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RaySearch Laboratories
Quarterly Report • May 9, 2025
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Quarterly Report
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RAYSEARCH | 2025 INTERIM REPORT QUARTER 1
In the first quarter of 2025, net sales increased by 29.0 percent compared to the same period last year. Revenue from licenses increased by 39.4 and revenue from support increased by 17.3 percent. Operating profit amounted to SEK 74.8 M (45.8) in the first quarter.
FIRST QUARTER (JANUARY - MARCH 2025)
- Order intake amounted to SEK 409.6 M (238.5)
- Net sales amounted to SEK 331.7 M (257.2)
- Operating profit amounted to SEK 74.8 M (45.8)
- Profit after tax amounted to SEK 56.8 M (36.7)
- Earnings per share before/after dilution amounted to SEK 1.66 (1.07)
- Cash flow from operating activities amounted to SEK 146.8 M (167.3)
- Order backlog amounted to SEK 1,734.4 M (1,848.0) at the end of the period.
SIGNIFICANT EVENTS DURING THE FIRST QUARTER
- The number of radiation therapy clinics worldwide that have chosen RayStation now exceeds 1,100.
- RaySearch has received its first order for DrugLog, a result of the company Medim winning a tender from Poland's largest children's hospital, The Children's Memorial Health Institute.
- The Chinese carbon ion center Heyou Hospital has placed an order for RayStation®. With an order value amounting to RMB 51M (approximately SEK 77 M), it is the third largest order in RaySearch's history. RMB 18 M (approximately SEK 26 M) has been recognized as revenue in the first quarter.
• In March 2025, RaySearch's CEO and board member Johan Löf sold 2,000,000 B-shares in RaySearch Laboratories AB (publ), corresponding to 5.8 percent of the share capital. The sale was carried out through the conversion of 2,000,000 A-shares to B-shares. After the conversion, the total number of votes in RaySearch amounts to 85,177,548, and the total number of registered shares is 34,282,773, of which 5,654,975 are A-shares and 28,627,798 are B-shares. After the sale, Johan Löf holds 40.5 percent of the total number of votes and 10.2 percent of the share capital.
SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
- In May 2025, it was announced that the latest version of the company's innovative treatment planning system, RayStation v2025, was released.
- In May 2025, it was announced that The Royal Marsden NHS Foundation Trust in the UK has treated its first patient using a new and groundbreaking workflow, enabled by the new adaptive replanning module, released in the latest version of RayStation.
| FINANCIAL SUMMARY1 (AMOUNTS IN SEK 000s, UNLESS OTHERWISE STATED) |
2025 Jan–Mar |
2024 Jan–Mar |
R12 Apr 24–Mar 25 |
2024 Jan–Dec |
|---|---|---|---|---|
| Net sales | 331,698 | 257,196 | 1,266,531 | 1,192,029 |
| Operating profit/loss | 74,826 | 45,768 | 289,551 | 260,493 |
| Operating margin. % | 22.6 | 17.8 | 22.9 | 21.9 |
| Profit/loss for the period after taxes | 56,807 | 36,698 | 223,622 | 203,513 |
| Earnings/loss per share before/after diluation. SEK | 1.66 | 1.07 | 6.52 | 5.94 |
| Cash flow from operating activities | 146,809 | 167,308 | 464,732 | 485,230 |
| Cash flow from the period | 65,614 | 87,855 | 85,669 | 107,909 |
| Return on equity. % | 6.3 | 4.9 | 26.3 | 25.3 |
| Equity/assets ratio. % at the end of the period | 44.8 | 37.6 | 44.8 | 41.9 |
| Share price at the end of the period. SEK | 225.0 | 115.0 | 225.0 | 216.0 |
| Number of employees at the end of the period | 422 | 398 | 422 | 416 |
1 For definitions of key ratios. see page 20.
CEO COMMENTS
HIGHEST-EVER QUARTERLY SALES
It is gratifying to note that sales for the first quarter of the year were our highest ever, SEK 332 M (257). Compared with same period of 2024, the increase was 29 percent (26 percent at unchanged exchange rates). Operating profit totaled SEK 75 M (46), corresponding to an operating margin of 23 percent (18). The improved margin was mainly the result of increased license revenue, which amounted to SEK 165 M (119). Due to the political turmoil in the US, operating profit was unusually affected by exchange-rate fluctuations. Excluding exchange-rate losses, operating profit totaled SEK 95 M (42), which would have corresponded to an operating margin of 29 percent (16). Order intake was SEK 410 M (239), corresponding to an increase of 72 percent. It's clear that our momentum is continuing, and our opportunities for further growth are favorable. To summarize, RaySearch has a strong financial position with cash and cash equivalents of SEK 503 M, stable cash flow and no loans.
MAJOR RAYSTATION ORDER FROM HEYOU HOSPITAL IN CHINA
In early March, Heyou Hospital in Foshan City, China, purchased our RayStation treatment planning system. The order value was SEK 77 M, of which SEK 26 M was recognized in the first quarter. This is the third-largest order in RaySearch's history and the largest since December 2022. Heyou Hospital is also the first customer to combine RayStation with a combined Hitachi carbon ion and proton machine. The system will also be used for the hospital's conventional photon therapy. This order strengthens RaySearch's position as the market leader in treatment planning for particle treatments, an area that is growing rapidly in China.
ODENSE UNIVERSITY HOSPITAL PLACES ORDER FOR RAYSTATION
Odense University Hospital (OUH), in the Region of Southern Denmark, has also placed an order for RayStation. The radiotherapy center at OUH is known for being at the forefront of automated solutions to provide high-quality care in an efficient way, including the ability to automatically generate treatment plans. The order value is approximately SEK 15 M, excluding service contracts, most of which was recognized as revenue in the first quarter. With the introduction of RayStation, the clinic is now taking the next step by further developing automation to cover all aspects of the treatment planning process – from initial planning to finalized treatment plans.
ROYAL MARSDEN FIRST TO USE NEW ADAPTIVE REPLANNING MODULE IN RAYSTATION
The Royal Marsden NHS Foundation Trust in the UK has treated its first patient using a new and groundbreaking workflow, enabled by the new adaptive replanning module released in the latest version of RayStation. With this treatment, The Royal Marsden has demonstrated the effectiveness and efficiency of the new module, which is a significant step forward in terms of time savings, both for patients and for the hospital. The next step in this development is to add RayCare, as this is expected to further reduce treatment time. We look forward to a continued good collaboration with the team at The Royal Marsden.
NEW VERSION OF RAYSTATION LAUNCHED
In early May, we launched a new version of RayStation, v2025. We have continued our work to automate as much of the treatment planning process as possible, and the new version includes, among other things, an update to Plan Explorer, which now works together with our latest methods for automated treatment planning: machine learning and ECHO. In the area of machine learning, we have improved performance and added models for several new plan types. ECHO is an algorithm developed by Memorial Sloan Kettering Cancer Center in New York, USA, and it has now been integrated into RayStation. Both of these methods simplify the workflow for creating individually tailored treatment plans and reduce the time required compared to manual planning. The planning results are also more consistent and reproducible, which supports more standardized care for patients. The new version of RayStation also includes extended support for treatment planning using Leo Cancer Care's system for upright patient positioning.
AN EXCELLENT START TO THE YEAR
To summarize, I can confirm that we had a strong start to 2025 with our highest-ever sales. It is worth noting that this is the first time we have achieved record sales in the first quarter. Until now, this has almost always happened in the last quarter of the year. Order intake and operating profit also showed a positive trend. Since 2023, RaySearch has focused explicitly on improving its operating margin. With an operating margin of 23 percent for the quarter (would have been a full 29 percent without exchange effects) and 22 percent for full-year 2024, it is clear that we are on the right track. I feel confident that we will achieve our stated goal of maintaining a minimum operating margin of 25 percent by 2026. With yet another sales record and continuously growing support revenue, I am looking forward to an exciting year with continued favorable growth.
Stockholm, May 2025
Johan Löf, CEO and founder
NET SALES & OPERATING PROFIT (SEK M, rolling 12 months)
FINANCIAL INFORMATION
RaySearch operates in a market with uneven order flows where individual orders can have a substantial impact on revenue recognition between the quarters and, because the company has limited (less than 10 percent) variable costs for license revenue, operating profit is affected by an amount that is nearly as high. For this reason, a longer perspective than a few quarters should be taken.
ORDER INTAKE
In the first quarter of 2025, order intake amounted to SEK 409.6 M (238.5), an increase of 71.7 percent compared to the same period previous year. License order intake amounted to SEK 158.9 M (112.3), an increase of 41.5 percent, while order intake for support was SEK 201.3 M (80.3), an increase of 150.7 percent. The order from Heyou Hospital in China, which was announced earlier in the first quarter, accounted for approximately SEK 77 M, including both license and support.
ORDER BACKLOG
At March 31 2025, the total order backlog was SEK 1,734.4 M (1,848.0), of which SEK 545.5 M is expected to generate revenue over the next 12 months. The remaining amount in the order backlog mainly pertains to support commitments that are primarily expected to generate revenue during a subsequent four-year period. The decrease in the order backlog during the first quarter is attributed to the stronger exchange rate of the Swedish krona, primarily in relation to the EUR and USD.
ORDER INTAKE & NET SALES (SEK M, rolling 12 months)
| R12 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Order intake (amounts in SEK M) | Q1–25 | Q4–24 | Q3–24 | Q2–24 | Q1–24 | Apr 24–Mar 25 | Jan–Dec |
| Licenses | 158.9 | 159.2 | 117.6 | 134.2 | 112.3 | 569.9 | 523.3 |
| Support (incl. warranty support) | 201.3 | 104.5 | 92.5 | 118.2 | 80.3 | 516.5 | 395.5 |
| Hardware | 36.6 | 33.3 | 30.6 | 26.3 | 31.3 | 126.8 | 121.4 |
| Training and other | 12.8 | 8.1 | 12.7 | 11.6 | 14.6 | 45.2 | 47.0 |
| Total order intake | 409.6 | 305.0 | 253.4 | 290.3 | 238.5 | 1,258.3 | 1,087.2 |
| Order backlog (amounts in SEK M) | Q1–25 | Q4–24 | Q3–24 | Q2–24 | Q1–24 |
|---|---|---|---|---|---|
| Licenses | 328.5 | 355.7 | 349.8 | 352.1 | 387.6 |
| Support (incl. warranty support) | 1,245.3 | 1,292.9 | 1,223.0 | 1,289.0 | 1,303.2 |
| Hardware | 49.1 | 50.2 | 40.8 | 43.8 | 54.5 |
| Training and other | 111.5 | 114.4 | 109.4 | 105.7 | 102.7 |
| Total order backlog at the end of the period | 1,734.4 | 1,813.2 | 1,723.0 | 1,790.5 | 1,848.0 |
REVENUE
In the first quarter of 2025, net sales amounted to SEK 331.7 M (257.2), an increase of 29.0 percent compared to the same period last year. The change in sales at unchanged currencies was 25.6 percent.
License revenue amounted to SEK 165.2 M (118.5), an increase of 39.4 percent compared to the same period last year. Of the total license revenue for the quarter, the three largest contracts account for revenue of SEK 54.3 M, which corresponds to 32.9 percent of the license revenue for the first quarter.
Support revenue amounted to SEK 125.1 M (106.6),an increase of 17.3 percent.
Hardware revenue, which has a weaker profit margin, amounted to SEK 33.5 M (19.3).
Excluding hardware sales, net sales increased by 25.3 percent compared to the same period last year.
For the first quarter 2025, net sales had the following geographic distribution: America, 38 percent (49), Asia, the Pacific and the Middle East, 16 percent (18), Europe and Africa, 46 percent (33).
| R12 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Revenue (amounts in SEK M) | Q1–25 | Q4–24 | Q3–24 | Q2–24 | Q1–24 | Apr24–Mar25 | Jan–Dec |
| License revenue | 165.2 | 160.4 | 132.7 | 163.9 | 118.5 | 622.2 | 575.5 |
| Support revenue (incl. warranty support) | 125.1 | 131.2 | 120.3 | 114.8 | 106.6 | 491.4 | 472.9 |
| Hardware revenue | 33.5 | 24.2 | 32.8 | 32.8 | 19.3 | 123.4 | 109.2 |
| Training and other revenue | 7.9 | 6.9 | 7.5 | 7.3 | 12.7 | 29.6 | 34.5 |
| Net sales | 331.7 | 322.7 | 293.3 | 318.9 | 257.2 | 1,266.5 | 1,192.0 |
| Growth. % | 29.0 | 7.7 | 16.0 | 33.2 | 11.7 | 21.5 | 16.6 |
| Growth at constant exchange rates. % | 25.6 | 8.5 | 17.4 | 31.8 | 10.6 | 20.8 | 16.5 |
LICENSE REVENUE & SUPPORT REVENUE
(SEK M, rolling 12 months)
OPERATING PROFIT
During the first quarter of 2025, the operating profit increased to SEK 74.8 M (45.8), which is primarily a result of the relatively higher turnover and corresponds to an operating margin of 22.6 (17.8) percent.
The net of exchange rate gains and losses during the fourth quarter amounted to SEK -20.1 M (3.8). The effects arise when large parts of the group's receivables are in foreign currency, mainly in USD and EUR. The adjusted operating profit had amounted to SEK 95.0 M (42.0) and the operating margin to 28.6 percent (16.3) for the first quarter.
Capitalization of development costs
RaySearch is a research and development-driven company. Through its own workforce and collaborations with customers and industrial partners, RaySearch continuously invests in the development of its existing product portfolio and in future products that improve cancer care.
During the first quarter of 2025, the total research and development costs amounted to SEK 70.5 M (66.1), an increase of 6.6 percent which is explained by a higher number of employees. Capitalized development costs amounted to SEK 54.7 M (50.0), which is an increase of 9.4 percent compared to the same period last year. Accordingly, capitalized development costs amounted to 77.7 percent (75.7) of the total research and development costs for the first quarter of 2025.
Amortization of capitalized development costs amounted to SEK 43.1 M (45.1) for the first quarter of 2025, which is a decrease of 4.5 percent compared to the same period last year.
Total research and development costs after capitalization and amortization of development costs amounted to SEK58.8 M (61.2) for the first quarter 2025, a decrease of 3.8 percent compared to the same period last year.
As of March 31, 2025, 207 (203) employees worked on research and development, which corresponds to 49 (51) percent of the total number of employees.
Depreciations
The total depreciations for the first quarter of 2025 amounted to SEK 70.2 M (73.1), of which the depreciation on intangible fixed assets amounted to SEK 43.4 M (45.1) and the depreciation on tangible fixed assets amounted to SEK 26.8 M (27.9).
Taxes
The tax cost for the first quarter 2025 amounted to SEK -14.2 M (-8.9), which corresponds to an effective tax rate of 20.2 percent (19.5).
For the first quarter, the profit after tax amounted to SEK 56.8 M (36.7) and the profit per share to SEK 1.66 (1.07).
| Capitalization of research- and development costs (amounts in SEK M) |
Q1–25 | Q4–24 | Q3–24 | Q2–24 | Q1–24 | R12 Apr 24–Mar 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|---|---|
| Research- and development costs | 70.5 | 78.0 | 58.6 | 76.7 | 66.1 | 283.8 | 279.4 |
| Capitalization of development costs | – 54.7 | –56.2 | –36.5 | –54.6 | –50.0 | – 202.0 | –197.3 |
| Amortisation of capitalized development costs | 43.1 | 49.4 | 46.4 | 46.4 | 45.1 | 185.2 | 187.2 |
| Research- and development costs after capital ization and amortisation |
58.8 | 71.3 | 68.5 | 68.4 | 61.2 | 267.0 | 269.4 |
CASH FLOW AND LIQUIDITY
In the first quarter of 2025, cash flow from operating activities amounted to SEK 146.8 M (167.3).The decrease compared to the previous year is partly due to strong working capital development in the comparison period, and partly due to a large tax payment related to the previous year's earnings that was made at the beginning of 2025.
In the first quarter, cash flow from investing activities was SEK -61.9 M (-60.8). In this amount are investments in intangible fixed assets included and amounted to SEK -54.7 M (-57.0) and mainly comprised capitalized development costs for the company's products – RayStation, RayCare, RayCommand and RayIntelligence. Investments in
tangible fixed assets amounted to SEK -7.2 M (-3.8) and is attributable to investments in IT equipment.
In the first quarter of 2025, cash flow from financing activities amounted to SEK -19.3 M (-18.6) and consists of amortization of lease liabilities.
Cash flow for the period was SEK 65.6 M (87.9) in the first quarter. As of March 31, 2025, consolidated cash and cash equivalents amounted to SEK 503.4 M compared to SEK 462.7 M as of December 31, 2024.
FINANCIAL POSITION
As of March 31, 2025, RaySearch's total assets amounted to SEK 2,058.7 M compared to SEK 2,091.2 M as of December 31, 2024. As of March 31, 2025, the equity/assets ratio was 44.8 percent compared to 41.9 percent at fiscal year-end 2024.
The company's interest-bearing liabilities, which only consist of lease liabilities reported in accordance with IFRS 16, amounted to SEK 449.4 M as of March 31, 2025, compared to SEK 471.9 M as of December 31, 2024.
As of March 31, 2025, the Group's net cash amounted to SEK 53.9 M compared to SEK -9.2 M (net debt) as of December 31, 2024, an improvement that is mainly due to an increase in cash and cash equivalents and lower leasing debt.
EMPLOYEES
For the first quarter 2025, the average number of employees in the Group was 418 (399). At the end of the first quarter, the Group had 422 employees (398), of whom 310 (289) were based in Sweden, and 112 (109) in foreign subsidiaries.
THE COMPANY'S SHARE AND SHARE OWNERSHIP
As of march 31, 2025, the total number of registered shares in RaySearch was 34,282,773, of which 5,654,975 were Class A and 28,627,798 Class B shares. The quotient value is SEK 0,50 and the company's share capital amounts to SEK 17,141,386.50. Holders of Class A shares are entitled to ten votes per share, and holders of Class B shares are entitled to one vote per share, at general meetings. As of March 31, 2025, the total number of votes in RaySearch was 85,177,548.
As of March 31, 2025, the total number of shareholders in RaySearch was 11,445 according to Euroclear, and the largest shareholders are shown in the table below.
PARENT COMPANY
RaySearch Laboratories AB (publ) is the Parent Company of the RaySearch Group. Since the Parent Company's operations are consistent with the Group's operations in all material respects, the comments for the Group are also largely relevant for the Parent Company.
Differences in profitability between the Parent Company and the Group are attributable to the Parent Company accounting for a relatively high proportion of operating expenses, and to the capitalization of development costs being recognized in the Group but not in the Parent Company. The parent company does not apply IFRS 16 and lease costs are therefore reported as operating leases. This reduces operating profit compared with if IFRS 16 had been applied.
The Parent Company's current receivables mainly comprise receivables from Group companies and external customers.
| Shareholders | Class A shares | Class B shares | Total shares | Share capital % | Votes % |
|---|---|---|---|---|---|
| Johan Löf | 3,443,084 | 68,393 | 3,511,477 | 10.2 | 40.5 |
| Northern Trust Company, London Branch | - | 2,555,333 | 2,555,333 | 7.5 | 3.0 |
| The Bank Of New York Mellon Sa/Nv, W8Imy | - | 2,522,970 | 2,522,970 | 7.4 | 3.0 |
| JP Morgan Chase Bank Na, W9 | - | 2,148,472 | 2,148,472 | 6.3 | 2.5 |
| Swedbank Robur Fonder AB | - | 2,102,500 | 2,102,500 | 6.1 | 2.5 |
| Anders Brahme | 1,150,161 | 120,000 | 1,270,161 | 3.7 | 13.6 |
| Carl Filip Bergendal | 1,021,577 | 139,920 | 1,161,497 | 3.4 | 12.2 |
| State Street Bank and trust Co, W9 | - | 1,066,528 | 1,066,528 | 3.1 | 1.3 |
| Case Kapitalfärvaltning | - | 1,000,000 | 1,000,000 | 2.9 | 1.2 |
| Andra AP-fonden | - | 970,942 | 970,942 | 2.8 | 1.1 |
| Total, 10 largest shareholders | 5,614,822 | 12,695,058 | 18,309,880 | 53.4 | 80.8 |
| Others | 40,150 | 15,932,740 | 15,972,893 | 46.6 | 19.1 |
| Total | 5,654,972 | 28,627,798 | 34,282,773 | 100 | 100 |
Source: Euroclear
OTHER INFORMATION
2025 ANNUAL GENERAL MEETING
The Annual General Meeting of RaySearch Laboratories AB (publ) will be held on Thursday, May 22, 2025, at Eugeniavägen 18C, Stockholm, the company's headquarters. For the right to participate and registration, please refer to the published notice dated April 14.
RISKS AND UNCERTAINTIES
As a global Group with operations in different parts of the world. RaySearch is exposed to various risks and uncertainties, such as market risk, operational and legal risk, as well as financial risk pertaining to exchange-rate fluctuations, interest rates, liquidity and financing opportunities. RaySearch's risk management aims to identify, measure and reduce risks related to the Group's transactions and operations. For more information about risks and risk management, refer to pages 36-38 of RaySearch's 2024 Annual Report. There have been no significant changes with any impact on the risks reported.
SEASONAL VARIATIONS
RaySearch's customers are healthcare providers and the company's operations are somewhat characterized by seasonal variations that are typical for the industry, whereby the fourth quarter is normally the strongest – mainly because many customers have budgets that follow the calendar year.
ENVIRONMENT AND SUSTAINABILITY
Sustainability is a key aspect of RaySearch's strategy and operations, and the company is working actively to become a sustainable enterprise. The primary aim of RaySearch's operations is to help cancer clinics improve and save the lives of cancer patients. Through innovative software solutions, the company is continuously striving to improve and streamline workflows in clinical environments and to improve treatment outcomes for cancer patients. The customer value created presents business opportunities for RaySearch, but also major social benefit and economic gains.
The negative environmental impact of the company's products is limited. The company's environmental impact is mainly related to the purchase of goods and services, energy use and transportation. RaySearch aims to contribute to sustainable development and therefore works actively to improve the company's environmental performance wherever this is economically viable. More information about the company's environmental and sustainability initiatives is available in the company's Sustainability Report on pages 23-27 of RaySearch's 2024 Annual Report.
REVIEW
This interim report has not been reviewed by the company's auditors.
BOARD ASSURANCE
The Board of Directors and CEO give their assurance that this year-end report gives a true and fair view of the Group's and the Parent Company's operations, position and earnings, and describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group.
Stockholm, on the day shown by our electronic signature RaySearch Laboratories AB (publ)
Hans Wigzell Chairman of the Board Johan Löf CEO and Board member Carl Filip Bergendal Board member
Britta Wallgren Board member Günther Mårder Board member
FOR FURTHER INFORMATION, PLEASE CONTACT:
Johan Löf, CEO Tel: +46 8 510 530 00 E-mail: [email protected]
Nina Grönberg, CFO Tel: +46 8 510 530 00 E-mail: [email protected]
FINANCIAL CALENDAR
Annual General Meeting, 2025 – May 22, 2025 Interim report second quarter, 2025 – August 8, 2025 Interim report third quarter, 2025 – November 7, 2025 Year-end report 2025 – February 12, 2026
The information contained in this year-end report is such that RaySearch Laboratories AB (publ) is obliged to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication on May 9, 2025, at 7:45 a.m.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY
| AMOUNTS IN SEK 000s | Note | 2025 Jan–Mar |
2024 Jan–Mar |
R12 Apr 25–Mar 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|
| Net sales | 2,3 | 331,698 | 257,196 | 1,266,531 | 1,192,029 |
| Cost of goods sold 1 | – 26,470 | – 23,102 | – 102,860 | – 99,492 | |
| Gross profit | 305,228 | 234,094 | 1,163,671 | 1,092,537 | |
| Other operating income | 7,399 | 12,650 | 37,801 | 43,052 | |
| Selling expenses | – 89,199 | – 69,613 | – 346,171 | – 326,585 | |
| Administrative expenses | – 67,737 | – 61,876 | – 255,446 | – 249,585 | |
| Research and development costs | – 58,826 | – 61,181 | – 267,029 | – 269,384 | |
| Other operating expenses | – 22,039 | – 8,306 | – 43,275 | – 29,542 | |
| Operating profit/loss | 74,826 | 45,768 | 289,551 | 260,493 | |
| Profit/loss from financial items | – 3,808 | – 155 | – 1,281 | 2,372 | |
| Profit/loss before tax | 71,018 | 45,613 | 288,270 | 262,865 | |
| Tax | – 14,211 | – 8,915 | – 64,648 | – 59,352 | |
| Profit/loss for the period 2 | 56,807 | 36,698 | 223,622 | 203,513 | |
| Other comprehensive income | |||||
| Items to be reclassified to profit or loss | |||||
| Translation difference of foreign operations for the period | – 11,540 | 4,616 | – 9,628 | 6,528 | |
| Comprehensive income for the period 2 | 45,267 | 41,314 | 213,994 | 210,041 | |
| Earnings per share before and after dilution (SEK) | 1.66 | 1.07 | 6.52 | 5.94 |
1 Comprises costs for hardware and license costs paid but not amortization of capitalized development costs which is included in research and development costs.
2 Fully (100 percent) attributable to Parent Company shareholders.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN SUMMARY
| AMOUNTS IN SEK 000s Note |
2025-03-31 | 2024-03-31 | 2024-12-31 |
|---|---|---|---|
| ASSETS | |||
| Intangible fixed assets | 558,516 | 542,839 | 548,169 |
| Right-of-use assets | 434,926 | 496,983 | 456,567 |
| Tangible fixed assets | 66,708 | 86,410 | 70,096 |
| Deferred tax assets | 5,170 | 4,743 | 3,864 |
| Other long-term receivables | 6,987 | 30,064 | 27,741 |
| Total fixed assets | 1,072,307 | 1,161,039 | 1,106,437 |
| Inventories | 10,664 | 14,518 | 10,620 |
| Billed customer receivables | 189,788 | 250,398 | 254,614 |
| Unbilled customer receivables | 226,232 | 140,802 | 190,164 |
| Other current receivables | 56,337 | 57,314 | 66,608 |
| Cash and cash equivalents | 503,376 | 440,131 | 462,740 |
| Total current assets | 986,397 | 903,163 | 984,746 |
| TOTAL ASSETS | 2,058,704 | 2,064,202 | 2,091,183 |
| EQUITY AND LIABILITIES | |||
| Equity | 921,974 | 776,546 | 876,707 |
| Deferred tax liabilities | 119,217 | 110,688 | 114,923 |
| Long-term lease liabilities | 373,013 | 430,196 | 394,855 |
| Other long-term liabilities | 878 | 880 | 879 |
| Total long-term liabilities | 493,108 | 541,764 | 510,657 |
| Accounts payable | 20,432 | 38,307 | 38,757 |
| Current lease liabilities | 76,424 | 95,344 | 77,079 |
| Contractual liabilities | 434,019 | 522,502 | 454,210 |
| Other current liabilities | 112,747 | 89,739 | 133,773 |
| Total current liabilities | 643,622 | 745,892 | 703,819 |
| TOTAL EQUITY AND LIABILITIES | 2,058,704 | 2,064,202 | 2,091,183 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN SUMMARY
| AMOUNTS IN SEK 000s | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
|---|---|---|---|
| Opening balance | 876,707 | 735,232 | 735,232 |
| Profit/loss for the period | 56,807 | 36,698 | 203,513 |
| Dividend to the company's shareholders | - | - | – 68,566 |
| Translation difference for the period | – 11,540 | 4,616 | 6,528 |
| Closing balance | 921,974 | 776,546 | 876,707 |
CONSOLIDATED STATEMENT OF CASH FLOW IN SUMMARY
| AMOUNTS IN SEK 000s | Note | 2025 Jan–Mar |
2024 Jan–Mar |
R12 Apr 24–Mar 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|
| Profit/loss before tax | 71,018 | 45,613 | 288,270 | 262,865 | |
| Adjusted for non-cash items 1 | 103,648 | 52,287 | 307,855 | 256,494 | |
| Taxes paid | – 48,567 | – 4,463 | – 52,978 | – 8,874 | |
| Cash flow from operating activities before changes in | 126,099 | 93,437 | 543,147 | 510,485 | |
| working capital | |||||
| Cash flow from changes in operating receivables | 17,471 | 11,587 | – 17,984 | – 23,868 | |
| Cash flow from changes in operating liabilities | 3,239 | 62,284 | – 60,432 | – 1,387 | |
| Cash flow from operating activities | 146,809 | 167,308 | 464,732 | 485,230 | |
| Investments in capitalized development costs | – 54,740 | – 50,036 | – 201,986 | – 197,282 | |
| Acquisition of intangible fixed assets | - | – 7,000 | 7,000 | – 7,000 | |
| Acquisition of tangible fixed assets | – 7,200 | – 3,773 | – 16,688 | – 13,261 | |
| Cash flow from investing activities | – 61,940 | – 60,809 | – 218,674 | – 217,543 | |
| Paid dividend to the company's shareholder | - | - | – 68,566 | – 68,566 | |
| Repayment of lease liabilities | – 19,255 | –18,644 | – 91,823 | – 91,212 | |
| Cash flow from financing activities | – 19,255 | –18,644 | – 160,389 | – 159,778 | |
| Cash flow for the period | 65,614 | 87,855 | 85,669 | 107,909 | |
| Cash and cash equivalents at the beginning of the period | 462,740 | 343,681 | 440,131 | 343,681 | |
| Exchange-rate difference in cash and cash equivalents | – 24,978 | 8,595 | – 22,423 | 11,150 | |
| Cash and cash equivalents at the end of the period | 503,376 | 440,131 | 503,376 | 462,740 |
1 These amounts mainly include depreciation on capitalized development expenses and right-of-use assets, provision for doubtful accounts receivable and unrealized exchange rate effects.
PARENT COMPANY INCOME STATEMENT IN SUMMARY
| AMOUNTS IN SEK 000s | Note | 2025 Jan–Mar |
2024 Jan–MAr |
R12 Apr 24–Mar 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|
| Net sales | 2,3 | 262,661 | 197,661 | 1,040,013 | 975,013 |
| Cost of goods sold 1 | – 6,806 | – 8,565 | – 24,010 | – 25,705 | |
| Gross profit | 255,855 | 189,096 | 1,016,003 | 949,308 | |
| Other operating income | 5,478 | 11,745 | 35,525 | 41,792 | |
| Selling expenses | – 58,366 | – 48,142 | – 245,855 | – 235,695 | |
| Administrative expenses | – 70,533 | – 66,820 | – 267,582 | – 263,869 | |
| Research and development costs | – 61,824 | – 54,165 | – 247,762 | – 240,103 | |
| Other operating expenses | – 21,617 | – 7,439 | – 41,053 | – 26,875 | |
| Operating profit/loss | 48,993 | 24,275 | 249,276 | 224,558 | |
| Profit/loss from financial items | – 1,787 | 2,004 | 6,647 | 10,438 | |
| Profit/loss after financial items | 47,206 | 26,279 | 255,923 | 234,996 | |
| Appropriations | - | - | – 11,252 | – 11,252 | |
| Profit/loss before tax | 47,206 | 26,279 | 244,671 | 223,744 | |
| Tax on profit/loss for the period | – 9,960 | – 6,129 | – 53,805 | – 49,974 | |
| Profit/loss for the period | 37,246 | 20,150 | 190,866 | 173,770 | |
1 Comprises costs for hardware and royalties
PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME
| AMOUNTS IN SEK 000s | Note | 2025 Jan–Mar |
2024 Jan–MAr |
R12 Apr 24–Mar 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|
| Profit/loss for the period | 37,246 | 20,150 | 190,866 | 173,770 | |
| Other comprehensive income | - | - | - | ||
| Comprehensive income for the period | 37,246 | 20,150 | 190,866 | 173,770 |
PARENT COMPANY BALANCE SHEET IN SUMMARY
| AMOUNTS IN SEK 000s Note |
2025-03-31 | 2024-03-31 | 2024-12-31 |
|---|---|---|---|
| ASSETS | |||
| Intangible fixed assets | 6,661 | 7,080 | 7,012 |
| Tangible fixed assets | 42,798 | 48,890 | 43,689 |
| Shares and participations | 3,958 | 3,958 | 3,958 |
| Deferred tax assets | 2,511 | 1,063 | 1,892 |
| Long-term receivables Group companies | 5,050 | 12,547 | 5,501 |
| Other long-term receivables | 923 | 1,402 | 968 |
| Total fixed assets | 61,901 | 74,940 | 63,020 |
| Inventories | 3,171 | 4,657 | 3,757 |
| Billed customer receivables | 75,641 | 127,875 | 131,353 |
| Unbilled customer receivables | 140,312 | 51,691 | 95,902 |
| Receivables Group companies | 201,303 | 133,509 | 130,166 |
| Other current receivables | 55,173 | 55,447 | 59,489 |
| Cash and bank balances | 247,054 | 266,179 | 303,776 |
| Total current assets | 722,654 | 639,358 | 724,443 |
| TOTAL ASSETS | 784,555 | 714,298 | 787,463 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 17,141 | 17,141 | 17,141 |
| Statutory reserve | 43,630 | 43,630 | 43,630 |
| Total restricted equity | 60,771 | 60,771 | 60,771 |
| Unrestricted equity | |||
| Retained earnings | 290,604 | 185,403 | 116,834 |
| Profit/loss for the year | 37,246 | 20,150 | 173,770 |
| Total non-restricted equity | 327,850 | 205,553 | 290,604 |
| Total equity | 388,621 | 266,324 | 351,375 |
| Untaxed reserves | 11,252 | - | 11,252 |
| Long-term liabilities | 16,625 | 19,466 | 17,336 |
| Total long-term liabilities | 16,625 | 19,466 | 17,336 |
| Accounts payable | 13,271 | 42,172 | 28,167 |
| Liabilities Group companies | 15,419 | 16,025 | 26,010 |
| Contractual liabilities | 253,900 | 311,622 | 251,425 |
| Other current liabilities | 85,467 | 58,689 | 101,898 |
| Total current liabilities | 368,057 | 428,508 | 407,500 |
| TOTAL EQUITY AND LIABILITIES | 784,555 | 714,298 | 787,463 |
NOTES, GROUP
NOTE 1 ACCOUNTING POLICIES
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The accounting policies applied are consistent with those described in the 2024 Annual Report for RaySearch Laboratories AB (publ), which is available at raysearchlabs.com. RaySearch Laboratories AB (publ) is the Parent Company of the RaySearch Group.
The Parent Company applies the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The Parent Company's operations are consistent with the Group's operations in all material aspects. Differences in profitability between the Parent Company and the Group are attributable to the Parent Company accounting for a relatively high proportion of operating expenses and to the capitalization of development costs being recognized in the Group but not in the Parent Company. The Parent Company's current receivables mainly comprise receivables from Group companies and external customers.
NOTE 2 ESTIMATES
Preparation of the interim report requires the company management to make estimates that affect the carrying amounts. The actual outcome could deviate from these estimates. The critical sources of uncertainty in the estimates are the same as presented in the most recent Annual Report.
NOTE 3 REVENUES FROM CONTRACTS WITH CUSTOMERS
RaySearch conducts sales of goods and services in various regions. Revenue from sales of licenses and hardware is recognized in profit or loss at a point in time, while revenue from sales of training and support is recognized over time.
| AMOUNTS IN SEK 000s | 2025 Jan–Mar |
2024 Jan–Mar |
Change % | R12 Apr 24–Mar 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|
| Revenue by type | |||||
| Licenses | 165,194 | 118,521 | 39.4% | 622,156 | 575,483 |
| Support (incl. warranty support) | 125,087 | 106,601 | 17.3% | 491,387 | 472,901 |
| Hardware | 33,543 | 19,336 | 73.5% | 123,376 | 109,169 |
| Training and other | 7,874 | 12,738 | – 38.2% | 29,612 | 34,476 |
| Total revenue by type | 331,698 | 257,196 | 29.0% | 1,266,531 | 1,192,029 |
| AMOUNTS IN SEK 000s | 2025 Jan–Mar |
2024 Jan–Mar |
Change % | R12 Apr 24–Mar 25 |
2024 Jan–Dec |
| Revenue by geographic market | |||||
| Americas | 127,200 | 126,047 | 0.9% | 501,232 | 500,079 |
| Asia, Pacific Ocean and Middle East | 54,682 | 46,676 | 17.2% | 246,551 | 238,545 |
| Europe and Africa | 149,816 | 84,473 | 77.4% | 518,748 | 453,405 |
| Total revenue by geographic market | 331,698 | 257,196 | 29.0% | 1,266,531 | 1,192,029 |
| Revenue recognized at various points in time | |||||
| Goods/services transferred/performed at a point in time | 198,737 | 137,857 | 44.2% | 745,532 | 684,652 |
| Services performed over time | 132,961 | 119,339 | 11.4% | 520,999 | 507,377 |
| Total revenue recognized at various points in time | 331,698 | 257,196 | 29.0% | 1,266,531 | 1,192,029 |
NOTE 4 FINANCIAL INSTRUMENTS
RaySearch's financial assets and liabilities comprise billed and unbilled receivables, cash and cash equivalents, accrued expenses, accounts payable, bank loans and lease liabilities. Long-term receivables and lease liabilities are discounted, while other financial assets and liabilities have short maturities. Accordingly, the fair values of all financial instruments are deemed to correspond approximately to their carrying amounts.
The provision for expected credit losses is a weighted assessment of payment history, reports from external credit rating agencies and other customer-specific information. As of March 31, 2025, the credit loss provision amounted to SEK 8.8 M (9.4), corresponding to 1.9 percent (2.0) of total customer receivables. The general reserve for expected credit losses amounts to 1 percent.
NOTE 5 CURRENCY EFFECTS
The company's net sales and results are affected by the development of the Swedish krona against other currencies, primarily USD and EUR. The majority of invoicing is done in foreign currencies, while most of the expenses are in Swedish kronor. Based on the year's
structure for revenue, cost and currency (transaction exposure), a general change of 10 percentage in the SEK to USD exchange rate would impact the consolidated operating profit by approximately +/- SEK 11.8 M in the first quarter of 2025, while a corresponding change in the SEK to EUR exchange rate would impact the consolidated operating profit by approximately +/- SEK 15.5 M.
The Group follows the financial policy established by the Board of Directors; whereby exchange-rate fluctuations are not hedged.
NOTE 6 RELATED-PARTY TRANSACTIONS
There were no transactions between RaySearch and related parties with any material impact on the company's position and earnings during the period.
NOTE 7 PLEDGED ASSETS IN THE GROUP AND PARENT COMPANY
| AMOUNTS IN SEK 000s | 2025-03-31 | 2024-03-31 | 2024-12-31 |
|---|---|---|---|
| Chattel mortgages | 100,000 | 100,000 | 100,000 |
| Guarantees | 7,642 | 35,770 | 17,405 |
Guarantees provided, pertaining to offices, amounted to SEK 7.6 M and have not impacted the company's credit facility. No contingent liabilities exist for the group or the parent company.
GROUP QUARTERLY OVERVIEW
| 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| AMOUNTS IN SEK 000s | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Order intake | ||||||||
| Total order intake | 409,629 | 305,048 | 253,364 | 290,251 | 238,526 | 317,749 | 240,693 | 239,163 |
| Income statement | ||||||||
| Net sales | 331,698 | 322,665 | 293,303 | 318,865 | 257,196 | 299,640 | 252,883 | 239,467 |
| Change in sales. % | 29.0 | 27.6 | 16.0 | 26.1 | 22.0 | 13.3 | 19.9 | 49.4 |
| Operating profit/loss | 74,826 | 73,579 | 61,825 | 79,321 | 45,768 | 44,362 | 28,616 | 18,226 |
| Operating margin. % | 22.6 | 22.8 | 21.1 | 24.9 | 17.8 | 14.8 | 11.3 | 7.6 |
| Earnings before interest and taxes, EBITDA | 145,061 | 151,755 | 134,383 | 153,363 | 118,442 | 119,673 | 102, 529 | 86,523 |
| Profit/loss for the period | 56,807 | 59,996 | 45,388 | 61,341 | 36,698 | 31,540 | 21,551 | 10,918 |
| Net margin. % | 17.1 | 18.6 | 15.5 | 19.3 | 14.3 | 10.5 | 8.5 | 4.6 |
| Cash flow | ||||||||
| Operating activities | 146,809 | 102,892 | 60,480 | 154,550 | 167,308 | 115,772 | 124,378 | 62,097 |
| Investing activities | – 61,940 | – 60,770 | – 38,025 | – 57,939 | – 60,809 | – 64,581 | – 43,673 | – 48,995 |
| Financing activities | – 19,255 | – 18,552 | – 21,724 | – 100,858 | – 18,644 | – 5,663 | – 17,169 | – 16,388 |
| Cash flow for the period | 65,614 | 23,570 | 731 | – 4,247 | 87,885 | 45,528 | 63,536 | – 3,285 |
| Capital structure | ||||||||
| Return on average equity % | 6.3 | 7.1 | 5.7 | 8.0 | 4.9 | 4.4 | 3.1 | 1.6 |
| Equity/assets ratio. % | 44.8 | 41.9 | 40.2 | 37.3 | 37.6 | 37.7 | 38.0 | 36.3 |
| Net cash (-) / Net debt (+) | – 53,939 | 9,194 | 52,360 | 63,765 | 85,410 | 185,676 | 199,642 | 279,406 |
| Cash/ Debt / equity ratio | – 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 | 0.4 |
| Net cash/debt / EBITDA | – 0.1 | 0.0 | 0.1 | 0.1 | 0.2 | 0.4 | 0.5 | 0.8 |
| Per share data. SEK | ||||||||
| Earnings/loss per share before dilution | 1.66 | 1.75 | 1.32 | 1.79 | 1.07 | 0.92 | 0.63 | 0.32 |
| Earnings/loss per share after dilution | 1.66 | 1.75 | 1.32 | 1.79 | 1.07 | 0.92 | 0.63 | 0.32 |
| Equity per share | 26.89 | 25.57 | 23.65 | 22.41 | 22.65 | 21.45 | 20.68 | 20.07 |
| Share price at the end of the period | 225.00 | 216.00 | 155.00 | 141.40 | 115.00 | 90.30 | 82.90 | 63.30 |
| Other | ||||||||
| No. of shares before/after dilution. 000s | 34,282.8 | 34,282.8 | 34,282.8 | 34,282.8 | 34,282.8 | 34,282.8 | 34,282.8 | 34,282.8 |
| No. of employees at the end of the period | 422 | 416 | 414 | 411 | 398 | 388 | 383 | 375 |
DEFINITIONS OF KEY RATIOS
The interim report refers to a number of non-IFRS financial measures that are used to provide investors and company management with additional information to assess the company's operations. The various non-IFRS measures used to complement the IFRS financial statements are
described below. The calculation of the IFRS measures can be found on the company's website raysearchlabs.com.
| Non-IFRS measures | Definition | Reason for using the measure |
|---|---|---|
| Adjusted operating profit | Calculated as operating profit less other operating income/expenses. | Adjusted operating profit provides an overall picture of the total generation of earnings in core operating activities. |
| Capital employed | Balance sheet decreased by non interest bearing debt and deffered tax liabilities. | This measures shows how much capital that is used in the business and is thereby the only component that measues the return from the business. |
| Debt/equity ratio | Net debt in relation to equity. | The measure shows financial risk and is used by management to monitor the Group's indebtedness. |
| EBITDA | Operating profit before financial items. tax. depreciation/amortization and impairment. | The measurement is a way to evaluate the result without taking into consider ation financial decisions or taxes. |
| Equity/assets ratio | Equity expressed as a percentage of total assets at the end of the period. | This is a standard measure to show financial risk. and is expressed as the per centage of the total restricted equity financed by the owners. |
| Equity per share | Equity divided by number of shares at the end of the period. | The measurement shows the return generated on the owners' invested capital per share. |
| Gross profit | Net sales minus cost of goods sold. | Gross profit is used to measure the margin before sales. research. development and administrative expenses |
| Growth | Percentage change in net sales compared to the corresponding period of the previous year. |
The measure is used to track the development of the company's operations between different periods. |
| Growth at constant exchange rates | Revenue change at constant exchange rates, i.e., excluding currency effects. | The measure is used to track the underlying revenue change driven by volume, price, and mix changes for comparable units between different periods. |
| Interest bearing debt | Debt with an interest bearing component | Shows the actiual interest bearing debt burden. |
| Net debt | Interest-bearing liabilities less cash and cash equivalents | This measure shows the Group's total indebtedness |
| Net debt/EBITDA | and interest-bearing current and long-term receivables | A relevant measure from a credit perspective that shows the company's ability to handle its debt. |
| Operating costs | Net debt at the end of the period in relation to operating profit before depreciation and amortization over the past 12-month period. |
Operating costs gives an overall view of costs tied to the operating business and is an important internal measure which management can have a great impact on. |
| Operating margin | Consists of sales costs, administration costs and research and development costs that are part of the operating business. In former reports cogs and other income and other costs were also included. |
Together with sales growth the operating margin is a key element for monitoring value creation. |
| Operating profit/loss | Operating profit expressed as a percentage of net sales. | Operating profit/loss provides an overall picture of the total generation of earn ings in operating activities. |
| Order backlog | Calculated as profit for the period before financial items and tax. | The order backlog shows the value of orders already booked by RaySearch that will be converted to revenue in the future. |
| Order intake | The value of orders at the end of the period that the company has yet to deliver and recog nize as revenue. meaning remaining performance obligations. |
Order intake is an indicator of future revenue and thus a key figure for the man agement of RaySearch's operations. |
| P/E ratio | The value (transaction price) of all orders received and changes to existing orders during the current period. |
Shows from an ownership perspective how the market values the share in rela tion to profit after tax. |
| Return on capital employed | Share price at the end of the period divided by profit per share. | A central metric for assessing the return on all capital invested in the business. |
| Return on equity | Operating profit plus financial income in percentage of average balance sheet items excluding non-interest bearing debt. |
Shows the return generated on the owners' invested capital from a shareholder perspective. |
| Rolling 12 months' sales. operating profit or other results |
Calculated as profit/loss for the period as a percentage of average equity. Average equity is calculated as the sum of equity at the end of the period plus equity at the end of the year-earlier period. divided by two. |
The measure is used to clearly illustrate the trends for sales. operating profit and other results. which is relevant because RaySearch's revenue is subject to monthly variations. |
| Working capital | Sales. operating profit or other results measured over the past 12-month period. | This measure shows how much working capital is tied up in operations and can be shown in relation to net sales to demonstrate the efficiency with which working capi tal has been used. |
| Working capital | Working capital is comprised by inventories, operating receivables and operating liabili ties. It is obtained from the statement of financial position. Operating receivables com prise accounts receivable. other current/long-term receivables and non-interest bearing prepaid expenses and accrued income. Operating liabilities include other non-interest bearing long-term liabilities. advance payments from customers. accounts payable. other |
This measure shows how much working capital is tied up in operations and can be shown in relation to net sales to demonstrate the efficiency with which working capital has been used. |
current liabilities and non-interest bearing accrued expenses and deferred income.
ABOUT RAYSEARCH
RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. The company develops and markets the RayStation treatment planning system (TPS) and RayCare oncology information system (OIS) to cancer centers all over the world and distributes the products through licensing agreements with leading medical technology companies. The latest additions to the RaySearch product line are RayIntelligence and RayCommand. RayIntelligence is a cloud-based oncology analytics system that cancer clinics can use to collect, structure and analyze data. The Treatment Control System (TCS) RayCommand is designed as a link between the treatment machine and the dose planning and oncology information systems.
Software from RaySearch 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.
More information about RaySearch is available at raysearchlabs.com.
VISION AND MISSION
The company's vision is a world where cancer is conquered and RaySearch's mission is to provide innovative software to continuously improve cancer treatment.
STRATEGY
A radiation therapy center essentially needs two software platforms for its operations: a treatment planning system and an information system. With RayStation and RayCare, RaySearch will strengthen its position and continue to grow with high profitability. The company's strategy is based on a strong focus on innovative software development with leading functionality, support for efficient workflows – including via digitization and automation with machine learning – broad support for a wide range of treatment modes and radiation therapy devices, close collaboration with world leading cancer centers and industrial partners and extensive investment in research and development.
BUSINESS MODEL
RaySearch's main revenue is generated by customers paying an initial license fee for the right to use RaySearch's software and an annually recurring service fee for access to updates and support. All software systems are developed at RaySearch's head office in Stockholm and distributed and supported by the company's global marketing organization.
HEAD OFFICE
RaySearch Laboratories AB (publ) Box 45169 SE-104 30 Stockholm, Sweden
STREET ADDRESS
Eugeniavägen 18 C SE-113 68 Stockholm, Sweden Tel: +46 (0)8 510 530 00 raysearchlabs.com Corp. Reg. No. 556322–6157