Presentation

C-RAD offers cutting-edge solutions in advanced radiation therapy to cure cancer. C-RAD was founded in 2004 by researchers from Karolinska Institutet and the Royal Institute of Technology in Stockholm, and people with extensive industrial experience in the field of radiation therapy. The product portfolio is comprised of solutions for patient positioning, real time monitoring and tumour localisation. The company has sales offices in Scandinavia, German-speaking countries, North America, France, and China. C-RAD’s distributors are spread in several markets, primarily in Asia and Europe.

Recent highlights
In Q2, order intake amounted to SEK 105.6m (72.3), corresponding to a 46% growth (35% FX-adjusted). All regions showed double-digit growth figures, with APAC topping the list with 88% y/y, despite covid-19 restrictions. Also, Positioning products performed a 77% order intake growth, compared to Life Cycle Business (-11%) and HIT Laser (-55%). Net sales amounted to SEK 62.7m (60.5) which was a 4% increase (2% FX-adjusted) and America held the highest sales growth of 24%, significantly higher than EMEA (-7%) and APAC (8%).
Furthermore, Tim Thurn decided to resign as CEO after 10 years and will be replaced by the newly appointed CEO, Cecilia de Leeuw from 21 December 2022.

Outlook
Analysing historical data, we can conclude that C-RAD’s revenue and order intake have a seasonal pattern and are generally stronger in H2. This stems from customers like hospitals or clinics having annual budgets. From this, we expect both the order intake and revenue to increase in the next two quarters. Factset consensus, estimate sales and EBITDA to reach SEK 293.9m and SEK 42.1m by the end of 2022.