Earnings Release • Feb 18, 2016
Earnings Release
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"Our success with RayStation® continues and during the year, the order intake for RayStation® doubled to SEK 317 M (159). Overall, revenues rose 39 percent and we are presenting the best full-year results ever, despite continued expansion of our global market organization. We are also seeing a huge interest in RayCare®, for which we have now signed a long-term collaboration agreement with the University of California, San Francisco. RayCare® is an innovative oncology information system and represents a completely new product area for RaySearch. Based on the company's increased profit, the Board of Directors proposes that dividend payments be resumed," says Johan Löf, President and CEO of RaySearch.
| AMOUNTS IN SEK 000S | JAN-DEC | OCT-DEC | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | ||
| Net sales | 397,600 | 285,217 | 131,957 | 107,782 | |
| Operating profit | 95,344 | 79,360 | 44,302 | 52,767 | |
| Operating margin, % | 24.0 | 27.8 | 33.6 | 48.9 | |
| Profit for the period | 70,209 | 59,832 | 33,311 | 40,696 | |
| Earnings per share, SEK | 2.05 | 1.75 | 0.97 | 1.19 | |
| Share price at the end of the period, SEK | 122.50 | 53.00 | 122.50 | 53.00 |
The information in this interim report is such that RaySearch is required to disclose publicly in accordance with the Swedish Securities and Clearing Operations Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication on February 18, 2016 at 7:45 a.m.
Our success with RayStation® continues and during the year, the order intake for RayStation® doubled to SEK 317 M (159). In 2015, we secured several key orders from some of the world's largest and most respected cancer clinics, including MD Anderson and the University of Florida Health Proton Therapy Institute in the US, and Gustave Roussy in France. We secured these contracts in direct competition with other market players, which I consider strong proof that our system offers major benefits. Our sales success is based on RayStation's high computation speed, automated workflow, advanced support for adaptive radiation therapy, unique multi-criteria optimization and user-friendly interface. More and more highly regarded cancer clinics can now confirm that RayStation® is helping them to improve their radiation therapy process, and to use their existing equipment more efficiently.
During the autumn, we extended our partnership with Accuray to also include treatment planning support for Accuray's TomoTherapy® and CyberKnife® systems in RayStation®. This integration entails major efficiency gains for clinics that combine Accuray's systems with conventional radiation therapy equipment. It also presents major business opportunities for us, since Accuray has an installed base of more than 800 systems, and RayStation® will be the only independent system that can produce treatment plans for their devices. No other treatment planning system can offer such broad support for different types of radiation therapy equipment as RayStation® and these two additions will further expand that platform.
RayStation® 5 was released at the end of the year, and offers exciting new functionality. First of all, it is the only commercially available system containing treatment planning tools for carbon ion radiation therapy, which is the most advanced form of radiation therapy. RayStation® 5 also offers many other new features, such as robust optimization based on 4D-CT scans, smart brush contouring and side-by-side contouring. At the same time, many existing features have been enhanced, such as 3D-CRT planning, treatment plan printouts, planning protocols and scripting. The most exciting new feature in RayStation® 5 is probably Plan Explorer, a treatment planning tool that combines automated planning and high-performance algorithms with the capability to generate a large number of treatment plans in a manner that offers totally new opportunities to find the most effective plan for each patient. Instead of producing one or more treatment plans manually, Plan Explorer can generate a large number of alternative plans and provides the means to filter and browse among plan candidates to find the most desired one.
We see continued high volume growth for RayStation®, which now accounts for over 75 percent of our sales, and we are still feeling the benefits of a strong USD. During the year, revenues from RayStation® rose 58 percent to SEK 300.4 M (190.2), and sales via partners increased to SEK 97.2 M (95.0). Overall, revenues rose 39.4 percent to SEK 397.6 M (285.2), while operating profit increased to SEK 95.3 M (79.4). These are our highest sales figures and best full-year earnings ever. Based on the company's increased profit, the Board of Directors proposes that dividend payments be resumed with a dividend of SEK 0.25 per share for the full-year 2015.
During autumn and winter, we also saw further confirmation of the interest in RayCare®, which is our innovative oncology information system. We have now signed a long-term collaboration agreement regarding RayCare® with yet another partner, the University of California, San Francisco (UCSF). Development is continuing at a rapid pace, and we will increase the number of people involved in the project during 2016. Although a lot of work remains before the system is ready for launch, the reception has already been overwhelmingly positively when we demonstrate the system to prospective customers. A radiation therapy clinic essentially needs two software platforms for its business activities: an information system, and a treatment planning system. RayCare® and RayStation® will enable us to provide the entire infrastructure for a clinic's information management and treatment planning. The launch of RayCare® in 2017 will present us with new opportunities, both clinically and commercially, which, for example, has also been confirmed by our long-term collaboration agreement with Accuray and UCSF.
Sales of RayStation® have certainly gained real momentum, and the system is firmly established in all major markets around the world. Our sales and earnings will continue to vary from quarter to quarter, since deliveries remain subject to relatively large fluctuations. However, I take great pleasure in confirming that our sales have reached record levels, year-on-year, for nine consecutive quarters. We also note how this growth is continuing, which gives us a solid base for continued investment in both RayStation® and RayCare®.
To date, more than 280 cancer clinics in 22 countries have purchased RayStation®. Meanwhile, since there are more than 8,000 radiation-therapy clinics worldwide, our growth potential remains strong. We are now in a new and exciting phase of development, with an ever-growing customer base and new strategic opportunities. This gives us an excellent platform for continued success.
Stockholm, February 18, 2016
Johan Löf President and CEO of RaySearch Laboratories AB (publ)
In January 2015, it was announced that CFO, Anders Martin-Löf, had decided to leave the company in April to become CFO of another company. In March, Peter Thysell was appointed Interim CFO and he was subsequently appointed permanent CFO as of August. In June, Victoria Sörving was appointed new General Counsel, Kjell Eriksson new Chief Science Officer and Björn Hårdemark Deputy CEO. All have joined the executive management team. In November, Anders Liander, CTO, left the company, at his own request, to pursue his own interests.
In February, it was announced that German-based Westdeutsches Protontherapiezentrum Essen (WPE) had become the first proton center in Europe to use RayStation® for clinical treatments.
In May, the Ackerman Cancer Center in Jacksonville, US, announced it had started to use RayStation® for clinical proton therapy treatments together with Mevion S250 equipment.
In May, it was announced that the Texas Center for Proton Therapy had chosen the RayStation® treatment planning system.
RayStation® has qualified as an approved treatment planning system for the US Oncology Network, a national collaboration organization in the US encompassing some 100 radiation therapy clinics.
In July, it was announced that RaySearch and Accuray Inc. had signed a long-term collaboration agreement regarding the RayCare® oncology information system that RaySearch is currently developing. Under the agreement, Accuray will be able to offer RayCare® in several major radiation therapy markets with a fully integrated solution for its systems TomoTherapy® and CyberKnife®.
In September, it was announced that RaySearch and Accuray Inc. had expanded their established partnership by signing a new long-term collaboration agreement, which will lead to the integration of treatment planning support for the TomoTherapy® and CyberKnife® systems in RaySearch's treatment planning system, RayStation®. This integration will offer significant efficiency gains to clinics using several different types of radiation therapy equipment. The launch of treatment planning support for the TomoTherapy® system in RayStation is planned for 2016, and for the CyberKnife® system in 2017.
In August, it was announced that RaySearch and RayStation®, in direct competition with the company's main competitors, had secured several major orders from some of the world's largest and most respected cancer clinics, including
In November, 1,061,577 Class A shares were converted to Class B shares at the request of a shareholder. The total number of votes in RaySearch thereafter amounted to 126,648,099. The total number of registered shares in RaySearch amounts to 34,282,773, of which 10,262,814 are Class A shares and 24,019,959 are Class B shares.
On January 4, 2016, RaySearch's Class B share (RAY B) was transferred from the Small Cap to the Mid Cap segment of Nasdaq Stockholm following Nasdaq's annual review of its Nordic market capitalization segments.
In February, it was announced that version 5 of the RayStation® treatment planning system had been launched for clinical use in the UK, Australia and New Zeeland, and will be launched in most major markets during the first half of 2016. RayStation® 5 will be the only commercially available treatment planning system that provides support for treatment planning using carbon ion therapy, which is the most advanced form of radiation therapy. RayStation® 5 also offers many new features, such as robust optimization based on 4D-CT scans, and Plan Explorer, a treatment planning tool that combines automatic treatment planning, high-performance algorithms and the handling of various delivery techniques in a way that presents completely new opportunities for determining the most effective treatment for each patient.
In February, it was announced that RaySearch had signed a long-term collaboration agreement with the University of California, San Francisco (UCSF) regarding the RayCare® oncology information system, which is currently under development at RaySearch. "UCSF is an ideal partner for this development. The university is a world-leading institution for cancer treatment, and also offers an extensive and diverse set of treatment machines and other systems, providing a challenging and ideal environment for the development of RayCare®," says Johan Löf.
In the fourth quarter of 2015, sales rose 22.4 percent year-on-year to SEK 132.0 M (107.8). Sales consist of license revenues from sales of RayStation®, sales of software modules via partners, and support revenues. In the fourth quarter of 2015, license revenues amounted to SEK 120.0 M (97.1) and support revenues rose to SEK 11.9 M (9.6). The sales increase was largely attributable to sharp growth in sales of RayStation®.
Order intake excluding service agreements amounted to SEK 117.9 M (85.4), of which RayStation® accounted for SEK 102.9 M (70.4). At December 31, 2015, RayStation® order backlog was SEK 60.5 M (31.5)
The company is dependent on exchange-rate trends in the USD and EUR against the SEK, since invoicing is mainly denominated in USD and EUR, while most of the costs are in SEK. At unchanged exchange rates, sales would have increased 14.5 percent year-on-year. In the fourth quarter of 2015, revenues in USD were recognized at an average exchange rate of SEK 8.50, compared with SEK 7.41 in the year-earlier period. In the fourth quarter of 2015, revenues in EUR were recognized at an average exchange rate of SEK 9.31, compared with SEK 9.26 in the year-earlier period. Accordingly, currency effects had a positive impact on sales.
During the quarter, operating profit amounted to SEK 44.3 M (52.8), corresponding to an operating margin of 33.6 percent (48.9). Operating expenses, excluding exchange-rate gains and losses, increased SEK 20.1 M to SEK 75.2 M, compared with the year-earlier quarter.
The earnings decline during the quarter was largely due to the focus on RayStation®, which led to higher costs for marketing and for personnel in sales, service and administration, which were not fully offset by increased sales. During the quarter, a provision of SEK 2.0 M (0) was also made for the personnel's profit-sharing foundation, Vinstandelsstiftelsen RayFoundation, of which SEK 0.4 M pertains to special employer's contribution.
Other operating income and expenses pertain to exchange-rate gains and losses, with the net of these amounting to an expense of SEK 1.2 M (income: 5.3) in the fourth quarter of 2015. This was mainly due to the major portion of accounts receivable denominated in USD, which weakened in the fourth quarter compared with the end of the third quarter.
By December 31, 2015, some 100 (81) employees were engaged in research and development. Research and development costs include payroll costs, consulting fees and costs for computer equipment and premises. Before capitalization and amortization of development expenditures, research and development costs totaled SEK 37.0 M (25.9).
In the fourth quarter of 2015, capitalized development expenditure amounted to SEK 28.6 M (15.2) and in the same period, amortization of capitalized development expenditure amounted to SEK 12.0 M (13.6). After adjustments for capitalization and amortization of development costs, research and development costs totaled SEK 20.4 M (24.3). Profit after tax totaled SEK 33.3 M (40.7) for the quarter.
In the fourth quarter of 2015, license revenues were distributed as follows: North America, 25 percent (30); Asia, 31 percent (27); Europe and the rest of the world, 44 percent (43).
Sales for full-year 2015 rose 39.4 percent year-on-year to SEK 397.6 M (285.2). In 2015, license revenues amounted to SEK 353.4 M (256.1), and increased due to revenue growth from RayStation®. Order intake excluding service agreements amounted to SEK 385.2 M (229.8), of which RayStation® accounted for SEK 316.9 M (158.9). At December 31, 2015, the RayStation® order backlog was SEK 60.5 M (31.5). In 2015, support revenues increased to SEK 44.2 M (29.1).
In 2015, revenues in USD were recognized at an average exchange rate of SEK 8.43, compared with SEK 6.89 in 2014. In 2015, revenues in EUR were recognized at an average exchange rate of SEK 9.36, compared with SEK 9.18 in 2014. Accordingly, currency effects had a positive impact on sales. At unchanged exchange rates, sales would have increased 24.2 percent compared with 2014.
A sensitivity analysis of currency exposure indicates that the impact of a +/-10 percent change in the average USD exchange rate on operating profit for the first half of 2015 was +/- SEK 37.6 M, and that the corresponding effect of a +/-10 percent change in the average EUR exchange rate was about +/- SEK 11.3 M. The company pursues the currency policy established by the Board of Directors, whereby exchange-rate changes are not hedged.
In 2015, operating profit totaled SEK 95.3 M (79.4), corresponding to an operating margin of 24.0 percent (27.8). Operating expenses, excluding exchange-rate gains and losses, increased SEK 78.9 M to SEK 283.1 M, compared with the year-earlier period. The increase in operating expenses was mainly due to higher costs for marketing, and for personnel in sales and service due to the focus on RayStation®. In addition, the head office in Stockholm was relocated to new, purpose-built premises.
Other operating income and expenses pertain to exchange-rate gains and losses, with the net of these amounting to income of SEK 4.5 M (income: 10.0) in 2015. This was mainly due to the major portion of accounts receivable denominated in USD, which strengthened during the period.
Before capitalization and amortization of development expenditures, research and development costs totaled SEK 132.5 M (92.5).
In 2015, capitalized development costs totaled SEK 81.0 M (54.4). Amortization of capitalized development costs amounted to SEK 50.0 M (57.0) in 2015. After adjustments for capitalization and amortization of development expenditure, research and development costs totaled SEK 101.5 M (95.1).
During 2015, amortization of intangible fixed assets totaled SEK 56.5 M (58.2), of which intangible fixed assets accounted for SEK 50.0 M (57.0) and tangible fixed assets for SEK 6.5 M (1.2).
Profit after tax for 2015 was SEK 70.2 M (59.8), corresponding to earnings per share before and after dilution of SEK 2.05 (1.75)
In 2015, license revenues were distributed as follows: North America, 41 percent (31); Asia, 22 percent (32); Europe and the rest of the world, 37 percent (37).
Revenues from RaySearch are subject to seasonal variations that are typical of the industry, whereby the fourth quarter is strongest, while the second quarter is usually relatively weak.
In 2015, cash flow from operating activities rose to SEK 111.4 M (50.3), primarily due to improved earnings. Cash flow from investing activities was a negative SEK 103.9 M (neg: 57.8). Investments in tangible fixed assets amounted to a loss of SEK 35.7 M (loss: 8.5), primarily pertaining to the new head office and a new exhibition booth, of which SEK 12,9 M was secured under a finance lease. Investments in intangible fixed assets amounted to a loss of SEK 81.0 M (loss: 54.4) and comprised capitalized development expenditure. Cash flow from financing activities amounted to a negative SEK 3.9 M (pos: 24.3) and comprised finance lease payments.
Cash flow for the year amounted to SEK 3.6 M (16.8) and at December 31, 2015, cash and cash equivalents amounted to SEK 59.7 M (56.1). At December 31, 2015, current receivables totaled SEK 187.9 M (156.6). The receivables mainly comprise accounts receivable and the increase was largely due to sales growth, and a strengthening of the USD against the SEK.
In November 2014, the company's credit facility was expanded from SEK 30 M to SEK 50 M, whereby chattel mortgages were increased to SEK 50 M. The credit facility comprises an overdraft facility of SEK 25 M and a revolving loan of up to SEK 25 M, which expires on November 4, 2017. Within the terms of the revolving loan, an amount of SEK 25 M has been borrowed until February 2016.
Of the company's credit facility of SEK 25 M, SEK 4.0 M has been blocked as collateral for bank guarantees totaling EUR 0.4 M to MedAustron.
The provision pertaining to the settlement with Prowess was reclassified as a liability during 2014, as a result of the signed settlement agreement. The liability is in USD and has been discounted since it does not carry interest. During the year, currency and discounting effects had a negative impact of SEK 0.7 M on profit from financial items.
RaySearch's financial assets and liabilities comprise accounts receivable, cash and cash equivalents, accrued income, accrued expenses, bank loans, accounts payable and a liability attributable to the settlement agreement signed with Prowess in April 2014. The liability pertaining to the settlement is discounted, while other financial assets and liabilities have short terms. Accordingly, the fair values of all financial instruments are deemed to correspond approximately to their carrying amounts. RaySearch has not applied net accounting to any financial assets or liabilities, and has no agreements that permit offsetting.
In 2015, investments in intangible fixed assets amounted to SEK 81.0 M (54.4) and comprised capitalized development costs for RayStation® and RayCare®. Investments in tangible fixed assets amounted to SEK 35.7 M (8.5), and primarily pertained to the new head office and a new exhibition booth.
At the end of the fourth quarter, the Group had 175 (136) employees, of whom 145 were based in Sweden, and 30 in foreign subsidiaries. The average number of employees during the January-December period of 2015 was 157 (126).
Since the Parent Company's operations match the Group's operations in all material respects, the comments for the Group are also largely relevant for the Parent Company. Development expenditure and adjustments related to finance leases are capitalized in the Group but not in the Parent Company. The Parent Company's current receivables mainly comprise receivables from Group companies and accounts receivable.
In July, the wholly owned subsidiary RayIncentive AB was merged with the Parent Company.
The Annual General Meeting will be held on May 17, 2016 at 6:00 p.m. at RaySearch's office, Sveavägen 44, Stockholm, Sweden. The Annual Report for 2015 will be held available at RaySearch's office at Sveavägen 44 in Stockholm and at RaySearch's website, approximately one month prior to the date of the AGM.
Based on the company's increased profit, the Board of Directors proposes that dividend payments be resumed with a full-year 2015 dividend of SEK 0.25 per share.
| AMOUNTS IN SEK 000S | JAN-DEC | |||
|---|---|---|---|---|
| 2015 | 2014 | OCT–DEC 2015 |
2014 | |
| Net sales | 397,600 | 285,217 | 131,957 | 107,782 |
| Cost of goods sold1) | -23,690 | -11,627 | -11,244 | -5,293 |
| Gross profit | 373,910 | 273,590 | 120,713 | 102,489 |
| Other operating income | 13,682 | 16,803 | - | 7,590 |
| Selling expenses | -138,360 | -78,433 | -41,568 | -22,278 |
| Administrative expenses | -43,240 | -30,736 | -13,226 | -8,518 |
| Research and development expenditure | -101,514 | -95,069 | -20,409 | -24,273 |
| Other operating expenses | -9,134 | -6,795 | -1,208 | -2,243 |
| Operating profit | 95,344 | 79,360 | 44,302 | 52,767 |
| Result from financial items | -1,854 | -659 | -174 | -189 |
| Profit before tax | 93,490 | 78,701 | 44,128 | 52,578 |
| Tax | -23,281 | -18,869 | -10,817 | -11,882 |
| Profit for the period2) | 70,209 | 59,832 | 33,311 | 40,696 |
| Other comprehensive income | ||||
| Items to be reclassified to profit or loss | ||||
| Translation difference of foreign operations for the period | -2,240 | -4,885 | -239 | -2,375 |
| Items not to be reclassified to profit or loss | - | - | - | - |
| Comprehensive income for the period2) | 67,969 | 54,947 | 33,072 | 38,321 |
| Earnings per share, before and after dilution (SEK) | 2.05 | 1.75 | 0.97 | 1.19 |
1) Does not include amortization of capitalized development costs, which is included in Research and Development Expenditure.
2) 100 percent attributable to Parent Company shareholders.
| AMOUNTS IN SEK 000S | DEC 31, 2015 | DEC 31, 2014 |
|---|---|---|
| ASSETS | ||
| Intangible fixed assets | 195,114 | 164,081 |
| Tangible fixed assets | 41,760 | 12,951 |
| Deferred tax assets | 57 | - |
| Total fixed assets | 236,931 | 177,032 |
| Current receivables | 187,854 | 156,636 |
| Cash and cash equivalents | 59,705 | 56,085 |
| Total current assets | 247,559 | 212,721 |
| TOTAL ASSETS | 484,490 | 389,753 |
| EQUITY AND LIABILITIES | ||
| Equity | 319,517 | 251,548 |
| Deferred tax liabilities | 51,349 | 40,724 |
| Long-term liabilities | 38,164 | 41,096 |
| Accounts payable | 9,514 | 9,034 |
| Other current liabilities | 65,946 | 47,351 |
| TOTAL EQUITY AND LIABILITIES | 484,490 | 389,753 |
| Pledged assets | 54,000 | 53,800 |
| AMOUNTS IN SEK 000S | JAN-DEC | OCT-DEC | ||
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Profit before tax | 93,490 | 78,701 | 44,128 | 52,578 |
| Adjusted for | ||||
| non-cash items1) | 46,857 | 46,315 | 4,805 | 9,073 |
| Taxes paid | -13,595 | -15,247 | -2,924 | -1,286 |
| Cash flow from operating activities before changes in working | ||||
| capital | 126,752 | 109,769 | 46,009 | 60,365 |
| Cash flow from changes in working capital | -15,326 | -59,496 | -4,785 | -37,887 |
| Cash flow from operating activities | 111,426 | 50,273 | 41,224 | 22,478 |
| Cash flow from investing activities | -103,855 | -57,844 | -27,564 | -16,071 |
| Cash flow from financing activities | -3,946 | 24,345 | -1,234 | 24,345 |
| Cash flow for the period | 3,625 | 16,774 | 12,426 | 30,752 |
| Cash and cash equivalents at the beginning of the period | 56,085 | 38,231 | 47,577 | 24,778 |
| Exchange-rate difference in cash and cash equivalents | -5 | 1,080 | -298 | 555 |
| Cash and cash equivalents at the end of the period | 59,705 | 56,085 | 59,705 | 56,085 |
1) These amounts primarily include amortization of capitalized development costs.
| AMOUNTS IN SEK 000S | JAN–DEC | ||
|---|---|---|---|
| 2015 | 2014 | ||
| Opening balance | 251,548 | 196,601 | |
| Profit for the period | 70,209 | 59,832 | |
| Translation difference for the period | -2,240 | -4,885 | |
| Closing balance | 319,517 | 251,548 |
| AMOUNTS IN SEK 000S | JAN-DEC | OCT-DEC | ||||
|---|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |
| Net sales | 397,600 | 285,217 | 204,470 | 131,957 | 107,782 | 90,113 |
| Operating profit/loss | 95,344 | 79,360 | -25,721 | 44,302 | 52,767 | 406 |
| Operating margin, % | 24.0 | 27.8 | -12.6 | 33.6 | 48.9 | 0.5 |
| Profit margin, % | 23.5 | 27.6 | -12.2 | 33.4 | 48.8 | 0.7 |
| Profit/loss for the period | 70,209 | 59,832 | -20,841 | 33,311 | 40,696 | 5,093 |
| Earnings/loss per share, SEK | 2.05 | 1.75 | -0.61 | 0.97 | 1.19 | 0.15 |
| Return on capital employed, % | 30.8 | 33.7 | -12.0 | |||
| Return on equity, % | 24.6 | 26.7 | -10.1 | |||
| Equity/assets ratio, % | 65.9 | 64.5 | 65.7 | |||
| Total number of shares | 34,282,773 | 34,282,773 | 34,282,773 | |||
| Adjusted equity per share at the end of the period, | ||||||
| SEK | 9.32 | 7.34 | 5.73 | |||
| Share price at the end of the period, SEK | 122.50 | 53.00 | 27.40 |
For definitions of key figures, see page 48 of the 2014 Annual Report.
| AMOUNTS IN SEK 000S | JAN-DEC | OCT-DEC | ||
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Net sales | 337,060 | 250,363 | 112,440 | 98,604 |
| Cost of goods sold1) | -12,040 | -7,223 | -4,131 | -4,795 |
| Gross profit | 325,020 | 243,140 | 108,309 | 93,809 |
| Other operating income | 13,682 | 16,803 | - | 7,590 |
| Selling expenses | -94,992 | -50,669 | -30,427 | -14,701 |
| Administrative expenses | -44,166 | -30,912 | -13,471 | -8,708 |
| Research and development expenditure | -132,547 | -92,472 | -36,972 | -25,954 |
| Other operating expenses | -9,134 | -6,795 | -1,208 | -2,243 |
| Operating profit | 57,863 | 79,095 | 26,231 | 49,793 |
| Result from financial items | 1,470 | 1,565 | 2,700 | 2,055 |
| Profit after financial items | 59,333 | 80,660 | 28,931 | 51,848 |
| Appropriations | -16,521 | -21,029 | -16,521 | -21,029 |
| Profit before tax | 42,812 | 59,631 | 12,410 | 30,819 |
| Tax | -10,217 | -13,651 | -2,930 | -6,371 |
| Profit for the period | 32,595 | 45,980 | 9,480 | 24,448 |
1) Does not include amortization of capitalized development costs, which is included in Research and Development Expenditure.
| AMOUNTS IN SEK 000S | JAN-DEC | OCT-DEC | ||
|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | |
| Profit for the period | 32,595 | 45,980 | 9,480 | 24,448 |
| Other comprehensive income | - | - | - | - |
| Comprehensive income for the period | 32,595 | 45,980 | 9,480 | 24,448 |
| AMOUNTS IN SEK 000S | DEC 31, 2015 | DEC 31, 2014 |
|---|---|---|
| ASSETS | ||
| Tangible fixed assets | 26,272 | 6,975 |
| Financial fixed assets | 485 | 2,493 |
| Deferred tax assets | 57 | - |
| Total fixed assets | 26,814 | 9,468 |
| Current receivables | 241,528 | 185,239 |
| Cash and cash equivalents | 25,831 | 47,935 |
| Total current assets | 267,359 | 233,174 |
| TOTAL ASSETS | 294,173 | 242,642 |
| EQUITY AND LIABILITIES | ||
| Equity | 169,302 | 136,213 |
| Untaxed reserves | 37,551 | 21,029 |
| Deferred tax liabilities | 163 | - |
| Long-term liabilities | 25,000 | 36,853 |
| Accounts payable | 9,929 | 9,823 |
| Other current liabilities | 52,228 | 38,724 |
| TOTAL EQUITY AND LIABILITIES | 294,173 | 242,642 |
| Pledged assets | 54,000 | 53,800 |
This year-end report in summary for the Group was prepared in accordance with IAS 34 Interim Financial Reporting and the applicable provisions of the Swedish Annual Accounts Act. The Parent Company's financial statements were prepared pursuant to Chapter 9 of the Swedish Annual Accounts Act, Interim Financial Reporting. The same accounting policies and measurement bases applied in the most recent Annual Report have been used to prepare the Group and Parent Company accounts. New or revised IFRS standards in 2015 have not impacted RaySearch during the period.
RaySearch's financial policy governing the management of financial risks has been established by the Board of Directors and represents a framework of guidelines and rules in the form of risk mandates and limits for financial activities. RaySearch is primarily affected by exchange-rate risk. The predominant part of RaySearch's net sales is denominated in USD and EUR. In accordance with the established financial policy, no currency hedging has been employed. The financial policy is updated at least once annually.
As a result of its activities, RaySearch is exposed to various operational risks, including the following: dependence on key persons, competition, legal disputes and strategic partnerships. For a more detailed description of RaySearch's risks and risk management, refer to page 27 of the 2014 Annual Report. No significant changes have been made to the risk assessment compared with the 2014 Annual Report.
No transactions between RaySearch and related parties materially affected the company's position and earnings during the period.
Preparation of the year-end report requires estimates being made by company management that affect the reported amounts of assets, liabilities, revenues and expenses. The actual outcome could deviate from these estimates. The critical sources of uncertainty in the estimates are the same as those in the most recent Annual Report.
This year-end report has not been reviewed by the company's auditors.
Stockholm, February 18, 2016
Erik Hedlund Johan Löf
Chairman of the Board President and Board member
Carl Filip Bergendal Hans Wigzell Board member Board member
Johan Löf, President and CEO Tel: +46 8 510 530 00 [email protected]
RaySearch Laboratories AB (publ) Corporate Registration Number 556322-6157 Sveavägen 44 Box 3297 SE-111 34 Stockholm, Sweden
| Interim report for the first quarter, 2016 | May 12, 2016 |
|---|---|
| 2016 Annual General Meeting | May 17, 2016 |
| Interim report for the second quarter, 2016 | August 25, 2016 |
| Interim report for the third quarter, 2016 | November 18, 2016 |
The Annual General Meeting will be held on May 17, 2016 at 6:00 p.m. at RaySearch's office, Sveavägen 44, Stockholm, Sweden. The Annual Report for 2015 will be held available at RaySearch's office at Sveavägen 44 in Stockholm and on RaySearch's website, approximately one month prior to the date of the AGM.
RaySearch Laboratories AB (publ) is a medical technology company that develops advanced software solutions for improved radiation therapy of cancer. RaySearch markets the RayStation® treatment planning system to clinics all over the world. In addition, RaySearch's products are distributed through licensing agreements with leading medical technology companies. RaySearch's software is used by over 2,600 clinics in more than 65 countries. RaySearch was founded in 2000 as a spin-off from Karolinska Institute in Stockholm, and the company is listed in the Mid Cap segment on Nasdaq Stockholm.
More information about RaySearch is available at www.raysearchlabs.com.
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