"In the first quarter of 2021, net sales declined 22 percent due to lower license sales. Recurring support revenue rose 7 percent and accounts for 38 percent (28) of net sales. Operating profit totaled
FIRST QUARTER (JANUARY-MARCH 2021 )- Order intake
SEK 145.1 M (300.0) -
Net sales
SEK 162.1 M (208.9) -
Operating profit
SEK 12.3 M (51.6) -
Profit after tax
SEK 7.1 M (40.5) -
Earnings per share before/after dilution
SEK 0.21 (1.18) -
Cash flow
SEK 32.8 M (-4.2) -
Order backlog
SEK 1,207.1 M (1,281.5) at the end of the period
SIGNIFICANT EVENTS DURING THE FIRST QUARTER- The RayStation®* treatment planning system was sold to more leading cancer centers, including
Legacy Cancer Institute in the US, the University Hospital in Krakow, Poland , Osaka City University Hospital and Kumamoto University Hospital in Japan . In addition, Inova Schar Cancer Institute in the US and Radiumhospitalet at Oslo University Hospital in Norway expanded their existing RayStation installations. -
In March, the Parent Company issued a short-term loan of
SEK 200,000 to Vinstandelsstiftelsen RayFoundation on commercial terms. -
A wholly owned subsidiary has been established in
Australia .
UPDATE REGARDING COVID-19- The COVID-19 pandemic with temporary reprioritisations in healthcare had a negative impact on sales in the first quarter. The market situation is gradually improving in line with the vaccine rollout and the recovery is expected to continue. At the same time, coronavirus cases are rising in some regions and it is unclear how long it will take before the vaccination program has an effect.
RaySearch therefore expects that the negative effects of the COVID-19 pandemic on the company's sales and earnings will continue for some months to come, mainly because orders may be delayed, but that the pandemic's effects on sales and earnings are expected to gradually diminish in 2021.
SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD - In
March 2021 , RaySearch breached an EBITDA-based covenant in the company's credit facility agreement with Skandinaviska Enskilda Banken (publ) (SEB) with a credit limit of SEK 350 M, of which SEK 50 M was utilized. In April, SEB subsequently demanded repayment of the utilized SEK 50 M. However, the credit facility will be available for drawing as soon as the company once again meets all covenants contained in the agreement. -
A sales agent agreement has been signed with
Canon Medical Systems USA, Inc. , enabling RaySearch's salesforce in North America to promote Canon Medical's Aquilion Lare Bore CT and Celesteion PET/CT products.
- The RayStation®* treatment planning system was sold to more leading cancer centers, including
Legacy Cancer Institute in the US, theUniversity Hospital in Krakow,Poland ,Osaka City University Hospital andKumamoto University Hospital inJapan . In addition,Inova Schar Cancer Institute in the US and Radiumhospitalet atOslo University Hospital inNorway expanded their existing RayStation installations. -
In March, the Parent Company issued a short-term loan of
SEK 200,000 to Vinstandelsstiftelsen RayFoundation on commercial terms. -
A wholly owned subsidiary has been established in
Australia .
UPDATE REGARDING COVID-19- The COVID-19 pandemic with temporary reprioritisations in healthcare had a negative impact on sales in the first quarter. The market situation is gradually improving in line with the vaccine rollout and the recovery is expected to continue. At the same time, coronavirus cases are rising in some regions and it is unclear how long it will take before the vaccination program has an effect.
RaySearch therefore expects that the negative effects of the COVID-19 pandemic on the company's sales and earnings will continue for some months to come, mainly because orders may be delayed, but that the pandemic's effects on sales and earnings are expected to gradually diminish in 2021.
SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD - In
March 2021 , RaySearch breached an EBITDA-based covenant in the company's credit facility agreement with Skandinaviska Enskilda Banken (publ) (SEB) with a credit limit of SEK 350 M, of which SEK 50 M was utilized. In April, SEB subsequently demanded repayment of the utilized SEK 50 M. However, the credit facility will be available for drawing as soon as the company once again meets all covenants contained in the agreement. -
A sales agent agreement has been signed with
Canon Medical Systems USA, Inc. , enabling RaySearch's salesforce in North America to promote Canon Medical's Aquilion Lare Bore CT and Celesteion PET/CT products.
- In
March 2021 ,RaySearch breached an EBITDA-based covenant in the company's credit facility agreement withSkandinaviska Enskilda Banken (publ) (SEB) with a credit limit ofSEK 350 M, of whichSEK 50 M was utilized. In April, SEB subsequently demanded repayment of the utilizedSEK 50 M. However, the credit facility will be available for drawing as soon as the company once again meets all covenants contained in the agreement. -
A sales agent agreement has been signed with
Canon Medical Systems USA, Inc. , enablingRaySearch's salesforce inNorth America to promote Canon Medical's Aquilion Lare Bore CT and Celesteion PET/CT products.
TELECONFERENCE IN CONJUNCTION WITH THE INTERIM REPORT
CEO Johan Löf and CFO
For login details to the teleconference (ID: 5061876), please register on:
http://emea.directeventreg.com/registration/5061876
FOR FURTHER INFORMATION, PLEASE CONTACT:
Johan Löf, President and CEO Tel: +46 8 510 530 00 E-mail: johan.lof@raysearchlabs.com
The information contained in this interim report is such that
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