Interim report third quarter 2026: Record-high net sales and strong performance in the USA

THIRD QUARTER (JULY-SEPTEMBER 2026)

• Order intake increased by 30% to SEK 385 M (295)
• Net sales increased by 19% to SEK 394 M (332), with organic growth of 18%
• Operating profit (EBIT) decreased by 5% to SEK 85 M (89), with an EBIT margin of 21 (27)%. Adjusted for foreign exchange gains, EBIT amounted to SEK 77 M and the EBIT margin was 20%
• Profit after tax amounted to SEK 63 M (72)
• Earnings per share before/after dilution was SEK 1.90 (2.09)
• Free cash flow amounted to SEK -68 M (-82)
• Order backlog amounted to SEK 1,722 M (1,617)

NINE MONTHS (JANUARY – SEPTEMBER 2026)

• Order intake increased by 10% to SEK 1,036 M (946)
• Net sales decreased by 1% to SEK 957 M (969), with organic growth of 2%
• Operating profit (EBIT) decreased by 10% to SEK 180 M (200), with an EBIT margin of 19 (21)%. Adjusted for foreign exchange gains, EBIT amounted to SEK 160 M and the EBIT margin was 17%
• Profit after tax amounted to SEK 136 M (159)
• Earnings per share before/after dilution was SEK 4.01 (4.64)
• Free cash flow amounted to SEK 12 M (-9)

SIGNIFICANT EVENTS DURING THE QUARTER

• RaySearch and Accuray expanded their collaboration in online adaptive radiation therapy, including an order for RayStation licenses valued at USD 8 M, whereof SEK 33 M was recognized as revenue during the quarter
• Advanced Radiation Therapeutics in California, USA, initiated patient treatments using RayCare and RayStation with Varian TrueBeam
• The University of North Carolina, USA, ordered additional RayStation licenses for proton therapy
• Sylvester Comprehensive Cancer Center in Florida, USA, selected RayStation for its proton therapy program
• RaySearch joined the IAEA’s Rays of Hope initiative to improve access to radiotherapy worldwide
• Treasury shares were repurchased for SEK 58 M to create shareholder value

CEO and founder Johan Löf comments:
“Strong demand and positive developments in the USA drove net sales to a new record high. However, a higher share of hardware sales in the quarter weighed on profitability. At the same time, we strengthened our market position through important orders, strategic collaborations and clinical progress.

Interest in our solutions remains strong, particularly in the USA. Demand was especially high for our software for proton therapy, where RaySearch holds a market-leading position. Examples of orders from proton therapy centers included the University of North Carolina School of Medicine, which expanded its RayStation installation with additional licenses. Sylvester Comprehensive Cancer Center in Florida also selected RayStation, which will replace Eclipse as the treatment planning system for the center’s Varian ProBeam machine.

We are also seeing continued strong demand for software for photon therapy, with a growing number of clinics replacing the treatment planning systems Eclipse, Monaco and Precision with RayStation, while replacements of Pinnacle accounted for only a small share. Overall, the high level of market activity contributed to a 30 percent increase in order intake during the quarter.

The quarter was characterized by strong sales growth. Net sales increased by 19 percent to a record-high SEK 394 M (332). Organic growth was 18 percent, with the USA making a significant contribution. Photon therapy accounted for 57 percent of license revenue, while proton therapy accounted for the remaining 43 percent. A higher share of hardware sales during the quarter, as deliveries from both previous quarters and new orders coincided, resulted in a lower gross margin. In addition, we have expanded our organization within commercial strategy, sales and service, while continuing extensive marketing activities, resulting in higher operating expenses. However, we view this as an important investment to drive long-term growth and strengthen our competitiveness. Operating profit amounted to SEK 85 M, corresponding to an operating margin of 21 percent.

Through strategic collaborations, RaySearch can reach more clinics and help make personalized radiation therapy available to more patients. During the quarter, we expanded our collaboration with Accuray to accelerate the development of support for adaptive radiation therapy, both online and offline, on Accuray’s imaging and photon therapy platforms. By combining Accuray’s treatment platforms with our advanced software, we are creating the conditions for a more comprehensive solution that facilitates the adoption of adaptive radiation therapy. The collaboration will also leverage RayCare technology to simplify integration between clinical systems and support efficient online adaptive workflows. The agreement included a significant RayStation order worth USD 8 M, of which SEK 33 M was recognized as revenue in the third quarter, with the remaining license revenue expected to be recognized in the fourth quarter.

Another example is the multi-year partnership with the International Atomic Energy Agency (IAEA) that we entered into during the quarter as part of the Rays of Hope initiative. The initiative aims to increase access to cancer care in low- and middle-income countries. Through the partnership, RaySearch contributes software, training and technical expertise to IAEA Anchor Centres, regional centers of expertise that strengthen knowledge in radiation therapy and support other clinics. At the same time, the collaboration provides opportunities for RaySearch to establish a presence in new geographic markets and may create opportunities for future business.

The high level of net sales during the quarter should be viewed as part of RaySearch’s consistent growth over time. In the growing proton therapy market, we have a strong pipeline, while continuously increasing our share of the photon therapy market. An important milestone was reached when Advanced Radiation Therapeutics (ART) in the USA began treating patients using RayCare and RayStation together with Varian TrueBeam, one of the world’s most widely used treatment machines. The combination is already in use at Iridium Network in Belgium. ART therefore becomes another reference clinic and represents an important step in creating the conditions for broader adoption of RayCare in the strategically important USA market.

Over the longer term, growth is driven by the increasing need for various forms of personalized cancer treatment. With RayStation and RayCare, we see good opportunities both to gain market share and to sell additional modules and solutions to our existing customer base. In parallel, we are gradually broadening our offering and moving closer to our ambition of providing an integrated and efficient software solution that, in addition to radiation therapy, also supports other treatment modalities such as surgery and chemotherapy.

We see good prospects for a strong finish to the year. Despite a relatively weak first half, we believe that our operating margin target of at least 25 percent for 2026 remains achievable.”

Q3 presentation today at 11:00 a.m. CET
Johan Löf, founder and CEO, and Nina Grönberg, CFO, will present and comment on the report today, November 3, at 11:00 a.m. CET. The presentation will be held in English, followed by a Q&A session. Questions may also be submitted in writing to ir@raysearchlabs.com.

Link to webcast: RaySearch Q3 2026

Please make sure you are connected to the presentation by logging in a few minutes before it starts. 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 1,200 clinics in 54 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

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* Subject to regulatory clearance in some markets.