RaySearch Laboratories (RAY) Q3 2025 earnings summary

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.