C-RAD AB – Consolidated Year-End report January-December 2019

C-RAD AB – Consolidated Year-End report January-December 2019   RECORD ORDER INTAKE LEAD TO ALL-TIME HIGH ORDER BACKLOG     Key events in the period January - December 2019   FOURTH QUARTER 2019  Order intake: 88.1 (75.6) MSEK Order backlog: 267.1 (175,4) MSEK Revenues: 51.0 (57.7) MSEK Operating profit before items affecting comparability*: -0.5 (3.3) MSEK Operating profit: -12.1 (3.3) MSEK   Net results after tax: -12.5 (24.3) MSEK Result per share: -0.40 (0.79) SEK   FULL YEAR JAN – DEC 2019 Order intake: 269.8 (246.8) MSEK Revenues: 205.4 (190.1) MSEK Operating profit before items affecting comparability*: 2.0 (0.8) MSEK Operating profit: -9.6 (0.8) MSEK  Net results after tax: -13.8 (21.2) MSEK Result per share: -0.45 (0,69) SEK   *Excl. write-down of capitalized development expenses and stock for GEMini of 11.6 MSEK.

Comments from Tim Thurn, CEO:

During 2019 C-RAD continued to strengthen its position in the market. We still see and expect the market to grow and it is clear thar our technology and solutions start to become standard of care. New partnerships at the beginning of the year as well as the extension of our strategic partnership with Elekta were two important milestones that will give us further growth opportunities in the coming years.

The full year of 2019 started somewhat slow in the first half year on order intake but picked up the last six months. Q3 and Q4 grew with 9 percent and 16 percent respectively. C-Rad has seen 14 consecutive quarters of increased order intake, if we exclude Q1 2019. This led to a record high order backlog of 267,1 MSEK at year end.

 In 2019 there were fewer large projects than in the previous year, but we succeeded to win two projects in Belgium with in total 26 MSEK for Sentinel 4DCT and Catalyst HD and a multi-year service contract. This was a great success for C-RAD. Orders of this magnitude have a significant impact on the order intake in one quarter and affect the volatility that we see in order intake but also in revenue.