"Revenue growth and improved profitability"
Second quarter April-June
- Order intake decreased 15 percent to MSEK 115 (135) (14 percent in constant currencies). The decrease was primarily driven by weaker performance in the Americas.
- Revenue increased 16 percent to MSEK 122 (105) (19 percent in constant currencies). The increase was primarily driven by continued strong performance in EMEA.
- Gross margin was 72 (67) percent, positively impacted during the quarter primarily by proton deliveries.
- EBIT amounted to MSEK 38 (8), corresponding to a margin of 23 (8) percent.
- Earnings after tax amounted to MSEK 24 (4).
- Earnings per share amounted to SEK 0.72 (0.12).
- Cash flow from operating activities amounted to MSEK 10 (1). Cash payments related to restructuring costs amounted to approximately MSEK 5.
CEO comment
During the quarter, C-RAD has implemented the previously announced restructuring programme more quickly than planned, whilst also continuing to strengthen our position in many of our most strategically important markets.
We report a quarter with total revenue of MSEK 122 (105), corresponding to organic growth of 19 percent, order intake of MSEK 115 (135), and an operating income (EBIT) of MSEK 28 (8), equivalent to a margin of 23 (8) percent. Although order intake is lower than in the very strong second quarter of last year, the trend is satisfactory overall. The strong growth in our revenue, the improved profitability and the progress we have made in our operations give us greater confidence in the path we have chosen. During the quarter, we took several important steps forward in the transformation- and growth programme that we launched at the beginning of the year.
It is pleasing to see revenue growth being driven by both product sales and services, where our growing installed base continues to create opportunities for recurring revenues and long-term value creation.
After five months as CEO, I am even more convinced of the significant potential within C-RAD. We are currently working with a strong focus on strengthening our structures and processes - a demanding but necessary effort to enable our future growth. We operate in an attractive market with strong long-term growth drivers, supported by leading technology, a growing installed base and a highly skilled and committed global team.
Our focus now is on converting these strengths into accelerated growth, greater profitability and a broader and stronger offering for our customers' workflows.
Phase one of the transformation programme completed - focus now shifts to acceleration
When we presented our transformation- and growth programme in our previous quarterly report, we outlined five integrated strategic pillars which together power five value creation engines in a self-reinforcing manner. Value creation activities are now taking place at a rapid pace, focusing on selected and prioritised KPIs that will drive us towards our financial targets.
With the restructuring programme now substantially complete, we are entering the second phase of our transformation - the acceleration phase.
We continue to be guided by our three core principles: Performance. Accountability. Execution.
Our focus now is on creating clarity around priorities, strengthening accountability and increasing the pace across the organisation.
A stronger global presence and clearer commercial priorities
During the quarter, we spent considerable time across our global operations, working alongside our teams in markets including the United States, China, Japan, Australia and Singapore. Our objective was to further develop our offering to customers, distributors and business partners.
The discussions we have held confirm several important conclusions.
Firstly, the market continues to demand our world-leading solutions, which improve precision, automation and workflows in radiotherapy.
Secondly, there is clear interest in open, supplier-neutral solutions capable of integration with a range of different treatment platforms.
Thirdly, we continue to see significant opportunities for gaining market share by combining our selective partnerships with a stronger commercial presence, marketing communications and service capacity, with both clinical and technical specialists.
Continued strength in EMEA and important progress globally
EMEA remained the driving force behind our growth and delivered yet another strong quarter.
We secured a number of strategically important deals, including with Krankenhaus der Stadt Schweinfurt in Germany, Lausanne University Hospital in Switzerland and AKH Wien in Austria. These deals strengthen our position with leading university hospitals, particle centres and growing private healthcare networks.
In APAC, we continued to strengthen our presence despite the challenging market conditions in China and India. Particularly encouraging was the continued progress in our business and collaborations with Royal North Shore Hospital in Sydney, one of the region's leading reference hospitals.
We also completed the first full SGRT installation featuring both Sentinel and Catalyst+ HD at Sahy-adri Super Speciality Hospital in India.
Discussions are ongoing with regard to future proton therapy collaborations in China, while we are also seeing increased interest from dis-tributors and partners in representing C-RAD's solutions.
We see strong potential in the United States and plan to further strengthen our organisation to capture the opportunities in the world's largest market.
Innovation, partnerships and the development of a workflow-focused oncology platform
A key part of our strategy is to further develop C-RAD from a leading SGRT provider in radiation therapy into a broader workflow-focused platform company, with an enhanced offering driven primarily by software solutions. During the quarter, we took several important steps on this journey.
At the ESTRO exhibition in Stockholm, we conducted a record number of demonstrations and "Meet the Expert" sessions, which received a very positive response from customers and partners alike.
We also announced our partnership with SeeTreat, with the aim of creating more intelligent, automated and personalised workflows in radiotherapy. The combination of C-RAD's Catalyst+ HD platform with SeeTreat's ART.1 solution is a clear example of how we are building the open oncology platform of the future, where precision, automation and adaptive treatment work together in harmony.
At the PTCOG exhibition in France, we also continued to consolidate our position as the global market leader in SGRT solutions for proton therapy. Proton therapy is a rapidly growing market that is at the clinical and technological forefront of radiotherapy and remains one of our most important strategic strengths and focus areas.
Strong installed base drives recurring revenues
The positive trend in the Services segment continued during the quarter, achieving organic growth of 15 percent. At the same time, service revenues accounted for over 20 percent of our total revenue for the fifth quarter in a row, which underlines the strength of our business model, strengthens our cash flow and profitability, and also fosters closer relationships with our customers and enhances our long-term competitiveness.
Our installed base continues to grow worldwide, creating favourable conditions for increased sales of services, training, software licences and upgrades, as well as other recurring revenue streams.
Our ambition remains to gradually increase the proportion of recurring revenues and service-related business over time.
Financial update on the restructuring programme
In our previous report, we announced that the restructuring programme had resulted in one-off costs of approximately MSEK 10. The pro-gramme is now essentially completed.
The programme is expected to deliver annual savings of approximately MSEK 20, with the full effect expected to be achieved by year-end. The savings are expected to be largely reallocated to resources supporting commercial growth, innovation, software development and stra-tegic markets.
Outlook
We are still in the early stages of our transformation journey. During the first half of the year, we have established a significantly stronger foundation through a new management structure, a completed restructuring programme and a clear strategic direction. We are now gradu-ally entering the next phase - the acceleration phase - where the focus shifts from building capabilities to reallocating resources and translat-ing our strategy into increased commercial growth, innovation and improved profitability.
We are building a more focused, proactive and scalable C-RAD. At the same time, we recognise that a transformation of this magnitude does not progress in a linear manner. Our market continues to be characterised by long sales cycles, large public tenders, variations in investment decisions between quarters and geographical differences, meaning that individual quarters may continue to show fluctuations. Therefore, our focus will remain on creating sustainable value over time rather than optimising individual quarters.
During the remainder of 2026, we will continue to prioritise the investments and activities that strengthen our long-term competitiveness. This includes an increased focus on priority geographies, continued development of our software and innovation portfolio, strategic part-nerships and a growing share of recurring service revenues. In parallel, we will continue to strengthen our operational discipline, improve cash flow and build a more scalable business.
We still have a long way to go before C-RAD reaches its full potential. Our ambition is to build a faster, more customer-focused and more innovative C-RAD, with the goal of becoming the leading open platform for intelligent workflows in oncology radiation therapy. Ultimately, every decision we make is aimed at creating greater value for our customers, improving treatment opportunities for patients and delivering long-term increased shareholder value.
I would like to conclude by thanking our customers, partners and, above all, our employees for your commitment and openness to change during a very intense quarter.
It is thanks to the efforts and rapid adaptation of our global team that we are now starting to see the results of the transformation that we began earlier in the year.
Uppsala July 17, 2026
Tomas Blomquist, CEO
C-RAD AB (publ)
Please find the full report at: Financial Reports | C-RAD
This document has been prepared in both a Swedish and English version. In the event of
any deviations, the Swedish version shall prevail.
For further information:
Tomas Blomquist, CEO, +46 (0)70 523 0163, investors@c-rad.com
Linda Frölén, CFO, +46 (0)70 303 3253, investors@c-rad.com
About C-RAD
C-RAD develops surface-guided imaging solutions for radiation therapy to allow highly accurate dose delivery to the tumor, and at the same time, to protect healthy tissue from unwanted exposure. Using high-speed 3D cameras combined with augmented reality, C-RAD supports the initial patient setup process and monitors the patient's motion during treatment to ensure high confidence, an efficient workflow, and improved accuracy. C-RAD monitors the patient's motion without the use of tattoos or additional imaging dose, to deliver the highest level of patient safety and comfort.
C-RAD AB is listed on NASDAQ Stockholm.
For more information on C-RAD, please visit http://www.c-rad.com
This information is information that C-Rad is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-17 08:00 CEST.
