In the third quarter of 2024, net sales rose by 16 percent. Revenue from support rose by 12 percent. Operating profit amounted to SEK 61.8 M (28.6) in the second quarter and to SEK 186.9 M (70.5) for the first nine months. The Board has decided to raise the target for the operating margin to at least 25 (20) percent by 2026.

THIRD QUARTER (JULY - SEPTEMBER 2024)

Order intake SEK 253.4 M (240.7)
Net sales SEK 293.3 (252.9)
Operating profit SEK 61.8 M (28,6)
Profit after tax SEK 45.4 M (21,6)
Earnings per share before/after dilution SEK 1.32 (0.63)
Cash flow from operating activities SEK 60.5 M (124.4)
Order backlog SEK 1,732.0 M (1,966.3) at the end of the period

NINE MONTHS (JANUARY – SEPTEMBER 2024)

Order intake SEK 782.1 M (686.5)
Net sales SEK 869.4 M (722.5)
Operating profit SEK 186.9 M (70.5)
Profit after tax SEK 143.5 M (50.0)
Earnings per share before/after dilution SEK 4.19 (1.46)
Cash flow from operating activities SEK 382.3 M (340.2)

SIGNIFICANT EVENTS DURING THE SECOND QUARTER

Connect Proton Therapy Center in the USA has placed an order for the RayStation
Iridium Network first center in the world to use RayCare with TrueBeam to treat a patient

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

GenesisCare in the UK has placed an order for the RayStation
RaySearch now has more than 100 RayStation customers in China
Three centers in the French Unicancer network choose RayStation
Nina Grönberg has been appointed as the new CFO and will take office in January 2025
Institut Curie selects RayStation for proton planning
The Board has decided to raise the target for the operating margin to at least 25 (20) percent by 2026

FINANCIAL SUMMARY1	2024 Jul–Sep	2023 Jul–Sep	2024 Jan–Sep	2023 Jan–Sep	R12 Oct–Sep	2023 Jan–Dec
Net sales	293,303	252,883	869,364	722,519	1,169,004	1,022,159
Operating profit/loss	61,825	28,616	186,914	70,518	231,276	114,880
Operating margin. %	21.1	11.3	21.5	9.8	19.8	11.2
Profit/loss for the period	45,388	21,551	143,517	50,032	175,057	81,572
Earnings/loss per share before/after diluation. SEK	1.32	0.63	4.19	1.46	5.11	2.38
Cash flow from operating activities	60,480	124,378	382,338	340,159	498,110	455,931
Cash flow from the period	731	63,536	84,339	144,723	129,867	190,251
Return on equity. %	5.7	3.1	18.6	7.3	23.0	11.7
Equity/assets ratio. % at the end of the period	40.2	38.0	40.2	38.0	40.2	37.7
Share price at the end of the period. SEK	155.0	82.9	155.0	82.9	155.0	90.3,
Net sales	414	383	414	383	414	388

¹ For definitions of key ratios. see page 20.

CEO COMMENTS

HIGHEST QUARTERLY SALES FOR A THIRD QUARTER

The steady growth we have seen for several quarters now also continued in the third quarter of 2024, resulting in record-breaking sales for the ninth consecutive quarter, the highest ever for a corresponding quarter. Sales for the third quarter amounted to SEK 293 M (253), up 16 percent (17 percent at unchanged exchange rates) compared with the same period in 2023. Operating profit totaled SEK 62 M (29), corresponding to an operating margin of 21 percent (11). The improved margin was mainly due to increased license revenue, which amounted to SEK 133 M (98). We have maintained our momentum and opportunities for continued growth are favorable. Order intake for third quarter amounted to SEK 253 M (241). To summarize, RaySearch has a strong financial position with cash and cash equivalents of SEK 425 M, stable cash flow and no loans.

FIRST PATIENT TREATED WITH RAYCARE AND TRUEBEAM

Iridium Network in Belgium has treated its first patient using RayCare together with a Varian TrueBeam linear accelerator. The first treatment was successfully carried out on September 2. The collaboration with Iridium Network has been ongoing since 2015 when the company acquired RayStation, and in 2018, Iridium became first in the world to use RayCare clinically.

Throughout this long-standing collaboration, our shared commitment has been to develop an integrated oncology information system. The fact that RayCare has now been taken into clinical use with TrueBeam is an important milestone and completely changes RayCare's prospects. The market potential has been significantly expanded to include all of the approximately 4,000 TrueBeam machines in use at radiation therapy centers worldwide.

CONNECTICUT PROTON THERAPY CENTER – NEW RAYCARE CUSTOMER

Connecticut Proton Therapy Center purchased RayCare in August. The center will use the RayCare's workflow engine to create clinic-specific workflows, with the aim of a complete clinical implementation in 2026 when the center opens. RayCare will be used together with RayStation, which was purchased in 2023. Revenue from the order will be recognized in 2025.

INSTITUT CURIE SELECTS RAYSTATION FOR PROTON PLANNING

As we communicated yesterday the well-reputed Institut Curie has selected RayStation for its proton planning. RayStation will mainly support the Institut Curie Proton Therapy Center in Orsay, which is one of three proton centers in France, all of which are now equipped with RayStation. The agreement for RayStation is a first step; I look forward to deepening our relationship.

NEW VERSION OF RAYSTATION LAUNCHED

RayStation 2024B was launched in early July. The new version comes with automation of important clinical workflows, such as automatic image import directly followed by deep-learning segmentation and rapid automated plan adaptation. Automation of repetitive tasks is essential to boost efficiency at the clinics. This efficiency gain will be important when it comes to serving a growing patient population in need of cancer treatment and freeing up time to handle more complicated patient cases.

NEW CFO APPOINTED

I am very happy to welcome Nina Grönberg as our new CFO and a member of group management. Nina most recently held the role of CFO in the healthcare company Team Olivia, and with her extensive experience in finance and strong leadership skills, I am confident that she will play a key role in driving RaySearch's continued growth.

I would also like to thank Annika Blondeau Henriksson for her excellent work as interim CFO. Annika will continue to serve as interim CFO until Nina takes up her position in late January 2025.

RAISED OPERATING MARGIN TARGET

With an operating margin of 21 percent, it is gratifying to once again be able to summarize a strong quarter. We see a clear link between increased sales and a positive trend for operating profit, which shows the scalability of our business model. Due to RaySearch's performance in recent quarters and the fact that the operating margin has already exceeded the target of at least 20 percent by 2026, the Board has decided to raise the target for the operating margin to at least 25 percent by 2026.

Stockholm, November 7, 2024

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 large 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 third quarter of 2024, order intake amounted to SEK 253.4 M (240.2), an increase by 5.3 percent year-on-year. License order intake amounted to SEK 17.6 M (112.5), an increase of 4.5 percent, while order intake for support was SEK 92.5 M (101.7), a decrease of 9.1 percent.

In the first nine months of 2024, order intake amounted to SEK 782.1 M (686.5), an increase of 13.9 percent compared to the same period last year. Order intake of licenses amounted to SEK 364.1 M (301.7), an increase of 20.1 percent, while order intake for support amounted to SEK 291.0 M (280.6), an increase of 3.7 percent.

ORDER BACKLOG

At September 30. 2024, the total order backlog was SEK 1,723.0 M (1,966.3), of which SEK 470.5 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.

ORDER INTAKE & NET SALES (SEK M, rolling 12 months)

Order intake (amounts in SEK M)	Q3-24	Q2-24	Q1-24	Q4-23	Q3-23	2024 Jan-Sep	2023 Jan-Sep	R12 Oct–Sep	2023 Jan–Dec

Licenses	117.6	134.2	112.3	160.1	112.5	364.1	301.6	524.2	461.7
Support (incl. warranty support)	92.5	118.2	80.3	110.2	101.7	291.0	280.6	401.2	390.8
Hardware	30.6	26.3	31.3	36.0	16.1	88.1	75.4	124.2	111.4
Training and other	12.7	11.6	14.6	11.4	10.4	38.9	28.9	50.3	40.3
Total order intake	253.4	290.3	238.5	317.7	240.7	782.1	686.5	1 099.9	1 004.2

Order backlog (amounts in SEK M)	Q3-24	Q2-24	Q1-24	Q4-23	Q3-23
Licenses	349.8	352.1	387.6	382.5	429.7
Support (incl. warranty support)	1 223.0	1 289.0	1 303.2	1 346.7	1 379.5
Hardware	40.8	43.8	54.5	38.4	50.8
Training and other	109.4	105.7	102.7	96.9	106.3
Total order backlog at the end of the period	1 723.0	1 790.5	1 848.0	1 864.4	1 966.3

PROFIT

In the third quarter of 2024, net sales amounted to SEK 293.3 M (525.9), an increase of 16.0 percent compared to the same period last year. The change in sales at unchanged currencies was 17.4 percent.

License revenue amounted to SEK 132.7 M (97.9), an increase of 35,5 percent compared to the same period last year. The three largest license customers during Q3 2024 generated revenue of SEK 44.7 million, which corresponds to 35.8 percent of the quarter's license revenue. The same period last year produced the three largest customers 46 percent of total license revenue.

Support revenue amounted to SEK 120.3 M (107.2), an increase of 12.2 percent primarily generated from new customer contracts. Hardware sales, which have a weaker profit margin, amounted to SEK 32.8 M (40.7). Excluding hardware sales, net sales increased 22.8 percent compared to the same period last year.

In the first nine months of 2024, net sales amounted to 869.4 M (722.5), an increase of 20.3 percent. License revenue amounted to SEK 415.1 M (302.9) and support revenue increased to SEK 341.7 M (295.8) and aforementioned constituted 39 (41) percent of total net sales. The percentage reduction is a result of the high license income during the first nine months of the year.

Hardware revenue decreased to SEK 85.0 M (97.0) and training and other revenue increased to SEK 27.6 M (26.9). In the first nine months of 2024, net sales had the following geographic distribution: America, 42 percent (41); Asia, the Pacific and the Middle East, 18 percent (20); Europe and Africa, 40 percent (39).

Revenue (amounts in SEK M)	Kv3-24	Kv2-24	Kv1-24	Kv4-23	Kv3-23	2024 Jan-Sep	2023 Jan-Sep	R12 Oct–Sep	2023 Jan–Dec
License revenue	132.7	163.9	118.5	138.9	97.9	415.1	302.9	553.9	441.8
Support revenue (incl. warranty support)	120.3	114.8	106.6	120.1	107.2	341.7	295.8	461.8	415.9
Hardware revenue	32.8	32.8	19.3	31.4	40.7	85.0	97.0	116.4	128.4
Training and other revenue	7.5	7.3	12.7	9.2	7.1	27.6	26.9	36.9	36.1
Net sales	293.3	318.9	257.2	299.6	252.9	869.4	722.5	1,169.0	1,022.2
Change in sales. corresp. period. %	16.0	33.2	11.7	13.3	19.9	20.3	24.7	18.5	21.2
Change in sales at unchanged exchange rates. corresp. period. %	17.4	31.8	10.6	5.51	14.0	20.0	17.3	16.3	15.6

LICENSE REVENUE & SUPPORT REVENUE (SEK M, rolling 12 months)

As of January 1, 2024, the company has implemented a refined cost center classification, which has affected certain operating costs which were previously categorized as selling expenses but are now reported as administrative expenses or research and development costs. The changes is represented in the table below.

During the third quarter of 2024, operating expenses increased to SEK 202.8 M (192.9), the increase is mainly due to increased personnel costs as the number of employees has increased, increased

depreciation of capitalized development expenses and slightly higher costs related to sales activities.

For the third quarter, the currency effects on overheads amount to SEK 2.2 M and the corresponding amount for the first nine months amounts to to SEK 1.1 M. Currency effects have a positive impact and costs have thus decreased for the period, mainly because the USD has fallen against the Swedish krona.

Operating expenses (amounts in SEK M)	2024 Jul–Sep	2024 Jul–Sep 2023 categ.1	2023 Jul–Sep	2024 Jan–Sep	2024 Jan–Sep 2023 categ.	2023 Jan–Sep
Selling expenses	80.6	91.0	88.7	235.1	274.9	260.1
Administration expenses	53.7	45.2	42.8	177.4	144.7	143.8
Research and development costs	68.5	66.6	61.4	198.1	190.9	169.1
Operating expenses	202.8	202.8	192.9	610.6	610.6	573.0

¹ 2024 operating expenses presented according to the 2023 categorization.

Capitalization of development costs

In 2024, RaySearch continued to invest in both existing products and future products.

During the first nine months of 2024, the total research and development costs amounted to SEK 201.4 M (171.7) an increase by 17.3 percent which is explained by a higher number of employees.

Capitalized development costs amounted to SEK 141.1 M (128.9) for the first nine months, which is an increase of 11 percent compared to the same period last year. Accordingly, capitalized development costs amounted to 70 percent (75) of the total research and development costs for the first half of 2024.

Amortization of capitalized development costs amounted to SEK 137.8 M (126.2) for the first nine months of the year, which is an increase of 9.2

percent compared to the same period last year. This increase is attributable to the fact that some development projects were fully amortized at the end of 2023, which meant increased depreciation in the first half of 2024 compared to the same period last year.

Total research and development costs (after adjustments for capitalization and amortization of development costs) amounted to SEK 198.1 M (169.1) during the first six months of the year, an increase of 20 percent compared to the same period last year.

As of September 30, 210 (198) employees worked on research and development, which corresponds to 51 (52) percent of the total number of employees.

Capitalization of research- and development costs (amounts in SEK M)	Q3-24	Q2-24	Q1-24	Q4-23	Q3-23	2024 Jan-Sep	2023 Jan-Sep	R12 Oct–Sep	2023 Jan–Dec
Research and development costs	58.6	76.7	66.1	76.8	50.4	201.4	171.7	278.2	248.6
Capitalization of development costs	-36.5	-54.6	-50.0	-55.5	-34.8	-141.1	-128.9	-196.6	-184.4
Amortization of capitalized development costs	46.4	46.4	45.1	46.4	45.7	137.8	126.2	184.2	172.8
Research and development costs after adjust ments for capitalization and amortization	68.5	68.4	61.2	67.7	61.4	198.1	169.1	265.8	237.0

OPERATING PROFIT

During the third quarter of 2024, the operating profit increased to SEK 61.8 M (28.6), which is primarily a result of the relatively higher turnover and corresponds to an operating margin of 21.1 (11.3) percent.

The net of exchange rate gains and losses during the third quarter amounted to SEK -2.3 M (-0.3) and arises when large parts of the group's receivables are in US dollars and euros. The adjusted operating profit (i.e. the operating profit adjusted for the effects of the net currency) had amounted to SEK 64.1 M (28.9) during the third quarter.

During the first nine months of the year the operating profit increased to SEK 186.9 M (70.5), which corresponds to an operating margin of 21.5 (9.8) percent.

The tax cost for the third quarter amounted to SEK -12.9 M (-6.3), which corresponds to an effective tax rate of 22.2 (22.6) percent. The increased tax expense for the quarter is explained by a twice as high profit before tax compared to the corresponding period of the previous year. For the first nine months, the tax cost amounted to SEK -41.9 M (-16.2), which corresponds to an effective tax rate of 22.6 (24.5) percent.

For the third quarter, the profit after tax amounted to SEK 45.4 M (21.6) and the profit per share to SEK 1.32 (0.63). For the first nine months of the year, profit after tax amounted to SEK 143.5 M (50.0) and earnings per share to SEK 4.19 (1.46).

CASH FLOW AND LIQUIDITY

In the third quarter of 2024, cash flow from operating activities was SEK 60.5 M (124.4). The decrease is mainly explained by a negative cash flow from changes in operating liabilities related to contractual debts.

In the first nine months. cash flow from operating activities was SEK 382.3 M (340.2), an effect of an improved profit before tax and slightly worse working capital compared to the same period in the previous year.

In the third quarter, cash flow from investing activities was SEK -38.0 M (-43.7). Investments in intangible fixed assets amounted to SEK -36.5 M (-34.8) and mainly comprised capitalized development costs for the company's products – RayStation, RayCare, RayCommand and RayIntelligence. Investments in tangible fixed assets amounted to SEK -1.6 M (-8.9) and is attributable to investments in IT equipment. In the first nine months of the year, cash flow from investing activities amounted to SEK -156.8 M (-144.7).

In the third quarter of 2024, cash flow from financing activities amounted to SEK -21.7 M (-17.2), and to SEK -141.2 M (-50.7) in the first nine months period and comprised primarily the repayment of lease liabilities of SEK -72.7 (-50.7) M and paid dividend to the company's shareholders of SEK 68.6 M (0).

Cash flow for the period was SEK 0.7 M (63.5) in the third quarter, and SEK 84.3 M (144.7) in the first nine months of the year.

As of September 30, 2024, consolidated cash and cash equivalents amounted to SEK 425.0 M compared to SEK 343.7 M as of December 31, 2023.

FINANCIAL POSITION

As of September 30, 2024, RaySearch's total assets amounted to SEK 2,015.5 M compared to SEK 1,952.6 M as of December 31. 2023. As of September 30, the equity/assets ratio was 40.2 percent compared to 37.7 percent at fiscal year-end 2023.

The company's interest-bearing liabilities, which only consist of lease liabilities reported in accordance with IFRS 16, amounted to SEK 477.4 million on September 30, 2024, compared to SEK 529.4 million as of December 31, 2023.

As of September 30, the Group's net debt amounted to SEK 52.4 M compared to SEK 185.7 M as of December 31, 2028, a reduction that is mainly due to an increase in cash and cash equivalents compared to year-end.

EMPLOYEES

In the January-September period of 2024, the average number of employees in the Group was 405 (372). At the end of the second quarter, the Group had 414 employees (383), of whom 305 (272) were based in Sweden, and 109 (111) in foreign subsidiaries.

THE COMPANY'S SHARE AND SHARE OWNERSHIP

As of September 30, the total number of registered shares in RaySearch was 34,282,773, of which 7,654,975 were Class A and 26,627,798 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 10 votes per share, and holders of Class B shares are entitled to one vote per share, at general meetings. As of September 30, 2024, the total number of votes in RaySearch was 103,177,548.

As of September 30, 2024, the number of shareholders in RaySearch was 9,052, 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 was also not affected by the changes pertaining to lease recognition under IFRS 16. and instead continues to recognize lease payments as operating lease payments. 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	5,443,084	68,393	5,511,477	16.1	52.8
Northern Trust Company, London Branch	-	2,788,071	2,788,071	8.1	2.7
The Bank Of New York Mellon Sa/Nv, W8Imy	-	1,957,139	1,957,139	5.7	1.9
BNP Paribas Sa Paris, W8Imy (Gc)	-	1,915,698	1,915,698	5.6	1.9
Swedbank Robur Fonder AB	-	1,800,000	1,800,000	5.3	1.7
Anders Brahme	1,150,161	140,000	1,290,161	3.8	11.3
Caceis Bank, W8Imy	-	1,265,530	1,265,530	3.7	1.2
Andra AP-Fonden	-	1,220,942	1,220,942	3.6	1.2
JP Morgan Chase Bank Na, W9	-	1,184,602	1,184,602	3.5	1.1
Carl Filip Bergendal	1,021,577	139,920	1,161,497	3.4	10.0
Total, 10 largest shareholders	7,614,822	12,480,295	20,095,117	58.8	85.8
Others	40,153	14,147,503	14,187,656	41.2	14.2
Total	7,654,975	26,627,798	34,282,773	100.0	100.0

Source: Euroclear

OTHER INFORMATION

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 40-42 of RaySearch's 2023 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 20-31 of RaySearch's 2023 Annual Report.

BOARD ASSURANCE

The Board of Directors and CEO give their assurance that this interim 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, November 7, 2024 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, VD Tel: +46 8 510 530 00 E-mail: [email protected]

Annika Blondeau Henriksson, Interim CFO Tel: +46 8 510 530 00

E-mail: [email protected]

FINANCIAL CALENDAR

Year-end report, 2024 – February 21, 2025 Annual Report, 2024 – April 25, 2025 Interim report first quarter, 2025 – May 9, 2025 Annual General Meeting, 2025 – May 22, 2025 Interim report second quarter, 2025 – August 8, 2025 Interim report third quarter, 2025 – November 7, 2025

The information contained in this interim 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 November 8, 2024, at 7:45 a.m. CEST.

AUDITORS' REVIEW REPORT

INTRODUCTION

We have reviewed the condensed interim financial information (interim report) of RaySearch Laboratories AB (publ) as of September 30, 2024, and the nine months period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

SCOPE OF REVIEW

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity.

A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Stockholm, November 7, 2024

Deloitte AB

Kent Åkerlund Auktoriserad revisor

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY

AMOUNTS IN SEK 000s Not	2024 Jul–Sep	2023 Jul–Sep	2024 Jan–Sep	2023 Jan–Sep	R12 Oct–Sep	2023 Jan–Dec
Net sales 2,3	293,303	252,883	869,364	722,519	1,169,004	1,022,159
Cost of goods sold 1	-27,856	-30,834	-74,700	-76,777	-104,501	-106,578
Gross profit	265,447	222,049	794,664	645,742	1,064,503	915,581
Other operating income	5,067	5,155	26,121	15,023	32,998	21,900
Selling expenses 2	-80,617	-88,670	-235,138	-260,076	-337,908	-362,846
Administrative expenses 2	-53,656	-42,852	-177,354	-143,822	-228,695	-195,163
Research and development costs	-68,520	-61,351	-198,092	-169,106	-266,722	-237,736
Other operating expenses	-5,896	-5,715	-23,287	-17,243	-32,900	-26,856
Operating profit/loss	61,825	28,616	186,914	70,518	231,276	114,880
Profit/loss from financial items	-3,499	-758	-1,486	-4,248	-2,030	-4,792
Profit/loss before tax	58,326	27,858	185,428	66,270	229,246	110,088
Tax	-12,938	-6,307	-41,911	-16,238	-54,189	-28,516
Profit/loss for the period 3	45,388	21,551	143,517	50,032	175,057	81,572
Other comprehensive income
Items to be reclassified to profit or loss
Translation difference of foreign operations for the period	-3,075	-668	473	1,824	-4,847	-3,496
Comprehensive income for the period 3	42,313	20,883	143,990	51,856	170,210	78,076
Earnings per share before and after dilution (SEK)	1.32	0.63	4.19	1.46	5.11	2.38

¹ Comprises costs for hardware and license costs paid but not amortization of capitalized development costswhich is included in research and development costs.

² As of January 1 2024 the company has implemented a refined cost center classification which has affected certain operating costs which were previously categorized as sales costs but are now reported as research and development costs and administration costs. See table on page 6

^.3 Fully (100 percent) attributable to Parent Company shareholders.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN SUMMARY

AMOUNTS IN SEK 000s Not	2024-09-30	2023-09-30	2023-12-31
ASSETS
Intangible fixed assets	540,693	521,130	530,455
Right-of-use assets	465,413	492,582	500,776
Tangible fixed assets	72,091	96,624	89,640
Deferred tax assets	1,734	14,081	5,729
Other long-term receivables	29,015	17,731	23,620
Total fixed assets	1,108,946	1,142,148	1,150,220
Inventories	18,097	19,823	9,320
Billed customer receivables	220,464	190,626	240,101
Unbilled customer receivables	189,601	110,342	143,626
Other current receivables	53,362	97,032	65,718
Cash and cash equivalents	425,027	306,633	343,681
Total current assets	906,551	724,456	802,446
TOTAL ASSETS	2,015,497	1,866,604	1,952,666
EQUITY AND LIABILITIES
Equity	810,656	709,012	735,232
Deferred tax liabilities	108,823	107,318	109,530
Long-term lease liabilities	395,404	423,743	431,977
Other long-term liabilities	879	878	878
Total long-term liabilities	505,106	531,939	542,385,
Accounts payable	28,165	51,379	42,085
Current lease liabilities	81,983	82,532	97,381
Contractual liabilities	475,380	424,347	461,140
Other current liabilities	114,207	67,395	74,443
Total current liabilities	699,735	625,653	675,049
TOTAL EQUITY AND LIABILITIES	2,015,497	1,866,604	1,952,666

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN SUMMARY

AMOUNTS IN SEK 000s	2024 Jul–Sep	2023 Jul–Sep	2024 Jan–Sep	2023 Jan–Sep	2023 Jan–Dec
Opening balance	768,343	688,129	735,232	657,156	657,156
Profit/loss for the period	45,388	21,551	143,517	50,032	81,572
Dividend to the company's shareholders	-	-	-68,566	-	-
Translation difference for the period	-3,075	-668	473	1,824	-3,496
Closing balance	810,656	709,012	810,656	709,012	735,232

CONSOLIDATED STATEMENT OF CASH FLOW IN SUMMARY

AMOUNTS IN SEK 000s Not	2024 Jul–Sep	2023 Jul–Sep	2024 Jan–Sep	2023 Jan–Sep	R12 Oct–Sep	2023 Jan–Dec
Profit/loss before tax	58,326	27,858	185,428	66,270	229,246	110,088
Adjusted for non-cash items 1	79,265	82,114	200,554	212,935	288,444	300,825
Taxes paid	-3,420	-3,385	-11,155	-9,752	-17,771	-16,368
Cash flow from operating activities before changes in	134,171	106,587	374,827	269,453	499,919	394,545
working capital

Cash flow from changes in operating receivables	-8,900	19,121	-14,649	52,319	-35,187	31,781
Cash flow from changes in operating liabilities	-64,791	-1,330	22,160	18,387	33,378	29,605
Cash flow from operating activities	60,480	124,378	382,338	340,159	498,110	455,931

Investments in capitalized development costs	-36,460	-34,792	-141,130	-128,871	-197,294	-185,035
Acquisition of intangible fixed assets	-	-	-7,000	-	-7,000	-
Acquisition of tangible fixed assets	-1,565	-8,881	-8,643	-15,878	-17,060	-24,295
Cash flow from investing activities	-38,025	-43,673	-156,773	-144,749	-221,354	-209,330

Paid dividend to the company's shareholder	-	-	-68,566	-	-	-
Repayment of lease liabilities	-21,724	-17,169	-72,660	-50,687	-78,323	-56,350
Cash flow from financing activities	-21,724	-17,169	-141,226	-50,867	-146,889	-56,350
Cash flow for the period	731	63,536	84,339	144,723	129,867	190,251

Cash and cash equivalents at the beginning of the period	435,198	246,228	343,681	160,268	306,632	160,268
Exchange-rate difference in cash and cash equivalents	-10,902	-3,132	-2,993	1,641	-11,472	-6,838
Cash and cash equivalents at the end of the period	425,027	306,632	425,027	306,632	425,027	343,681

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 Not	2024 Jul–Sep	2023 Jul–Sep	2024 Jan–Sep	2023 Jan–Sep	R12 Oct–Sep	2023 Jan–Dec
Net sales 2,3	230,242	195,492	706,241	554,037	932,552	780,348
Cost of goods sold 1	-3,788	-20,699	-18,472	-33,838	-25,503	-40,869
Gross profit	226,454	174,793	687,769	520,199	907,049	739,479

Other operating income	5,202	4,855	25,423	14,625	30,759	19,961
Selling expenses	-55,467	-47,655	-171,147	-145,306	-235,313	-209,472
Administrative expenses	-60,515	-55,529	-187,709	-181,867	-251,740	-245,898
Research and development costs	-49,359	-41,821	-172,143	-145,957	-229,549	-203,363
Other operating expenses	-4,904	-4,100	-21,182	-14,759	-30,681	-24,258
Operating profit/loss	61,411	30,543	161,011	46,935	190,525	76,449
Profit/loss from financial items	-1,401	1,427	4,420	2,542	6,013	4,135
Profit/loss after financial items	60,010	31,970	165,431	49,477	196,538	80,584
Appropriations	-	-	-	-	-	-
Profit/loss before tax	60,010	31,970	165,431	49,477	196,538	80,584
Tax on profit/loss for the period	-10,645	-6,987	-34,956	-12,217	-44,779	-22,040
Profit/loss for the period	49,365	24,983	130,475	37,260	151,759	58,544

¹ Comprises costs for hardware and royalties

PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME

AMOUNTS IN SEK 000s Not	2024 Jul–Sep	2023 Jul–Sep	2024 Jan–Sep	2023 Jan–Sep	R12 Oct–Sep	2023 Jan–Dec
Profit/loss for the period	49,365	24,983	130,475	37,260	151,759	58,544
Other comprehensive income	-	-	-	-	-	-
Comprehensive income for the period	49,365	24,983	130,475	37,260	151,759	58,544

PARENT COMPANY BALANCE SHEET IN SUMMARY

AMOUNTS IN SEK 000s Not	2024-09-30	2023-09-30	2023-12-31
ASSETS
Intangible fixed assets	7,028	168	116
Tangible fixed assets	43,663	47,400	44,603
Shares and participations	3,958	3,958	3,958
Deferred tax assets	1,517	11,131	3,183
Long-term receivables Group companies	5,632	-	12,077
Other long-term receivables	1,276	6,377	6,190
Total fixed assets	63,074	69,034	70,127
Inventories	4,434	2,835	1,387
Billed customer receivables	102,387	114,213	134,882
Unbilled customer receivables	101,047	72,430	75,320
Receivables Group companies	90,613	139,165	89,140
Other current receivables	58,153	61,589	67,799
Cash and bank balances	283,145	164,720	214,201
Total current assets	639,779	554,952	582,729
TOTAL ASSETS	702,853	623,986	652,856
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	116,845	126,859	126,859
Profit/loss for the year	130,475	37,260	58,544
Total non-restricted equity	247,320	164,119	185,403
Total equity	308,091	224,890	246,174
Long-term liabilities	18,046	20,884	20,174
Total long-term liabilities	18,046	20,884	20,174
Accounts payable	21,304	44,819	49,437
Liabilities Group companies	19,688	15,847	20,505
Contractual liabilities	252,780	278,840	268,294
Other current liabilities	82,944	38,706	48,272
Total current liabilities	376,716	378,212	386,508
TOTAL EQUITY AND LIABILITIES	702,853	623,986	652,856

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 2023 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 respects. 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 those 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	2024 Jul–Sep	2023 Jul–Sep	Förändring %	R12 Oct–Sep	2023 Jan–Dec
Revenue by type
Licenses	132,673	97,881	35,5%	553,928	441,791
Support (incl. warranty support)	120,283	107,243	12,2%	461,835	415,873
Hardware	32,808	40,669	-19,3%	116,393	128,379
Training and other	7,539	7,090	6,1%	36,848	36,116
Total revenue by type	293,303	252,883	16,0%	1,169,004	1,002,159
	2024	2023		R12	2023
AMOUNTS IN SEK 000s	Jul–Sep	Jul–Sep	Förändring %	Oct–Sep	Jan–Dec
Revenue by geographic market
Americas	110,952	110,749	0,2%	462,623	412,913
Asia, Pacific Ocean and Middle East	39,975	44,940	-11,0%	223,334	217,559
Europe and Africa	142,376	97,194	46,5%	483,047	391,687
Total revenue by geographic market	293,303	252,883	16,0%	1,169,004	1,022,159
Revenue recognized at various points in time
Goods/services transferred/performed at a point in time	165,481	138,550	19,4%	670,321	570,170
Services performed over time	127,822	114,333	11,8%	498,683	451,989
Total revenue recognized at various points in time	293,303	252,883	16,0%	1,169,004	1,022,159
	2024	2023
AMOUNTS IN SEK 000s	Jan–Sep	Jan–Sep	Förändring %
Revenue by type
Licenses	415,052	302,915	37,0%
Support (incl. warranty support)	341,729	295,767	15,5%
Hardware	84,974	96,960	-12,4%
Training and other	27,609	26,877	2,7%
Total revenue by type	869,364	722,519	20,3%
Revenue by geographic market
Americas	351,978	302,268	16,4%
Asia, Pacific Ocean and Middle East	146,386	140,611	4,1%
Europe and Africa	371,000	279,640	32,7%
Total revenue by geographic market	869,364	722,519	20,3%
Revenue recognized at various points in time
Goods/services transferred/performed at a point in time	500,026	399,875	25,0%
Services performed over time	369,338	322,644	14,5%

Total revenue recognized at various points in time 869,364 722,519 20,3%

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. At the end of September 2024, the credit loss provision amounted to SEK 21.3 M (49.9), corresponding to 5 percent (14) of total customer receivables.

NOTE 5 CURRENCY EFFECTS

The company's net sales and earnings are impacted by USD/ EUR to SEK exchange rates, since most sales are invoiced in USD and EUR, while most costs are denominated in SEK.

Based on the year's structure for revenue, cost and currency (transaction exposure), a general change of ten percentage points in the SEK to USD exchange rate would have impacted the consolidated operating

profit by approximately +/- SEK 12.4 M in the third quarter of 2024, while a corresponding change in the SEK to EUR exchange rate would have impacted the consolidated operating profit by approximately +/- SEK 18.9 M.

Corresponding to the first nine months, a general change of ten percentage points in the SEK to USD exchange rate would have impacted the consolidated operating profit by approximately +/- 45.9 MSEK during the first half of 2024, while a corresponding change in the SEK to EUR exchange rate would have impacted the consolidated operating profit by +/- 56.9 MSEK.

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	2024-09-30	2023-09-30	2023-12-31
Chattel mortgages	100,000	100,000	100,000
Guarantees	36,242	32,194	32,887

GROUP QUARTERLY OVERVIEW

	2024			2023				2022
AMOUNTS IN SEK 000s	KV3	KV 2	KV 1	KV 4	KV 3	KV 2	KV 1	KV 4
Order intake
Total order intake	253,364	290,251	238,526	317,749	240,693	239,163	206,631	514,424
Income statement
Net sales	293,303	318,865	257,196	299,640	252,883	239,467	230,169	264,383
Change in sales. %	16.0	33.2	22.0	13.3	19.9	49.4	10.6	40.2
Operating profit/loss	61,825	79,321	45,768	44,362	28,616	18,226	23,676	20,700
Operating margin. %	21.1	24.9	17.8	14.8	11.3	7.6	10.3	7.8
Earnings before interest and taxes, EBITDA	134,781	103,078	126,748	129,286	108,244	89,523	99,887	102,540
Profit/loss for the period	45,388	61,341	36,698	31,540	21,551	10,918	17,563	14,138
Net margin. %	15.5	19.3	14.3	10.5	8.5	4.6	7.6	5.3
Cash flow
Operating activities	60,480	154,550	167,308	115,772	124,378	62,097	153,683	116,127
Investing activities	-38,025	-57,939	-60,809	-64,581	-43,673	-48,995	-52,081	-52,794
Financing activities	-21,724	-100,858	-18,644	-5,663	-17,169	-16,388	-17,130	-20,563
Cash flow for the period	731	-4,247	87,885	45,528	63,536	-3,285	84,472	42,770
Capital structure
Equity/assets ratio. %	40.2	37.3	37.6	37.7	38.0	36.3	35.8	35.0
Net debt	52,360	63,765	85,410	185,676	199,642	279,406	295,381	394,982
Debt/equity ratio	0.1	0.1	0.1	0.3	0.3	0.4	0.4	0.6
Net debt/EBITDA	0.1	0.1	0.2	0.4	0.5	0.7	0.8	1.1
Per share data. SEK
Earnings/loss per share before dilution	1.32	1.79	1.07	0.92	0.63	0.32	0.51	0.41
Earnings/loss per share after dilution	1.32	1.79	1.07	0.92	0.63	0.32	0.51	0.41
Equity per share	23.65	22.41	22.65	21.45	20.68	20.07	19.67	19.17
Share price at the end of the period	155.00	141.40	115.00	90.30	82.90	63.30	77.10	68.00
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
Average no. of employees	414	411	398	388	383	375	374	370

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.
Change in sales	The change in net sales compared with the year-earlier period expressed as a percent age.	The measure is used to track the performance of the company's operations between periods.
Change in sales at unchanged cur rencies	Change in sales at unchanged exchange rates. i.e. excluding currency effects.	This measure is used to monitor underlying change in sales driven by alterations in volume. pricing and mix for comparable units between different periods.
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
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 current liabilities and non-interest bearing accrued expenses and deferred income.	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.

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.

RaySearch's software is currently used by over 1000 clinics in more than 44 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

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