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Sectra — Interim / Quarterly Report 2007
Sep 4, 2007
2967_10-q_2007-09-04_d87897d0-211b-404e-9955-06f0aa51a2d3.pdf
Interim / Quarterly Report
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Interim report for the first quarter, May – July 2007:
Sectra's order bookings doubled
Sectra's net sales for the first quarter increased by 11.1% to SEK 149.9 million (134.9) compared with the year-earlier period. Profit after financial items amounted to SEK 3.5 million (5.0), which corresponds to a profit margin of 2.3% (3.7). Order bookings rose to SEK 206.4 million (98.8), slightly higher than double the amount compared with a year earlier.
Rising earnings from direct sales of medical systems in the US and other markets outside Sweden contributed to the sales increase in the quarter. Among other successes, Sectra signed a five-year service agreement with the New York City Health and Hospitals Corporation, the largest municipal healthcare provider in the US.
"We are continuing to expand outside our home market. The choice by such large customers as the New York City Health and Hospitals Corporation to use Sectra is strategically important for our continued expansion in the US," says Jan-Olof Brüer, President and CEO of Sectra. "We are in the midst of implementing measures decided to increase our own direct sales. Our assessment is that Sectra will continue to expand with favorable profitability," continues Jan-Olof Brüer.
Sectra continued to report sales successes on the mammography market during the quarter. These included an order from Ireland's national program for mammography screening for Sectra's digital mammography system, Sectra MicroDose Mammography, for expansion of digital mammography nationwide.
FDA application
In June, Sectra submitted the first part of its application to sell Sectra MicroDose Mammography in the US to the Food and Drug Administration (FDA).
The application procedure now being initiated by Sectra is modular and has been extended to include the most recent version of Sectra MicroDose Mammography.
For further information, please contact:
Sectra AB, Jan-Olof Brüer, President and CEO, tel. +46 13-23 52 09
Sectra AB (publ)
Teknikringen 20 583 30 Linköping
Tel: 013 23 52 00
Fax: 013 21 21 85
www.sectra.se
Interim report for Sectra AB (publ) for the first quarter, May – July 2007
The corresponding period in the preceding year is reported in brackets.
First quarter in brief
- Order bookings rose 108.9% to SEK 206.4 million (98.8).
- Net sales increased by 11.1% to SEK 149.9 million (134.9).
- Profit after net financial items amounted to SEK 3.5 million (5.0), corresponding to a profit margin of 2.3% (3.7).
- Profit after tax amounted to SEK 2.7 million (3.9).
- Earnings per share amounted to SEK 0.07 (0.11).
Significant events during the quarter
- Sectra signed a five-year service contract with the New York City Health and Hospitals Corporation, the largest single municipal healthcare provider in the US.
- Ireland's national mammography screening program, BreastCheck, ordered Sectra's digital mammography system, Sectra MicroDose Mammography, for expansion of digital mammography nationwide.
- Sectra, jointly with clinical and industrial partners, was awarded SEK 33 million from the EU to manage a research project within low-dose mammography in which new methods to detect breast cancer are to be developed and evaluated.
- Sectra submitted the first part of its FDA application pertaining to Sectra MicroDose Mammography.
- Sectra signed a cooperation agreement with the Polish medical-technology company Edo Med Sp. z.o.o., which becomes the distributor of Sectra's medical systems in Poland.
- The Dutch hospital Rijnland Ziekenhuis switched to Sectra's total solution for radiology.
- The Swedish Defense Materiél Administration (FMV) ordered Tiger XS products supported by IP-based satellite communication for use within the Nordic Battlegroup.
Significant events after the end of the period
• Saab Aerosystems and Saab Bofors Dynamics ordered crypto systems for the JAS 39 Gripen aircraft and the Robot 15 missile. The crypto system will ensure that sensitive information is protected during various tests conducted within and outside Sweden's borders.
Sectra AB (publ)
Teknikringen 20 583 30 Linköping
Tel: 013 23 52 00
Fax: 013 21 21 85
www.sectra.se
Order bookings, net sales and earnings
First quarter
The Group's order bookings rose to SEK 206.4 million (98.8). The change in order bookings compared with the year-earlier period is attribiutable to Sectra's expanded direct sales of medical systems in strategically important markets, in which its own sales organization was strengthened. The largest increase was posted by Sectra in North America, where among other successes the New York City Health and Hospitals Corporation (HHC), the largest single municipal healthcare provider in the US, signed a five-year service agreement with Sectra. Due to a non-disclosure agreement with the customers, this contract was announced first after the close of the quarter.
Demand for Sectra's products is strong and the variations in order volumes viewed by individual quarters are significant.
Net sales for the period rose 11.1% to SEK 149.9 million (134.9). Increased revenues from direct sales on the American markets and other markets outside Sweden contributed to the strong sales in the quarter.
Profit after net financial items was SEK 3.5 million (5.0), corresponding to a profit margin of 2.3% (3.7). Profit after tax was SEK 2.7 million (3.9). Earnings per share amounted to SEK 0.07 (0.11). Earnings were also charged with Sectra's extensive investment in developing its distribution network and service organization for medical systems as a result of the phasing out of the ten-year cooperation with Philips Medical Systems. Profit margin was also impacted by the increased direct sales that often comprise compete system deliveries including both software and hardware. Sales through partners are solely software licenses with higher profitability.
| Net sales by business segment | ||||
|---|---|---|---|---|
| (SEK million) | 3 months | 3 months | Full year | Full year |
| May 2007 | May 2006 | Aug.2006– | May–Apr. | |
| –July 2007 | –July 2006 | July 2007 | 2006/2007 | |
| Medical systems | 136.2 | 120.6 | 626.5 | 610.9 |
| Secure communication | ||||
| systems | 14.7 | 14.3 | 68.3 | 67.9 |
| Other 1) | 5.6 | 5.3 | 21.3 | 21.0 |
| Group eliminations | -6.6 | -5.3 | -28.6 | -27.3 |
| Total | 149.9 | 134.9 | 687.5 | 672.5 |
Sectra AB (publ)
Teknikringen 20
583 30 Linköping
Tel: 013 23 52 00
Fax: 013 21 21 85
www.sectra.se
Operating profit/loss by business segment
| (SEK million) | 3 months | 3 months | Full year | Full year |
|---|---|---|---|---|
| May 2007 | May 2006 | Aug.2006– | May–Apr. | |
| –July 2007 | –July 2006 | July 2007 | 2006/2007 | |
| Medical systems | 1.7 | 8.8 | 56.7 | 63.8 |
| Secure communication | ||||
| systems | 0.9 | -2.2 | 9.3 | 6.2 |
| Other 1) | -0.7 | -1.2 | -5.4 | -5.9 |
| Group eliminations | -0.6 | -0.4 | -3.1 | -2.9 |
| Total | 1.3 | 5.0 | 57.5 | 61.2 |
1) Other refers primarily to the Parent Company's debiting of Group-wide services and asset management.
| Net sales by geographical market | ||||
|---|---|---|---|---|
| (SEK million) | 3 months | 3 months | Full year | Full year |
| May 2007 | May 2006 | Aug.2006– | May–Apr. | |
| –July 2007 | –July 2006 | July 2007 | 2006/2007 | |
| Sweden | 47.2 | 68.1 | 220.4 | 241.3 |
| Rest of Europe | 55.4 | 32.9 | 257.8 | 235.3 |
| North America | 38.4 | 32.5 | 183.7 | 177.8 |
| Rest of world | 8.9 | 1.4 | 25.6 | 18.1 |
| Total | 149.9 | 134.9 | 687.5 | 672.5 |
Medical systems
Market
The market for Sectra's medical systems is growing as an increasing number of hospitals choose to improve the efficiency of their radiology operations by introducing digital systems. To meet demands in the market, Sectra is continuing its extensive investments in the expansion of its distribution organization in the US and Europe, as well as additional investments in support and marketing.
More than 40 million X-ray examinations are carried out annually using the company's systems, making Sectra one of the world's leading suppliers of systems for handling digital radiology images. The largest share of radiology clinics using Sectra's medical systems are in North America, the world's largest and one of the fastest-growing markets for medical IT. As the number of installations of Sectra medical systems increases, so does revenue from service, support and upgrade contracts.
In the mammography market, the transition from film-based to digital systems is proceeding at full pace worldwide. During the quarter, Sectra posted continued sales successes with the digital mammography system Sectra MicroDose Mammography. Among other sales, the system was ordered by the national program for mammography screening in Ireland.
Sectra AB (publ)
www.sectra.se Moms reg.nr SE556064830401
Application for approval to sell Sectra MicroDose Mammography in the US Sectra submitted the first part of its application to sell Sectra MicroDose Mammography in the US to the Food and Drug Administration (FDA) during the quarter.The application procedure is modular and has been extended to include the most recent version of Sectra MicroDose Mammography.
Sales and earnings
Medical Systems' net sales for the first quarter increased by 12.9% to SEK 136.2 million (120.6). Higher earnings from direct sales in the American market and other markets outside Sweden contributed to the major sales increase compared with the year-earlier period. The American market accounted for the single largest increase.
Operating profit amounted to SEK 1.7 million (8.8), corresponding to a profit margin of 1.2% (7.3). The extensive market investments as planned adversely affected earnings. In addition, increased direct sales result in lower margins. In direct sales, a transaction normally involves complete system deliveries that include both the software and hardware. Sales through partners consist solely of software licenses, with high added value and a high contribution margin.
Secure Communications Systems
Market
Among European authorities and defense agencies, pan-national cooperation is increasing, which means that demands for secure communications systems shift from being national to a common issue for the entire EU. This creates a new major market for EU-approved crypto products.
To meet customer demands, Sectra has invested in recent years in the development and marketing of the third-generation Tiger products, Tiger XS, and is the first with an EUapproved crypto product for mobile communications.
Sales and earnings
Net sales for secure communications systems for the quarter rose 2.8% to SEK 14.7 million (14.3). Most of the revenues pertained to development assignments and customer-specific products. Operating profit was SEK 0.9 million (loss: 2.2).
Financial position
The equity/asset ratio on July 31, 2007 was 60.2% (61.8) and liquidity was a multiple of 2.4 (2.7).
Interest-bearing liabilities amounted at the end of the period to SEK 48.0 million (38.9), of which SEK 46.1 million (23.1) pertains to the redeemption of convertibles.
Investments
Group investments during the quarter totaled SEK 9.5 million (9.7). Capitalized development costs during the first quarter amounted to SEK 6.8 million (8.1) and on July 31, 2007 to SEK 142.4 million (112.9).
Sectra AB (publ)
Teknikringen 20 583 30 Linköping Tel: 013 23 52 00 Fax: 013 21 21 85 [email protected]
www.sectra.se
Employees
The number of employees with full-time employment at Sectra during the first quarter increased by 25 persons and on July 31, 2007 totaled 480 (396).
The share
Sectra's share capital at July 31, 2007 amounted to SEK 36,842,088. Full conversion and exercise of the outstanding incentive programs will increase the number of shares by a maximum of 746,800, corresponding to 2.0% of the share capital and 1.2% of the votes. After dilution, the total number of shares will amount to 37,588,888.
A new issue of 58,900 B shares was carried out during the quarter to finance acquisition of 2,356 shares in the subsidiary Sectra Mamea AB from the employees who exercised employee stock options during the spring.The acquisition had no material effect on Sectra's earnings and financial position.
At Sectra's Annual General Meeting in June 2007, a decision was made to issue new convertibles to the Group's employees and to external Board members. At full allotment and full conversion, the dilution effect may amount to a maximum of 1.0% of the share capital. The conversion rate shall correspond to 135% of the volume-weighted average of registered bid prices for the company's share on the OMX Nordic Exchange in Stockholm during the period August 29, 2007 through September 12, 2007. The convertibles will be available for subscription during the period October 1 – 12, 2007 and conversion to Series B shares should occur between May 24 – 28, 2010.
The Meeting also adopted the Board's proposal for the issue of an additional maximum of 100,000 employee stock options for employees in the US. If these options are exercised in full, the employees will acquire shares in the company corresponding to approximately 0.3% of the share capital and 0.2% of the votes.
Authorization
At the Sectra Annual General Meeting in June, the Board was authorized by the Meeting to approve the new issue of not more than 3,600,000 Series B shares on one or more occasions until the next Annual General Meeting against compensation in the form of cash payment, offsetting or contribution in kind. Such new issues may occur as a deviation from shareholders' preferential rights. If the entire authorization is exercised, the dilution effect on the share capital will be approximately 10% and on votes approximately 6%. The purpose of this authorization is to enable the company to issue new shares to implement or finance the acquisition of companies or operations, or parts thereof, and in conjunction with market investments.
In addition, the Meeting decided to authorize the Board to, on one or more occasions, during the period to the next Annual General Meeting, make decisions regarding acquisitions or transfer of own shares. The authorization is limited to the company's holding of own shares not exceeding 10% of all shares in the company at any time.
Outlook
Sectra has a strong technology platform. The products and system solutions that Sectra develops are aimed at markets with high growth potential. The company's strong position in its home market provides a solid platform for ongoing international expansion. Sectra AB (publ)
The change in the cooperation with the company's largest partner, Philips Medical Systems, means a realignment of Sectra's operations. This will continue to impact earnings for the remainder of the fiscal year. The Board's assessment that, in the long term, Sectra will continue to expand with favorable profitability remains valid.
www.sectra.se
Accounting principles
This interim report was prepared in accordance with IAS 34, Interim Financial Reporting, and RR31, Interim Reporting for Groups. The same accounting principles and calculation methods apply as in the most recent Annual Report. This means that the consolidated accounts were prepared in accordance with International Financial Reporting Standards (IFRS) and statements from the International Financial Reporting Interpretations Committee (IFRIC) that were approved by the EU Commission for application within the EU. A description of the accounting principles is found in the Annual Report for the 2006/2007 fiscal year.
| December 4, 2007 |
|---|
| March 4, 2008 |
| May 20, 2008 |
For further information, please contact:
Jan-Olof Brüer, CEO and President, Tel. +46 13 23 52 09
This interim report is unaudited. Linköping, September 4, 2007 Board of Directors Sectra AB (publ)
Sectra AB (publ)
Teknikringen 20 583 30 Linköping Tel: 013 23 52 00 Fax: 013 21 21 85 [email protected] www.sectra.se Moms reg.nr SE556064830401
Condensed income statement for the Group
| SEK thousands | 3 months May 2007 |
3 months May 2006 |
Full year Aug. 2006 |
Full year May–Apr. |
|---|---|---|---|---|
| Net sales | –July 2007 149,908 |
–July 2006 134,886 |
–July 2007 687,533 |
2006/2007 672,511 |
| Capitalized work for own use | 6,759 | 8,086 | 41,254 | 42,581 |
| Operating expenses | -150,196 | -132,624 | -651,791 | -634,218 |
| Depreciation | -5,184 | -5,321 | -19,555 | -19,693 |
| Operating profit after depreciation | 1,287 | 5,027 | 57,441 | 61,181 |
| Net financial items | 2,168 | 12 | 11,177 | 9,021 |
| Profit after financial items | 3,455 | 5,039 | 68,618 | 70,202 |
| Tax on earnings for the period | -746 | -1,183 | -22,549 | -22,986 |
| Net earnings | 2,709 | 3,856 | 46,069 | 47,216 |
| Profit attributable to equity holders of | ||||
| the: | ||||
| Parent Company | 2,709 | 3,856 | 46,069 | 47,216 |
| Minority interests | 0 | 0 | 0 | 0 |
| Earnings per share | ||||
| Before dilution, SEK | 0.07 | 0.11 | 1.25 | 1.28 |
| After dilution, SEK | 0.07 | 0.10 | 1.23 | 1.26 |
| Number of shares at end of period | ||||
| Before dilution | 36,842,088 | 36,746,521 | 36,842,088 | 36,783,188 |
| After dilution 1) | 37,588,888 | 37,183,188 | 37,588,888 | 37,529,988 |
| Average before dilution 2) | 36,802,821 | 36,746,521 | 36,772,818 | 36,758,743 |
| Average after dilution 1) 2) | 37,549,621 | 37,403,188 | 37,437,096 | 37,400,488 |
1) Dilution is based on the convertible debenture programs issued in 2004/2005 (154,800), 2005/2006 (165,200) and 2006/2007 (266,800) and the employee stock options issued in 2004/2005 (40,000), 2005/2006 (40,000) and 2006/2007 (80,000).
2) Average number of shares has been adjusted for implemented share splits and share issues.
Net sales
The bars show quarterly net sales and the line 12-month net sales.
Earnings after financial items
The bars show quarterly earnings and the line 12-month earnings after financial items.
Condensed balance sheet for the Group
| SEK thousands | July 31, | July 31, | April 30, |
|---|---|---|---|
| 2007 | 2006 | 2007 | |
| Assets | |||
| Intangible fixed assets | 164,199 | 134,413 | 159,343 |
| Tangible fixed assets | 23,386 | 21,934 | 22,352 |
| Financial fixed assets | 49,502 | 15,415 | 45,962 |
| Total fixed assets | 237,087 | 171,762 | 227,657 |
| Other current assets | 226,302 | 235,707 | 241,655 |
| Cash and cash balances | 381,404 | 356,693 | 385,150 |
| Total current assets | 607,706 | 592,400 | 626,805 |
| Total assets | 844,793 | 764,162 | 854,462 |
| Equity and liabilities | |||
| Equity (including profit for the period) | 508,240 | 471,961 | 519,407 |
| Provisions | 12,360 | 1,302 | 11,135 |
| Deferred tax liabilities | 25,854 | 23,473 | 25,906 |
| Long-term liabilities | 36,422 | 38,857 | 36,438 |
| Current liabilities | 261,917 | 228,569 | 261,576 |
| Total equity and liabilities | 844,793 | 764,162 | 854,462 |
Change in equity
| 3 months | 3 months | Full year | |
|---|---|---|---|
| SEK thousands | May 2007 | May 2006 | May – April |
| –July 2007 | –July 2006 | 2006/2007 | |
| Equity at start of period | 519,406 | 486,495 | 486,495 |
| New issue/conversion | 4,197 | - | 1,723 |
| Dividend paid | -18,421 | -18,373 | -18,373 |
| Shareholdings reclassified to subsidiaries | - | - | 667 |
| Change in translation difference | -253 | -17 | -634 |
| Share-based remuneration | 602 | - | 2,314 |
| Net earnings for the period | 2,709 | 3,856 | 47,214 |
| Equity at end of period | 508,240 | 471,961 | 519,406 |
Condensed cash-flow statement for the Group
| SEK thousands | 3 months May 2007 –July 2007 |
3 months May 2006 –July 2006 |
Full year May – April 2006/2007 |
|---|---|---|---|
| Cash flow from operations before changes in working capital | -475 | 1,016 | 82,666 |
| Cash flow from operations after changes in working capital | 23,214 | -7,406 | 71,546 |
| Investing activities | -9,521 | -9,656 | -50,995 |
| Financing activities | -18,765 | -39,527 | -46,478 |
| Change in cash and bank balances | -5,072 | -56,589 | -25,927 |
| Cash and bank balances, opening balance Exchange rate difference in liquid assets Cash and bank balances, closing balance |
385,150 1,326 381,404 |
414,297 -1,015 356,693 |
414,297 -3,220 385,150 |
Key figures
| 3 months | 3 months | 12 months | Full year | |
|---|---|---|---|---|
| July 31, | July 31, | July 31, | 30 Apr., | |
| 2007 | 2006 | 2007 | 2007 | |
| Order bookings, SEK M | 206.4 | 98.8 | 792.3 | 684.7 |
| Equity/assets ratio,% | 60.2 | 61.8 | 60.2 | 60.8 |
| Liquidity, multiple | 2.4 | 2.7 | 2.4 | 2.5 |
| Profit margin,% | 2.3 | 3.7 | 10.0 | 10.4 |
| Return on shareholders' equity, % | - | - | 9.4 | 9.4 |
| Return on capital employed, % | - | - | 12.9 | 13.0 |
| Value added, SEK M | 79.3 | 73.5 | 367.3 | 361.5 |
| Average number of employees | 463 | 383 | 431 | 411 |
| Equity per share, SEK | 13.80 | 12.84 | 13.80 | 14.12 |
| Equity per share after dilution, SEK | 13.52 | 12.69 | 13.52 | 13.84 |
| Cash flow per share, SEK | -0.01 | 0.03 | 2.20 | 2.25 |
| Cash flow per share after dilution | -0.01 | 0.03 | 2.16 | 2.20 |
| P/E ratio, multiple | - | - | 47.9 | 59.2 |
| Share price at end of period, SEK | 60.0 | 66.7 | 60.0 | 76.0 |
Consolidated income statement quarterly
| 2007/2008 | 2006/2007 | 2005/2006 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| SEK million | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 149.9 | 204.7 | 169.4 | 163.5 | 134.9 | 172.8 | 146.1 | 144.7 | 100.8 |
| Capitalized work for own use | 6.8 | 10.6 | 12.3 | 11.6 | 8.1 | 6.8 | 8.3 | 6.7 | 3.7 |
| Operating expenses | -150.2 | -186.4 | -154.1 | -158.4 | -132.7 | -140.1 | 125.7 | -131.9 | -96.4 |
| Depreciation | -5.2 | -6.6 | -5.2 | -5.2 | -5.3 | -5.4 | -5.0 | -5.3 | -4.4 |
| Operating profit after depr. | 1.3 | 22.3 | 22.4 | 11.5 | 5.0 | 34.1 | 23.7 | 14.2 | 3.7 |
| Net financial items | 2.2 | 1.1 | 3.8 | 4.1 | 0.0 | 1.1 | 3.5 | -0.8 | 1.2 |
| Earnings after financial | |||||||||
| items | 3.5 | 23.4 | 26.2 | 15.6 | 5.0 | 35.2 | 27.2 | 13.4 | 4.9 |
| Tax on earnings for the period | -0.8 | -9.4 | -7.7 | -4.7 | -1.1 | -8.1 | -7.0 | -3.9 | -1.5 |
| Minority interests | - | - | - | - | - | - | - | - | - |
| Net earnings | 2.7 | 14.0 | 18.5 | 10.9 | 3.9 | 27.1 | 20.2 | 9.5 | 3.4 |
Five-year summary
| 2006/2007 | 2005/2006 | 2004/2005 | 2003/2004 | 2002/2003 | |
|---|---|---|---|---|---|
| Net sales, SEK M | 672.5 | 564.4 | 455.9 | 495.3 | 503.4 |
| Earnings after financial items, SEK M1) | 70.2 | 80.7 | 80.4 | 27.6 | 78.9 |
| Earnings after tax, SEK M | 47.2 | 60.4 | 52.8 | 21.0 | 53.3 |
| Profit margin.,% | 10.4 | 14.3 | 17.6 | 5.6 | 15.7 |
| Return on equity, % | 9.4 | 13.2 | 12.8 | 5.8 | 28.7 |
| ROCE, % | 13.0 | 16.0 | 17.1 | 8.8 | 32.5 |
| Earnings per share before dilution, SEK | 1.28 | 1.64 | 1.45 | 0.63 | 1.62 |
| Earnings per share after dilution, SEK | 1.26 | 1.61 | 1.42 | 0.61 | 1.57 |
| Equity per share before dilution, SEK | 14.12 | 13.24 | 11.79 | 10.96 | 6.23 |
| Equity per share after dilution, SEK | 13.84 | 12.97 | 11.54 | 10.52 | 6.09 |
| Dividend per share, SEK | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Stock market price at year end, SEK | 76.0 | 58.8 | 74.0 | 58.5 | 38.0 |
| P/E ratio, multiple | 59.2 | 35.7 | 49.7 | 92.9 | 23.6 |
1) A non-recurring write down of capitalized development costs within Sectra Mamea AB had a negative effect of SEK 70.9 million on operating profit for full-year 2003/2004.
Definition of key figures
Adjusted equity: Reported shareholders' equity increased by 72% of untaxed reserves.
Capital employed: Total assets reduced by non interest-bearing debts.
Cash flow per share: Cash flow divided by the number of shares at the end of the period.
Earnings per share: Profit/loss after tax divided by the average number of shares.
Equity/assets ratio: Equity as a percentage of total assets.
Equity per share: Equity divided by the number of shares at the end of the period.
Liquidity: Current assets divided by current liabilities.
P/E ratio: Share price at the end of the period in relation to the twelve-month period's earnings per share.
Profit margin: Profit before tax as a percentage of sales.
Return on equity: Profit after tax as a percentage of average adjusted equity.
Return on capital employed (ROCE): Profit before tax plus financial expenses as a percentage of average capital employed.
Value added: Operating profit plus labor costs.
Sectra in brief
Sectra, founded in 1978, successfully conducts development and sales of high-tech products in expansive niche segments. The operations include medical systems and secure communication systems. Sectra has offices in eleven countries and operates through partners worldwide. The company's system and products are used by customers worldwide to increase the efficiency of the healthcare sector and to protect sensitive informations.
Sectra's shares are quoted on the Nordic Exchange in Stockholm. More information about Sectra's operations is available on the company's website: www.sectra.com.