THIRD QUARTER (JULY – SEPTEMBER 2025)

• Order intake increased by 17% to SEK 295 M (253)
• Net sales increased by 13% to SEK 332 M (293), with organic growth of 19%
• Operating profit (EBIT) strengthened by 44% to SEK 89 M (62), with an EBIT margin of 27% (21). Adjusted for costs related to a global employee conference, EBIT amounted to SEK 103 M and the EBIT margin was 31%
• Profit after tax amounted to SEK 72 M (45)
• Earnings per share before/after dilution was SEK 2.09 (1.32)
• Free cash flow amounted to SEK -82 M (1), impacted by higher working capital related to advance payments, timing effects, and longer payment terms
• Order backlog amounted to SEK 1,617 M (1,723)

NINE MONTHS (JANUARY – SEPTEMBER 2025)  

• Order intake increased by 21% to SEK 946 M (782)
• Net sales amounted increased by 11% to SEK 969 M (869), with organic growth of 15%
• Operating profit (EBIT) increased by 7% to SEK 200 M (187), with an EBIT margin of 21% (22). Adjusted for costs related to a global employee conference and real estate dispute of SEK 23 M, and foreign exchange losses of SEK 26 M, EBIT amounted to SEK 250 M and EBIT margin was 26%
• Profit after tax amounted to SEK 159 M (144)
• Earnings per share before/after dilution was SEK 4.64 (4.19)
• Free cash flow amounted to SEK -9 M (153), impacted by higher working capital

SIGNIFICANT EVENTS DURING THE THIRD QUARTER

• RaySearch and Radiology Oncology Systems have entered a collaboration to expand global access to cancer care through used linear accelerators and advanced software
• RayIntelligence v2025 launched – an updated analytics platform for oncology enabling data-driven and improved treatment
• AKSM/Oncology has selected RayCare and RayStation for the new cancer center Advanced Radiation Therapeutics in California
• Keimyung University Dongsan Medical Center in South Korea has chosen RayStation and RayCare for its new proton center
• Med360° in Germany has chosen to replace Pinnacle with RayStation at ten clinics, for use with Elekta and Accuray machines
• Stanford Health Care has placed a new order for RayStation to support advanced proton therapy, including proton-arc and upright patient treatments
• Auckland City Hospital in New Zealand has chosen to expand its radiotherapy capacity with additional RayStation licenses

CEO and founder Johan Löf comments:
“The third quarter demonstrated the strength of our business and why it is important to view RaySearch’s development from a long-term perspective. Net sales reached an all-time high, with organic growth of 19 percent. The strong operating profit and high operating margin clearly highlight the scalability of our business model.

The quarter was characterized by strong demand, with order intake increasing by 17 percent. Several of our existing customers expanded their installations during the quarter, adding more systems and additional functionality. As we have seen for some time, roughly half of our license sales come from the installed customer base, demonstrating stable demand from existing customers. Interest in RaySearch’s solutions remains strong across all geographic regions, and an increasing number of clinics are choosing RayStation and RayCare over other systems available on the market.

Net sales increased by 13 percent during the quarter to SEK 332 M (293), marking the highest revenue ever recorded closely followed by the first quarter of 2025. The increase corresponds to an organic growth of 19 percent compared to the same quarter last year. Revenues were positively impacted by deliveries of RayStation to six major particle therapy centers in Asia. Support revenues continue to increase and amounted to SEK 130 M (120) during the quarter, which corresponds to 39 percent of total revenues.

The increase in net sales contributed to an improvement in operating profit of 44 percent to SEK 89 M (62), with an EBIT margin of 27 percent (21). Adjusted for a minor foreign exchange gain and costs related to a global employee conference, EBIT amounted to SEK 103 M and the EBIT margin to 31 percent.

Overall, I am pleased with the development during the third quarter. Strong growth, improved profitability, and a high share of recurring revenue enable continued investments in research and product development, further strengthening our position. Combined with our technical expertise, long-term customer relationships and partnerships, as well as the rising incidence of cancer, this provides us with a solid foundation for continued growth.”

Q3 presentation today at 10:00 a.m. CET
Johan Löf, Founder and CEO, and Nina Grönberg, CFO, will present and comment on the report today, November 7, at 10:00 CET. The presentation will be held in English and followed by a Q&A session.

Link to webcast: RaySearch Q3 2025

Please make sure you are connected to the presentation by logging in a few minutes before it starts. You will have the opportunity to ask questions both verbally and in writing. The presentation materials, along with the report and a recording of the presentation, will be made available on RaySearch’s website.

For further information, please contact:
Johan Löf, founder and CEO
Tel: +46 (0) 8 510 530 00

Nina Grönberg, CFO
Tel: +46 (0) 8 510 530 00

Carolina Strömlid, Head of Investor Relations
Tel: +46 (0) 708 807 173 
ir@raysearchlabs.com

About RaySearch
RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. RaySearch markets the RayStation®* treatment planning system (TPS) and the oncology information system (OIS) RayCare®*. The most recent additions to the RaySearch product line are RayIntelligence® and RayCommand®*. RayIntelligence is an oncology analytics system (OAS) which enables cancer clinics to collect, structure and analyze data. RayCommand, a treatment control system (TCS), is designed to link the treatment machine and the treatment planning and oncology information systems. RaySearch’s software has been sold to over 1,100 clinics in 47 countries. The company was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm and the share has been listed on Nasdaq Stockholm since 2003 (STO: RAY B). More information is available at raysearchlabs.com.

* Subject to regulatory clearance in some markets.

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