C-RAD
C-RAD is a Swedish medical technology company focused on surface-guided radiotherapy systems for cancer treatment. Its portfolio includes positioning, imaging and workflow solutions, plus service and support offerings sold to hospitals, clinics and distributors worldwide through the C-RAD group.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueHardware and software used to position patients precisely during radiotherapy.
Imaging and surface-scanning solutions that support treatment setup and monitoring.
Maintenance, upgrades, long-term contracts and technical support for installed systems.
Training and advisory services that help clinics use the systems effectively.
Third-party or ancillary product sales and related offerings.
Customers
C-RAD sells primarily to hospitals, cancer clinics and radiotherapy centers that need precise patient positioning and workflow support. It also works through distributors and local partners, which extends reach into markets where direct sales are less practical. The buying decision is driven by clinical accuracy, patient safety, workflow efficiency and the need for ongoing service support.
Buy SGRT and positioning systems for radiotherapy departments that need precision and safety.
Buy systems and service packages to improve treatment workflow and patient experience.
Adopt and validate new workflows, helping support broader market acceptance.
Purchase or resell products in markets served indirectly by C-RAD.
Buy maintenance, upgrades and training for existing C-RAD systems.
Strategy
C-RAD’s strategy centers on expanding sales in established and new markets, investing in product development and broadening its service offering. A larger installed base is important because it increases recurring revenue from service, upgrades and training, which strengthens customer relationships and supports a more stable business model.
Broader market coverage reduces dependence on a few regions and supports growth.
Recurring contracts improve customer retention and create a more stable revenue base.
New and improved systems help maintain relevance in a technology-driven niche.
Reliable delivery and implementation are critical in a project-based medical device business.
Geography
C-RAD sells globally, with products manufactured in Finland and distributed through direct sales and local partners. Reported revenue has been split across the Americas, EIMEA and APAC, showing a broad international footprint rather than dependence on one market. Geography matters because healthcare purchasing cycles, reimbursement systems and distributor coverage vary by region.
Risks
C-RAD faces execution risk because demand spikes or slower-than-expected deliveries can disrupt order conversion and customer relationships. It is also exposed to foreign exchange, credit, liquidity, cyber security and partner-dependence risks, while competition and technology shifts can pressure market share in radiotherapy equipment.
- Delivery and capacity constraintsImpact: HighLikelihood: Medium
Rapid order growth or uneven demand can overwhelm planning, manufacturing and installation resources.
Exposure: Products and service implementation
- Dependence on external partnersImpact: HighLikelihood: Medium
Sales in some markets rely on distributors and cooperation agreements that may fail or change.
Exposure: International sales channels
- Cyber security riskImpact: MediumLikelihood: Medium
The business depends on data, software and connected clinical workflows that must remain secure.
Exposure - Competition in radiotherapy technologyImpact: MediumLikelihood: Medium
Larger competitors or adjacent players could invest heavily and pressure pricing or adoption.
Exposure: SGRT and positioning systems
- Foreign exchange riskImpact: MediumLikelihood: Low
Revenue and costs are spread across currencies, creating translation and transaction exposure.
Exposure: Global operations
Accounting
Judgemental itemsProduct sales and service contracts are recognized at different times, affecting quarterly comparability.
Impact: Delivery timing and contract duration
Backlog includes both products and services not yet recognized as revenue.
Impact: Visibility into future revenue conversion
Recognition depends on probable future taxable results and can change with forecasts.
Impact: Balance sheet and tax expense
Capitalized projects and assets are tested against expected future cash flows.
Impact: Potential write-downs if assumptions weaken
Right-of-use assets and lease liabilities affect leverage and operating cost presentation.
Impact: Balance sheet and EBITDA presentation
Guarantee commitments can create off-balance-sheet exposure if obligations are triggered.
Impact: Potential future cash outflows
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Last updated: 24/09/2026