RaySearch Laboratories (RAY) Q2 2025 earnings summary

Executive summary

• Q2 2025 sales were SEK 305 million, down 4.4% year-over-year due to delayed orders and a tough comparison with a one-time SEK 37 million license sale in Q2 2024; currency-adjusted decrease was 0.4%.

• Q2 operating profit was SEK 36.4 million (11.9% margin), down from SEK 79.3 million, negatively impacted by currency and non-recurring costs; profit after tax was SEK 30.8 million.

• Order intake in Q2 was SEK 241 million, a 17% decrease, but July saw a record-high SEK 56 million in orders, indicating strong underlying demand.

• Customer interest and demand remain robust, with no signs of a weaker market; delays were attributed to administrative issues.

• RaySearch technology enabled the first European BNCT treatments, reinforcing its leadership in advanced oncology solutions.

Financial highlights

• Q2 net sales: SEK 305 million (318.9 million prior year); H1 net sales: SEK 637 million (576.1 million prior year); currency-adjusted Q2 growth was flat.

• Q2 operating profit: SEK 36.4 million (79.3 million prior year); adjusted operating profit was SEK 51 million (17% margin).

• License sales in Q2 were SEK 131 million, down 20% year-over-year, while support revenue rose 14% to SEK 131 million.

• Cash and cash equivalents at June 30 were SEK 403 million, with no loans and stable cash flow.

• Cash flow from operations in Q2 was SEK 71 million, down from SEK 155 million last year, mainly due to lower profit and higher tax payments.

Outlook and guidance

• Management maintains a target of at least 25% operating margin by 2026.

• Full-year 2025 sales are tracking in line with expectations despite the Q2 slowdown.

• Strong order intake in July and a robust backlog support confidence in continued growth.