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RaySearch Laboratories
RaySearch Laboratories (RAY) investor relations material
RaySearch Laboratories Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved record net sales in Q4 2025, up 16% year-over-year to SEK 375 million, and full-year net sales up 13% to SEK 1,344 million, both all-time highs, with strong organic growth despite currency and geopolitical challenges.
Recurring support revenue accounted for 39% of total revenues for the year, reflecting increased business robustness.
Strong license sales and high customer activity, with major orders and installations at leading cancer centers in the US, UK, Germany, and Poland.
Major clinical milestones included the world's first clinical proton arc treatments and first online adaptive treatment on a standard linac.
Updated dividend policy to distribute 50% of annual profit after tax, with a proposed dividend of SEK 4.00 per share for 2025.
Financial highlights
Q4 operating profit rose 25% to SEK 92 million, with a 24% EBIT margin; adjusted for currency losses, margin would have been 27%.
Full-year operating profit reached SEK 292 million (22% margin); adjusted EBIT was SEK 353 million (26% margin).
Order intake increased 8% in Q4 and 17% for the full year, despite currency headwinds.
Cash flow in Q4 improved to SEK 91 million, with year-end cash balance at SEK 407 million and no loans.
Free cash flow for the full year was SEK 82 million, impacted by higher working capital.
Outlook and guidance
Confident in achieving at least a 25% EBIT margin in 2026, with continued focus on sales growth and improved cash flow.
Board proposes a dividend of SEK 4 per share for 2025, up from SEK 3, and revises policy to distribute 50% of profit after tax annually from 2026.
New medium-term financial targets, including margin and possibly sales, to be communicated during 2026.
Impact of online adaptive treatment on market reach
How does the new dividend policy affect capital allocation?
What is the unhedged FX impact on order backlog?
Order backlog decrease impact on future growth?
Pinnacle conversion outlook for 2026
Timeline for new therapy area approvals
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Next RaySearch Laboratories earnings date
Q1 202629 Apr, 2026
RaySearch Laboratories
Next RaySearch Laboratories earnings date
Q1 202629 Apr, 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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