Q2 2026 RaySearch Laboratories AB (publ) Earnings Call Transcript
Key Points
- Order intake increased by 23% in Q2, with several postponed US deals already recovered in early Q3, including nine RayStation orders worth approximately USD 5 million.
- Secured a major customer win with Dana-Farber Cancer Institute, a top-15 global clinic, selecting both RayStation and RayCare for its proton therapy program (SEK29 million order).
- Recurring support revenue remained stable at SEK133 million (49% of total revenue) in Q2, providing a solid base and contributing to a 41% share over the last 12 months.
- Achieved a clinical milestone with the first online adaptive treatments using RayStation and RayCare on Varian TrueBeam, expanding market potential for adaptive therapy.
- Maintained a strong long-term growth trajectory with 9% organic growth over the last 12 months and an EBIT margin of 22%, despite the weak quarter.
- Expanded global footprint with first RayStation order in Vietnam and additional orders in South Korea and Germany, driven by Pinnacle end-of-life conversions.
- Strengthened proton therapy expertise by recruiting Antony Lomax, a world-renowned expert, and launched new software versions to enhance adaptive and personalized treatments.
- Net sales decreased 11% to SEK272 million in Q2, with organic growth at negative 8%, primarily due to postponed deals in the US.
- Operating profit fell to SEK28 million with an EBIT margin of 10%, down from SEK36 million and 12% in the prior year.
- License sales declined 18% and hardware sales dropped 38% in the quarter, reflecting weak demand and timing issues.
- The stronger Swedish krona created headwinds, negatively impacting organic growth and support revenue growth (which would have been 4% without currency effects).
- Order intake on licenses was down 14% in Q2, and the company experienced two consecutive weak quarters, raising concerns about sales volatility.
- US market faced delays due to more cautious procurement processes and lower reimbursement levels, which could persist and affect future quarters.
- R&D amortization is expected to increase in Q3 due to the later release of RayStation, potentially pressuring margins.
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Welcome to RaySearch presentation of the second quarter of 2026. My name is Carolina Stromlid, and I'm Head of Investor Relations. Today, our CEO and Founder, Johan Lof; and our CFO, Nina Gronberg, will take you through the key highlights and financial results for the quarter. After the presentation, we will open up for questions. Simply raise your hand in Teams if you would like to ask a question.
And with that short introduction, I'll hand over to you, Johan.
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Thank you, Carolina, and welcome again, everyone. This is a summary of RaySearch as of today. We have four different software platforms: RayStation, which is a treatment planning system; RayCare, which is an oncology information system; RayIntelligence, an analytics platform; and RayCommand, which is a treatment control system; and they're all dedicated to improving
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