C-Rad AB Stock price
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = kr712.48m | Revenue (TTM) = kr444.40m
Market Cap = kr712.48m | Estimated Revenue = kr468.64m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = kr583.38m | Revenue (TTM) = kr444.40m
Enterprise Value = kr583.38m | Forward Revenue = kr468.64m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
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C-Rad AB Stock Analysis
Analyst Opinions
5 Analysts have issued a C-Rad AB forecast:
Analyst Opinions
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C-Rad AB Events
Past Events
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OCT
22
Q3 2026 Earnings Call
7 days ago
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FEB
12
Q4 2025 Earnings Call
9 months ago
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OCT
23
Q3 2025 Earnings Call
about one year ago
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StocksGuide Free
C-Rad AB — Q3 2026 Earnings Call
1. Management Discussion
Welcome to the C-RAD Q3 2026 Report Presentation [Operator Instructions] Now I will hand the conference over to CEO, Tomas Blomquist; and CFO, Linda Frölén. Please go ahead.
Good morning, everyone, and welcome to C-RAD's Third Quarter 2026 Presentation, and thank you all for joining us today. My name is Tomas Blomquist, CEO of C-RAD. I'm joined today by Linda Frölén, our CFO, but also our Chief Product and Technology Officer, Eeva-Liisa Karjalainen. We will take you through the financial performance for the quarter, our operational and technological progress and the priorities guiding C-RAD into the next phase of our transformation. Let me now start with the key takeaways. Q3 was a weaker quarter financially than we had expected.
Order intake amounted to SEK 76 million, down 29% year-on-year, while revenue was SEK 85 million, down 24% compared with Q3 2025. The regional development shown on the slide highlights the main reason for this outcome. Order intake varied significantly across our markets. The Americas increased by more than 20% year-on-year, while EMEA was the key driver of the overall weakness and declined by 40%. APAC declined by 34%. The same regional pattern is visible in revenue. Revenue declined by 33% in APAC and by 23% in EMEA, reflecting weaker product deliveries in both regions. The Americas declined by 6% year-on-year despite the positive development in order intake. This difference between order intake and revenue also reflects the timing essential in our business, where orders convert into revenue over time and larger product deliveries can shift between quarters.
We're not satisfied with this performance, improving commercial conversion, strengthening product deliveries and restoring growth in order intake and revenue are clear priorities for us. At the same time, the quarter demonstrates important strength in our underlying business and continued building the capabilities we need for the future. Our service business reached a record quarterly revenue of SEK 30 million. Gross margin remained very strong at 76% and EBIT margin was 12%, demonstrating resilience despite lower volumes. The positive year-on-year development in order intake in the Americas is encouraging, particularly in contrast to the declines in EMEA and APAC. However, we need to convert this momentum into revenue and demonstrate sustained performance over several quarters. Let me now put this into the broader context of our transformation. We're building a stronger, more customer-focused and more scalable C-RAD. We're still in the early stages of our 3-year transformation, which began earlier this year.
The first phase is about establishing a stronger foundation, sharpening priorities, strengthening commercial execution, clarifying accountability and directing resources towards partnerships, software innovation and selected markets. That work is progressing according to plan. However, transformation is not an end in itself. It must translate into stronger commercial performance, profitable growth and long-term value creation, and that is where our focus remains. Turning to the market. We saw clear regional differences during the quarter.
Europe experienced a more cautious investment environment with fewer tenders and delayed purchasing decisions, particularly in Germany. This was reflected in the 40% decline in EMEA order intake and the 23% decline in revenue with weaker product deliveries contributing to the revenue development. APAC was also weaker with order intake down 34% and revenue down 33%. Developments in China and India contributed to the weaker performance and product deliveries were also lower in the region. The Americas developed more favorably on the order side with order intake increasing by more than 20% year-on-year. Revenue was nevertheless down 6%, illustrating the timing difference between order intake and delivery.
This is an important distinction. The order intake development provides an encouraging signal, but it must translate into deliveries and revenue in the coming quarters. Our industry continues to be characterized by long sales cycles, significant investment decisions and quarter-to-quarter variability. We, therefore, assess performance across several periods while remaining clear that our commercial conversion, regional execution and revenue development need to improve. A particularly strong signal this quarter came from our service business. Record service revenue reflects the value of our global installed base of more than 2,200 systems.
This installed base is much more than a historical achievement. It is a strategic asset that creates opportunities to grow recurring revenue through service upgrades, service licenses and new solutions. Increasing the value we generate from this installed base is central to making C-RAD a more resilient and scalable business. Let me now turn to our strategic direction. Our ambition is to build on our leading SGRT position and develop C-RAD into an open workflow platform for radiation oncology. We're not moving away from what has made C-RAD successful. We're building on our technology, installed base, clinical relationships and global presence to address a broader opportunity.
At ASTRO in Boston, we presented an early preview of our next-generation software platform and advanced our automated patient verification solution. Together, these developments represent important building blocks towards more integrated and automated workflows. Our collaboration with SeeTreat in adaptive radiotherapy is another concrete example of this approach, connecting C-RAD's patient positioning and motion monitoring capabilities with adaptive treatment workflows. It illustrates how partnerships can extend the value we deliver without requiring us to build every component independently. Commercially, our work with larger cancer organizations and network remains important. Our business with Ron-Ergea in Germany builds on successes with customers such as GenesisCare in U.K. and Elsan in France. We want to translate these relationships into repeatable opportunities across multiple clinics and markets.
Looking ahead, our priorities are clear: improve commercial conversion in our priority markets, grow recurring revenue and continue investing selectively in software innovation and strategic partnerships. We will remain disciplined in our allocation of capital and resources. Our objective is not growth at any cost, but sustainable, profitable growth and a stronger competitive position over time. So let me conclude with a few comments.
Q3 was weaker than we expected, and we need to improve our financial performance. But our strategic direction remains clear and the work to build a stronger C-RAD is progressing, but there is still a significant work ahead. Our ambition is to become not only a leading provider of SGRT technology, but also an open and trusted partner connecting technologies data and workflows across radiation oncology. With that, I will hand over to Linda Frölén, our CFO, to take you through the financial Q3 performance in more detail; Eeva-Liisa Karjalainen will then provide an update on our technology, product development, the ASTRO exhibition and our first ecosystem partner SeeTreat. Linda, over to you.
Thank you, Tomas. So as Tomas has already given you the flavor of our order intake and revenue for the quarter, I will rather focus on the journey towards earnings and cash flow. In the following slides, I will go through our gross margin, cost levels, earnings, cash flow and investments. I would also like to comment on our revised backlog. As part of our ongoing efforts to ensure a high-quality business, we conducted a thorough review across all regions during the quarter. This has resulted in a write-down of SEK 93 million of our order stock. Important to highlight is that this adjustment does not change our expectations for revenue development in the coming periods, and it has not affected the earnings for the quarter or the interim period. Gross profit for the quarter was SEK 65 million compared to SEK 83 million a year ago. The gross margin for the quarter was 76% versus 74% last year. The increase year-on-year is explained by the higher share of service revenue in this quarter, which was 35%. We also had proton revenues in this quarter, which we did not have in the third quarter of last year.
Looking at our operating expenses after capitalization, you see to the left of this chart that they decreased 7% year-on-year from SEK 58 million last year to SEK 54 million in this quarter. The decrease in year-on-year OpEx is related to lower personnel costs due to average number of employees, which are down from 106 in Q3 of last year to 100 now in this quarter. Also, commission expenses are lower following the lower order intake and revenue for the quarter. To the right of the slide, you see that quarter-on-quarter OpEx is down from SEK 60 million in Q2 to SEK 54 million in this quarter.
The decrease is related to lower personnel expenses in Q3 due to summer holidays. As we increase our focus on innovation and product development our underlying OpEx are expected to increase somewhat. But as these initiatives approaches commercialization phase, the capitalization rate is also expected to increase. EBIT for the third quarter was SEK 10 million compared to SEK 21 million a year ago. The decrease in EBIT for this quarter is mainly explained by fewer product deliveries. However, profitability showed signs of resilience, supported by a strong gross margin and continued cost discipline. The restructuring measures implemented earlier this year have also helped to mitigate the impact from lower volumes and demonstrate in organization that is operating more efficiently.
While there is still a gap to our EBIT margin target of 25%, we believe the foundation for margin expansion is strong. With a high gross margin profile, a more efficient cost base and a focus on innovation, we see a clear path to our target over time.
The profitability level achieved in recent periods confirms the operational leverage in the business model and the earnings potential as growth returns. Our cash balances increased by SEK 6 million during Q3 and stood at SEK 144 million at quarter end compared to SEK 138 million at the beginning of the quarter. Cash flow from working capital was SEK 4 million in the quarter compared to just below 0 a year ago. Working capital was positively affected by payments from customers, which was partly offset by increased inventory levels and restructuring payments. Our focus on our balance sheet and our cash flow will continue. As the last slide from me before I hand over to Eeva-Liisa is one showing our increased level of investments.
Looking back, we believe the pace of innovation has not been where it needed to be to support the growth ambitions of the company. While we have continued to develop our existing portfolio, the rate of new product development has been too low. To address this, we have significantly increased our investments in product development as illustrated by this chart. Over the past 2 years, annual investments have increased by approximately SEK 16 million, enabling us to strengthen our development organization and accelerate innovation. We firmly believe that increasing the pace of innovation is essential to returning to sustainable growth.
We have already communicated our next product, patient verification, and we are actively working on additional products that we expect to launch during next year. In summary, we are making a conscious investment today to build a stronger innovation engine for tomorrow. We believe this will be a key driver of growth and value creation in the years ahead. And with that, I'd like to hand over to Eeva-Liisa, who will walk you through our innovation agenda and how we transform these investments into future products and customer value.
Thank you, Linda. I will spend the next few minutes on adding some more detail regarding our recent product developments as well as our next phase of product innovation and portfolio expansion. So C-RAD is on an important mission. Together with clinicians, we combine technology and clinical insights to make every patient journey safer and better. Our products play an important role in radiotherapy treatment of cancer. Overall, surface-guided radiotherapy solutions bring an essential layer of precision, patient safety and efficiency to safety critical clinical procedure that can save lives. In our portfolio today, we support radiotherapy treatment workflow from patient simulation onto treatment delivery with our flagship products, Sentinel and Catalyst, both to enhance safety and efficiency in treatments. And with an installed base of approximately 2,200 systems, our SGRT technology has a global presence in a market where workflows, automation and interoperability are becoming increasingly important.
One of C-RAD's most important competitive advantages is really our position with the hardware and software in the treatment room and providing a great base for expanding our business going forward. At the end of September of this year, C-RAD participated in one of the key industry congresses of the year, the ASTRO Congress in Boston, U.S.A. We have a very successful congress demonstrating our new developments to prospects and existing customers, showcasing many of our new features for the next release. And in addition to showcasing our flagship Catalyst+ HD, we also demonstrated our latest addition to the Catalyst family, which is the Catalyst+ LITE, which makes advanced SGRT and motion management more accessible to all clinics. During the ASTRO Congress, we also announced an expanded interoperability for our Sentinel product, which is now compatible with the United Imaging CT scanners, which is an important step in making the Sentinel technology accessible to all clinics globally.
Looking ahead, our strong position with a large installed base at the heart of the radiotherapy clinic gives us really a unique starting point for our next step. Our ambition is to transform C-RAD from a leading product supplier in SGRT to becoming a leading open workflow platform for cancer care, starting with radiation therapy. And this position is considerably larger than SGRT and one we believe that will become increasingly important as radiation therapy becomes more advanced and more personalized, while at the same time, having to become more efficient to support the growing aging population and rising cancer incidence. The ecosystem that we're on a journey to build consists of 3 strategic layers.
Starting at the very core, we will keep evolving and enhancing our proven SGRT solutions to ensure that we maintain and enhance our market position and competitiveness. While the second layer, the innovation layer expands from the SGRT, connects SGRT deeper into the radiotherapy workflow and provides new software innovations that support the clinicians workflows to bring both automation, efficiency and safety to the clinical workflow.
And this is really a key layer in our strategy that will bring a unified experience to the clinical teams while leveraging their existing investments in their hospital information systems.
And finally, as a third layer to build out the ecosystem with products relevant to the wider ecosystem to support further workflows. The ecosystem as such will be built on C-RAD's new open workflow platform that will unify the clinical workflows across products. And to achieve the goal of the platform and ecosystem, we will combine the different capabilities through a structured build, partner and buy model. What we choose to develop in-house, what we build ourselves is what we have unique expertise in and where we can create a clear competitive advantage for us.
This means SGRT, a modern software platform workflow, automation and integration, whereas we partner with the companies where we complement the clinical workflow and bring value-adding synergies to the end users at the clinics. And lastly, we intend to make selective acquisitions in situations where we can accelerate our strategic position. And we have already started this journey and made good progress on it. At ASTRO in September, we presented and demonstrated already the first building blocks of the platform and showcased our new solution for patient identity verification.
Patient identity verification manages and automate a manual and error-prone step in the treatment workflow and helps to ensure that a clinic does not mix up patients to be treated. This new solution and future products will be delivered on the new C-RAD software platform, which is really the foundation for all future C-RAD software and will bring a more integrated automated workflow throughout the clinics in combination with our partner products. The platform will also serve as a hub for analytics and interoperability in the ecosystem. From the ASTRO Congress, we can see that the new products and platform were very well received and confirmed C-RAD's strategic direction overall.
The market is moving rapidly towards a more automated and integrated workflows in which really products and data flows are linked throughout the entire patient treatment to support the best possible patient care. So as the landscape has changed over the past years, the new decisive strategic question is no longer which technology is best in isolation, but how technologies, systems and data flows can really be integrated into a safe and efficient workflow for the patients.
A key cornerstone of C-RAD's approach through the years are long-standing partnerships with the industry. And these already bring a fantastic basis, enhanced value safety and efficiency into the radiotherapy workflows that we support. However, they are also one of the standing key foundations to building the open oncology platform, and I want to take the opportunity to highlight our first announced partner in this model is SeeTreat. At ASTRO, we communicated that we have entered the next phase with this Australian med tech company that develops innovative solutions for adaptive radiotherapy.
Within this partnership, we will combine the strength of our respective products, the Catalyst and Sentinel from C-RAD and the SeeTreat ART.1 to co-develop more connected, personalized and patient-centric radiotherapy workflows for the future. And this really also brings us to illustrate the ideas behind the platform, connecting technologies into one integrated clinical workflow rather than adding yet another isolated product. And our shared goal is to bring advanced radiotherapy departments of all sizes independent treatment machine and to support the need of precision, efficiency and personalized care for the future. And with that, I will hand over back to the moderator for Q&A.
[Operator Instructions] the next question comes from Christian Lee from Pareto Securities.
2. Question Answer
I have a couple of questions, and I will take them one by one. The first is regarding the order intake in [indiscernible] by 42% year-over-year on challenging market conditions. Do you expect this to persist for some time? Or are you seeing signs of procurement activities returning in the near term?
Christian, thanks for your question. It's probably too early to tell. I mean, since we started to see some strong signals related to this during Q3, which was not at all evident in Q2. So too early to say, but it's -- we certainly felt it during Q3 that there is tremendous slowdown in order pushing coming through. So more on that for the future, but we remain optimistic.
Right. And Q3 was clearly below your own ambitions in terms of order intake and revenue. Are there any internal actions you can take to improve momentum? Or will external factors continue to dominate the development?
Well, I mean, yes, we're always focusing on what's in our control. So we're always reflecting and looking into what we can execute and perform better with. And yes, we do have some regional dedicated plans because the landscape across the globe looks very differently from EMEA to Americas to the APAC region. So...
Okay. Great. And on the write-off of SEK 93 million of the order backlog due to long delivery lead times, how much of that relates to the canceled U.S. order? And what lead times are we talking about here for what remains in the backlog?
Yes. Christian, I can answer that one. The write-down is mainly related to older orders. So nothing that we expect will affect the revenue in the coming periods. We do not disclose particularly the amount from the specific American customer that was mentioned, but we can say that the write-down is across all regions.
So again, Christian, also as a phenomenon of how we're operating. And this is also one of the signs of trying to build a more scalable and over time, a more profitable company. So we're focused on quality efforts, and this was the outcome of in-depth exercise we did.
All right. How often will you carry out a comprehensive review of the entire order backlog? And do you see any further orders at risk of cancellation or write-off?
Not at no point now.
No. And we do this repeatedly. I mean, yes, there are a few KPIs that are in particular interest, and this is, of course, one of the indicating factors that we, yes, address and look into with high frequency.
Right. And lastly, given the current market headwinds, do you still expect to achieve your financial target of at least revenue growth already next year?
Well, yes, Christian, thanks for your question. We're not a guidance company. All I can say is that I'm proud to represent a very energized, capable team that is out there to serve the customers and take the company to the next level. And we are proud also to be linked to these targets that has been set there to achieve in the midterm, and we're not shying away from that fact.
[Operator Instructions] the next question comes from Christian Lee from Pareto Securities.
Okay. I think I have a couple of more questions. I was thinking about the gross margin that improved to 76%. There were, of course, a positive mix effect here. And beyond the significant proton deliveries in the quarter, were there any other factors that had a positive impact?
Well, I mean, certainly, service is the [indiscernible] main and key driver of the excellent 76% GPM we achieved during the quarter.
Yes, it's mainly the service effect.
Okay. And you talked about accelerating product development through increased investments. So how much do you expect to increase them? And when do you expect the platform to generate meaningful revenue?
Well, yes, this is part of the plan. So what we can say is that we were clear that this is a key priority for us to keep on investing in innovation and software and to eventually come up with the ultimate oncology workflow platform that we intend to do. This is a 3-year plan that we have just started with. And -- but yes, this is a priority area for us that we will keep on investing until we will be happy. But you will already see during 2027 some revenue and order intake coming into the group, which will be pretty also for the margins in the company going forward. So very pleased with the current development happening at the company level.
Okay. Great. You have SEK 177 million in cash, and you recently announced a buyback of up to SEK 20 million. How do you view capital allocation between buybacks, platform investments and acquisitions under your build partner buy strategy?
Yes. Well, I mean, just a simplistic response to that. I mean we're a company building and our focus in -- primarily into the organic growth where we prioritize the innovation software development that was prescribed together with selective partnerships and selected markets. So -- and then eventually, you will drop down. We're also proud to be a dividend providing party, but that also depends on the results of the company. So we're very focused on putting together a stronger financial performance delivery company. And everything runs according to plan, even though we have hiccups. And I think that's also fair to say if we go back to Q2, there were some maybe crosses in and sometimes the crosses out because that's the lumpiness of our business with, again, the long sales cycles and CapEx-related investments. And then you sometimes have these up and downs. We're long-term focused and remain very solid and confident into the direction of the company.
Okay. Perfect. And my last question. You said that selective M&A could accelerate your strategic position. Do you see a meaningful number of companies out there that could contribute to the platform?
Well, actually, we've been clear on that piece since we started. And that's, of course, also part of the allocation of the resources of the company, and we wish to utilize the cash in the most appropriate way. And yes, we have a solid balance sheet with cash assets. So acquisition is certainly on our radar. And I'm also very pleased with the partnership we're having with also partners working alongside us on mapping out some appropriate companies. And all I can say, and this is also related a lot to our build, partner and buy strategy that Eeva-Liisa was alluding to. And there, we have prospects both lined up partnerships and potential acquisitions. So we are already in talks related to both those last components.
There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.
Okay. Thank you, and thank you for the questions and for your continued interest in C-RAD. So as we close today's presentation, I just want to reinforce one key message. We are in the early process of transforming C-RAD to build a stronger, more scalable and more valuable company for the long term. Q3 was a challenging quarter, and we recognize that our financial performance needs to improve. At the same time, we're making the structural changes required to strengthen commercial execution, accelerate our innovation, expand our service offering and grow recurring revenues from our global installed base. Our ambition goes beyond improving short-term performance.
We're building on our leading SGRT positions to develop C-RAD into an open workflow platform for radiation oncology, which Eeva-Liisa described so clearly and nicely earlier, connecting technologies and enabling more integrated and efficient clinical workflows. This transformation requires focus, discipline and consistent execution. We're clear about our priorities, committed to delivering tangible progress and determined to translate our strategic ambitions into sustainable, profitable growth and long-term shareholder value.
Thank you to our global C-RAD team members, our customers and our partners for their continued commitment, and thanks to all of you for your time and your attention today. We look forward to updating you on our progress when we present our fourth quarter and the full year 2026 results, the 11th of February 2027. Thank you very much, and have a great day.
C-Rad AB — Q4 2025 Earnings Call
1. Management Discussion
Welcome to the C-RAD Q4 2025 Report Presentation.
[Operator Instructions]
Now I will hand the conference over to CEO, Tomas Blomquist, and CFO, Linda Frolen. Please go ahead.
Thank you, and good morning, everyone. Welcome to C-RAD's presentation of our results for the fourth quarter and full year 2025. I'm Tomas Blomquist, CEO of C-RAD, and joining me today is our CFO, Linda Frolen.
I will begin with a brief introduction and perspective. After that, Linda will walk through the financial and regional performance, and we will then open up the call for a Q&A session. This is my ninth day and first quarterly webcast as CEO of C-RAD, and I would like to begin by saying that I'm very happy and humbled to take on this role. I also would like to thank the Board for its confidence and I want to express my sincere appreciation to our interim leadership team, Linda Frolen, Johan Danielsson and Board member, Peter Simonsbacka for their disciplined and professional leadership during the transition. Their work ensures stability and continuity and provides a strong foundation as we move into the next phase of C-RAD development.
For those of you who do not know me, I have spent more than 30 years in Life Science, Diagnostics and Medtech, including over 2 decades in global leadership grows and 5 years as the CEO of a NASDAQ-listed large cap company. Throughout my career, my focus has been on building profitable growth companies with exceptional people through clear priorities strong execution and high-performance cultures. What attracted me to C-RAD was the combination of clinically relevant technology, a growing end market and solid fundamentals including a strong balance sheet, stable gross margins and a committed organization and Board. My leadership philosophy is pragmatic and execution driven. I believe in clarity, accountability and teamwork built on trust. High-performing organizations are created when expectations are clear, responsibilities are owned and teams are empowered to challenge constructively, always with a shared focus on delivery and outcomes and on our customers.
As I step into this role, my initial priority is to listen and learn, to deeply understand our organization customers, products and markets. At the same time, it is clear to me that the next phase of C-RAD will be defined less by ambition statements and more by consistent execution converting our strength into measurable and repeatable results. C-RAD is well positioned in an attractive niche, but we are not yet realizing our full potential. Going forward, our focus will be on strengthening commercial execution, simplifying and strengthening our organization where needed and ensuring that our organization processes and decision-making structures support scalable and sustainable growth. With that, I will now hand over to our CFO, Linda Frolen, who will review the financial performance for the quarter.
Thank you, Tomas. The performance in the quarter varied across regions. In constant currencies, order intake for the group declined in Q4 by 4% year-on-year. The Americas showed growth and was a positive contributor. The decrease was mainly driven by fewer product orders in APAC, reflecting a more difficult market environment in the region. In EMEA, we saw growth in product orders, which could not fully compensate for the decline in services. Revenue for the group was down 6% year-on-year in constant currencies. Americas showed strong growth versus last year with increased revenues in both products and services. The decline was primarily related to slower product deliveries in APAC. As the service business is a smaller part in APAC, delays in project deliveries have a more pronounced impact on total revenue in the region with a lower share of recurring revenues.
In summary, regional development in Q4 was uneven, with strength in the Americas, stability in EMEA and continued headwinds in APAC. While we continue to see some uncertainty in America still with some slow decision-making, the quarter marked an important milestone with the first deliveries of our entry-level system, Catalyst+LITE. In addition, reimbursement codes supporting active motion management are helping to underpin demand. As a result, order intake for the region increased by 7% year-on-year, and revenue grew strongly compared to last year. EMEA delivered a solid performance despite tough year-on-year comparisons. Momentum remained good, supported by continued end user engagement, including customer meetings and ongoing reference building. Order intake declined slightly versus last year, while revenue was broadly stable and slightly up. Finally, APAC, a region with strong comparison figures for '24. The region was weak in Q3 and continued to face challenging conditions with longer sales cycles and increased competition. This is reflected in a sharp decline in order intake for the quarter and a significant decline in revenue in the region.
Gross profit for the quarter was SEK 75 million compared to SEK 80 million a year ago. Gross margin development continued to be positive with an increase from 66% in Q4 last year to 71% in this quarter. The increase year-on-year is explained by the higher share of service revenue in this quarter, and a favorable market mix as we have a higher share of our total revenue in Americas this quarter and a lower share from APAC. We also had some proton revenues in this quarter, which we did not have in the fourth quarter of last year. But the main driver behind the increased margin is the increase in services and the geographical mix. Looking at our operating expenses after capitalized expenses and adjusted for one-off items. You see to the left of this chart that they increased 8% year-on-year from SEK 56 million last year to SEK 60 million in this quarter. The increase year-on-year is mainly due to increased number of employees. These are mainly within sales, product development and services where we have gradually exchanged consultants with own employees.
The additions are deliberate and support our strategic priorities and growth ambitions. We also have somewhat increased other OpEx, which relate to increased travels and higher costs for freight and customs. To the right of the slide, you see that quarter-on-quarter OpEx is up from SEK 58 million in Q3 to SEK 60 million in this quarter. The increase is related to lower personnel expenses in Q3 due to summer holidays. We have reduced our annualized cost base by SEK 23 million from the peak level of SEK 253 million in Q3 of '24. Importantly, despite the recent increases, we will remain a sharp focus on running the organization as efficiently as possible. At the same time, as we increase our focus on innovation and product development, underlying OpEx may increase slightly. These increases are targeted and strategic. And as initiatives approach the commercialization phase, the capitalization rate is expected to increase, partly offsetting the OpEx impact.
EBIT for the fourth quarter adjusted for unrealized FX and one-off items was SEK 11 million compared to SEK 21 million a year ago, and the margin reached 11% versus 17% a year ago. The decrease for this quarter is mainly explained by fewer product deliveries that put pressure on margins, coupled by somewhat higher expenses. As already said, we remain focused on running our operations as efficiently as possible. At the same time, we need to balance this with initiatives that support future growth. Our cash balances increased by SEK 20 million during 25 million and stood at SEK 171 million at year-end, compared to SEK 151 million at the beginning of the year. Repurchase of shares were made during Q4 of SEK 12 million. Cash flow from working capital was SEK 16 million in the quarter, which is a great improvement from last year when it was SEK 3 million. Altogether, our operating cash flow remained solid and positive, amounting to SEK 21 million in Q4 SEK 71 million for the full year, reflecting continued focus on cash discipline.
And as you know, we have had orders on our balance sheet that have been awaiting final acceptance test and that have, therefore, been waiting to be invoiced. These are down 19% since last year and will continue to be in focus going forward, as well as our overall focus on our balance sheet and our cash flow. I would also like to remind you that C-RAD is a company with a strong balance sheet with no long-term debt. And with that, we will hand over back to the moderator for Q&A.
[Operator Instructions]
There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.
Thank you. To conclude, I would like to briefly outline how I view the coming months and my approach. My first 100 days as CEO are centered around 3 priorities. First, building a deep fact-based understanding of the business and strengthening relationships across the organization and with key external stakeholders. Second, working closely with the management team and the Board to sharpen priorities and ensure alignment. Third, establishing the structure, pace and accountability required to support disciplined organic growth and efficient organization and over time, selective inorganic opportunities.
C-RAD has a clear strategic direction, a relevant product offering and a strong position in a growing market. Our task now is execution, reducing complexity where appropriate, strengthening ownership and ensuring that we consistently deliver on our commitments. I approach this role with humility, energy and ambition. Humility in respect of the complexity of the business and the work already done. Energy to engage fully with the organization, our customers and our partners. And ambition to help C-RAD realize its full potential. As an ending note, I really would like to thank our global team, customers, partners and shareholders for your continued support. I look forward to working together as we take the next steps in C-RAD's development. Thank you for joining us today. We look forward to sharing our initial 100-day observations and reporting our Q1 2026 results on May 6. Take care.
C-Rad AB — Q3 2025 Earnings Call
1. Management Discussion
Welcome to the C-RAD Q3 2025 Report Presentation. [Operator Instructions]
Now I will hand the conference over to CFO and Acting CEO, Linda Frölén; and Deputy CEO, Johan Danielsson. Please go ahead.
Thank you, and welcome to our Q3 presentation. This time, the presentation will be somewhat different compared to what you have seen before. The agenda will be key takeaways from the quarter, followed by some comments on the regional performance. After that, Johan will present the service business, and then we will conclude with the financials.
And with that short introduction, let's look into the takeaway Q3. The performance in the quarter varied across regions. Order intake grew 11% and revenue grew 16% in constant currencies. The increase in both order intake and revenue were driven by the performance in EMEA together with our services business. We saw a positive EBIT development and the operating margin increased to 19% in the quarter. Important drivers behind the increase are favorable market mix, coupled with a strong contribution from services, which Johan will talk more about in just a minute. And we also have some onetime adjustments affecting our cost of goods, which will be explained in the financial section. As you know, cash has been a focus area, and we had a strong operating cash flow in the quarter, which amounted to SEK 24 million.
And with that, let's look into the regional performance. Starting off with the Americas. Both order intake and revenue declined. Order intake was down 40% and revenue followed with a 15% drop. This reflects market uncertainty and slower decision-making, and we are not satisfied with the performance in the quarter.
Moving over to EMEA, which clearly stands out, showing continued good momentum. Order intake increased by 112% and revenue grew 52%. Our position in Central Eastern Europe was further strengthened by the SEK 10 million Czech Republic multisite product and services contract. Finally, in APAC, a region with strong comparison figures for '24, order intake declined 16% and revenue had a 3% decline. The lower order intake was mainly related to Japan and Hong Kong, while other markets in the region were more stable.
And with that, I will hand over to Johan for a closer look at services.
Thank you, Linda. So we want to take this opportunity to speak more in detail about services compared to what we have done before as it is a key offering, and we are very focused on growing this part of the business.
So as you can see here on the figures and on this slide, our results demonstrate a continuously growing service business with increasing revenues from service contracts over the last 2.5-year period. The figure on the left shows the quarterly service percentage of C-RAD total revenues, again, increasing trend over the years. And on the right-hand side, you have a rolling 12-month service revenue contribution, which in this quarter generates about SEK 90 million plus. And as mentioned before, our contracts are typically in the range of 3 to 5 years and renewed on expiration unless systems are upgraded into latest generation of technology.
With that said, we can move to the next slide, where to give you a better view of what we deem as services. So the mission of scope for global services is that once a commercial agreement is made with the customer and we have confirmed the order, the service organization takes on the project management and supervise order fulfillment process, including technical installation of the products in the customer clinics, but we also perform application training for the end users so that they are able to actively use and apply the system to their patients.
So we have taken over the last 2 years to optimize both phases, both the technical installation part, but also the application training part to reduce the time we need in the field to complete an installation and finally perform an acceptance test, which is the final system handover to the customer and also the start of the warranty period. The application training in itself, we have revamped over the last year to provide much level access of -- and to our technical trainers and our clinical specialists so that the customers really become very enabled and long-term successful in their use of our systems.
So that said, one key driver for the business and for the customer success is to have long-term service contracts. So if we go forward, this gives you an overview of the services life cycle. So as mentioned before, once the acceptance test is and system is hand over, the warranty period starts and then it is followed typically by a 3- to 5-year contract. And we have multiple options here for the different customer demands and needs, what is included in each contract. But typically, we supply a premium contract, which has a very extensive coverage in both technical and clinical support.
Once these contracts expire, then the contracts are normally renewed unless the systems are upgraded to the latest generation technology. And if that happens, obviously, the warranty period starts all over with the service contract and renewal phase following. So this is the general life cycle, and this is how the business is running over a typical contract period. And in the end, we want our customers to be very enabled and also very successful able to share their knowledge with their peers in the industry.
Thank you, Johan. So I will now take you through some of the main financials for our third quarter with focus on gross margin, cost levels, earnings and cash flow. Gross profit for the quarter was SEK 83 million compared to SEK 73 million a year ago. The gross margin for the quarter was 74% versus 73% last year. The margin in this quarter is considered to be temporarily high. The increase year-on-year is explained by the higher share of service revenue in the quarter and a favorable market mix. The gross margin was also affected by positive onetime adjustments primarily related to repayments of license fees in the cost of goods. Our assessment is that the underlying gross margin for the quarter is in the high 60s compared to 67% in the previous quarter, meaning Q2 of this year. We had no proton revenues in the quarter, which we did have in the third quarter of last year.
Looking at our main operating expenses, you see to the left of the chart that they increased 12% year-on-year from SEK 54 million last year to SEK 60 million in this quarter. The increase in year-on-year OpEx is mainly due to 2 factors. The first one is the ASTRO Congress, which took place in Q3 this year, but Q4 last year. And we also lowered our full year bonus provision in Q3 last year. To the right of the slide, you see that quarter-on-quarter OpEx is down from SEK 61 million in Q2 to SEK 60 million in this quarter. The decrease is related to lower personnel expenses in the quarter due to summer holidays, which were partly offset by higher costs for marketing, meaning ASTRO.
We are monitoring our cost levels closely, and we are happy to see that our efficiency measures are showing results. Our yearly OpEx levels are down by SEK 25 million from the peak in Q3 last year, and we have now reached a more stable level. Worth noting regarding the higher figure in this quarter is, as I already mentioned regarding ASTRO, that it includes costs from 2 conferences, both Q4 of last year and Q3 of this year. EBIT for the third quarter was SEK 21 million compared to SEK 17 million a year ago. The increase in EBIT for this quarter is explained by several factors pointing in the right direction. We have higher revenue, higher gross margin and stable operating expenses. I can also mention that unrealized currency effects in this quarter were only minor. And as I said last quarter, our increased focus on smart spending is moving us in the right direction.
Looking back a few quarters, C-RAD shows continuous improved earnings and an increased profitability over time. With this development as a foundation, we are well equipped to continue to grow as we believe we can increase the EBIT margin even more over time according to our medium-term financial targets, even if we may have short-term deviations. Our cash balances increased by SEK 15 million during the quarter and stood at SEK 173 million at quarter end compared to SEK 158 million at the beginning of the quarter. Cash flow from working capital was flat in the quarter, which is a great improvement from last year when it was SEK 37 million negative. Total operating cash flow was with this improvement, SEK 24 million positive compared to negative SEK 17 million last year.
A few orders on our balance sheet that have been awaiting final acceptance tests have been paid during the quarter and many have also been invoiced after completed acceptance tests. Some of these are expected to be paid during Q4. I would also like to remind you that C-RAD is a company with a strong balance sheet with no long-term debt. And as you know, we communicated yesterday that the Board have decided on a share repurchase program in order to optimize C-RAD's capital structure.
So the next steps. As you also know, we have communicated management changes, and we now have a smaller executive management team to complement C-RAD's current leadership team. This smaller group consists of Johan and myself, but also Peter Simonsbacka, who is a Board member and previously had the position as Chief Commercial Officer at AddLife. I would like also to remind you of our strategy. This newly formed executive management team will, as stated in the press release, focus on accelerating the level of activity supporting our strategy and our financial targets. Meaning, increased sales growth, focus on product innovation and growing the service offering.
And with that, over to the moderator for the Q&A session.
[Operator Instructions] The next question comes from Christian Lee from Pareto Securities.
2. Question Answer
Linda, you mentioned that the gross margin adjusted for the one-off items would have been high 60s. And you also mentioned that you had 67% in Q2. So does this imply that the adjusted gross margin in the third quarter was higher than what you had in Q2?
Yes.
Okay. And your overall ambition is to grow faster than the market. And could you please clarify which specific market you are referring to? And given that the product order intake has declined year-over-year for 6 consecutive quarters, do you still believe that the 10% growth in 2026 is achievable?
We are working towards the external targets that we have communicated. The details in your questions, it's still early days for Johan and me in this new team formation. So we would like to come back to that one.
Okay. Fair enough. The U.S. market appears to be constrained due to limited budgets for capital equipment. Could you please provide an update on your retrofit strategy and traction to date in this environment?
Can you repeat? I didn't hear the first part of the question.
Yes. I mean the constrained budgets is limiting the investments in capital equipment in the U.S., obviously. So could you please provide an update on your retrofit strategy? Given that your solutions is accounting for around 5% of total registered therapy equipment investments. So my question is basically, why do the budget constraints create meaningful headwinds in your offering?
But I would say this is also something that might be a bit early for me and Johan to answer. But I would say that mainly it's creating uncertainties on how much money the clinics have to have in their pockets, so to say. And that creates -- that uncertainty means that the decision takes more time.
But does this also affect the retrofit strategy?
I wouldn't say so.
[Operator Instructions] There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.
Thank you all for listening to our Q3 presentation. And Johan and I both wish you all a very nice day.
Financial data from C-Rad AB
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 444 444 |
29%
29%
100%
|
|
| - Direct Costs | 197 197 |
15%
15%
44%
|
|
| Gross Profit | 247 247 |
42%
42%
56%
|
|
| - Selling and Administrative Expenses | 164 164 |
45%
45%
37%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | 78 78 |
65%
65%
18%
|
|
| - Depreciation and Amortization | 12 12 |
39%
39%
3%
|
|
| EBIT (Operating Income) EBIT | 66 66 |
71%
71%
15%
|
|
| Net Profit | 50 50 |
383%
383%
11%
|
|
In millions SEK.
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C-Rad AB Stock News
Company Profile
C-RAD AB engages in the development of innovative solutions for use in advanced radiation therapy. The company was founded by Jonas Erik Anders Hedlund in 2004 and is headquartered in Uppsala, Sweden.
StocksGuide Premium
| Head office | Sweden |
| CEO | Ms. Leeuw |
| Employees | 110 |
| Founded | 2004 |
| Website | c-rad.se |


