RaySearch Laboratories AB (publ)

RaySearch reported Q2 net sales of SEK 272 million, down 11% year over year, with organic growth at negative 8%. EBIT was SEK 28 million versus SEK 36 million last year, and EBIT margin was 10% versus 12% last year. License sales fell 18%, hardware sales fell 38%, and support sales rose 1%; support was 49% of total revenue, or SEK 133 million. For the last 12 months, net sales were SEK 1.27 billion, organic growth was 9%, EBIT was SEK 277 million, and EBIT margin was 22%. Guidance was qualitative rather than numeric: management said it expects to recover the slipped Q2 U.S. orders in Q3, sees a strong H2, and reaffirmed its 2026 operating margin target of at least 25%.

Johan Löf said the quarter was disappointing, but he stressed that demand for advanced radiotherapy software remains strong and that the company still sees a long-term growth path. He highlighted early Q3 order momentum in the U.S., growth in proton therapy opportunities, and clinical wins such as Dana-Farber choosing both RayStation and RayCare. His tone was cautious about the recent delays, but confident that the company can deliver on its full-year EBIT-margin promise.

Nina Grönberg said the miss came from weaker-than-expected demand conversion, especially on licenses, with order intake up 23% but license order intake down 14% on a weak comparison base. She cited order backlog of SEK 1.691 billion, with SEK 670 million expected to convert to net sales in the next 12 months, and free cash flow of SEK 50 million in Q2. Cash balance at quarter-end was SEK 213 million after a dividend payment of SEK 137 million, and share buybacks totaled SEK 200 million; advances from customers stood at SEK 390 million. She also noted a rolling credit facility of SEK 225 million and explained that higher selling costs were mainly due to increased staff and ESTRO-related activity, while support growth would have been 4% excluding currency effects.

Analysts focused on whether Q2’s delayed U.S. deals had been recovered, and management said a big part had returned in early Q3 but not all of it; Johan said he expects the slipped Q2 orders to be recovered in Q3. They also pressed on whether U.S. delays reflect broader industry weakness, and management blamed slower procurement and lower reimbursement in the U.S., saying the issue has not been seen in other regions. Another theme was the Pinnacle end-of-life tailwind and subscription/SaaS adoption: Johan said Pinnacle replacement opportunities continue, but customers still mostly prefer CapEx-style purchases, with subscription likely to stay a hybrid and limited model for now.