Kvartalsrapport Q3 2023

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

C-RAD AB January – September 2023 
Interim report 
October 27, 2023 
  
All-time high revenue and stable profitability 
Third quarter July – Sept 2023 Interim Period Jan – Sept 2023 
• Order intake increased 108 percent to 168.6 (80.9) MSEK 
(87 percent in constant currencies). 
• Order backlog amounted to 751.3 (493.3) MSEK. 
• Revenue increased 33 percent to 111.2 (83.5) MSEK (16 
percent in constant currencies). 
• EBIT amounted to 18.9 (14.6) MSEK, corresponding to a 
margin of 17.0 (17.5) percent.  
• Cash flow from operating activities amounted to 16.6  
(-10.7) MSEK. 
• Net earnings amounted to 10.9 (7.1) MSEK. 
• Earnings per share amounted to 0.32 (0.21) SEK. 
• Order intake increased 40 percent to 376.0 
(268.1) MSEK (30 percent in constant curren-
cies). 
• Revenue increased 41 percent to 286.2 (202.5) 
MSEK (28 percent in constant currencies). 
• EBIT amounted to 32.7 (15.5) MSEK, corre-
sponding to a margin of 11.4 (7.7) percent.  
• Cash flow from operating activities amounted 
to -17.4 (-22.1) MSEK. 
• Net earnings amounted to 19.6 (3.0) MSEK. 
• Earnings per share amounted to 0.58 (0.09) 
SEK. 
 
Group summary 
 
Order Intake and Revenue 
 
FULL YEAR
MSEK 2023 2022 Change 2023 2022 Change LTM 2022
Order intake 168,6 80,9 108% 376,0 268,1 40% 592,5 484,6
Revenues 111,2 83,5 33% 286,2 202,5 41% 385,0 301,3
Gross profit 71,9 53,8 34% 184,0 130,6 41% 248,6 195,2
Gross margin (%) 65% 64% 64% 64% 65% 65%
EBIT 18,9 14,6 29% 32,7 15,5 110% 38,4 21,8 *
EBIT (%) 17,0% 17,5% 11,4% 7,7% 10,0% 7,2% *
Net earnings 10,9 7,1 53% 19,6 3,0 548% 23,7 7,5
Earnings per share (SEK) 0,32 0,21 53% 0,58 0,09 544% 0,22
Cash flow from operating activities 16,6 -10,7 -17,4 -22,1 9,7
Cash 89,8 95,6 -6% 121,9
Order backlog 751,3 493,3 52% 616,0
   out of which Products 428,6 257,8 66% 355,7
   out of which Services 322,7 235,5 37% 260,3
* Excluding non-recurring expenses relating to a change of management, EBIT for the year amounted to 26.1 MSEK, 
corresponding to a EBIT (%) of 8.6%
Q3, JUL - SEP INTERIM PERIOD JAN-SEPT
0
50
100
150
200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
MSEK Revenue Order intake
Q3

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

C-RAD AB, Interim report, January – September 2023  2 
 
 
CEO Comments 
The demand for Surface Guided Radiation Therapy 
(SGRT) continues to be strong, which is demonstrated 
by the best-ever revenue of 111 MSEK in Q3 and an or-
der intake of 169 MSEK.  
With an EBIT of 19 MSEK, our focus on profitable 
growth is starting to show result. The large Spanish 
Proton order in the quarter of 32 MSEK from IBA, is yet 
another confirmation of our SGRT leadership in Proton 
therapy treatments. Proton, or particle therapy, is in 
the forefront of precise cancer therapy. 
Despite challenging macro economics, the revenue increased 
33 percent compared to third quarter last year and order in-
take had an impressive growth of 108 percent, which is strong 
even with the soft comparison from the same quarter last 
year. Our order backlog is now 751 MSEK.  The underlying 
profitability remains stable, with a gross margin of 65 percent. 
We are continuing our journey towards profitable growth, 
with an EBIT in the quarter of 19 MSEK and the year-to-date 
comparison shows a 48 percent improvement of the EBIT mar-
gin compared to same period last year. We still have work to 
do to improve cash flow and we work on all fronts – short 
term with cash collection and long term on updating contracts 
terms and educating our sales force. Cash flow from operating 
activities for the quarter is 17 MSEK.  
Our ambition to grow Services is demonstrated by a significant 
increase in the number of customers with active service con-
tracts and the order intake for Services more than doubled in 
the quarter. This ensures a strong commitment to provide 
first-class services as well as an increase in recurring revenue.  
Strong quarter for EMEA 
EMEA had a strong quarter overall. The uptake for SGRT con-
tinues to be high. The 16 MSEK expansion order from North 
Rhine-Westphalia, Germany, displays trust in C-RAD and our 
technology. The 10 MSEK order from Katholisches Klinikum 
Bochum, Germany, is yet another example of how our tech-
nology plays an important role, not only for breast cancer, but 
also advanced cancer therapy including stereotactic radiation.  
 
We ended the quarter on a high note, with a significant mile-
stone in the field of particle therapy (proton) and the order 
from market leader IBA includes systems for multiple proton 
centers in Spain, with a total value of 32 MSEK, part of a public 
tender. 
When a tumour grows in the brain, lung, eye, head and neck, 
or other locations radiation can pose a risk to critical tissue 
nearby. Particle therapy targets radiation of the tumour, leav-
ing the areas around unharmed. The technology has been 
used clinically for more than 60 years and is effective for com-
plex cancer cases as well as for young children and infants. I 
am proud to say that C-RAD is the market leader in SGRT for 
Particle Therapy. 
 
Services attachment rate in Americas all-time high 
Americas is starting to pick up again after a slow second quar-
ter. I am pleased to see the important US West Coast gaining 
traction. Due to active and targeted sales and marketing activ-
ities, the interest in C-RAD’s technology is increasing with US 
Cancer Centres. Americas services attachment rate reached an 
all-time high during the third quarter, firmly establishing the 
US as the leading region regarding service contracts for the in-
stalled base.  
 
High activity level in APAC 
The APAC region continue to have a high level of activity. We 
are starting to gain traction in India, with new orders to promi-
nent corporate hospitals and medical colleges and are now 
present in most regions. The Chinese market is getting back 
from pre-covid levels, at the same time we are experiencing 
some slowdowns in the purchasing pattern. During the third 
quarter the first service contracts in China came into effect. 
We are starting from a low level, but Services is an excellent 
area for future for growth in the Chinese market. 
 
 
 
This year, the North American MedTech tradeshow ASTRO 
(American Society for Radiation Oncology), took place in San 
Diego, USA. C-RAD had busy days, our live demo was in con-
stant demand. Additional interest was created by the Vi-
talHold™ breast package on the Radixact system, which in-
cludes our technology.   
Integrated with our industrial partners 
Interoperability is key for C-RAD and we are integrated with 
Elekta, Varian and Accuray as well as all key Proton suppliers. 
C-RAD’s research and development teams have achieved sig-
nificant milestones in the past quarter, and I’m delighted to 
have announced the launch of our latest software release, ver-
sion 6.5. The release comes with improved usability for the 
clinical staff, accuracy, and the introduction of new innovative 
features thanks to the seamless integration with our industrial 
partners. 
I would like to take a moment to reflect on my first nine 
months as CEO. I am pleased to have a passionate and experi-
enced leadership team, strengthened by a new Global Market-
ing Director and a VP Sales EMEA. Together, we are building 
an empowered and an even stronger organisation. With mar-
ket leading products and services, we can capture the demand 
for our technology and create a solid base for profitable 
growth. The untapped potential in key markets around the 
world is addressed step by step. Even if we see many markets 
rapidly approaching SGRT becoming standard of care, we are 
only in the beginning. In addition, we are starting to deliver on 
the priority to grow services. 
Together, our hardworking customers, knowledgeable part-
ners and a dedicated C-RAD team are able to secure the pre-
cise targeting of the tumour while minimizing radiation expo-
sure to healthy tissues, thus safeguarding the overall well-be-
ing of patients. I think there is a good reason for all stakehold-
ers to feel proud of being part of this immensely important 
work.  
Uppsala October 27, 2023  
 
Cecilia de Leeuw, CEO  
C-RAD AB

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

C-RAD AB, Interim report, January – September 2023  3 
 
Financial development 
Third quarter  
Order intake 
Order intake for the third quarter amounted to 168.6 
(80.9) MSEK, a growth of 108 percent. In constant 
currencies, order intake increased 87 percent compared 
with the same quarter of 2022.  
 
Order intake in EMEA grew by 222 percent to 99.6 
MSEK. EMEA had a strong quarter and among others re-
ceived three major orders: 32 MSEK proton therapy or-
der to IBA and two orders to German customers of 16 
MSEK and 10 MSEK.  
Americas had a weak order intake in the second quar-
ter. However, in this quarter the order intake recovered 
and increased compared to last year with 22 percent, to 
25.6 MSEK.  
In APAC, order intake increased 50 percent to 43.4 
MSEK.  
By category, the order intake for Products amounted to 
119.8 MSEK in the quarter, an increase of 79 percent 
compared to the same period last year. The order intake 
for Services grew 244 percent to 48.8 MSEK.  
Revenues 
Revenues grew 33 percent to 111.2 (83.5) MSEK in the 
third quarter. In constant currencies, the growth was 16 
percent.  
Revenues grew in all three regions. Revenues in EMEA 
increased 35 percent to 54.2 (40.1) MSEK, revenues in 
the Americas increased 22 percent to 25.2 (20.7) MSEK 
and revenues in APAC increased 40 percent to 31.8 
(22.7) MSEK. 83 percent of the revenues referred to 
Products and 17 percent to Services.  
 
Year To Date 
Order intake 
For the full nine-month period, total order intake 
amounted to 376.0 (268.1) MSEK, an increase of 40 
percent and 30 percent in constant currencies. 
Order intake for Products increased 31 percent for the 
nine-month period, primarily as a result of the growth in 
the SGRT-market as well as C-RAD’s strong position in 
the market. The order intake for Services increased 74 
percent for the nine-month period compared with 
previous year. The continued rise in order intake for 
service contracts is a result of a very active work to 
increase the attachment rate and  indicates customers’ 
willingness to use C-RAD’s complete range of solutions. 
  
Order Intake July – Sept  Order Intake January – Sept 
By Market By Category  By Market By Category 
  
 
  
     
Revenue July – Sept  Revenue January – Sept 
By Market By Category  By Market By Category 
  
 
  
0
20
40
60
80
100
Americas EMEA APAC
MSEK
Q3-22 Q3-23
0
20
40
60
80
100
120
Products Services
MSEK
Q3-22 Q3-23
0
50
100
150
200
Americas EMEA APAC
MSEK
Jan-Sept 22 Jan-Sept 23
0
50
100
150
200
250
300
Products Services
MSEK
Jan-Sept 22 Jan-Sept 23
0
10
20
30
40
50
60
Americas EMEA APAC
MSEK
Q3-22 Q3-23
0
20
40
60
80
100
Products Services
MSEK
Q3-22 Q3-23
0
25
50
75
100
125
150
Americas EMEA APAC
MSEK
Jan-Sept 22 Jan-Sept 23
0
50
100
150
200
250
Products Services
MSEK
Jan-Sept 22 Jan-Sept 23

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

C-RAD AB, Interim report, January – September 2023  4 
 
Revenues 
For the nine-month period, revenues amounted to 
286.2 (202.5) MSEK, an increase of 41 percent and 28 
percent in constant currencies. 
Revenues for the nine-month period in EMEA increased 
41 percent to 142.3 (100.6) MSEK, while revenues in the 
Americas increased 12 percent to 55.2 (49.5) MSEK. 
APAC revenues were 88.7 (52.5) MSEK, which was 68 
percent higher than same period previous year. 
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 751.3 (493.3) MSEK at the end of the quar-
ter, an increase of 52 percent compared with same time 
last year. From the total order backlog, 428.6 (257.8) 
MSEK relates to products and 322.7 (235.5) MSEK re-
lates to service contracts, with the order backlog for 
products increasing by 66 percent and the order backlog 
for service contracts increasing by 37 percent.  
The weighted average delivery time for products recog-
nized as revenue in the third quarter was nine months. 
The increase compared to previous quarter is due to de-
liveries during the current quarter related to orders rec-
orded during end of 2020 and during 2021. The average 
delivery time for the full nine-month period was seven 
months. This is the time from the receipt of an order un-
til delivery has been made, and thus revenue recog-
nized. The average delivery time depends on several 
factors and varies between periods.  
53.8 MSEK, representing 16 percent of the order back-
log for Services, will be recognized as revenue within 12 
months, as service contracts are recognized as revenue 
over the contract period. The service contracts can be 
up to eight years, while the most common contract pe-
riod is three to five years.  
 
Order Backlog 
 
 
  
0
200
400
600
800
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
MSEK
Products Services

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

C-RAD AB, Interim report, January – September 2023  5 
 
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 the larger part of C-RAD’s cost base is fixed, 
fluctuations in revenue have a direct impact on the 
quarterly EBIT. Volatility in order intake between 
quarters and markets is to be expected in  
C-RAD’s business. The gross profit can fluctuate be-
tween quarters. The gross profit is dependent on the 
product mix and the distribution between direct and in-
direct sales channels in our various markets. 
Results 
Gross profit  
The gross profit margin was 65 (64) percent during the 
third quarter. For the full nine-month period, the gross 
profit margin was 64 (64) percent.  
Other external expenses 
Other external expenses for the quarter amounted to 
22.8 (16.6) MSEK, which is in line with previous quarters 
during the year, and 68.4 (50.1) for the full nine-month 
period. The increase from last year is driven by different 
factors. We have an increased activity level in our R&D-
department, hence also the increased capitalized devel-
opment costs. For some customer installations, we have 
utilized external resources. Within marketing and fi-
nance departments, temporary consultancies have been 
used to cover for vacancies. Last year, the cost level was 
still impacted by less travelling and less sales activities.  
C-RAD has external expenses in foreign currencies, pri-
marily USD and EUR. The first nine months of the year 
were impacted by currency exchange rate changes with 
1.0 MSEK compared to last year, whereas the effect for 
the third quarter was 0.2 MSEK. 
Personnel expenses 
Personnel expenses for the quarter amounted to 28.9 
(24.3) MSEK, which is in line with previous quarters dur-
ing the year, and for the full nine-month period 87.6 
(69.1). The increase in personnel expenses from last 
year is explained by the increased average number of 
employees, including higher variable pay compared to 
last year. We have replaced consultants in some depart-
ments with permanent employees. 
C-RAD has personnel expenses in foreign currencies, pri-
marily USD and EUR, and the weakening of the SEK has 
increased personnel expenses by 2.0 MSEK for the nine-
months period, of which 0.2 MSEK of this in the third 
quarter.  
The average number of employees was 84 during the 
third quarter 2023, compared with 74 during the corre-
sponding period in 2022. At the end of September 2023, 
the number of employees in the Group amounted to 84 
(79).  
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 4.3 (2.0) 
MSEK and are related to the continued development of 
our products. The increased capitalization compared to 
last year is due to more time being put into develop-
ment in comparison with maintenance. During the quar-
ter, costs related to the certification of our products and 
solutions have been capitalized. In addition, interopera-
bility fees towards some of our customers have been 
capitalized during the quarter. Amortization of capital-
ized development costs amounted to 0.9 (0.9) MSEK 
during the quarter. For the full nine-month period, 10.9 
(6.1) MSEK has been capitalized and 2.8 (2.6) MSEK has 
been amortized.  
Total capitalized development costs amounted to 29.2 
(17.9) MSEK at the end of the quarter.  
EBIT and Net earnings  
EBIT for the quarter amounted to 18.9 (14.6) MSEK, cor-
responding to a margin of 17.0 (17.5) percent. EBIT for 
the full nine-month period amounted to 32.7 (15.5) 
MSEK, corresponding to a margin of 11.4 (7.7) percent.  
Net earnings amounted to 10.9 (7.1) MSEK for the quar-
ter, corresponding to 0.32 (0.21) SEK per share. For the 
full nine-months of the year, Net earnings amounted to 
19.6 (3.0) MSEK, corresponding to 0.58 (0.09) SEK per 
share.  
The tax expense was 7.9 (7.2) MSEK for the quarter and 
12.9 (12.2) MSEK for the full nine-month period. At the 
end of the quarter the deferred tax receivables were 0.6 
(1.3) MSEK.  
C-RAD is in process to overseeing our transfer price pol-
icy. This is expected to have a positive effect on the 
company’s tax position for the full year 2023, i.e. a posi-
tive effect is expected in Q4 2023.

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

C-RAD AB, Interim report, January – September 2023  6 
 
Cash flow and Net financial income  
Cash collection continues to be a priority for manage-
ment and the sales teams as we grow our business. 
The strong EBIT and an improvement in the working 
capital, compared to previous quarters, laid the founda-
tion to the positive cash flow in the quarter. As the rev-
enues are increasing, it is natural that the accounts re-
ceivables are increasing as well.  
The working capital changed during the quarter with  
-3.0 (-27.7) MSEK and -53.6 (-44.7) MSEK for the first 
nine months. The operational cash flow for the quarter 
amounted to 16.6 (-10.7) MSEK and for the first nine 
months the operational cash flow was -17.4 (-22.1) 
MSEK. 
Investments also had an impact on cash flow of -5.2  
(-2.0) MSEK during the quarter and -11.9 (-6.2) MSEK for 
the full nine-month period.  
The total cash at the end of the period amounted to 
89.8 (95.6) MSEK. In addition, the company has an un-
used credit facility of 20 MSEK.  
Net financial income for the quarter amounted to 0.0  
(-0.3) MSEK and -0.2 (-0.4) for the full nine-month pe-
riod. The company has no external debt nor uses factor-
ing, hence the negligible financial expense relating pri-
marily to the use of letters of credit to secure payments 
from customers.

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

C-RAD AB, Interim report, January – September 2023  7 
 
Other information 
Legal disputes  
C-RAD is involved in a legal dispute with a former em-
ployee. 
The background to the dispute is a lawsuit that was filed 
against C-RAD in May 2020 by the former employee, 
claiming compensation for an invention made during his 
employment at C-RAD in 2009. C-RAD rejected the claim 
for compensation on the basis that the claim was exces-
sive in light of the circumstances and that the employee 
was already compensated by his salary and other bene-
fits. In July 2021 the Patent and Market Court ruled that 
no additional compensation should be given. In June 
2023, the Patent and Market Court of Appeal did partly 
change the lower court's ruling and awarded the former 
employee 4.4 MSEK for the time period until end of 
2019, and a 1% royalty on net sales from 2020 up until 
latest 2029, on products using the invention described in 
the patent applications US12/632526 or 
PCT/SE2010/051338. The previous employee initially re-
quested a royalty of 5%. 
The former employee is ordered to partly pay C-RAD's le-
gal costs in both the first and second instance of 1.3 
MSEK. 
In the verdict, the Patent and Market Court of Appeal 
granted permission to appeal the decision to the Su-
preme Court. Both C-RAD as well as the former employee 
have appealed the decision to the Supreme Court. 
All legal expenses for the dispute 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 third  
quarter  
• C-RAD won an order to IBA (Ion Beam Applications 
S.A.) for proton SGRT systems in Spain, with an order 
value of 32 MSEK. 
• C-RAD signed an agreement with a customer in North 
Rhine-Westphalia, Germany of 16 MSEK regarding both 
products and service contract. 
• German customer Katholisches Klinikum Bochum 
gGmbH – St. Josef Hospital in Bochum, placed an order 
of 10 MSEK regarding both products and service con-
tract. 
• The Breast Solution VitalHold™ on the Radixact® Sys-
tem from Accuray, which includes our technology, is 
available in the United States and European Union as 
well as other regions. 
• In the legal dispute with a former employee, both C-
RAD and the former employee have appealed the deci-
sion from the Patent and Market Court of Appeal, to 
the Supreme Court. 
• C-RAD repurchased 88 500 B-shares, to cover C-RAD’s 
obligations under previously resolved incentive pro-
gram. 
Significant events after the quarter  
• After the quarter end, C-RAD received an order from 
another German customer in North Rhine-Westphalia, 
of 8 MSEK regarding both products and service con-
tract. 
Parent company  
No operations are conducted in the Parent Company ex-
cept for Group Management and administration. For the 
nine-month period, revenues for the Parent Company 
amounted to 20.9 (21.1) MSEK and the EBIT was -10.8 
(5.4) MSEK.  
Nomination committee 
C-RAD’s Nomination Committee, ahead of the 2024 An-
nual General Meeting, comprises of: 
• Anna Frick (appointed by Svea Ekonomi) 
• Gaétan Boyer (appointed by Hamberg Förvaltning) 
• Lars Nyberg (appointed by Lars Kling) 
The Nomination Committee has appointed Anna Frick as 
Chairperson of the Committee. 
The Nomination Committee has the task to, ahead of the 
2024 Annual General Meeting, prepare proposals per-
taining to the number of Board members, Board fees, the 
composition of the Board, election of the Chairperson of 
the Board, election of the Chairperson of the Annual 
General Meeting, auditors’ fees and the election of audi-
tors as well as guidelines for appointing the Nomination 
Committee. 
Proposal to the Nomination Committee can be delivered 
via email: investors@c-rad.com no later than February 
15th 2024. 
Annual General Meeting 2024 
The Annual General Meeting for C-RAD AB will be held 
on May 6th 2024. Time and place to be announced.  
Financial calendar  
• February 8th 2024: Year-End report 2023 
• May 3rd 2024: Interim report Q1 2024 
• July 18th 2024: Interim report Q2 2024 
• October 23rd 2024: Interim report Q3 2024 
• February 7th 2025: Year-End report 2024

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

C-RAD AB, Interim report, January – September 2023  8 
 
Shareholders  
On September 30, 2023, the largest shareholders were: 
 
 
Source: Euroclear 
 
Outlook 
We remain confident about our market opportunity and 
are convinced that C-RAD is in a good position to out-
grow the market. C-RAD will continue to improve effi-
ciency in cancer treatments for healthcare providers, 
better in quality and safer for patients and medical per-
sonnel. 
We are closely following the current inflation rates 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 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, October 27th 2023 
 
 
Cecilia de Leeuw  
CEO 
 
 
 
  
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%
Lars Kling 180 000 2 500 000 2 680 000 7,94% 10,35%
Lars Nyberg med familj 70 000 2 462 930 2 532 930 7,50% 7,62%
Avanza Pension - 1 811 787 1 811 787 5,37% 4,36%
Nordnet Pensionsförsäkring - 1 690 011 1 690 011 5,00% 4,07%
Linc AB - 1 213 107 1 213 107 3,59% 2,92%
Hamberg Förvaltning AB 379 762 822 671 1 202 433 3,56% 11,12%
Margareta Hamberg - 1 060 722 1 060 722 3,14% 2,55%
Berenberg Funds - 853 953 853 953 2,53% 2,06%
Eiffel Investment Group SAS - 811 187 811 187 2,40% 1,95%
Total, 10 largest shareholders 729 762 17 151 337 17 881 099 52,95% 58,87%
Others 133 125 15 752 711 15 885 836 47,05% 41,13%
Total 862 887 32 904 048 33 766 935 100,00% 100,00%

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

C-RAD AB, Interim report, January – September 2023  9

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

C-RAD AB, Interim report, January – September 2023  10 
 
 
 
 
 
   
Consolidated income statement in brief 
Q3 Q3 Jan-Sept Jan-Sept Full Year
MSEK 2023 2022 2023 2022 2022
Revenues 111,2 83,5 286,2 202,5 301,3
-39,3 -29,7 -102,1 -71,9 -106,1
Gross profit 71,9 53,8 184,0 130,6 195,2
Gross profit margin 65% 64% 64% 64% 65%
Other external expenses -22,8 -16,6 -68,4 -50,1 -75,8
Personnel expenses -28,9 -24,3 -87,6 -69,1 -103,3
Capitalized development costs 4,3 2,0 10,9 6,1 10,1
Depreciation -2,1 -2,5 -6,6 -7,6 -10,1
Other operating income/expenses -3,5 2,3 0,2 5,7 5,7
Total operating expenses -53,1 -39,1 -151,4 -115,1 -173,4
Earnings before interest and taxes 18,9 14,6 32,7 15,5 21,8
Financial income 0,1 0,0 0,1 0,0 0,2
Financial costs -0,1 -0,3 -0,3 -0,4 -0,4
Earnings before taxes 18,9 14,3 32,4 15,2 21,5
Tax -7,9 -7,2 -12,9 -12,2 -14,0
Net earnings 10,9 7,1 19,6 3,0 7,5
(Attributable to Parent company´s shareholders) 
Results per share before dilution 0,32 0,21 0,58 0,09 0,22
Results per share after dilution 0,32 0,21 0,58 0,09 0,22
Consolidated statement of comprehensive income
Q3 Q3 Jan-Sept Jan-Sept Full Year
MSEK 2023 2022 2023 2022 2022
Net income 10,9 7,1 19,6 3,0 7,5
Other comprehensive income 
Income/expenses recognized in equity
Exchange differences on translating foreign operations 1,4 2,0 1,6 5,2 3,0
Other comprehensive income of the period (after tax) 12,3 9,1 21,2 8,2 10,4
Total comprehensive income for the period 12,3 9,1 21,2 8,2 10,4
Raw material and consumables
(Attributable to Parent company´s shareholders)

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

C-RAD AB, Interim report, January – September 2023  11 
 
 
 
 
 
 
 
 
Segment reporting
MSEK Q3 Q3 Jan-Sept Jan-Sept Full Year
Revenue per region 2023 2022 2023 2022 2022
Americas 25,2 20,7 55,2 49,5 70,6
EMEA 54,2 40,1 142,3 100,6 147,5
APAC 31,8 22,7 88,7 52,5 83,3
Total 111,2 83,5 286,2 202,5 301,3
Revenue per category
Products 91,8 70,0 233,1 167,5 252,2
Services 19,4 13,5 53,1 35,1 49,2
Total 111,2 83,5 286,2 202,5 301,3
Segment reporting is based on the same accounting principles as applied in the consolidated financial statements for 2022.

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

C-RAD AB, Interim report, January – September 2023  12 
 
  
  
Consolidated balance sheet in brief
MSEK 30-09-2023 30-09-2022 31-12-2022
Non-current assets
Intangible assets 29,4 19,0 21,7
Tangible assets 3,2 3,5 3,1
Right-of-use assets 6,1 7,5 7,0
Deferred tax receivables 0,6 1,3 0,2
Total non-current assets 39,3 31,3 32,0
Current assets
Inventory 53,9 33,5 40,0
Trade receivables 153,0 121,4 105,8
Other receivables 11,5 9,5 9,4
Prepayments and accrued income 34,2 21,5 29,9
Cash and liquid assets 89,8 95,6 121,9
Total current assets 342,4 281,6 307,1
Total assets 381,7 312,9 339,2
Equity and liabilities
Equity 261,5 240,3 242,5
Non-current liabilities
Long-term lease liabilities 3,4 4,5 4,1
Total non-current liabilities 3,4 4,5 4,1
Current liabilities
Accounts payable 40,1 18,9 31,0
Warranty provisions 3,0 3,0 3,0
Other current liabilities 27,5 11,2 18,6
Accrued expenses and deferred income 46,1 34,9 39,9
Total current liabilities 116,8 68,0 92,5
Total equity and liabilities 381,7 312,9 339,2

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

C-RAD AB, Interim report, January – September 2023  13 
 
  
Consolidated cash flow statement in brief
Q3 Q3 Jan-Sept Jan-Sept Full Year
MSEK 2023 2022 2023 2022 2022
Earnings before interest and taxes 18,9 14,6 32,7 15,5 21,8
Adjustment for non-cash items 2,4 2,5 6,6 7,4 9,9
Interests received 0,1 0,0 0,1 0,0 0,0
Interest paid -0,1 -0,2 -0,3 -0,3 -0,2
Tax paid -1,7 0,0 -2,8 0,0 0,0
19,6 16,9 36,2 22,6 31,5
Changes in working capital, whereof -3,0 -27,7 -53,6 -44,7 -21,8
  Change in inventory -4,7 -3,9 -13,9 -16,3 -22,8
  Change in operating receivables -18,3 -19,6 -53,4 -27,8 -20,8
  Change in operating payables 20,0 -4,2 13,7 -0,6 21,8
Cash flow from operating activities 16,6 -10,7 -17,4 -22,1 9,8
Investments -5,2 -2,0 -11,9 -6,2 -11,2
Cash flow from investing activities -5,2 -2,0 -11,9 -6,2 -11,2
Premiums received for warrants 0,0 0,0 0,5 1,0 1,0
Repurchase of own shares -2,7 0,0 -2,7 0,0 0,0
Amortization of lease liabilities -0,8 -0,9 -2,6 -2,5 -3,4
Cash flow from financing activities -3,5 -0,9 -4,8 -1,5 -2,4
Net increase (decrease) in cash and cash equivalents 7,9 -13,7 -34,1 -29,8 -4,0
Cash and liquid assets at beginning of period 82,6 108,3 121,9 122,4 122,4
Exchange rate differences -0,7 0,9 2,0 3,0 3,5
Cash and liquid assets at end of period 89,8 95,6 89,8 95,5 121,9
Change in group equity
Q3 Q3 Jan-Sept Jan-Sept Full Year
MSEK 2023 2022 2023 2022 2022
Opening balance 251,9 231,2 242,5 231,1 231,1
Warrants program 0,0 0,0 0,5 1,0 1,0
Repurchase of shares -2,7 0,0 -2,7 0,0 0,0
Changes in the period -2,7 0,0 -2,2 1,0 1,0
Total comprehensive income for the period 12,3 9,1 21,2 8,2 10,4
Closing balance at end of period 261,5 240,3 261,5 240,3 242,5

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

C-RAD AB, Interim report, January – September 2023  14 
 
 
  
Parent Company income statement in brief
Jan -Sep Jan -Sep Full Year
MSEK 2023 2022 2022
Revenues 20,9 21,1 28,9
Operating expenses -31,7 -15,7 -29,7
Earnings before interest and taxes -10,8 5,4 -0,8
Financial items -4,6 0,0 21,3
Earnings before taxes -15,5 5,4 20,5
Tax 0,0 -1,2 -4,2
Net earnings -15,5 4,2 16,3
Parent Company balance sheet in brief
MSEK 30-09-2023 30-09-2022 31-12-2022
Intangible assets 0,0 0,4 0,1
Tangible assets 0,2 0,3 0,3
Financial assets 231,9 185,9 205,4
Deferred tax asset 0,0 3,1 0,0
Total non-current assets 232,1 189,7 205,9
Current receivables 11,0 3,5 4,9
Cash and liquid assets  12,9 58,3 59,2
Total assets 255,9 251,5 270,0
Equity and liabilities
Equity 241,6 247,3 259,4
Total current liabilities 14,3 4,2 10,6
Total equity and liabilities 255,9 251,5 270,0

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

C-RAD AB, Interim report, January – September 2023  15 
 
   
Group summary per quarter
Income Statement
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021
111,2 90,6 84,4 98,8 83,5 62,7 56,3 77,4 63,2 60,5 60,0
-39,3 -33,5 -29,4 -34,2 -29,7 -22,0 -20,2 -26,5 -22,9 -22,6 -23,5
71,9 57,1 55,0 64,6 53,8 40,7 36,2 50,9 40,3 37,9 36,6
65% 63% 65% 65% 64% 65% 64% 66% 64% 63% 61%
-22,8 -24,3 -21,3 -25,6 -16,6 -18,6 -14,9 -14,5 -12,4 -12,7 -12,8
-28,9 -28,2 -30,4 -34,2 -24,3 -23,6 -21,2 -20,1 -18,0 -17,6 -16,0
4,3 2,6 4,0 4,0 2,0 2,4 1,7 1,1 1,1 1,2 1,1
-2,1 -2,2 -2,3 -2,5 -2,5 -2,5 -2,6 -2,5 -2,5 -2,4 -2,4
-3,5 2,5 1,3 0,0 2,3 2,4 1,0 0,1 0,3 -0,5 -0,2
-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 18,9 7,4 6,4 6,2 14,6 0,8 0,2 14,9 8,8 6,0 6,2
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 7,3 6,3 6,0 14,3 0,8 0,1 14,9 8,7 6,0 6,2
-7,9 -1,8 -3,1 -1,8 -7,2 -3,7 -1,3 -3,5 -3,8 -0,4 -3,0
Net earnings 10,9 5,4 3,2 4,2 7,1 -2,9 -1,2 11,4 4,9 5,6 3,2
Balance Sheet
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021
Non-current assets 39,3 33,1 33,2 32,0 31,3 37,7 41,0 42,6 47,5 50,3 50,9
Current assets 342,4 313,4 304,0 307,1 281,6 270,7 260,5 264,1 238,0 228,2 221,2
Total assets 381,7 346,5 337,1 339,2 312,9 308,4 301,5 306,7 285,4 278,5 272,1
Equity 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 3,4 2,4 3,2 4,1 4,5 5,3 6,0 6,4 7,1 7,3 7,0
Current liabilities 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 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
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021
Operating cashflow 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 -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 -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 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 16 =====

C-RAD AB, Interim report, January – September 2023  16 
 
 
  
Key Ratios
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
MSEK 2023 2023 2023 2022 2022 2022 2022 2021 2021 2021 2021
Total order intake (MSEK) 168,6 117,8 91,4 216,6 80,9 105,6 81,5 132,9 82,1 72,3 66,3
Quarterly change (%)    43% 29% -58% 168% -23% 30% -39% 62% 14% 9% -46%
Change compared to same period last year (%) 108% 12% 12% 63% -1% 46% 23% 9% 2% 16% 39%
Total Revenues (MSEK) 111,2 90,6 84,4 98,8 83,5 62,7 56,3 77,4 63,2 60,5 60,0
Quarterly change (%)    23% 7% -15% 18% 33% 11% -27% 23% 4% 1% -19%
Change compared to same period last year (%) 33% 44% 50% 34% 32% 4% -6% 4% 20% 41% 16%
Gross Margin (percent of Revenues) 65% 63% 65% 65% 64% 65% 64% 66% 64% 63% 61%
EBIT-margin (percent of Revenues) 17% 8% 8% 6% 18% 1% 0% 19,3% 14% 10% 10%
Profit margin (percent of Revenues) 10% 6% 4% 4% 9% -5% -2% 15% 8% 9% 5%
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)  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)  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 (%) 69% 73% 73% 72% 77% 75% 76% 75% 77% 77% 77%
Cash Balance (MSEK) 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  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 33,7 33,7 33,7 33,7
Average number of diluted shares (millions) 33,8 33,8 33,8 33,8 33,8 33,8 33,9 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
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
Earnings per share before dilution (SEK)

===== SIDA 17 =====

C-RAD AB, Interim report, January – September 2023  17 
 
Notes 
Note 1. Accounting principles  
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 January 
to September average exchange rate while balance 
sheet items are translated at the closing rate. The aver-
age EUR rate during January to September was 11.48 
(10.53), while the average USD rate for the period was 
10.59 (9.92). Closing rate for EUR was 11.49 (10.92) and 
USD 10.84 (11.12).  
Note 3. Related party transactions  
During the third quarter, C-RAD has paid 5 000 SEK in 
service fees to Ropa & Boarda AB. The owner of Ropa & 
Boarda AB is C-RAD Board member Jenny Rosberg. 
Note 4. Capitalized Development Costs  
Development expenses that fulfil the recognition crite-
ria in IAS 38 are capitalized. Impairment tests are per-
formed yearly. 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. Pledges  
Pledges refer to a chattel mortgage for the company’s 
credit line with Nordea (security of SEK 20,000,000).  
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 orders at the end of the re-
porting period, which the company has yet to deliver 
and recognize as revenue. The company reports on the 
order backlog both for products and services. 
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.

===== SIDA 18 =====

C-RAD AB, Interim report, January – September 2023  18 
 
 
 
Presentation of the Interim Report  
CEO Cecilia de Leeuw and CFO Christoffer Herou will present the interim report for the third quarter by webcast on 
Friday, October 27 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_QEq6Uv1PRZClL6yC9MJBvg  
 
For more information:  
Cecilia de Leeuw, CEO, +46 (0)795 85 66 77, 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 efficacy in advanced radiation therapy. The company has sales and support op-
erations 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 s set out below, on October 
27, 2023 at 8:30 am.