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RaySearch Laboratories AB (RAY.B) AI Stock Analysis
RaySearch Laboratories AB
(Nasdaq OMX AB:RAY.B)
The overall score of 66 reflects a company with strong underlying financial health and growth prospects that is currently facing significant technical headwinds and near-term execution risks. The most significant positive factor is the robust financial performance, characterized by excellent cash flow and expanding profitability. This is balanced by a bearish technical trend, with the stock trading well below its moving averages. The earnings call adds uncertainty, as achieving annual targets requires an exceptionally strong fourth quarter to overcome recent margin pressures. The valuation is fair, providing some support.
RaySearch Laboratories AB (RAY.B) vs. iShares MSCI Sweden ETF (EWD)
- Market Cap
- SEK 665.74M
- Dividend Yield
- 2.29%
- Average Volume (3M)
- 187.02K
- Price to Earnings (P/E)
- 29.1
- Beta (1Y)
- 0.75
- Revenue Growth
- 3.16%
- EPS Growth
- -5.78%
- Country
- Sweden
- Employees
- 458
- Sector
- Healthcare
- Sector Strength
- 51
- Industry
- Medical - Healthcare Information Services
RaySearch Laboratories AB Business Overview & Revenue Model
Company Description
RaySearch Laboratories AB (publ) is a global medical technology company dedicated to developing cutting-edge software solutions for cancer treatment. Its principal offering, RayStation, is a sophisticated treatment planning system that supports a vas...
How the Company Makes Money
RaySearch primarily makes money by licensing its oncology software to clinics and healthcare providers and then charging ongoing fees tied to software upkeep and expansion. Key revenue streams typically include: (1) Software license revenue from sell...
RaySearch Laboratories AB Earnings Call Summary
The call was predominantly positive, supported by record Q3 sales, strong order intake, U.S. momentum, strategic customer wins, expanding RayCare adoption, substantial backlog and strong financial flexibility. However, license sales declined, margins were pressured by an unusually high hardware mix, free cash flow was negative, RayCare deal conversion remains gradual, reimbursement-related delays persist, and the full-year EBIT target requires an exceptionally strong fourth quarter.
Q3-2026 Updates
Positive Updates
Negative Updates
Company Guidance
RaySearch expects growth to continue for the full year of 2026 and also expects a very strong end of 2026, with Q4 traditionally its strongest quarter; management said it will be “a stellar Q4” to achieve the full year EBIT margin target of at least 25%, which “remains within reach,” is “not a given” but “reasonable,” and excludes costs related to the long-term incentive program introduced in the second quarter this year. Management expects a few more RayCare orders this year, said RayCare will contribute in 2027, expects customer receivables to remain at the same high numbers in the next quarter but not increase further, and expects sales and marketing costs to be on about the same level in the next quarter as in this.
RaySearch Laboratories AB Financial Statement Overview
Summary
Financial performance is strong, driven by excellent cash flow conversion (Score 82) and a rapidly improving income statement (Score 78). The balance sheet is also solid (Score 72), showing significant deleveraging. The primary offset is a slight contraction in total assets and a normalization of gross margins from historically high levels.
Income Statement
78PositiveBalance Sheet
72PositiveCash Flow
82Very Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.33B | 1.34B | 1.19B | 1.02B | 843.65M | 641.67M |
| Gross Profit | 903.20M | 951.40M | 1.09B | 915.58M | 748.66M | 591.28M |
| EBITDA | 545.10M | 612.80M | 571.25M | 405.94M | 340.85M | 197.36M |
| Net Income | 204.70M | 227.80M | 203.51M | 81.57M | 23.78M | -47.31M |
Balance Sheet | ||||||
| Total Assets | 1.82B | 1.99B | 2.09B | 1.95B | 1.88B | 1.74B |
| Cash, Cash Equivalents and Short-Term Investments | 158.30M | 407.30M | 462.74M | 343.68M | 160.27M | 102.53M |
| Total Debt | 406.00M | 394.80M | 471.93M | 529.36M | 555.39M | 561.40M |
| Total Liabilities | 1.01B | 1.01B | 1.21B | 1.22B | 1.22B | 1.09B |
| Stockholders Equity | 804.80M | 985.30M | 876.71M | 735.23M | 657.16M | 628.31M |
Cash Flow | ||||||
| Free Cash Flow | 401.70M | 358.90M | 267.69M | 246.60M | 125.28M | -17.06M |
| Operating Cash Flow | 424.90M | 387.00M | 485.23M | 455.93M | 356.78M | 238.16M |
| Investing Cash Flow | -241.50M | -228.10M | -217.54M | -209.33M | -231.50M | -237.63M |
| Financing Cash Flow | -349.70M | -179.60M | -159.78M | -56.35M | -72.49M | -72.23M |
RaySearch Laboratories AB Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:RAY.B, the sentiment is Negative. The current price of 174.90 is below the 20-day moving average (MA) of 191.63, below the 50-day MA of 183.19, and below the 200-day MA of 192.07, indicating a bearish trend. The MACD of -0.96 indicates Positive momentum. The RSI at 39.79 is Neutral, neither overbought nor oversold. The STOCH value of 23.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:RAY.B.
RaySearch Laboratories AB Peers Comparison
Overall Rating
SE:SECT.B79Outperform
SE:SUS68Neutral- SE:RAY.B66Neutral
SE:CRAD.B64Neutral
SE:PAX61Neutral
SE:MNTC50Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| SE:SECT.B | 79Outperform | SEK 63.77B | 101.16 | 30.26% | 0.40% | 13.94% | 5.70% |
| SE:SUS | 68Neutral | SEK 3.05B | 32.98 | ― | ― | 8.40% | 0.74% |
| SE:RAY.B | 66Neutral | SEK 5.95B | 29.05 | 22.61% | 2.29% | 3.16% | -5.78% |
| SE:CRAD.B | 64Neutral | SEK 803.65M | 16.70 | 13.23% | 0.43% | -8.76% | 103.87% |
| SE:PAX | 61Neutral | SEK 1.47B | -287.35 | -1.22% | ― | 34.05% | -144.96% |
| Sector * | 51Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
| SE:MNTC | 50Neutral | SEK 428.92M | -90.48 | -3.61% | ― | 15.87% | 92.43% |
* Healthcare Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SE:RAY.B | RaySearch Laboratories AB Class B | 174.90 | -76.28 | -30.37% | |
| SE:PAX | Paxman AB | 62.70 | -1.30 | -2.03% | |
| SE:CRAD.B | C-Rad AB Class B | 23.50 | -8.45 | -26.45% | |
| SE:SECT.B | Sectra AB Class B | 330.80 | 38.73 | 13.26% | |
| SE:MNTC | Mentice AB | 15.50 | 3.90 | 33.62% | |
| SE:SUS | Surgical Science Sweden AB | 60.35 | -19.95 | -24.84% |
RaySearch Laboratories AB Corporate Events
RaySearch Reports Record Sales and Strong U.S. Growth
RaySearch Laboratories develops radiation-oncology software, including RayStation and RayCare, with a global focus on adaptive and proton therapy. The company reported record quarterly net sales and strong U.S. performance, while expanding collaborat...
RaySearch Sets Date for Q3 2026 Interim Report and Webcast
RaySearch Laboratories AB is a Stockholm-based medical technology company specializing in innovative software for cancer treatment. Its core products include the RayStation treatment planning system and the RayCare oncology information system, comple...
RaySearch Joins IAEA’s Rays of Hope to Boost Global Radiotherapy Access
RaySearch Laboratories AB, a Swedish medtech firm focused on oncology software, develops systems that support treatment planning, clinical workflow, analytics, and treatment control for cancer clinics worldwide. The company’s products, includin...
RaySearch Highlights Integrated Automation and Analytics Suite at ASTRO 2026
RaySearch Laboratories, a Stockholm-based medical technology firm focused on oncology software such as RayStation and RayCare, is broadening its integrated platform for cancer care with advanced analytics and automation tools. Its global customer bas...
RaySearch expands U.S. footprint as California clinic goes live with integrated RayCare and TrueBeam
RaySearch Laboratories AB has achieved a new clinical milestone with the go-live of its RayCare oncology information system and RayStation treatment planning software at Advanced Radiation Therapeutics, a new freestanding radiation therapy center wit...
RaySearch and Accuray Deepen Partnership to Drive Adaptive Radiation Therapy
RaySearch Laboratories AB and U.S.-based Accuray Incorporated have signed a definitive agreement to expand their collaboration around online adaptive radiation therapy. The deal will integrate RaySearch’s RayStation treatment planning and RayCa...
RaySearch Balances Weaker Q2 Earnings With Strong Orders and Strategic Investments
RaySearch Laboratories reported a mixed second quarter, with order intake rising 23 percent to SEK 296 million while net sales fell 11 percent and operating profit dropped 23 percent, pressured mainly by delayed U.S. orders. Despite lower earnings an...
RaySearch wins USD 5 million in new U.S. RayStation orders
RaySearch Laboratories has secured nine new orders for its RayStation treatment planning system from U.S. customers at the start of the third quarter, with a combined value of about USD 5 million, most of which will be recognized as revenue in the cu...
RaySearch expands UNC proton therapy planning with advanced RayStation deployment
RaySearch Laboratories AB has secured an order from the University of North Carolina School of Medicine for additional RayStation licenses, expanding the U.S. institution’s long-standing use of the treatment planning system. The new deployment...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 04, 2026