“In the third quarter, net sales declined 17 percent, mainly due to lower license sales as a result of COVID-19. Operating loss amounted to SEK -29 M (-6), however adjusted for currency conversion effects the operating loss would have been SEK -21 M (-26). Cash flow was strong and totaled SEK 22 M (-13)”, Johan Löf, CEO of RaySearch.
THIRD QUARTER (JULY–SEPTEMBER 2020)
- Order intake SEK 138.5 M (196.8)
- Net sales SEK 119.1 M (144.3)
- Operating loss SEK -29.5 M (-6.3).
- Loss after tax SEK -26.2 M (-7.5)
- Earnings per share before/after dilution SEK -0.76 (-0.22)
- Cash flow SEK 21.7 M (-13.5)
- Order backlog SEK 1,228.5 M (1,124.7) at the end of the period
NINE MONTHS (JANUARY–SEPTEMBER 2020)
- Order intake SEK 615.6 M (769.0)
- Net sales SEK 491.8 M (507.1)
- Operating profit SEK 11.1 M (45.7)
- Profit after tax SEK 5.1 M (31.5)
- Earnings per share before/after dilution SEK 0.15 (0.92)
- Cash flow SEK 83.4 M (-11.2)
SIGNIFICANT EVENTS DURING THE THIRD QUARTER
- The RayStation® treatment planning system has been sold to several leading cancer centers, including University of Kansas Medical Center, Minneapolis VA Medical Center and National Cancer Institute (NCI) in the US, Queen Elizabeth Hospital Birmingham in the UK, West China Hospital, Sichuan University in China, Udonthani Cancer Hospital in Thailand, and Hokkaido University in Japan.
UPDATE REGARDING COVID-19
- The general market situation improved at the end of the third quarter and the recovery continued in Asia with signs of a recovery in demand in North America. In parallel, a second wave of the pandemic was registered in many European countries and in North America. RaySearch therefore expects that the COVID-19 pandemic will continue to have an adverse effect on the company’s sales and earnings for several months to come, mainly because orders may be delayed.
- Management is monitoring the situation closely and is prepared to take action if needed.
NO SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
The information contained in this interim report is such that RaySearch Laboratories AB (publ) is obliged to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication on November 18, 2020 at 7:45 a.m. CET.
TELECONFERENCE IN CONJUNCTION WITH THE INTERIM REPORT
CEO Johan Löf and CFO Peter Thysell will present RaySearch’s interim report for January–September 2020 at a teleconference to be held in English on Wednesday, November 18, 2020 at 3:00–3:30 p.m. CET.
For login details to the teleconference, please register on:
FOR FURTHER INFORMATION, PLEASE CONTACT:
RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. The company develops and markets the RayStation treatment planning system and RayCare oncology information system to cancer centers all over the world and distributes the products through licensing agreements with leading medical technology companies. The company is also developing a new treatment control system, RayCommand, as well as RayIntelligence, a range of data-based machine learning products, which are expected to be launched in December 2020. RaySearch’s software is currently used by over 2,600 centers in more than 65 countries. The company was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm and the share has been listed for trading on Nasdaq Stockholm since 2003.
More information about RaySearch is available at www.raysearchlabs.com.