.8 82.6 105.2 121.9 95.6 108.3 115.5
Number of employees at end of period 105 99 98 94 89 87 84 83 80 79 79 70 70
Average number of outstanding shares
(millions) 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.8
Average number of diluted shares
(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 33.9
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
===== SIDA 16 =====
C-RAD AB (publ), Interim Report, January-March 2025 16
Other information & Notes
Presentation of the interim report
CEO Cecilia de Leeuw will present the interim report together with CFO Linda Frölén, on Wednesday May 7 , 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://c-rad.events.inderes.com/q1-report-2025/register
For more information:
Cecilia de Leeuw, CEO, +46 (0)795 85 66 77, investors@c-rad.com
Linda Frölén, CFO, +46 (0)70 303 32 53, investors@c-rad.com
X
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 US, Europe, China and Australia. C-R AD 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
Telefon +46 (0)18 - 66 69 30
www.c-rad.com
Corp.reg.no. 556663–9174
Note 1 Accounting policies
This year-end report has been prepared, for the Group, in accordance with IAS 34 Interim Financial Reporting, 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 2024.
Note 2 Exchange rates
The financial statements are presented in SEK, the functional currency of C-RAD. Sales and orders are largely gener-
ated in foreign currency, mainly EUR and USD. Foreign subsidiaries with a different functional currency are included in
the consolidation. Order intake, order backlog and income statement items are translated at the average exchange
rate for the period, while balance sheet items are translated at the closing rate.
Jan-Mar
2025
Jan-Mar
2024
EUR average rate 11.23 11.28
USD average rate 10.68 10.39
EUR balance rate 10.85 11.53
USD balance rate 10.03 10.66
Note 3 Related party transactions
During the year, C-RAD 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 criteria in IAS 38 Intangible Assets are capitalised. Impairment tests
are performed annually or as soon as there is an indication of impairment. The progress of current development pro-
jects is reviewed on a regular basis.
Note 5 Deferred tax
Deferred tax assets are reviewed at the end of each reporting period and adjusted in line with the probable future
taxable result.
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 May 7 th,
2025 kl. 08.00.
===== SIDA 17 =====
C-RAD AB (publ), Interim Report, January-March 2025 17
Note 6 Contingent liabilities
There is a contingent liability at the parent company CRAD AB (publ) 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 company’s credit line with Nordea (security of 20,000,000 SEK).
Note 8 Alternative performance measures
C-RAD AB (publ) presents certain financial measures in the report that are not defined in IFRS. It is CRAD’s opinion that
these measures provide valuable supplementary information to investors and company management as they facilitate
the evaluation of the company’s performance. These measures shall not be considered a replacement for any financial
measure as defined by IFRS.
Order intake
Order intake consists of the value of new 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 deliver and
which have therefore not been recognised 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 in-
come statement. Gross profit as a percentage of net sales represents gross margin. The gross margin is used by man-
agement 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 information
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.
Financial targets
Priorities
• Increase sales by gaining market share and growing our offering
• Invest in product innovation through product development of the existing
portfolio and launching new complementary solutions
• Develop and grow the service offering
• Build a resilient business to grow profitably. This includes operational effi-
ciency improvements to achieve scalability in operating profit and gener-
ate stable cash flows
Financial targets
• Average organic growth to exceed 10%
• Operating margin (EBIT margin) to reach 25%
• At least 30% of net profit to be returned to shareholders. When determin-
ing dividends, investment needs and other strategic factors that the board
deems to be important will be taken into account