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RaySearch Laboratories (RAY) investor relations material
RaySearch Laboratories Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record-high net sales in Q3 2025, with 19% organic growth and strong profitability, driven by robust customer demand and major deliveries to particle centers in Asia.
Order intake increased by 17% year-over-year, with significant contributions from both new and existing customers and major contracts in the US, South Korea, China, New Zealand, Germany, and France.
Ongoing replacement of Philips Pinnacle systems is driving new customer conversions and accelerating order intake.
Launched RayIntelligence v2025, enhancing analytics and integration across platforms, and expanded partnerships globally.
Celebrated 25th anniversary with a global employee conference, incurring one-time costs.
Financial highlights
Net sales grew 13% year-over-year to SEK 332 million, marking an all-time high, with organic growth of 19%.
Operating profit (EBIT) rose 44% to SEK 89 million, with a margin of 27%; adjusted EBIT was SEK 103 million (31% margin) excluding one-time conference costs.
License sales increased 40% to SEK 186 million, support sales up 8% to SEK 130 million, and recurring support revenue accounted for 39% of total revenues.
Order intake for Q3 was SEK 295 million, and order backlog at quarter-end was SEK 1,617 million.
Cash balance at quarter end was SEK 323 million, with no loans and an unused overdraft facility.
Outlook and guidance
Confident in achieving at least a 25% EBIT margin target for 2026, with potential for upward revision.
Expect continued strong order intake and sales momentum, especially from Pinnacle system replacements and growing RayCare interest.
Management highlights a strong foundation for long-term growth, supported by recurring revenue and technical expertise.
Working capital impact on FCF
Order backlog decrease despite strong intake
Pinnacle replacement market opportunity
Impact of non-radiotherapy treatment expansion
RayIntelligence's impact on clinical efficiency
Working capital trends and future management
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Next RaySearch Laboratories earnings date
Q4 202512 Feb, 2026
Next RaySearch Laboratories earnings date
Q4 202512 Feb, 2026
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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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