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Interim report January 1- June 30, 2018

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RaySearch Laboratories AB (publ)

“In the second quarter of 2018, order intake excluding service agreements rose 47 percent to SEK 160 M, which is the highest order intake ever for the second quarter. Net sales declined marginally to SEK 141 M (142) and the operating margin remained unchanged at 19 percent (19), mainly due to the change in accounting policies, but also to positive currency effects. Without application of the new accounting policies, net sales would have risen 15 percent to SEK 162 M and the operating margin would have been 28 percent. Our order backlog including service agreements was SEK 720 M (591) at the end of the period. We feel secure with our long-term strategy and our expansion will continue”, says Johan Löf, CEO of RaySearch.

SECOND QUARTER (APRIL-JUNE 2018) 

  • Net sales SEK 141.0 M (141.6), of which revenues from RayStation®/RayCare® SEK 126.6 M (127.6) 
  • Profit after tax SEK 20.6 M (20.1), and earnings per share before/after dilution SEK 0.60 (0.59) 
  • Operating profit SEK 26.3 M (26.8) 
  • Cash flow SEK -50.3 M (-13.7) 
  • Order intake excl. service agreements SEK 160.3 M (108.8), of which RayStation/RayCare SEK 151.1 M (98.0)

HALF-YEAR (JANUARY-JUNE 2018) 

  • Net sales SEK 257.3 M (268.4), of which RayStation/RayCare SEK 233.4 M (240.0) 
  • Profit after tax SEK 32.4 M (46.4), and earnings per share before/after dilution SEK 0.94 (1.35) 
  • Operating profit SEK 40.4 M (60.3) 
  • Cash flow SEK -37.9 M (-16.7) 
  • Order intake excl. service agreements SEK 266.7 M (213.7), of which RayStation/RayCare SEK 248.2 M (191.8) 
  • Order backlog incl. service agreements SEK 719.7 M (591.0) at the end of the period 
  • Order backlog for RayStation/RayCare excl. service agreements SEK 106,0 M (36.0) at the end of the period

 CHANGES TO ACCOUNTING POLICIES

  • IFRS 15 Revenue from Contracts with Customers came into effect on January 1, 2018, which reduced the company’s license revenue from RayStation and RayCare by 19 percent in the second quarter of 2018 and 16 percent in the first half of 2018 compared with the previously applied accounting policy (IAS 18), see Notes 1-2. The changed accounting policies also had a negative impact on net sales and earnings for the past 12-month period. 

SIGNIFICANT EVENTS DURING THE SECOND QUARTER 

  • RayStation was selected by several leading cancer centers, including the Heidelberg Ion Beam Therapy Center (HIT) and Marburg Ion Beam Therapy Center (MIT) in Germany, Centre intégré universitaire de santé et de service sociaux de l’Estrie – Centre hospitalier universitaire de Sherbrooke (SHUS) in Quebec, Canada, and Advanced Oncotherapy (AVO) in the UK. 
  • Two RayCare orders were received – one from a center in Belgium, and one from a center in Colombia. 
  • Long-term collaborative agreements for RayCare were concluded with Heidelberg University Hospital in Germany and for brachytherapy with Eckert & Ziegler BEBIG. 
  • A research collaboration and long-term licensing agreement for carbon-ion therapy were concluded with NIRS/QST in Japan and will lead to the integration of NIRS’s Microdosimetric Kinetic Model (MKM) in RayStation. 
  • RayStation 8A* was released, with support for the TomoDirectTM treatment mode.
 SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
  • RayCare 2A* was released with a range of new features, including activity and rule-based scheduling for all clinical resources, clinical document management and additional treatment planning functionality. 
  • A long-term collaborative agreement for RayCare was concluded with the Princess Margaret Cancer Center in Toronto, Canada.

The information contained in the 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 August 23, 2018 at 7:45 a.m. CET.  

FOR FURTHER INFORMATION, PLEASE CONTACT:
Johan Löf, President and CEO          Tel: +46 8 510 530 00                   E-mail:
johan.lof@raysearchlabs.com
Peter Thysell, CFO                          Tel: +46 70 661 05 59                   E-mail:
peter.thysell@raysearchlabs.com

 
ABOUT RAYSEARCH

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. 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 on Nasdaq Stockholm since 2003.
More information about RaySearch is available at www.raysearchlabs.com.

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