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RaySearch Laboratories (RAY) investor relations material
RaySearch Laboratories Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Q2 sales decreased 4.4% year-over-year to SEK 304.9M due to delayed orders, but July order intake rebounded, exceeding the three-year average by over SEK50 million.
Operating profit for Q2 was SEK36.4M (11.9% margin), negatively impacted by currency and non-recurring costs; adjusted margin would have been higher.
Strong financial position with SEK402.8M in cash and no loans as of June 30.
Order backlog at end of June was SEK1,665.3M, with SEK550M expected as net sales in the next 12 months.
Management maintains confidence in long-term growth and targets a 25% operating margin by 2026.
Financial highlights
Q2 order intake fell 16.9% year-over-year to SEK241.2M; H1 order intake rose 23.1% to SEK650.8M.
Net sales in Q2 decreased 4.4% to SEK304.9M; H1 net sales up 10.5% to SEK636.6M.
License sales dropped 19.8% to SEK131.3M, while support revenue increased 13.9% to SEK130.8M.
Cash flow from operations in Q2 was SEK70.6M, down from SEK154.6M last year, mainly due to lower profit and higher tax payments.
Net cash flow for Q2 was minus SEK104M, impacted by a SEK102.8M dividend payout.
Outlook and guidance
Management expects continued strong growth, with no change to full-year sales targets despite Q2 slowdown.
Targeting at least 25% operating margin by end of 2026.
Q3 expected to benefit from delayed Q2 orders, but timing of order recognition remains uncertain.
How did currency fluctuations impact operating profit?
Elaborate on the strategic partnership with Radiology Oncology Systems.
What is driving the increase in support revenue?
What's driving increased support revenue?
How will RaySearch increase new clinics/year?
What % of licensing revenue replaces Pinnacle?
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Next RaySearch Laboratories earnings date
Q3 20257 Nov, 2025
Next RaySearch Laboratories earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
RaySearch Laboratories AB, a global medical technology company, develops software solutions for cancer treatment. RxSight ™ is the first systems biology platform for personalized medicine to generate cancer patient-specific clinical trial plans from tissue slides, enabling better targeting of personalized therapy protocols using patient tissue. Its software solutions help doctors find the right combination of cells and drugs to fit their patients' specific needs, track tumor growth in real-time, increase efficiency in clinical trials, and help match the right patients with the right treatments. RaySearch Laboratories has successfully completed several rounds of funding and secured many high-profile partnerships in its short history.
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