Interim report second quarter 2026: Delayed USA orders weighed on second quarter

SECOND QUARTER (APRIL-JUNE 2026)

• Order intake increased by 23% to SEK 296 M (241)
• Net sales decreased by 11% to SEK 272 M (305), with organic growth of -8 %
• Operating profit (EBIT) decreased by 23% to SEK 28 M (36), with an EBIT margin of 10 (12)%. Adjusted for foreign exchange gains, EBIT amounted to SEK 24 M and the EBIT margin was 9%
• Profit after tax amounted to SEK 20 M (31)
• Earnings per share before/after dilution was SEK 0.57 (0.90)
• Free cash flow amounted to SEK 50 M (-1)
• Order backlog amounted to SEK 1,691 M (1,665)

HALF-YEAR (JANUARY – JUNE 2026)

• Order intake amounted to SEK 652 M (651)
• Net sales decreased by 12% to SEK 563 M (637), with organic growth of -7%
• Operating profit (EBIT) decreased by 14% to SEK 96 M (111), with an EBIT margin of 17 (17)%. Adjusted for foreign exchange gains, EBIT amounted to SEK 82 M and the EBIT margin was 15%
• Profit after tax amounted to SEK 73 M (88)
• Earnings per share before/after dilution was SEK 2.13 (2.55)
• Free cash flow amounted to SEK 81 M (65)

SIGNIFICANT EVENTS DURING THE QUARTER

• Iridium Network in Belgium treated its first patients with online adaptive treatments using RayStation and RayCare with Varian TrueBeam
• Raigmore Hospital in Scotland started treating patients using RayCare with Varian TrueBeam
• The first RayStation order in Vietnam was received from Tam Anh General Hospital
• Yonsei Cancer Center in South Korea expanded its RayStation installation with additional licenses for carbon ion therapy
• Dana-Farber Cancer Institute in Boston, USA, selected RayStation and RayCare for its proton therapy program
• Version 2026 of the oncology analytics platform RayIntelligence was released
• The Board resolved to repurchase shares to secure obligations under the approved incentive program and to adjust the capital structure. Shares worth SEK 142 M were repurchased during the quarter
• A new SEK 225 M credit facility was established to ensure a flexible capital structure and support potential future investments

SIGNIFICANT EVENTS AFTER THE QUARTER

• In July, additional shares worth SEK 58 M were repurchased
• The 2026 versions of the RayStation treatment planning system and RayCare oncology information system were launched
• University of North Carolina, USA, ordered additional RayStation licenses for proton therapy
• Nine RayStation orders were received in the USA, with a combined value of approximately USD 5 M

CEO and founder Johan Löf comments:
“Despite a weaker quarter, demand remained stable across all markets and order intake increased by 23 percent. Several expected transactions in the USA were delayed and were instead received in early Q3. A total of nine orders were then secured from well-established cancer centers, university hospitals and proton therapy centers, with a combined value of approximately USD 5 M.

During the quarter, we won several strategically important orders in both existing and new markets. Among them, Dana-Farber Cancer Institute in Boston, USA, selected RayStation and RayCare for its proton therapy program. This means we can add another of the world’s leading cancer centers to our growing customer base. A significant step in our geographical expansion was the order from Tam Anh General Hospital in Vietnam, which selected RayStation for the country’s first proton therapy center.

Growth and earnings development during the quarter were disappointing. Net sales decreased by 11 percent to SEK 272 M (305), while organic growth was -8 percent. Operating profit amounted to SEK 28 M (36), corresponding to an operating margin of 10 percent (12). Two consecutive weak quarters are unusual for RaySearch, even though revenue can fluctuate between individual quarters. We believe this development is temporary and does not change the long-term picture. On a rolling twelve-month basis, organic growth amounted to 9 percent and the operating margin was 22 percent.

Free cash flow improved to SEK 50 M (-1), primarily due to less capital being tied up in operating activities. During the quarter, we introduced a long-term incentive program and repurchased shares to secure shares for the participants. We also carried out share buybacks to reduce the number of outstanding shares and create value for our shareholders. In total, we have repurchased shares worth SEK 200 M.

In May, important steps were taken in the clinical use of our integrated solutions. Iridium Network in Belgium performed the first online adaptive treatments with RayStation and RayCare on Varian TrueBeam, the most widely established treatment machine on the market. This makes advanced adaptive radiotherapy available to significantly more clinics using existing equipment. At Raigmore Hospital in Scotland, the first patients were also treated with RayStation and RayCare integrated with Varian TrueBeam, making the clinic the first in the UK to use RayCare clinically. These advances demonstrate the strength of our integrated solutions and the potential for continued adoption of RayCare.

While we are not satisfied with our performance during the first half of the year, our long-term growth prospects remain unchanged. Demand for advanced radiation therapy software continues to be strong. RaySearch has a well-established position in both photon and proton therapy. We are the leading player in the global proton therapy market, which continues to grow and offers a large number of potential business opportunities at various stages of development. During the quarter, we further strengthened our expertise by recruiting Anthony Lomax, one of the most renowned experts in proton therapy. We also see significant opportunities for RayCare and online adaptive treatment. Investments in oncology information systems are characterized by long lead times, but a growing market and our market-leading solutions leave us well positioned to win new business. Overall, we believe in strong performance during the second half of the year, and our operating margin target of at least 25 percent for 2026 remains unchanged.”

Q2 presentation today at 11:00 a.m. CEST
Johan Löf, founder and CEO, and Nina Grönberg, CFO, will present and comment on the report today, August 13, at 11:00 a.m. CEST. 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 Q2 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 51 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.