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RaySearch Laboratories
Interim / Quarterly Report • Aug 8, 2025
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Interim / Quarterly Report
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RAYSEARCH | 2025 INTERIM REPORT QUARTER 2
In the second quarter of 2025, net sales decreased by 4.4 percent compared to the same period last year. Currency-adjusted the decrease was 0.4 percent. Revenue from licenses decreased by 19.8 and revenue from support increased by 13.9 percent. Operating profit amounted to SEK 36.4 M (79.3) in the second quarter and to SEK 111.2 M (125.1) for the first half-year.
SECOND QUARTER (APRIL - JUNE 2025)
- Order intake amounted to SEK 241.2 M (290.3)
- Net sales amounted to SEK 304.9 (318.9)
- Operating profit amounted to SEK 36.4 M (79.3)
- Profit after tax amounted to SEK 30.8 M (61.4)
- Earnings per share before/after dilution amounted to SEK 0.90 (1.79)
- Cash flow from operating activities amounted to SEK 70.6 M (154.6)
- Order backlog amounted to SEK 1,665.3 M (1,790.5) at the end of the period.
SIGNIFICANT EVENTS DURING THE SECOND QUARTER
- Odense University Hospital in Denmark has placed an order and is increasing the level of automation with the RayStation treatment planning system
- In May, RayStation v2025 was launched, featuring fast automated treatment planning using machine learning* and the ECHO algorithm, as well as expanded support for treatment planning for patients in the upright position
- The Royal Marsden in the United Kingdom was the first clinic in the world to treat a patient using the new adaptive re-planning module in RayStation during online adaptive radiotherapy
- RayStation was used in a groundbreaking clinical milestone at Helsinki University Hospital – the first accelerator-based BNCT treatments in Europe
HALF-YEAR (JANUARY - JUNE 2025)
- Order intake amounted to SEK 650.8 M (528.8)
- Net sales amounted to SEK 636.6 M (576.1)
- Operating profit amounted to SEK 111.2 M (125.1)
- Profit after tax amounted to SEK 87.6 M (98.1)
- Earnings per share before/after dilution amounted to SEK 2.55 (2.86)
- Cash flow from operating activities amounted to SEK 217.4 M (321.9)
- In June, RayCare v2025 was launched, featuring powerful functionality enhancements that streamline clinical workflows, improve data management, and strengthen interoperability throughout the treatment continuum
SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD
- RaySearch and Radiology Oncology Systems, Inc. (ROS) announce strategic partnership with focus on the integration of refurbished linear accelerators with advanced software solutions.
- AKSM/Oncology selects RayCare and RayStation for a new cancer center
*Regulatory approval is required in certain markets; not available for use in the United States or Canada.
| FINANCIAL SUMMARY1 (AMOUNTS IN SEK 000s, UNLESS OTHERWISE STATED) |
2025 Apr–Jun |
2024 Apr–Jun |
2025 Jan–Jun |
2024 Jan–Jun |
R12 Jul 24–Jun 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|---|
| Net sales | 304,866 | 318,865 | 636,564 | 576,061 | 1,252,532 | 1,192,029 |
| Operating profit/loss | 36,362 | 79,321 | 111,188 | 125,089 | 246,592 | 260,493 |
| Operating margin. % | 11.9 | 24.9 | 17.5 | 21.7 | 19.7 | 21.9 |
| Profit/loss for the period after taxes | 30,762 | 61,431 | 87,569 | 98,129 | 192,953 | 203,513 |
| Earnings/loss per share before/after diluation. SEK | 0.90 | 1.79 | 2.55 | 2.86 | 5.63 | 5.94 |
| Cash flow from operating activities | 70,578 | 154,550 | 217,388 | 321,858 | 380,760 | 485,230 |
| Cash flow from the period | – 103,941 | –4,247 | –38,326 | 83,608 | –14,025 | 107,909 |
| Return on equity. % | 3.5 | 8.0 | 10.1 | 13.1 | 23.9 | 25.3 |
| Equity/assets ratio. % at the end of the period | 42.7 | 37.3 | 42.7 | 37.3 | 42,7 | 41.9 |
| Share price at the end of the period. SEK | 335.0 | 141.4 | 335.0 | 141.4 | 335.0 | 216.0 |
| Number of employees at the end of the period | 431 | 411 | 431 | 411 | 431 | 416 |
1 For definitions of key ratios. see page 19.
CEO COMMENTS
WEAKER-THAN-EXPECTED SALES AND EARNINGS
Sales for the second quarter of the year amounted to SEK 305 M (319), down 4 percent (0 percent at unchanged exchange rates) compared with the same period in 2024. The weak sales growth in the quarter was partly attributable to the fact that several orders were delayed and instead were received in July. Order intake in July was therefore high, 56 MSEK above July last year and more than 50 MSEK above the average order intake in July for the last three years. It should also be noted that revenue for the second quarter of 2024 included an item of SEK 37 M from a previous prepaid license sale to EBG MedAustron GmbH. Operating profit totaled SEK 36 M (79), corresponding to an operating margin of 12 percent (25). Profit in the second quarter was also negatively impacted by the falling USD and non-recurring costs. Excluding exchange-rate losses and non-recurring costs, operating profit would have amounted to SEK 51 M and the operating margin to 17 percent.
Order intake for the second quarter amounted to SEK 241 M (290). As previously mentioned, order intake fluctuates between quarters, which was particularly evident this quarter. However, our momentum remains strong, with considerable customer interest and high demand providing a solid foundation for continued growth. Overall, RaySearch has a strong financial position with cash and cash equivalents on June 30 of SEK 403 M, stable cash flow and no loans.
RAYSTATION ENABLES EUROPEAN MILESTONE FOR BNCT
During the quarter, RayStation was used in the first European treatments with Neutron Therapeutics' accelerator-based boron neutron capture therapy (BNCT). The treatments were carried out at Helsinki University Hospital in Finland as part of a clinical trial. RayStation's advanced BNCT capabilities, now clinically validated in both Japan and Finland, support high-precision individualized treatment planning, which is vital for successful BNCT. The selection of our system for this pioneering work reinforces RaySearch's position at the forefront of BNCT clinical development.
NEW VERSION OF RAYCARE RELEASED
The latest version of our oncology information systems, RayCare v2025, was released at the end of the quarter. The new release delivers important functionality enhancements that streamline clinical workflows, improve data management, and strengthen interoperability across the treatment chain. With integrated and intelligent solutions and updated treatment support, the new release contributes to more coordinated and effective care, supporting oncology teams throughout every step of the treatment process.
ANOTHER SALE OF RAYCARE TO A CENTER WITH VARIAN TRUEBEAM
On July 21, we announced that AKSM/Oncology had selected RayCare oncology information system and RayStation treatment planning system for Advanced Radiation Therapeutics (ART), a new partnership with Urology Associates of The Central Coast in San Luis Obispo in California, USA. The center is expected to open in March 2026 and will provide patients with comprehensive treatment using various techniques. The new center will use RayStation and RayCare together with its Varian TrueBeam linear accelerators.
CONTINUED FAVORABLE UNDERLYING PERFORMANCE
Following 11 unbroken consecutive quarters of record-breaking sales, we now have a quarter featuring slightly lower sales compared with last year. We do not, however, view this as a break in the trend, but rather it is a consequence of the temporary effects described above. The previously communicated operating margin target of at least 25 percent by 2026 is unchanged. The conditions for growth remain very favorable and I look forward to the future with confidence.
Stockholm, August 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 second quarter of 2025, order intake amounted to SEK 241.2 M (290.3), a decrease of 16.9 percent compared to the same period previous year. License order intake amounted to SEK 106.8 M (134.2), a decrease of 20.4 percent, while order intake for support was SEK 96.2 M (118.2), a decrease of 18.6 percent.
In the first half of 2025, order intake amounted to SEK 650.8 M (528.8), an increase of 23.1 percent compared to the same period last year. License order intake totaled SEK 265.8 M (246.5), an increase of 7.8 percent, while support order intake reached SEK 297.5 M (198.5), representing an increase of 49.9 percent.
ORDER BACKLOG
At June 30, 2025, the total order backlog was SEK 1,665.3 M (1,790.5), of which SEK 515.0 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. During the second quarter the effect from currency in the order backlog was limited. 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) | Q2–25 | Q1–25 | Q4–24 | Q3–24 | Q2–24 | Jul 24–Jun 25 | Jan–Dec |
| Licenses | 106.8 | 158.9 | 159.2 | 117.6 | 134.2 | 542.5 | 523.3 |
| Support (incl. warranty support) | 96.2 | 201.3 | 104.5 | 92.5 | 118.2 | 494.5 | 395.5 |
| Hardware | 22.2 | 36.6 | 33.3 | 30.6 | 26.3 | 122.7 | 121.4 |
| Training and other | 16.0 | 12.8 | 8.1 | 12.7 | 11.6 | 49.6 | 47.0 |
| Total order intake | 241.2 | 409.6 | 305.0 | 253.4 | 290.3 | 1,209.3 | 1,087.2 |
| Order backlog (amounts in SEK M) | Q2–25 | Q1–25 | Q4–24 | Q3–24 | Q2–24 |
|---|---|---|---|---|---|
| Licenses | 311.7 | 328.5 | 355.7 | 349.8 | 352.1 |
| Support (incl. warranty support) | 1,196.8 | 1,245.3 | 1,292.9 | 1,223.0 | 1,289.0 |
| Hardware | 36.2 | 49.1 | 50.2 | 40.8 | 43.8 |
| Training and other | 120.6 | 111.5 | 114.4 | 109.4 | 105.7 |
| Total order backlog at the end of the period | 1,665.3 | 1,734.4 | 1,813.2 | 1,723.0 | 1,790.5 |
REVENUE
In the second quarter of 2025, net sales amounted to SEK 304.9 M (318.9), a decrease of 4.4 percent compared to the same period last year. The change in sales at unchanged currencies was -0.4 percent.
License revenue amounted to SEK 131.3 M (163.9), a decrease of 19.8 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 46 M, which corresponds to 35 percent of the license revenue for the second quarter.
Support revenue amounted to SEK 130.8 M (114.8), an increase of 13.9 percent.
Hardware revenue, which has a weaker profit margin, amounted to SEK 35.9 M (32.8).
In the first half of 2025, net sales amounted to SEK 636.6 M (576.1), an increase of 10.5 percent.
License revenue totaled SEK 296.5 M (282.4), and support revenue increased to SEK 255.9 M (221.4), accounting for 40 percent (38) of total net sales.
Hardware revenue incresead to SEK 69.5 M (52.2), while revenue from training and other services declined to SEK 14.6 M (20.1).
For the first half-year 2025, net sales had the following geographic distribution: America, 39 percent (42), Asia, the Pacific and the Middle East, 18 percent (18), Europe and Africa, 43 percent (40).
| R12 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Revenue (amounts in SEK M) | Q2–25 | Q1–25 | Q4–24 | Q3–24 | Q2–24 | Jul 24–Jun 25 | Jan–Dec |
| License revenue | 131.3 | 165.2 | 160.4 | 132.7 | 163.9 | 589.6 | 575.5 |
| Support revenue (incl. warranty support) | 130.8 | 125.1 | 131.2 | 120.3 | 114.8 | 507.4 | 472.9 |
| Hardware revenue | 35.9 | 33.5 | 24.2 | 32.8 | 32.8 | 126.5 | 109.2 |
| Training and other revenue | 6.7 | 7.9 | 6.9 | 7.5 | 7.3 | 29.0 | 34.5 |
| Net sales | 304.9 | 331.7 | 322.7 | 293.3 | 318.9 | 1,252.6 | 1,192.0 |
| Growth. % | – 4.4 | 29.0 | 7.7 | 16.0 | 33.2 | 12.1 | 16.6 |
| Growth at constant exchange rates. % | – 0.4 | 25.6 | 8.5 | 17.4 | 31.8 | 12.9 | 16.5 |
LICENSE REVENUE & SUPPORT REVENUE
(SEK M, rolling 12 months)
OPERATING PROFIT
During the second quarter of 2025, the operating profit decreased to SEK 36.4 M (79.3), which corresponds to an operating margin of 11.9 (24.9) percent. The lower operating profit is mainly due to the lower net sales, negative currency effects and temporarly higher costs.
The net of exchange rate gains and losses during the second quarter amounted to SEK -6,7 M (-1.3). 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 43.1 M (80.6) and the operating margin to 14.1 percent (24.9) for the second quarter.
In the first half-year of 2025, operating profit decreased to SEK 111.2 M (125.1), corresponding to an operating margin of 17.5 percent (21.7).
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 second quarter of 2025, research and development expenses amounted to SEK 75.5 M (76.7), a decrease of 1.5 percent. Capitalized development costs totaled SEK 48.7 M (54.6), a decrease of 10.8 percent compared to the same period last year. As a result, capitalized expenses represented 64.5 percent (71.3) of the total research and development expenses for the second quarter of 2025.
In the first half-year of 2025, the total research and development costs amounted to SEK 146.0 M (142.8), an increase of 2.3 percent . Capitalized development costs amounted to SEK 103.5 M (104.7), which is a decrease of 1.1 percent compared to the same period last year. Accordingly, capitalized development costs amounted to 70.9 percent (71.3) of the total research and development costs for the first half-year of 2025.
Amortization of capitalized development costs amounted to SEK 46.2 M (46.4) for the second quarter of 2025, representing a decrease of 0.5 percent compared to the same period last year.
Amortization of capitalized development costs amounted to SEK 89.2 M (91.5) for the first half-year of 2025, which is a decrease of 2.5 percent compared to the same period last year.
Total research and development costs after capitalization and amortization of development expenses amounted to SEK 73.0 M (68.4) for the second quarter of 2025, an increase of 6.7 percent compared to the same period last year.
Total research and development costs after capitalization and amortization of development costs amounted to SEK 131.8 M (129.6) for the first half-year of 2025, an increase of 1.7 percent compared to the same period last year.
As of June 30, 2025, 206 (205) employees worked on research and development, which corresponds to 48 (50) percent of the total number of employees.
Depreciations
During the second quarter of 2025, total amortization amounted to SEK 72.5 M (74.5), of which amortization of intangible assets accounted for SEK 46.2 M (46.4), and amortization of right-of-use assets and tangible fixed assets amounted to SEK 26.0 M (28.1).
The total depreciations for the first half-year of 2025 amounted to SEK 142.8 M (147.5), of which the depreciation on intangible fixed assets amounted to SEK 89.9 M (91.5) and the depreciation on tangible fixed assets amounted to SEK 52.8 M (56.0).
| Capitalization of research- and development costs (amounts in SEK M) |
Q2–25 | Q1–25 | Q4–24 | Q3–24 | Q2–24 | R12 Jul 24–Jun 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|---|---|
| Research- and development costs | 75.5 | 70.5 | 78.0 | 58.6 | 76.7 | 282.7 | 279.4 |
| Capitalization of development costs | – 48.7 | – 54.7 | – 56.2 | – 36.5 | – 54.6 | – 196.1 | – 197.3 |
| Amortisation of capitalized development costs | 46.2 | 43.1 | 49.4 | 46.4 | 46.4 | 185.0 | 187.2 |
| Research- and development costs after capitalization and amortisation |
73.0 | 58.8 | 71.3 | 68.5 | 68.4 | 271.6 | 269.4 |
Taxes
The tax cost for the second quarter 2025 amounted to SEK -8.8 M (-20.1), which corresponds to an effective tax rate of 22.3 percent (24.6). For the second quarter, the profit after tax amounted to SEK 30.8 M (61.4) and the profit per share to SEK 0.90 (1.79).
For the first half-year of 2025, tax expense amounted to SEK -23.0 M (-29.0), corresponding to an effective tax rate of 20.8 percent (22.8). Net income for the period totaled SEK 87.6 M (98.1), and earnings per share amounted to SEK 2.55 (2.86).
CASH FLOW AND LIQUIDITY
In the second quarter of 2025, cash flow from operating activities amounted to SEK 70.6 M (154.6) with negative effects from the working capital and lower operating profit. During the first half of the year, cash flow from operating activities amounted to SEK 217.4 M (321.9), where 2025 was affected by paid tax belonging to the profit in 2024 and prevoius year includes a strong improvement in working capital.
In the second quarter, cash flow from investing activities was SEK -52.7 M (-57.9). In this amount are investments in intangible fixed assets included and amounted to SEK -48.7 M (-54.6) and mainly comprised capitalized development costs for the company's products – RayStation, RayCare, RayCommand and RayIntelligence. Investments in tangible fixed assets amounted to SEK -4.0 M (-3.3) and is attributable to investments in IT equipment. During the first half of the year, cash flow from investing activities amounted to SEK -114.7 M (-118.7).
In the second quarter of 2025, cash flow from financing activities amounted to SEK -121.8 M (-100.9) and consists of amortization of lease liabilities. The corresponding amount for the first half-year of 2025 amounted to SEK -141.0 M (-119.5).
Cash flow for the period was SEK -103.9 M (-4.2) in the second quarter and SEK -38.3 M (83.6) for the first half-year of 2025.
As of June 30, 2025, consolidated cash and cash equivalents amounted to SEK 402.8 M compared to SEK 462.7 M as of December 31, 2024.
FINANCIAL POSITION
As of June 30, 2025, RaySearch's total assets amounted to SEK 1, 989.1 M compared to SEK 2,091.2 M as of December 31, 2024. As of June 30, 2025, the equity/assets ratio was 42.7 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 430.0 M as of June 30, 2025, compared to SEK 471.9 M as of December 31, 2024.
As of June 30, 2025, the Group's net debt amounted to SEK 27.2 M compared to SEK 9.2 M as of December 31, 2024, an increase explained by decreased cash and cash equivalents.
EMPLOYEES
For the first half-year of 2025, the average number of employees in the Group was 421 (403). At the end of the second quarter, the Group had 431 employees (411), of whom 317 (300) were based in Sweden, and 114 (111) in foreign subsidiaries.
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.
THE COMPANY'S SHARE AND SHARE OWNERSHIP
As of June 30, 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 June 30, 2025, the total number of votes in RaySearch was 85,177,578.
As of June 30, 2025, the total number of shareholders in RaySearch was 11,705 according to Euroclear, and the largest shareholders are shown in the table below.
| 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 | - | 2,259,830 | 2,259,830 | 6.6 | 2.7 |
| JP Morgan Chase Bank Na W9 | - | 2,254,728 | 2,254,728 | 6.6 | 2.7 |
| Swedbank Robur Fonder AB | - | 2,248,851 | 2,248,851 | 6.6 | 2.6 |
| State Street Bank and trust Co W9 | - | 2,222,072 | 2,222,072 | 6.5 | 2.6 |
| The Bank Of New York Mellon Sa/Nv W8Imy | - | 1,525,017 | 1,525,017 | 4.5 | 1.8 |
| 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 |
| Case Kapitalfärvaltning | - | 970,942 | 970,942 | 2.8 | 1.1 |
| Andra AP-fonden | - | 915,835 | 915,835 | 2.7 | 1.1 |
| Total 10 largest shareholders | 5,614,822 | 12,725,588 | 18,340,410 | 53.5 | 80.9 |
| Others | 40,153 | 15,902,210 | 15,942,363 | 46.5 | 19.1 |
| Total | 5,654,975 | 28,627,798 | 34,282,773 | 100 | 100 |
Source:,Euroclear
OTHER INFORMATION
DECISIONS AT THE 2025 ANNUAL GENERAL MEETING
The Annual General Meeting of RaySearch Laboratories AB (publ) was held on May 22, 2025, in Stockholm. Information regarding the resolutions passed is available at www.raysearch.se. The AGM resolved a dividend for the fiscal year 2024 of SEK 3.00 (2.00) per share for series A and series B shares, amounting to a total of SEK 102.8 million (68.6). The dividend was paid through Euroclear Sweden on May 30, 2025. The Board of Directors resolved to re-elect Carl Filip Bergendal, Johan Löf, Günther Mårder, and Britta Wallgren as members of the Board, as well as to re-elect Hans Wigzell as Chairman of the Board.
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
Nina Grönberg, CFO Tel: +46 8 510 530 00 E-mail: [email protected]
FINANCIAL CALENDAR
Interim report third quarter, 2025 – November 7, 2025 Year-end report, 2025 – February 12, 2026 Interim report first quarter, 2026 – April 29, 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 August 8, 2025, at 7:45 a.m.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY
| AMOUNTS IN SEK 000s Note |
2025 Apr–Jun |
2024 Apr–Jun |
2025 Jan–Jun |
2024 Jan–Jun |
R12 Jul 25–Jun 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|---|
| Net sales 2,3 |
304,866 | 318,865 | 636,564 | 576,061 | 1,252,532 | 1,192,029 |
| Cost of goods sold 1 | –27,897 | – 23,742 | –54,367 | – 46,844 | –107,015 | – 99,492 |
| Gross profit | 276,969 | 295,123 | 582,197 | 529,217 | 1,145,517 | 1,092,537 |
| Other operating income | 691 | 8,404 | 8,090 | 21,054 | 30,088 | 43,052 |
| Selling expenses | –90,086 | – 84,908 | –179,285 | – 154,521 | –351,349 | – 326,585 |
| Administrative expenses | –71,550 | – 61,822 | –139,287 | – 123,698 | –265,174 | – 249,585 |
| Research and development costs | –72,956 | – 68,391 | –131,782 | – 129,572 | –271,594 | – 269,384 |
| Other operating expenses | –6,706 | – 9,085 | –28,745 | – 17,391 | –40,896 | – 29,542 |
| Operating profit/loss | 36,362 | 79,321 | 111,188 | 125,089 | 246,592 | 260,493 |
| Profit/loss from financial items | 3,206 | 2,168 | –602 | 2,013 | –243 | 2,372 |
| Profit/loss before tax | 39,568 | 81,489 | 110,586 | 127,102 | 246,349 | 262,865 |
| Tax | –8,806 | – 20,058 | –23,017 | – 28,973 | –53,396 | – 59,352 |
| Profit/loss for the period 2 | 30,762 | 61,431 | 87,569 | 98,129 | 192,953 | 203,513 |
| Other comprehensive income | ||||||
| Items to be reclassified to profit or loss | ||||||
| Translation difference of foreign operations for the period | –955 | – 1,066 | –12,495 | 3,550 | –9,515 | 6,528 |
| Comprehensive income for the period 2 | 29,807 | 60,365 | 75,074 | 101,679 | 183,438 | 210,041 |
| Earnings per share before and after dilution (SEK) | 0.90 | 1.79 | 2.55 | 2.86 | 5.63 | 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 |
2025-06-30 | 2024-06-30 | 2024-12-31 |
|---|---|---|---|
| ASSETS | |||
| Intangible fixed assets | 560,484 | 551,030 | 548,169 |
| Right-of-use assets | 415,982 | 483,312 | 456,567 |
| Tangible fixed assets | 62,184 | 80,803 | 70,096 |
| Deferred tax assets | 6,107 | 2,823 | 3,864 |
| Other long-term receivables | 7,481 | 28,825 | 27,741 |
| Total fixed assets | 1,052,238 | 1,146,793 | 1,106,437 |
| Inventories | 35,860 | 21,100 | 10,620 |
| Billed customer receivables | 194,316 | 228,788 | 254,614 |
| Unbilled customer receivables | 257,133 | 164,687 | 190,164 |
| Other current receivables | 46,745 | 65,055 | 66,608 |
| Cash and cash equivalents | 402,807 | 435,198 | 462,740 |
| Total current assets | 936,861 | 914,828 | 984,746 |
| TOTAL ASSETS | 1,989,099 | 2,061,621 | 2,091,183 |
| EQUITY AND LIABILITIES | |||
| Equity | 848,933 | 768,343 | 876,707 |
| Deferred tax liabilities | 118,450 | 112,452 | 114,923 |
| Long-term lease liabilities | 353,492 | 415,642 | 394,855 |
| Other long-term liabilities | 879 | 879 | 879 |
| Total long-term liabilities | 472,821 | 528,973 | 510,657 |
| Accounts payable | 34,447 | 43,027 | 38,757 |
| Current lease liabilities | 76,489 | 83,321 | 77,079 |
| Contractual liabilities | 436,240 | 528,518 | 454,210 |
| Other current liabilities | 120,169 | 109,439 | 133,773 |
| Total current liabilities | 667,345 | 764,305 | 703,819 |
| TOTAL EQUITY AND LIABILITIES | 1,989,099 | 2,061,621 | 2,091,183 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN SUMMARY
| AMOUNTS IN SEK 000s | 2025 Apr–Jun |
2024 Apr–Jun |
2025 Jan–Jun |
2024 Jan–Jun |
2024 Jan–Dec |
|---|---|---|---|---|---|
| Opening balance | 921,974 | 776,546 | 876,707 | 735,232 | 735,232 |
| Profit/loss for the period | 30,762 | 61,431 | 87,569 | 98,129 | 203,513 |
| Dividend to the company's shareholders | –102,848 | – 68,566 | –102,848 | – 68,566 | – 68,566 |
| Translation difference for the period | –955 | – 1,068 | –12,495 | 3,548 | 6,528 |
| Closing balance | 848,933 | 768,343 | 848,933 | 768,343 | 876,707 |
CONSOLIDATED STATEMENT OF CASH FLOW IN SUMMARY
| AMOUNTS IN SEK 000s Note |
2025 Apr–Jun |
2024 Apr–Jun |
2025 Jan–Jun |
2024 Jan–Jun |
R12 Jul 24–Jun 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|---|
| Profit/loss before tax | 39,568 | 81,489 | 110,586 | 127,102 | 246,349 | 262,865 |
| Adjusted for non-cash items 1 | 69,423 | 69,002 | 173,072 | 121,289 | 308,277 | 256,494 |
| Taxes paid | –17,836 | – 3,272 | –66,403 | – 7,735 | –67,542 | – 8,874 |
| Cash flow from operating activities before changes in working capital |
91,155 | 147,219 | 217,255 | 240,656 | 487,084 | 510,485 |
| Cash flow from changes in operating receivables | –50,615 | – 17,336 | –33,144 | – 5,749 | –51,263 | – 23,868 |
| Cash flow from changes in operating liabilities | 30,038 | 24,667 | 33,277 | 86,951 | –55,061 | – 1,387 |
| Cash flow from operating activities | 70,578 | 154,550 | 217,388 | 321,858 | 380,760 | 485,230 |
| Investments in capitalized development costs | –48,738 | – 54,634 | –103,478 | – 104,670 | –196,090 | – 197,282 |
| Acquisition of intangible fixed assets | - | - | - | – 7,000 | - | – 7,000 |
| Acquisition of tangible fixed assets | –4,008 | – 3,305 | –11,208 | – 7,078 | –17,391 | – 13,261 |
| Cash flow from investing activities | –52,746 | – 57,939 | – 114,686 | – 118,748 | – 213,481 | – 217,543 |
| Paid dividend to the company's shareholder | –102,848 | – 68,566 | –102,848 | – 68,566 | –102,848 | – 68,566 |
| Repayment of lease liabilities | –18,925 | – 32,292 | –38,180 | – 50,936 | –78,456 | – 91,212 |
| Cash flow from financing activities | –121,773 | – 100,858 | –141,028 | – 119,502 | –181,304 | – 159,778 |
| Cash flow for the period | –103,941 | – 4,247 | –38,326 | 83,608 | –14,025 | 107,909 |
| Cash and cash equivalents at the beginning of the period | 503,376 | 440,131 | 462,740 | 343,681 | 435,198 | 343,681 |
| Exchange-rate difference in cash and cash equivalents | 3,372 | – 686 | –21,607 | 7,909 | –18,366 | 11,150 |
| Cash and cash equivalents at the end of the period | 402,807 | 435,198 | 402,807 | 435,198 | 402,807 | 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 Apr–Jun |
2024 Apr–Jun |
2025 Jan–Jun |
2024 Jan–Jun |
R12 Jul 24–Jun 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|---|---|
| Net sales | 2,3 | 235,305 | 278,338 | 497,966 | 475,999 | 996,980 | 975,013 |
| Cost of goods sold 1 | –7,038 | – 6,247 | –13,916 | – 14,748 | –24,937 | – 25,705 | |
| Gross profit | 228,267 | 272,091 | 484,050 | 461,251 | 972,043 | 949,308 | |
| Other operating income | 4,451 | 8,476 | 9,929 | 20,221 | 31,500 | 41,792 | |
| Selling expenses | –64,019 | – 67,410 | –122,359 | – 115,616 | –242,374 | – 235,695 | |
| Administrative expenses | –75,871 | – 57,674 | –146,404 | – 124,494 | –285,779 | – 263,869 | |
| Research and development costs | –66,853 | – 68,619 | –128,631 | – 122,784 | –245,950 | – 240,103 | |
| Other operating expenses | - | – 8,839 | –21,617 | – 16,278 | –32,214 | – 26,875 | |
| Operating profit/loss | 25,975 | 78,025 | 74,968 | 102,300 | 197,226 | 224,558 | |
| Profit/loss from financial items | 5,164 | 3,817 | 3,377 | 5,821 | 7,994 | 10,438 | |
| Profit/loss after financial items | 31,139 | 81,842 | 78,345 | 108,121 | 205,220 | 234,996 | |
| Appropriations | - | - | - | - | –11,252 | – 11,252 | |
| Profit/loss before tax | 31,139 | 81,842 | 78,345 | 108,121 | 193,968 | 223,744 | |
| Tax on profit/loss for the period | –7,191 | – 17,194 | –17,152 | – 23,323 | –43,803 | – 49,974 | |
| Profit/loss for the period | 23,948 | 64,648 | 61,193 | 84,798 | 150,165 | 173,770 | |
1 Comprises costs for hardware and royalties
PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME
| AMOUNTS IN SEK 000s | 2025 Note Apr–Jun |
2024 Apr–Jun |
2025 Jan–Jun |
2024 Jan–Jun |
R12 Jul 24–Jun 25 |
2024 Jan–Dec |
|---|---|---|---|---|---|---|
| Profit/loss for the period | 23,948 | 64,648 | 61,193 | 84,798 | 150,165 | 173,770 |
| Other comprehensive income | - | - | - | - | - | - |
| Comprehensive income for the period | 23,948 | 64,648 | 61,193 | 84,798 | 150,165 | 173,770 |
PARENT COMPANY BALANCE SHEET IN SUMMARY
| AMOUNTS IN SEK 000s Note |
2025-06-30 | 2024-06-30 | 2024-12-31 |
|---|---|---|---|
| ASSETS | |||
| Intangible fixed assets | 6,311 | 7,047 | 7,012 |
| Tangible fixed assets | 41,825 | 47,229 | 43,689 |
| Shares and participations | 3,958 | 3,958 | 3,958 |
| Deferred tax assets | 2,772 | - | 1,892 |
| Long-term receivables Group companies | 91 | 5,651 | 5,501 |
| Other long-term receivables | 956 | 1,248 | 968 |
| Total fixed assets | 55,913 | 65,133 | 63,020 |
| Inventories | 5,825 | 4,737 | 3,757 |
| Billed customer receivables | 98,854 | 121,480 | 131,353 |
| Unbilled customer receivables | 174,482 | 62,209 | 95,902 |
| Receivables Group companies | 62,218 | 97,606 | 130,166 |
| Other current receivables | 60,297 | 59,637 | 59,489 |
| Cash and bank balances | 276,333 | 275,617 | 303,776 |
| Total current assets | 678,009 | 621,286 | 724,443 |
| TOTAL ASSETS | 733,922 | 686,419 | 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 | 187,754 | 116,837 | 116,834 |
| Profit/loss for the year | 61,193 | 84,798 | 173,770 |
| Total non-restricted equity | 248,947 | 201,635 | 290,604 |
| Total equity | 309,718 | 262,406 | 351,375 |
| Untaxed reserves | 11,252 | - | 11,252 |
| Long-term liabilities | 15,916 | 18,755 | 17,336 |
| Total long-term liabilities | 15,916 | 18,755 | 17,336 |
| Accounts payable | 19,016 | 25,735 | 28,167 |
| Liabilities Group companies | 13,610 | 18,281 | 26,010 |
| Contractual liabilities | 264,789 | 285,903 | 251,425 |
| Other current liabilities | 99,621 | 75,339 | 101,898 |
| Total current liabilities | 397,036 | 405,258 | 407,500 |
| TOTAL EQUITY AND LIABILITIES | 733,922 | 686,419 | 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.
| 2025 | 2024 | R12 | 2024 | ||
|---|---|---|---|---|---|
| AMOUNTS IN SEK 000s | Apr–Jun | Apr–Jun | Change % | Jul 24–Jun 25 | Jan–Dec |
| Revenue by type | |||||
| Licenses | 131,340 | 163,858 | -20% | 589,638 | 575,483 |
| Support (incl. warranty support) | 130,841 | 114,830 | 14% | 507,398 | 472,901 |
| Hardware | 35,940 | 32,830 | 9% | 126,486 | 109,169 |
| Training and other | 6,745 | 7,347 | -8% | 29,010 | 34,476 |
| Total revenue by type | 304,866 | 318,865 | -4% | 1,252,532 | 1,192,029 |
| 2025 | 2024 | R12 | 2024 | ||
| AMOUNTS IN SEK 000s | Apr–Jun | Apr–Jun | Change % | Jul 24–Jun 25 | Jan–Dec |
| Revenue by geographic market | |||||
| Americas | 118,413 | 114,979 | 3% | 504,666 | 500,079 |
| Asia, Pacific Ocean and Middle East | 59,638 | 59,735 | 0% | 246,454 | 238,545 |
| Europe and Africa | 126,815 | 144,151 | -12% | 501,412 | 453,405 |
| Total revenue by geographic market | 304,866 | 318,865 | -4% | 1,252,532 | 1,192,029 |
| Revenue recognized at various points in time | |||||
| Goods/services transferred/performed at a point in time | 167,280 | 196,688 | -15% | 716,124 | 684,652 |
| Services performed over time | 137,586 | 122,177 | 13% | 536,408 | 507,377 |
| Total revenue recognized at various points in time | 304,866 | 318,865 | -4% | 1,252,532 | 1,192,029 |
| 2025 | 2024 | ||
|---|---|---|---|
| AMOUNTS IN SEK 000s | Jan–Jun | Jan–Jun | Change % |
| Revenue by type | |||
| Licenses | 296,534 | 282,379 | 5% |
| Support (incl. warranty support) | 255,928 | 221,431 | 16% |
| Hardware | 69,483 | 52,166 | 33% |
| Training and other | 14,619 | 20,085 | -27% |
| Total revenue by type | 636,564 | 576,061 | 11% |
| 2025 | 2024 | ||
| AMOUNTS IN SEK 000s | Apr–Jun | Apr–Jun | Change % |
| Revenue by geographic market | |||
| Americas | 245,613 | 241,026 | 2% |
| Asia, Pacific Ocean and Middle East | 114,320 | 106,411 | 7% |
| Europe and Africa | 276,631 | 228,624 | 21% |
| Total revenue by geographic market | 636,564 | 576,061 | 11% |
| Revenue recognized at various points in time | |||
| Goods/services transferred/performed at a point in time | 366,017 | 334,545 | 9% |
| Services performed over time | 270,547 | 241,516 | 12% |
| Total revenue recognized at various points in time | 636,564 | 576,061 | 11% |
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 June 30, 2025, the credit loss provision amounted to SEK 11.2 M (9,4 as of December 31, 2024), corresponding to 2.4 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 12.1 M in the second quarter of 2025, while a corresponding change in the SEK to EUR exchange rate would impact the consolidated operating profit by approximately +/- SEK 22.2 M.
For the first half-year of 2025, a change of ten percentage points in the exchange rate of the Swedish krona against the US dollar would have impacted the Group's operating profit by approximately +/- SEK 16.8 M. A corresponding change in the exchange rate of the Swedish krona against the euro would have affected the Group's operating profit by approximately +/- SEK 37.5 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 | 2025-06-30 | 2024-06-30 | 2024-12-31 |
|---|---|---|---|
| Chattel mortgages | 100,000 | 100,000 | 100,000 |
| Guarantees 1 | 4,733 | 36,530 | 17,405 |
1 Guarantees provided, pertaining to offices, amounted to SEK 4.7 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 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
| Order intake | ||||||||
| Total order intake | 241,219 | 409,629 | 305,048 | 253,364 | 290,251 | 238,526 | 317,749 | 240,693 |
| Income statement | ||||||||
| Net sales | 304,866 | 331,698 | 322,665 | 293,303 | 318,865 | 257,196 | 299,640 | 252,883 |
| Change in sales. % | –4.4 | 29.0 | 27.6 | 16.0 | 26.1 | 22.0 | 13.3 | 19.9 |
| Operating profit/loss | 36,362 | 74,826 | 73,579 | 61,825 | 79,321 | 45,768 | 44,362 | 28,616 |
| Operating margin. % | 11.9 | 22.6 | 22.8 | 21.1 | 24.9 | 17.8 | 14.8 | 11.3 |
| Earnings before interest and taxes, EBITDA | 108,886 | 145,061 | 151,755 | 134,383 | 153,363 | 118,442 | 119,673 | 102, 529 |
| Profit/loss for the period | 30,762 | 56,807 | 59,996 | 45,388 | 61,431 | 36,698 | 31,540 | 21,551 |
| Net margin. % | –89.9 | 17.1 | 18.6 | 15.5 | 19.3 | 14.3 | 10.5 | 8.5 |
| Cash flow | ||||||||
| Operating activities | 70,578 | 146,809 | 102,892 | 60,480 | 154,550 | 167,308 | 115,772 | 124,378 |
| Investing activities | –52,746 | – 61,940 | – 60,770 | – 38,025 | – 57,939 | – 60,809 | – 64,581 | – 43,673 |
| Financing activities | –121,773 | – 19,255 | – 18,552 | – 21,724 | – 100,858 | – 18,644 | – 5,663 | – 17,169 |
| Cash flow for the period | –103,941 | 65,614 | 23,570 | 731 | – 4,247 | 87,885 | 45,528 | 63,536 |
| Capital structure | ||||||||
| Return on average equity % | 3.6 | 6.3 | 7.1 | 5.7 | 8.0 | 4.9 | 4.4 | 3.1 |
| Equity/assets ratio. % | 42.7 | 44.8 | 41.9 | 40.2 | 37.3 | 37.6 | 37.7 | 38.0 |
| Net cash (-) / Net debt (+) | –27,174 | – 53,939 | 9,194 | 52,360 | 63,765 | 85,410 | 185,676 | 199,642 |
| Cash/ Debt / equity ratio | 0.0 | – 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 |
| Net cash/debt / EBITDA | –0.1 | – 0.1 | 0.0 | 0.1 | 0.1 | 0.2 | 0.4 | 0.5 |
| Per share data. SEK | ||||||||
| Earnings/loss per share before dilution | 0.90 | 1.66 | 1.75 | 1.32 | 1.79 | 1.07 | 0.92 | 0.63 |
| Earnings/loss per share after dilution | 0.90 | 1.66 | 1.75 | 1.32 | 1.79 | 1.07 | 0.92 | 0.63 |
| Equity per share | 24.76 | 26.89 | 25.57 | 23.65 | 22.41 | 22.65 | 21.45 | 20.68 |
| Share price at the end of the period | 335.00 | 225.00 | 216.00 | 155.00 | 141.40 | 115.00 | 90.30 | 82.90 |
| 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 | 431 | 422 | 416 | 414 | 411 | 398 | 388 | 383 |
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
CALCULATION OF FINANCIAL MEASURES NOT INCLUDED IN THE IFRS FRAMEWORK
| 2025 | 2024 | 2025 | 2024 | 2024 | |
|---|---|---|---|---|---|
| AMOUNTS IN SEK 000s | Apr–Jun | Apr–Jun | Jan–Jun | Jan–Jun | Full year |
| Operating expenses | |||||
| Selling expenses | –90,086 | –90,086 | –179,285 | –154,521 | –326,585 |
| Administrative expenses | –71,550 | –71,550 | –139,287 | –123,698 | –249,585 |
| Research and development costs | –72,956 | –72,956 | –131,782 | –129,572 | –269,384 |
| Operating expenses | –234,592 | –234,592 | –450,354 | –407,791 | –845,554 |
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| AMOUNTS IN SEK 000s | Apr–Jun | Apr–Jun | Jan–Jun | Jan–Jun | Full year |
| EBITDA | |||||
| Operating profit | 36,362 | 79,321 | 111,188 | 125,089 | 260,493 |
| Amortization and depreciation | 72,524 | 74,462 | 142,759 | 147,522 | 299,374 |
| EBITDA | 108,886 | 153,783 | 253,947 | 272,611 | 559,867 |
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| AMOUNTS IN SEK 000s | Apr–Jun | Apr–Jun | Jan–Jun | Jan–Jun | Full year |
| Operating profit adjusted for currency gains/currency losses | |||||
| Operating profit | 36,362 | 79,321 | 111,188 | 125,089 | 260,493 |
| Net currency gains/currency losses | 6,706 | 1,264 | 26,842 | –2,500 | –8,992 |
| Operating profit adjusted for currency gains/currency losses | 43,068 | 80,585 | 138,030 | 122,589 | 251,501 |
| Percent | 2025 Apr–Jun |
2024 Apr–Jun |
2025 Jan–Jun |
2024 Jan–Jun |
2024 Full year |
| Change in sales at unchanged exchange rates (organic growth) | |||||
| Net sales | 304,866 | 318,865 | 636,564 | 576,061 | 1,192,029 |
| Currency adjustment | 12,823 | –3,179 | 4,142 | –5,784 | –1,149 |
| Adjusted net sales | 317,689 | 315,686 | 640,706 | 570,277 | 1,190,880 |
| Net sales, preceding year | 318,865 | 239,467 | 576,061 | 469,636 | 1,022,159 |
| Change in sales at unchanged exchange rates (organic growth), percent | –0.4% | 31.8% | 11.2% | 21.4% | 16.5% |
| AMOUNTS IN SEK 000s | 2025-06-30 | 2024-06-30 | 2024-12-31 | ||
| Working capital | |||||
| Accounts receivable (current billed customer receivables) | 194,316 | 226,221 | 254,614 | ||
| Current unbilled customer receivables | 257,133 | 167,228 | 190,164 | ||
| Long-term unbilled customer receivables | 956 | 21,688 | 20,948 | ||
| Inventories | 35,860 | 21,100 | 10,620 | ||
| Other current receivables (excl. tax) | 34,407 | 61,365 | 61,203 |
Accounts payable –34,447 – 43,027 – 38,757 Other current liabilities (excl. tax) –553,353 – 625,449 – 545,824 Working capital –65,128 – 170,874 – 47,032
| Percent | 2025-06-30 | 2024-06-30 | 2024-12-31 |
|---|---|---|---|
| Return on equity | |||
| Profit for the period | 30,762 | 98,129 | 203,513 |
| Average equity | 885,454 | 751,789 | 805,970 |
| Return on equity, percent | 3.5% | 13.1% | 25.3% |
| Percent | 2025-06-30 | 2024-06-30 | 2024-12-31 |
| Equity/assets ratio | |||
| Equity at the end of the period | 848,933 | 768,345 | 203,513 |
| Total assets | 1,989,099 | 2,061,621 | 805,970 |
| Equity/assets ratio, percent | 42.7% | 37.3% | 25.3% |
| AMOUNTS IN SEK 000s | 2025-06-30 | 2024-06-30 | 2024-12-31 |
| Net cash (-) /Net debt (+) | |||
| Current lease liabilities | 76,489 | 83,321 | 77,079 |
| Long-term lease liabilities | 353,492 | 415,642 | 394,855 |
| Cash and cash equivalents | – 402,807 | – 435,198 | – 462,740 |
| Net cash (-) /Net debt (+) | 27,174 | 63,765 | 9,194 |
| AMOUNTS IN SEK 000s | 2025-06-30 | 2024-06-30 | 2024-12-31 |
| Debt/equity ratio | |||
| Net cash (-) /Net debt (+) | 27,174 | 63,765 | 9,194 |
| Equity | 848,933 | 768,343 | 876,707 |
| Debt/equity ratio | 0.03 | 0.08 | 0.01 |
| AMOUNTS IN SEK 000s | 2025-06-30 | 2024-06-30 | 2024-12-31 |
| Capital employed | |||
| Total assets | 1,989,099 | 2,061,621 | 2,091,183 |
| Current interest-bearing liabilities | – 590,856 | – 680,984 | – 626,740 |
| Deferred tax liabilities | – 118,450 | – 112,452 | – 114,923 |
| Capital employed | 1,279,793 | 1,268,185 | 1,349,520 |
| Percent | 2025-06-30 | 2024-06-30 | 2024-12-31 |
| Return on capital employed | |||
| Operating profit | 36,362 | 79,321 | 260,493 |
| Financial income | 3,520 | 4,124 | 11,418 |
| Average capital employed | 1,314,657 | 1,266,827 | 1,307,494 |