RaySearch Laboratories (RAY) Q2 2026 earnings summary

Executive summary

• Net sales in Q2 2026 declined by 11% year-over-year to SEK 272 million, mainly due to delayed US orders, while order intake rose 23% to SEK 296 million and recurring support revenue accounted for 49% of total revenue.

• Operating profit (EBIT) for Q2 was SEK 28 million with a 10% margin, down from SEK 36 million (12%) last year.

• Free cash flow improved to SEK 50 million in Q2, and the order backlog reached SEK 1,691 million.

• The company secured significant new orders in July, including nine RayStation deals worth $5 million from major US cancer centers, and expanded in Vietnam, South Korea, and Germany.

• Product innovation continued with new releases of RayStation, RayCare, and RayIntelligence, and clinical milestones were achieved in adaptive radiation therapy.

Financial highlights

• Q2 net sales: SEK 272 million (-11% YoY), organic growth -8%.

• License sales fell 18% to SEK 107 million, hardware sales declined 38% to SEK 22 million, while support sales grew 1% to SEK 133 million.

• EBIT for Q2 was SEK 28 million (10% margin), down from SEK 36 million (12%) last year.

• Free cash flow improved to SEK 50 million in Q2, aided by advances from customers and higher accounts payable.

• Cash balance at quarter-end was SEK 213 million.

Outlook and guidance

• Management expects to recover postponed Q2 orders in Q3 and is confident in delivering on the full-year EBIT margin target of at least 25% for 2026.

• Strong order momentum in early Q3, especially in the US, supports expectations for a robust second half.

• Double-digit sales growth is the aim for the full year, requiring significant growth in H2.