RaySearch Laboratories
RaySearch Laboratories is a Swedish medical technology company that develops software for radiation therapy and oncology workflows. Its portfolio includes treatment planning, oncology information, treatment control, and analytics software sold to cancer centers and hospitals worldwide through direct sales and distributor partnerships.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueSoftware used to design and optimize radiation therapy treatment plans.
Workflow and patient-management software for radiation oncology departments.
Cloud-based tools for data analysis, reporting, and operational control.
Software that links planning systems with treatment machines.
Recurring software licenses, support, and maintenance agreements.
Customers
RaySearch sells primarily to hospitals, cancer clinics, university hospitals, and healthcare networks that deliver radiation therapy. It also works with medical technology manufacturers, distributors, and research partners to integrate its software into clinical workflows and treatment machines.
Buy RayStation and RayCare to plan and manage radiation therapy for large patient volumes.
Buy software to improve treatment precision, workflow efficiency, and patient throughput.
Use the software for complex cases, clinical evaluation, and research collaboration.
Integrate RaySearch software with treatment machines and broader oncology systems.
Sell and market the software in local markets where RaySearch lacks direct reach.
Strategy
RaySearch’s strategy centers on expanding its oncology software platform, deepening partnerships with treatment-machine manufacturers and clinical centers, and using AI to improve planning and workflow efficiency. It also emphasizes global commercialization through direct sales and distributors, while maintaining a scalable software model and strong product quality.
A wider installed base supports recurring licenses, support relationships, and workflow integration.
Integration with machine manufacturers and cancer centers improves product relevance and market access.
Automation can improve consistency, speed, and clinical utility of the software.
A distributed sales model helps reach more markets and adapt to local conditions.
Geography
RaySearch is a global business with software used in more than 1,200 clinics across 51 countries. It operates through a Swedish headquarters, foreign subsidiaries, and a network of distributors, which gives it local market access but also exposes it to regulatory, currency, and political differences across regions.
Risks
RaySearch faces product-safety, cybersecurity, and talent-retention risks because its software is used in clinical radiation therapy and depends on specialized engineering expertise. It is also exposed to competitive pressure, political and currency volatility, and uneven healthcare spending across markets, which can affect sales timing and customer adoption.
- Treatment errors from software defectsImpact: CriticalLikelihood: Low
The products are used in radiation therapy, where technical flaws can affect patient dose and safety.
Exposure: Clinical software quality and validation
- Cyber breaches and IT disruptionsImpact: HighLikelihood: Medium
The company handles sensitive clinical and treatment data and depends on advanced IT systems.
Exposure - Competitive pressureImpact: HighLikelihood: Medium
The market includes large established competitors investing heavily in oncology software and systems.
Exposure - Dependence on skilled employeesImpact: High
Product development requires specialized medical-technology and software expertise.
Exposure - Political and market volatilityImpact: MediumLikelihood: High
Healthcare investment and procurement can be affected by tariffs, currency restrictions, and public budgets.
Exposure: Global sales and distributor markets
Accounting
Judgemental itemsSoftware licenses, support, and implementation may be recognized at different times depending on contract terms.
Impact: Can shift revenue between quarters and affect backlog/contract asset balances
The fourth quarter is typically strongest and individual orders can materially move quarterly results.
Impact: Reduces quarter-to-quarter comparability
The company reports billed and unbilled receivables, including long-term and current unbilled amounts.
Impact: Affects working capital and credit-loss estimates
The parent company does not apply IFRS 16, unlike the group.
Impact: Creates differences in operating profit and lease-related presentation
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Last updated: 24/09/2026