Service standing out in Q2 EBIT beat of 12%
Q2 was characterized by a return to normalcy with organic growth of 51%, compared to a quarter severely impacted by the pandemic. Net sales of SEK 61m were in line with expectations, but we note the continued strength in EMEA and the rebound in North America, where the Elekta partnership has started to gain traction. Organic order growth of 24% was slightly below our expectations driven by APAC, where the pandemic has caused prolonged purchasing decisions. The order book was SEK 352m (25% y-o-y) at the end of the quarter, and with Q2’21 LTM order intake 23% above 2019 levels (FX adj.) we believe this shows the strong momentum C-RAD is currently enjoying. Orders have been helped by the life cycle business, which in the quarter also stood out on sales with 20% sequential growth (51% y-o-y). The EBIT margin at 9.9% (ABGSCe 8.9%) drove a 12% EBIT beat, with the gross margin at 62.6% (ABGSCe 60%) due to better product mix.
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