Annual Report • Feb 12, 2015
Annual Report
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CFO leaves RaySearch
"Throughout 2014, we experienced significantly increased interest in RayStation®, and the year ended very strongly. In the fourth quarter, we recorded the highest quarterly RayStation® sales ever. It may be worth noting that revenues from RayStation® in the fourth quarter of 2014 were higher than for the full-year 2013. It is highly pleasing that the number of new RayStation® customers in 2014 alone, equaled the accumulated number of customers from the launch of RayStation® in 2009 until the end of 2013," says Johan Löf, CEO of RaySearch.
"Overall, revenues rose 39.5 percent to SEK 285.2 M (204.5) in 2014, resulting in a significant increase in operating profit to SEK 79.4 M (loss: 25.7). I can say with great satisfaction that the company has never been as strong as it is today," Johan Löf concludes.
| AMOUNTS IN SEK 000S | JAN–DEC | OCT-DEC | ||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Net sales | 285,217 | 204,470 | 107,782 | 90,113 |
| Operating profit/loss | 79,360 | -25,721 | 52,767 | 406 |
| Operating margin, % | 27.8 | -12.6 | 48.9 | 0.5 |
| Profit/loss for the period | 59,832 | -20,841 | 40,696 | 5,093 |
| Earnings/loss per share, SEK | 1.75 | -0.61 | 1.19 | 0.15 |
| Share price at the end of the period, SEK | 53.00 | 27.40 | 53.00 | 27.40 |
The information in the year-end 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 12, 2015 at 7:45 a.m.
Throughout 2014, we experienced significantly increased interest in RayStation®, and the year ended very strongly. In 2014, the order intake for RayStation® rose sharply to SEK 158.9 M (89.2). We received several orders from the US, China, Japan, Italy and South Korea, for example, as well as our first orders from the UK and Thailand. As a result, about 190 clinics in 19 countries have now purchased RayStation®. It is highly pleasing that the number of new RayStation® customers in 2014 alone, equaled the accumulated number of customers from the launch of RayStation® in 2009 until the end of 2013.
We are also continuing to build our sales organization. In April, for example, we opened a subsidiary in Germany, and in July, we participated for the first time as an exhibitor at the major German Radiation Oncology Congress, DEGRO. We also signed a new distribution agreement with the Australian distributor AlphaXRT, which thereby assumed responsibility for marketing, sales and service of RayStation® in Australia and New Zealand as of April 1. Our local distributor in Japan, Hitachi Medical Systems, also assumed responsibility for marketing, sales and service of RayStation® as of April 1. At the end of the year, we also signed a distribution agreement with the Thai distributor KEC, which has already resulted in two orders.
In the January to September period, revenues from RayStation® were significantly higher year-on-year. This trend continued during the fourth quarter, resulting in the highest-ever quarterly sales for RayStation®. It may be worth noting that revenues from RayStation® in the fourth quarter of 2014 were higher than for the full-year 2013. Overall, this meant that revenues from RayStation more than doubled in 2014. This revenue increase was partially offset by a decline in partner sales during the year, due to Philips, Nucletron and Brainlab reporting lower revenues than in 2013. However, sales through IBA Dosimetry and Varian increased.
Overall, revenues rose 39.5 percent to SEK 285.2 M (204.5) in 2014, resulting in a significant increase in operating profit to SEK 79.4 M (loss: 25.7). The settlement with Prowess also contributed to the earnings improvement, due to settlement costs being charged to 2013 and a decline in legal expenses upon finalization of the process.
In May 2011, we were sued by the US company Prowess, which claimed that we infringed on a US patent licensed by Prowess. RaySearch believed that there was no infringement and, in addition, that the patent should be invalidated since there was prior art in numerous older publications describing the same methods. However, the cost of running this case all the way to trial and through a potential appeal process would have been very high. In April 2014, we therefore entered into a settlement agreement with Prowess, entailing that RaySearch will pay Prowess a fixed amount spread out over three years and that Prowess will drop the lawsuit. The total cost of the settlement was SEK 34.8 M, which was charged to 2013.
We are continuing to develop our global sales, marketing and service organization for RayStation®. However, we are proceeding cautiously and building the infrastructure step-by-step with the goal of a positive profit contribution from direct sales also in the short-term, but since there are major fluctuations in deliveries, earnings vary sharply from quarter to quarter.
We released version 4.5 of RayStation® in July. It was rolled out in Europe and Oceania and, in October, we received marketing clearance for this version in the US, our principal market. Already in December we released the next new version, RayStation® 4.7 that is now in the roll-out phase in several markets. We will continue to collaborate with our partners in parallel with these activities. For example, we recently completed new product versions for Brainlab and IBA Dosimetry. We also signed a new partnership agreement with Mevion Medical Systems, a supplier of proton treatment equipment, similar to IBA, with whom we signed an agreement in 2013. These new partnerships differ slightly from our previous partnerships, since they are based on RayStation® rather than custom-built products for each partner. I believe we will be able to enter into more agreements of this type. So, although we may lose some partners, the partner model is, and will remain, a key component of our operations.
2014 was a fantastic year for RaySearch. Our major investment in RayStation® began to generate real results, and the system is now well-established in all major markets around the world. Strong sales of RayStation®, combined with putting the patent dispute behind us, also led to significantly improved profitability. This gives us the stamina to continue our rapid pace of growth and to focus aggressively on the development of RayStation® and other products. We already have a customer base of 190 satisfied clinics that use RayStation®, but it should also be remembered that there are some 8,000 radiation therapy clinics worldwide, so the growth potential remains very strong.
In June 2015, it will be 15 years since RaySearch was founded and I can say with great satisfaction that the company has never been as strong as it is today.
Stockholm, February 12, 2015
Johan Löf President and CEO of RaySearch Laboratories AB (publ)
In April, it was announced that RaySearch had established a German subsidiary, RaySearch Germany GmbH. The new subsidiary is responsible for marketing, sales and service of RayStation® in Germany, Austria and the German-speaking parts of Switzerland. The company will provide support for both new and existing customers, including DKFZ and WPE in Germany, and MedAustron in Austria.
In March, RaySearch signed an exclusive distribution agreement with AlphaXRT (formerly CMS Alphatech), based in Sydney, Australia, and Auckland, New Zealand. The agreement entails that AlphaXRT is responsible for marketing, sales and service of RayStation® in Australia and New Zealand as of April 1, 2014. In December, a distribution agreement was signed with Kamol Sukosol Electric Co. (KEC) based in Bangkok, Thailand. Under the agreement, KEC will be responsible for marketing, sales and service of RayStation® in the Thai market.
In January, it was announced that RaySearch had been awarded a treatment planning system contract and will supply RayStation® to Tayside Cancer Centre at Ninewells Hospital & Medical School in Dundee, UK. Ninewells will be the first clinical installation of RayStation® in the UK. In December, the first RayStation® order from Thailand was secured, from Lopburi Cancer Hospital in the Mueang district.
In May 2011, the US company Prowess filed a lawsuit against RaySearch at a court in Baltimore, Maryland, in the US. Prowess claimed that RaySearch infringed on a US patent for which Prowess had the license. RaySearch believed that there was no infringement and, in addition, that the patent should be invalidated. In January 2014, RaySearch entered into settlement negotiations at a settlement conference arranged by the court as part of the legal process and, as a result of this, RaySearch entered into a settlement agreement with Prowess in April 2014. The agreement entails that RaySearch will pay Prowess a fixed amount over three years and that Prowess will withdraw its lawsuit. The total cost of the settlement was SEK 34.8 M, which was charged to 2013.
In May, the first patient underwent proton therapy with pencil beam scanning (PBS) at the Provision Center for Proton Therapy in Knoxville, Tennessee, which is the only proton therapy facility in Tennessee. The clinical treatment plans were created using RayStation® and delivered with medical devices from IBA. PBS is the most sophisticated form of proton therapy delivery. Earlier in 2014, the first patients underwent uniform scanning proton therapy.
In July, version 4.5 of the RayStation® treatment planning system was released for sales in Europe and some Asian markets, and in October, the US Food and Drug Administration (FDA) granted marketing clearance. The new version included many new features that help cancer clinics improve the treatment planning process and also enables new steps in adaptive radiation therapy. In December the next new version, RayStation® 4.7, was released. It contains a wide range of improvements for example of the tools for multi-criteria optimization and proton optimization as well as some new functionality for optimization of radiation therapy with carbon ions.
In September, a collaboration agreement was announced with Mevion Medical Systems Inc. The collaboration aims to validate the use of RayStation® to create proton therapy treatments with the pencil beam scanning technique performed with Mevion's new HYPERSCAN technology.
In November, 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 credit facility of up to SEK 25 M. An amount of SEK 25 M was borrowed over three months within the terms of the revolving credit facility.
In January 2015, RaySearch's CFO, Anders Martin-Löf, announced that he will be leaving the company in April to become CFO at another company. Anders will retain his areas of responsibility as CFO until he leaves RaySearch. A process to find a successor to Anders has been initiated.
During the fourth quarter of 2014, sales rose 19.6 percent year-on-year to SEK 107.8 M (90.1). Operating profit improved to SEK 52.7 M (0.4), corresponding to an operating margin of 48.9 percent (0.5). Profit after tax during the fourth quarter totaled SEK 40.7 M (5.1). The increase in sales and earnings was mainly attributable to higher sales of RayStation®. Legal costs during were also lower than in the fourth quarter 2013 when significant costs were charged related to the settlement with Prowess.
Sales for full-year 2014 rose 39.5 percent year-on-year to SEK 285.2 M (204.5). Sales consist of license revenues via direct sales and partners, as well as support revenues. The total number of licenses sold via direct sales and partners amounted to 2,172 (1,700) and license revenues in 2014 totaled SEK 256.1 M (179.9). The rise in license revenues was due to increased revenues from direct sales of RayStation® and higher product sales from the partnerships with IBA Dosimetry and Varian. Order intake excluding service agreements amounted to SEK 229.8 M (170.2). Of the order intake, the contribution from RayStation® was SEK 158.9 M (89.2) At December 31, RayStation® had an order backlog of SEK 31.5 M. In 2014, support revenues rose to SEK 29.1 M (24.5).
The company is dependent on trends in the USD and EUR exchange rates against the SEK, since most invoicing is in USD and EUR, while most costs are incurred in SEK. In 2014, revenues in USD were recognized at an average exchange rate of SEK 6.89, compared with SEK 6.51 in 2013. In 2014, revenues in EUR were recognized at an average exchange rate of SEK 9.18, compared with SEK 8.78 in 2013. Accordingly, currency effects had a positive impact on sales. At unchanged exchange rates, sales would have increased 32.9 percent compared with 2013. A sensitivity analysis of currency exposure indicates that the impact of a ± 10 percent change in the average USD exchange rate on operating profit in 2014 was ± SEK 14.1 M and that the corresponding effect of a ± 10 percent change in the average EUR exchange rate was ± SEK 7.7 M. The company pursues the currency policy established by the Board of Directors.
In 2014, operating profit totaled SEK 79.4 M (loss: 25.7), corresponding to an operating margin of 27.8 percent (neg: 12.6). Operating expenses, excluding exchange-rate gains and losses, declined SEK 19.6 M to SEK 204.2 M, compared with the year-earlier period. The decrease in operating expenses was mainly due to 2013 being charged with the high legal fees and settlement costs arising from the patent process with Prowess, which was finalized in early 2014. This was partially offset by higher marketing and personnel costs for sales and service resulting from the focus on direct sales of RayStation®. Other operating income and expenses refer to exchangerate gains and losses, with the net of these amounting to income of SEK 10.0 M (expense: 0.3) in 2014. The increase was mainly due to the large proportion of accounts receivable in USD, which strengthened substantially during the year.
At December 31, 2014, 81 (76) employees were engaged in research and development. Research and development costs include payroll costs, consulting fees, computer equipment and premises. Before capitalization and amortization of development expenditures, research and development costs totaled SEK 92.5 M (91.5).
In 2014, capitalized development costs totaled SEK 54.4 M (53.6). Amortization of capitalized development costs amounted to SEK 57.0 M (52.8) in 2014. After adjustments for capitalization and amortization of development expenditure, research and development costs totaled SEK 95.1 M (90.7).
In 2014, amortization of intangible fixed assets amounted to SEK 57.0 M (52.8) and depreciation of tangible fixed assets to SEK 1.2 M (1.1). Overall, amortization and depreciation in 2014 totaled SEK 58.2 M (53.9). Amortization and depreciation primarily pertained to capitalized development expenditure.
In 2014, profit after tax totaled SEK 59.8 M (loss: 20.8), corresponding to earnings per share before and after dilution of SEK 75 M (loss: 0.61).
In 2014, license revenues were distributed as follows: North America 31 percent (34), Asia 32 percent (27), Europe and the rest of the world 37 percent (39).
In 2014, cash flow from operating activities rose to SEK 50.3 M (31.3), primarily due to improved earnings. Cash flow from investing activities was a negative SEK 57.8 M (neg: 56.5). Cash flow for the year amounted to SEK 16.8 M (neg: 23.7). At December 31, 2014, cash and cash equivalents amounted to SEK 56.1 M, compared with SEK 38.2 M at December 31, 2013. On the same date, current receivables totaled SEK 156.6 M, compared with SEK 88.3 M at December 31, 2013. The receivables primarily comprised accounts receivables. The increase derived mainly from a substantial increase in sales, and the fact that a large proportion of sales occurred at the end of the period and the receivables had not yet matured by the end of the reporting period.
In November, 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 credit facility of up to SEK 25 M. An amount of SEK 25 M was borrowed over three months within the terms of the revolving credit facility.
Of the company's overdraft facility amounting to SEK 25 M, an amount of SEK 3.8 M was blocked as collateral for bank guarantees of EUR 0.4 M issued to MedAustron.
The provision pertaining to the settlement with Prowess was reclassified as a liability during the year, as a result of the signed settlement. The liability is in USD and because it does not incur interest, it has been discounted. Currency and discounting effects during the year had a negative impact of SEK 4.6 M on profit from financial items. Payment connected to the settlement during the period amounted to SEK 13.6 M and had an impact on cash flow from operating activities.
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. 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 the carrying amounts. RaySearch has not applied net accounting to any financial assets or liabilities and has no agreements that permit offsetting.
Fixed assets primarily comprise capitalized development costs. In 2014, investments in intangible fixed assets amounted to SEK 54.4 M (53.6) and investments in tangible fixed assets to SEK 8.5 M (2.9).
At the end of the fourth quarter, RaySearch had 136 (114) employees. In 2014, the average number of employees was 126 (107).
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. Capitalization of development costs and adjustments related to financial leasing are recognized in the Group, but not in the Parent Company.
The Annual General Meeting will be held at Grünewaldsalen in the Stockholm Concert Hall, Hötorget 8, Stockholm, on May 28, 2015 at 6:00 p.m. The Annual Report for 2014 will be available at RaySearch's office at Sveavägen 44 in Stockholm and on the corporate homepage, approximately one month prior to the date of the Annual General Meeting.
Since RaySearch is in the midst of an expansive and capital-intensive phase, the Board of Directors' proposal to the Annual General Meeting is that no dividend be paid for 2014. No dividend was paid in 2013.
| AMOUNTS IN SEK 000S | JAN–DEC | OCT-DEC | |||
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | ||
| Net sales | 285,217 | 204,470 | 107,782 | 90,113 | |
| Cost of goods sold1) | -11,627 | -6,059 | -5,293 | -3,166 | |
| Gross profit | 273,590 | 198,411 | 102,489 | 86,947 | |
| Other operating income | 16,803 | 3,008 | 7,590 | 924 | |
| Selling expenses | -78,433 | -53,024 | -22,278 | -16,597 | |
| Administrative expenses | -30,736 | -80,108 | -8,518 | -46,010 | |
| Research and development expenditure | -95,069 | -90,720 | -24,273 | -24,858 | |
| Other operating expenses | -6,795 | -3,288 | -2,243 | - | |
| Operating profit/loss | 79,360 | -25,721 | 52,767 | 406 | |
| Result from financial items | -659 | 754 | -189 | 234 | |
| Profit/loss before tax | 78,701 | -24,967 | 52,578 | 640 | |
| Tax | -18,869 | 4,126 | -11,882 | 4,453 | |
| Profit/loss for the period2) | 59,832 | -20,841 | 40,696 | 5,093 | |
| Other comprehensive income | |||||
| Items to be reclassified to profit or loss | |||||
| Translation difference of foreign operations for the period | -4,885 | 57 | -2,375 | -420 | |
| Items not to be reclassified to profit or loss | - | - | - | - | |
| Comprehensive income/loss for the period2) | 54,947 | -20,784 | 38,321 | 4,673 | |
| Earnings/loss per share before and after dilution (SEK) | 1.75 | -0.61 | 1.19 | 0.15 |
1) Does not include amortization of capitalized development expenses. Amortization and capitalization of development expenses are included in R&D.
2) 100% attributable to Parent Company shareholders.
| AMOUNTS IN SEK 000S | DEC. 31, 2014 | DEC. 31, 2013 |
|---|---|---|
| ASSETS | ||
| Intangible fixed assets | 164,081 | 166,678 |
| Tangible fixed assets | 12,951 | 5,567 |
| Financial fixed assets | - | 403 |
| Total fixed assets | 177,032 | 172,648 |
| Current receivables | 156,636 | 88,283 |
| Cash and cash equivalents | 56,085 | 38,231 |
| Total current assets | 212,721 | 126,514 |
| TOTAL ASSETS | 389,753 | 299,162 |
| EQUITY AND LIABILITIES | ||
| Equity | 251,548 | 196,601 |
| Deferred tax liabilities | 40,724 | 36,669 |
| Provisions | - | 34,759 |
| Long-term liabilities | 41,096 | - |
| Accounts payable | 9,034 | 6,925 |
| Other current liabilities | 47,351 | 24,208 |
| TOTAL EQUITY AND LIABILITIES | 389,753 | 299,162 |
| Pledged assets | 53,800 | 37,500 |
| Contingent liabilities | - | - |
| AMOUNTS IN SEK 000S | JAN–DEC | OCT-DEC | |||
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | ||
| Profit/loss before tax | 78,701 | -24,967 | 52,578 | 640 | |
| Adjusted for | |||||
| non-cash items1) | 46,315 | 87,511 | 9,073 | 48,873 | |
| Taxes paid | -15,247 | -3,596 | -1,286 | -803 | |
| Cash flow from operating activities before changes in | |||||
| working capital | 109,769 | 58,949 | 60,365 | 48,711 | |
| Cash flow from changes in working capital | -59,496 | -27,667 | -37,887 | -31,431 | |
| Cash flow from operating activities | 50,273 | 31,282 | 22,478 | 17,280 | |
| Cash flow from investing activities2) | -57,844 | -56,542 | -16,071 | -14,547 | |
| Cash flow from financing activities | 24,345 | 1,563 | 24,345 | 1,563 | |
| Cash flow for the period | 16,774 | -23,697 | 30,752 | 4,296 | |
| Cash and cash equivalents at the beginning of the period | 38,231 | 61,875 | 24,778 | 33,855 | |
| Exchange-rate difference in cash and cash equivalents | 1,080 | 53 | 555 | 80 | |
| Cash and cash equivalents at the end of the period | 56,085 | 38,231 | 56,085 | 38,231 |
1) These amounts primarily include amortization of capitalized development costs and, for the full-year 2013, also the settlement provision. 2) These amounts primarily include capitalized development costs.
| AMOUNTS IN SEK 000S | JAN–DEC | ||
|---|---|---|---|
| 2014 | 2013 | ||
| Opening balance | 196,601 | 217,553 | |
| Profit/loss for the period | 59,832 | -20,842 | |
| Sales of treasury stock | - | 1,563 | |
| Tax effect sales of treasury stock | - | -1,730 | |
| Translation difference for the period | -4,885 | 57 | |
| Closing balance | 251,548 | 196,601 |
| JAN–DEC | |||
|---|---|---|---|
| 2014 | 2013 | ||
| Total number of shares (opening and closing balance) | 34,282,773 | 34,282,773 | |
| Holding of treasury stock, opening balance | - | 299,628 | |
| Sales of treasury stock | - | -299,628 | |
| Holding of treasury stock, closing balance | - | - |
| AMOUNTS IN SEK 000S | JAN-DEC | OCT-DEC | ||||
|---|---|---|---|---|---|---|
| 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |
| Net sales | 285,217 | 204,470 | 182,087 | 107782 | 90,113 | 76,879 |
| Operating profit/loss | 79,360 | -25,721 | 22,546 | 52,767 | 406 | 26,232 |
| Operating margin, % | 27.8 | -12.6 | 12.4 | 48.9 | 0.5 | 34.1 |
| Profit margin, % | 27.6 | -12.2 | 12.9 | 48.8 | 0.7 | 35.0 |
| Profit/loss for the period | 59,832 | -20,841 | 19,863 | 40,696 | 5,093 | 25,364 |
| Earnings/loss per share, SEK | 1.75 | -0.61 | 0.58 | 1.19 | 0.15 | 0.74 |
| Return on capital employed1, % | 33.7 | -12.0 | 11.4 | |||
| Return on equity1, % | 26.7 | -10.1 | 9.6 | |||
| Equity/assets ratio, % | 64.5 | 65.7 | 74.2 | |||
| Adjusted equity per share at the end of the | ||||||
| period, SEK | 7.34 | 5.73 | 6.35 | |||
| Share price at the end of the period, SEK | 53.00 | 27.40 | 20.80 |
For definitions of key figures, refer to the inside cover of the 2013 Annual Report.
1In preceding years, an income measurement based on rolling 12-month figures was used but as of 2013, and for the comparative figures, an annual
income measurement has been used.
| AMOUNTS IN SEK 000S | JAN–DEC | OCT-DEC | |||
|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | ||
| Net sales | 250,363 | 179,178 | 98,604 | 70,771 | |
| Cost of goods sold | -7,223 | -809 | -4,795 | -666 | |
| Gross profit | 243,140 | 178,369 | 93,809 | 70,105 | |
| Other operating income | 16,803 | 3,008 | 7,590 | 924 | |
| Selling expenses | -50,669 | -34,561 | -14,701 | -11,528 | |
| Administrative expenses | -30,912 | -80,085 | -8,708 | -46,006 | |
| Research and development expenditure | -92,472 | -91,516 | -25,954 | -24,724 | |
| Other operating expenses | -6,795 | -3,288 | -2,243 | - | |
| Operating profit/loss | 79,095 | -28,073 | 49,793 | -11,229 | |
| Result from financial items | 1,565 | 2,176 | 2,055 | 1,654 | |
| Profit/loss after financial items | 80,660 | -25,897 | 51,848 | -9,575 | |
| Appropriations | -21,029 | 20,326 | -21,029 | 20,326 | |
| Profit/loss before tax | 59,631 | -5,571 | 30,819 | 10,751 | |
| Tax | -13,651 | 403 | -6,371 | 403 | |
| Profit/loss for the period | 45,980 | -5,168 | 24,448 | 11,154 |
| AMOUNTS IN SEK 000S JAN–DEC |
OCT-DEC | |||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Profit/loss for the period | 45,980 | -5,168 | 24,448 | 11,154 |
| Translation difference for the period | - | - | - | - |
| Comprehensive income/loss for the period | 45,980 | -5,168 | 24,448 | 11,154 |
| AMOUNTS IN SEK 000S | DEC. 31, 2014 | DEC. 31, 2013 |
|---|---|---|
| ASSETS | ||
| Tangible fixed assets | 6,975 | 4,549 |
| Financial fixed assets | 2,493 | 2,266 |
| Deferred tax assets | - | 403 |
| Total fixed assets | 9,468 | 7,218 |
| Current receivables | 185,239 | 117,159 |
| Cash and cash equivalents | 47,935 | 26,305 |
| Total current assets | 233,174 | 143,464 |
| TOTAL ASSETS | 242,642 | 150,682 |
| EQUITY AND LIABILITIES | ||
| Equity | 136,213 | 90,232 |
| Untaxed reserves | 21,029 | - |
| Long-term liabilities | 36,853 | - |
| Accounts payable | 9,823 | 7,634 |
| Provisions | - | 34,759 |
| Other current liabilities | 38,724 | 18,057 |
| TOTAL EQUITY AND LIABILITIES | 242,642 | 150,682 |
| Pledged assets | 53,800 | 37,500 |
| Contingent liabilities | - | - |
This condensed year-end report for the Group has been 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 have been 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 during 2014 have not affected RaySearch during the period and no known changes are expected to affect RaySearch in 2014.
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. A majority of RaySearch's net sales are denominated in USD and EUR. In accordance with the established financial policy, no currency hedging is 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. RaySearch currently has partnerships with Philips, Nucletron, IBA, Varian, and Brainlab. If RaySearch were to lose one or more of these business partners, this could have a major impact on the company's sales, profit and financial position. No significant changes have been made to the risk assessment compared with the 2013 Annual Report.
For a more detailed description of RaySearch's risks and risk management, refer to page 68 of the 2013 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 that company management makes estimates that affect the carrying 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.
YEAR-END REPORT 2014
This year-end report has not been reviewed by the company's auditors.
Stockholm, February 12, 2015
Erik Hedlund Johan Löf
Chairman of the Board President and Board member
Carl Filip Bergendal Hans Wigzell Board member Board member
Johan Löf, President Tel: +46 (0)8-510 530 00 [email protected]
RaySearch Laboratories AB (publ) Corporate Registration Number 556322-6157 Sveavägen 25 SE-111 34 Stockholm, Sweden
| Interim report for first quarter | May 8, 2015 |
|---|---|
| Annual General Meeting | May 28, 2015 |
| The Annual General Meeting will be held in Grünewaldsalen in | |
| the Stockholm Concert Hall, Hötorget 8, Stockholm | |
| Interim report for the first six months | August 28, 2015 |
RaySearch Laboratories 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 such as Philips, Nucletron, IBA, Varian and Brainlab. To date, 15 products have been launched via partners and RaySearch's software is used by over 2,500 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 Small Cap segment on Nasdaq Stockholm.
More information about RaySearch is available at www.raysearchlabs.com.
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