Reported Earnings • Jul 19
Second quarter 2026 earnings released: EPS: kr0.72 (vs kr0.12 in 2Q 2025) Second quarter 2026 results: EPS: kr0.72 (up from kr0.12 in 2Q 2025). Revenue: kr121.7m (up 16% from 2Q 2025). Net income: kr24.2m (up kr20.2m from 2Q 2025). Profit margin: 20% (up from 3.8% in 2Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jun 12
Chief Executive Officer recently bought €185k worth of stock On the 5th of June, Tomas Blomquist bought around 56k shares on-market at roughly €3.30 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Tomas' only on-market trade for the last 12 months. Announcement • May 09
C-Rad AB (publ), Annual General Meeting, May 08, 2025 C-Rad AB (publ), Annual General Meeting, May 08, 2025. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.44, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 23x in the Medical Equipment industry in Germany. Total loss to shareholders of 55% over the past three years. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: kr0.45 (vs kr0.32 in 3Q 2023) Third quarter 2024 results: EPS: kr0.45 (up from kr0.32 in 3Q 2023). Revenue: kr100.1m (down 10.0% from 3Q 2023). Net income: kr15.4m (up 41% from 3Q 2023). Profit margin: 15% (up from 9.8% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 19
Second quarter 2024 earnings released: EPS: kr0.31 (vs kr0.16 in 2Q 2023) Second quarter 2024 results: EPS: kr0.31 (up from kr0.16 in 2Q 2023). Revenue: kr129.4m (up 43% from 2Q 2023). Net income: kr10.6m (up 96% from 2Q 2023). Profit margin: 8.2% (up from 6.0% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €4.15, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 27x in the Medical Equipment industry in Germany. Total loss to shareholders of 24% over the past three years. Reported Earnings • Apr 26
Full year 2023 earnings released: EPS: kr1.05 (vs kr0.22 in FY 2022) Full year 2023 results: EPS: kr1.05 (up from kr0.22 in FY 2022). Revenue: kr424.6m (up 41% from FY 2022). Net income: kr35.5m (up 375% from FY 2022). Profit margin: 8.4% (up from 2.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Apr 26
C-Rad AB (publ) Appoints Mats Thorén as Board Member The Nomination Committee of C-RAD AB (publ) has decided to propose that the Annual General Meeting 2024 approved the following revised proposals regarding the number of Board members and election of the Board of Directors. Election of Mats Thorén as Board members for the period until the next Annual General Meeting. Mats Thorén, born in 1971, has solid experience from the financial market, primarily focused on the life science sector as an analyst and in corporate finance. He is CEO and Board member of the company Vixco Capital AB as well as Board member of Arcoma AB, Arcoma Incentive AB, Herantis Pharma Oyj, FluoGuide A/S and Xbrane Biopharma AB as well as Deputy of Eggelbertus Holding AB and has previous experience as a Board member of C-RAD AB (publ) and Nalka Life Science AB. Mats Thorén studied at Stockholm School of Economics and studied medicine at Karolinska Institutet in Stockholm. Mats Thorén is independent in relation to the company and company management as well as independent in relation to the company's major shareholders and he owns no shares in the company. New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Announcement • Apr 10
C-Rad AB (publ) to Report Fiscal Year 2023 Results on Apr 23, 2024 C-Rad AB (publ) announced that they will report fiscal year 2023 results at 9:00 AM, Central European Standard Time on Apr 23, 2024 Reported Earnings • Feb 12
Full year 2023 earnings released: EPS: kr1.36 (vs kr0.22 in FY 2022) Full year 2023 results: EPS: kr1.36 (up from kr0.22 in FY 2022). Revenue: kr424.6m (up 41% from FY 2022). Net income: kr46.1m (up kr38.6m from FY 2022). Profit margin: 11% (up from 2.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.86, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 25x in the Medical Equipment industry in Germany. Total returns to shareholders of 10% over the past year. Reported Earnings • Oct 29
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr111.2m (up 33% from 3Q 2022). Net income: kr10.9m (up 54% from 3Q 2022). Profit margin: 9.8% (up from 8.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Medical Equipment industry in Germany. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €2.89, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 22x in the Medical Equipment industry in Germany. Total loss to shareholders of 10.0% over the past year. New Risk • Oct 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.5% average weekly change). High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (€94.2m market cap, or US$99.5m). Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €2.72, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 25x in the Medical Equipment industry in Germany. Total loss to shareholders of 21% over the past year. Announcement • Aug 02
C-Rad AB (Publ) Announces Former Employee Appeals Verdict from the Patent and Market Court of Appeal The Patent and Market Court of Appeal issued a judgment on 30 June 2023 regarding a claim for compensation from a former employee for C-Rad's use of an invention. The Court found that the former employee is only entitled to compensation corresponding to 1/5 of the compensation originally claimed by the former employee. This judgment has now also been appealed by the former employee to the Supreme Court, which must first decide whether to grant leave to appeal. The background is a lawsuit filed against C-RAD on 9 May 2020 by a former employee claiming compensation for an invention made during his employment at C-RAD. C-RAD strongly rejected the claim for compensation which was considered highly excessive. As previously announced, C-RAD has also appealed the judgement from the Patent and Market Court of Appeal to the Supreme Court. This is the fourth in a series of disputes where the opposing party was either the same former employee or the company Beamocular AB (owned by the former employee and now in bankruptcy) of which he was the CEO. In all previous cases C-RAD has won. New Risk • Jul 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€81.8m market cap, or US$90.9m). Announcement • Jul 21
C-Rad AB (publ) to Demonstrate Enhancements in Surface Guided Solutions for Advanced Radiotherapy Treatments at AAPM C-Rad AB (publ) announced it will showcase its latest software solution, Catalyst+ 6.5, and demonstrate how surface guided radiation therapy (SGRT) truly adapts to the clinical needs of the patient. C-RAD's SGRT solutions provide the clinical staff with patient-centric and user-friendly SGRT for effective treatments and better outcomes, as well as efficiency in a complex treatment workflow. Visitors to C-RAD booth 1003 will hear about the positive impact of SGRT in heart sparing breast cancer treatments, improved accuracy and precision in SRS, and using SGRT to more closely manage motion in routine treatments for everyday clinical practice. Catalyst+ 6.5 aims to improve accuracy, usability and integration in the clinic. Catalyst+ 6.5 supports a range of treatments, potentially shortening treatment slots, minimizing errors, and providing greater patient comfort with a less disruptive patient experience. The company invite AAPM attendees to experience all the benefits of SGRT and new enhancements: Verify accuracy daily with a range of new QA features and tools. New patient setup workflow with 6 DOF couch. Real-time patient tracking and beam gating in 6 DOF. Predefined surfaces added for motion management. User-defined clinical hours ensures Catalyst+ is ready when are. New temperature controls automatically adapt to the environment. Reported Earnings • Jul 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr90.6m (up 45% from 2Q 2022). Net income: kr5.40m (up kr8.30m from 2Q 2022). Profit margin: 6.0% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Medical Equipment industry in Germany. New Risk • Jul 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (€77.9m market cap, or US$85.5m). Board Change • May 18
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director David Sjostrom is the most experienced director on the board, commencing their role in 2017. Independent Director Jenny Rosberg was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: kr0.22 (vs kr0.74 in FY 2021) Full year 2022 results: EPS: kr0.22 (down from kr0.74 in FY 2021). Revenue: kr301.3m (up 15% from FY 2021). Net income: kr7.48m (down 70% from FY 2021). Profit margin: 2.5% (down from 9.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Medical Equipment industry in Germany. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: kr0.22 (vs kr0.74 in FY 2021) Full year 2022 results: EPS: kr0.22 (down from kr0.74 in FY 2021). Revenue: kr301.3m (up 15% from FY 2021). Net income: kr7.50m (down 70% from FY 2021). Profit margin: 2.5% (down from 9.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Medical Equipment industry in Germany. Announcement • Jan 24
C-Rad AB (publ) to Report Fiscal Year 2022 Final Results on Apr 06, 2023 C-Rad AB (publ) announced that they will report fiscal year 2022 final results at 9:00 AM, Central European Standard Time on Apr 06, 2023 Announcement • Jan 03
C-Rad AB (Publ) Appoints Christoffer Herou as CFO C-Rad AB (publ) appointed Christoffer Herou as CFO, starting end of second quarter of 2023. Christoffer Herou, 41 years old, holds a Master of Science in Business Administration from Lund University. He most recently comes from Brado AB (publ) /Frösunda Omsorg AB, as Group CFO. Lars Levin is continuing in his role as Interim CFO, as previously announced. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr83.5m (up 32% from 3Q 2021). Net income: kr7.10m (up 45% from 3Q 2021). Profit margin: 8.5% (up from 7.8% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Medical Equipment industry in Germany. Reported Earnings • Jul 22
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr62.7m (up 3.6% from 2Q 2021). Net loss: kr2.90m (down 152% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 28%, compared to a 7.9% growth forecast for the industry in Germany. Reported Earnings • May 08
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr56.3m (down 6.6% from 1Q 2021). Net loss: kr1.20m (down 127% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 28%, compared to a 7.2% growth forecast for the industry in Germany. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Per-Arne Blomquist Curt was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Per-Arne Blomquist Curt was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Jan 28
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: kr0.74 (up from kr0.43 in FY 2020). Revenue: kr261.2m (up 18% from FY 2020). Net income: kr25.1m (up 75% from FY 2020). Profit margin: 9.6% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 19%, compared to a 13% growth forecast for the industry in Germany. Reported Earnings • Jan 28
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: kr0.74 (up from kr0.43 in FY 2020). Revenue: kr261.2m (up 18% from FY 2020). Net income: kr25.1m (up 75% from FY 2020). Profit margin: 9.6% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 19%, compared to a 13% growth forecast for the industry in Germany. Announcement • Dec 19
C-Rad Achieves Another Milestone Ensuring the Availability of SGRT, the Standard of Care for Radiotherapy C-RAD announced that Catalyst+ HDTM has been successfully validated at the MVZ Prof. Dr. Uhlenbrock & Partner, Medical Centre in Dortmund, Germany for use with their new Elekta Harmony linear accelerators. Elekta and C-RAD continue to work together driving the development of Surface Guided Radiation Therapy (SGRT) as the standard of care in Radiotherapy. The installation in Dortmund is yet another milestone in this endeavor and the site is now one of the only hospitals in the world with this combined state-of-the art technology, enabling the clinic to offertheir patients the best care available. All Elekta linear accelerators (linacs) are now certified for compatibility with the full capabilities of theCatalyst family of products. Including patient positioning, real time motion monitoring and respiratory gated treatment, automated couch adjustments using the Elekta's MOSAIQ® interface, and automatic beam control using the ResponseTM interface, presenting all global customers with the opportunity to offer the same highly modern set-up for their treatment rooms. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr63.2m (up 20% from 3Q 2020). Net income: kr4.90m (up 29% from 3Q 2020). Profit margin: 7.8% (up from 7.2% in 3Q 2020). The increase in margin was driven by higher revenue. Recent Insider Transactions • Aug 01
Chief Operating Officer recently sold €61k worth of stock On the 29th of July, Håkan Axelsson sold around 10k shares on-market at roughly €6.40 per share. This was the largest sale by an insider in the last 3 months. Håkan has been a seller over the last 12 months, reducing personal holdings by €64k. Reported Earnings • Jul 30
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr60.5m (up 41% from 2Q 2020). Net income: kr5.60m (up kr8.00m from 2Q 2020). Profit margin: 9.3% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Announcement • Jul 02
C-Rad AB (publ) Announces The Patent and Market Court Rejected Former Employee Claim for Compensation The Patent and Market court rejected a former employee claim on C-RAD for compensation. The court ruled that the former employee is not entitled to any compensation. The background is a lawsuit that was filed against C-RAD on May 9, 2020 from a former employee, claiming compensation for an invention made during his employment at C-RAD. C-RAD strongly rejected the lawsuit and considered the compensation claim to be highly excessive, herewith confirmed by the court verdict. This is the fourth in a series av disputes with the company where the counterpart was either the same former employee or the company Beamocular AB (owned by the former employee and now in bankruptcy) for which he has been CEO. In all four cases C-RAD has prevailed. Furthermore, the court verdict states that the former employee should bare C-RADs legal fees, amounting to SEK 2.9 million. The verdict can be appealed. Announcement • Apr 25
The Patent and Market Court of Appeal Issues Judgement Confirming C-Rad's Entitlement to Beamocular's Invention The Patent and Market Court of Appeal at the Svea Court of Appeal partly confirms the judgment of the Patent and Market Court of 26 July 2019, which gave C-RAD the right to the invention described in the patent application entitled 'Ionizing radiation detecting device'. The judgment from the Patent and Market Court of Appeal gives C-RAD the right to 50% of the invention as certain minor parts of the invention origins from Beomocular, a company in bankruptcy. C-RAD sued Beamocular in May 2017. The judgment of the Patent and Market Court of Appeal cannot be appealed. Both parties will carry their own legal cost. The disputed invention is closely related to the research and development of C-RAD's image detector called 'Gemini'. This product is not commercialized and all development and operations around this product ceased in December 2019 in favor of full focus on the company's positioning products, whereas this ruling has no impact on C-RAD's current operations. Reported Earnings • Apr 19
Full year 2020 earnings released: EPS kr0.43 (vs kr0.45 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr221.6m (up 7.9% from FY 2019). Net income: kr14.4m (up kr28.2m from FY 2019). Profit margin: 6.5% (up from net loss in FY 2019). The move to profitability was primarily driven by higher revenue. Announcement • Feb 23
C-RAD and Alliance Radiation Oncology Announce That Alliance Has Become the First Center in the Greater Northshore Area to Integrate C-Rad C-RAD and Alliance Radiation Oncology announced that Alliance has become the first center in the greater Northshore area to integrate C-RAD's entire suite of surface tracking and workflow optimization products into their radiation therapy technology program. This new C-RAD installation will take Alliance Radiation Oncology's treatment delivery to the next level, increasing accuracy, enhancing patient safety, optimizing workflow and maximizing clinical confidence. This new C-RAD installation is part of Alliance Radiation Oncology's continued focus on treatment accuracy, enhanced patient safety, optimized workflow and maximized clinical confidence. The installation at Alliance Radiation Oncology relates to an order C-RAD received and delivered in 2020. 
