Elekta announces interim results

Reglatory News:

Elekta AB (publ) (STO:EKTAB):

  • Order bookings rose 19* percent.
  • Net sales increased by 15* percent.
  • Operating profit rose to SEK 89 M (13).
  • Profit after taxes increased to SEK 56 M (1).
  • Earnings per share after dilution improved to SEK 0.62 (0.02).
  • Cash flow from operating activities improved to negative SEK 138 M (neg. 163). Cash flow after investments was negative SEK 164 M (neg. 221).
  • Elekta reiterates the outlook of a net sales growth of over 8 percent in lo-cal currency and operating profit growth of over 35 percent for the full year 2009/10.

President and CEO Tomas Puusepp comments
Demand for Elekta’s clinical solutions, products and services remained strong in the first three months of 2009/10. Order bookings rose by 19 percent in local currency with solid performance in all regions. Net sales grew to SEK 1,440 M and operating result rose to SEK 89 M. Earnings per share improved to SEK 0.62 from SEK 0.02.

Demand increased for aftermarket services and software. Elekta provides services dur-ing the lifetime of the product and software for efficient workflow solutions, thereby making it possible for customers to focus on patient care. We continue to grow with our over 5,000 customers - an important element for Elekta’s sustainable profitable growth.

Elekta is a leading provider of image guided radiotherapy, stereotactic radiotherapy and radiosurgery and oncology software. This year we are increasing investments in re-search and development to bring new and refined solutions to market for improved patient care and higher efficiency for healthcare providers.

At the end of July Elekta received FDA-clearance for VMAT in combination with the radiation treatment planning system Monaco. This is expected to lead to growing sales of VMAT towards the end of this year.

We are continuing to execute on our plan for geographical expansion. With a com-plete portfolio of products and solutions fulfilling the clinical demands, Elekta is in a strong position for future growth from new territories. In the quarter Elekta has added new partners offering financing solutions by signing agreements with Swedish Export Corporation, SEK, and Swedfund International AB. The aim is to improve availability for cancer care worldwide, and to seize the opportunities of growth for Elekta.

The economic downturn has so far had limited effect on investments in cancer care, but the uncertainty remains. It may become more difficult for private cus-tomers to obtain financing and future health care investments might be negatively affected.

Elekta’s efficiency improvement program is proceeding according to plan. Restruc-turing costs amounted to SEK 11 M in the quarter. Annual savings from the program are expected at SEK 100 M with full effect next fiscal year. For 2009/10 the operat-ing costs are expected to increase by around 5 percent in local currency.

Currency markets remained volatile in the quarter. We expect positive effect on results for this fiscal year at close to SEK 250 M at present currency rates.

Elekta’s financial outlook remains unchanged of an increase in net sales by more than 8 percent in local currency, and operating profit increase in kronor of more than 35 percent. Net sales and operating profit are expected to be significantly higher in the second half of the year compared with the first.

Tomas Puusepp
President and CEO



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