• 简

    • -+ 0.00%
    -+ 0.00%
    -+ 0.00%

    RaySearch Laboratories (OM:RAY B) Profit Squeeze Deepens Despite Stronger Order Intake

    Simply Wall St·08/14/2026 18:34:30
    语音播报

    RaySearch Laboratories entered this earnings day with a mixed share price record. The stock was roughly flat over the past week, down around 13% over the past month and up close to 10% over the past quarter, which already hinted at shifting sentiment. The headline from Q2 is a clear profit squeeze. Net sales for the quarter landed at SEK272.3m, while basic earnings per share fell to SEK0.50 and the operating margin compressed to 10% for the period.

    Is RaySearch Laboratories trading at a genuine discount, or does the compressed Q2 margin justify the current price? See how current P/E, growth forecasts and DCF assumptions line up in the valuation analysis for RaySearch Laboratories

    Q2 2026 Earnings Summary

    • Revenue (Q2 2026 vs Q2 2025): SEK272.3m vs. SEK304.9m (decline of about 11%)
    • Net Income (Q2 2026 vs Q2 2025): SEK19.6m vs. SEK30.8m (decline of about 36%)
    • Basic EPS (Q2 2026 vs Q2 2025): SEK0.50 vs. SEK0.90 (decline of about 44%)
    • Operating Margin (Q2 2026 vs prior quarter commentary): 10% in Q2 2026 vs. 12% in the year-ago quarter (compression of about 2 percentage points)

    Prefer clear visuals instead of another wall of earnings tables and margin figures? See RaySearch Laboratories' full valuation picture laid out in charts and easy-to-scan panels in the company report for RaySearch Laboratories.

    OM:RAY B Trailing 12-Month Earnings & Revenue History as at Aug 2026
    OM:RAY B Trailing 12-Month Earnings & Revenue History as at Aug 2026

    RaySearch Bull Case Hangs On Order Momentum

    Bulls argue RaySearch Laboratories can compound growth by deepening software penetration at top cancer centers and lifting margins as higher value modules scale. Q2 revenue and EPS both fell year on year, which clearly does not support a clean growth story. However, several concrete milestones align with the bullish view that the platform is gaining depth and reach.

    Order intake grew 23% with a book to bill of 1.1, so new business outpaced recognized sales despite the profit squeeze. High profile wins such as Dana Farber selecting RayStation and RayCare for its proton program, and the first online adaptive treatments on Varian TrueBeam equipment, show traction in the advanced radiotherapy and integrated workflow niches that underpin the thesis. Recurring support revenue of SEK133m, equal to 49% of Q2 sales, also supports the claim of a more durable software base.

    Compare RaySearch Laboratories' order momentum and recurring revenue story with what the street is pricing in. See the consensus price target analysis for RaySearch Laboratories to check how current analyst targets stack up against the latest SEK194.2 share price.

    RaySearch Bears See Execution Risk, Not Just Timing Noise

    The harshest bear view on RaySearch Laboratories is that oncology software expansion is stretching the organisation, which slows rollouts, caps license growth and keeps margins below management’s ambitions. Q2 lends some weight to that concern. Net sales fell 11% and the operating margin slipped to 10% while license sales declined 14% and hardware revenue fell 38%. That is not the backdrop you want when the stated 2026 margin target is at least 25% and the cost base is described as largely fixed.

    Bears also worry that the Pinnacle replacement cycle may fade and expose volatility in earnings quality. Management pointed to postponed United States deals rather than lost ones and highlighted a 23% jump in total order intake plus a 1.1 book to bill. Those figures show demand is still there but the Q2 profit squeeze suggests timing issues and integration complexity are already affecting the income statement.

    After this kind of margin pressure and postponed deals, it is fair to ask what else might be lurking off the income statement. Review our independent risk analysis for RaySearch Laboratories which shows 1 important warning sign

    Stay Ahead With Simply Wall St

    If the Q2 margin squeeze and postponed RaySearch Laboratories deals have your attention, register free with Simply Wall St and add the stock to a Watchlist to track price against fair value and monitor for a more attractive entry point. After you decide whether to buy or sell, keep your positions organised through the Portfolio Command Center that filters out noise and highlights the updates that matter most. For a longer term view, use the Community to see how other investors are thinking about opportunities and risks around RaySearch Laboratories and similar stocks. By identifying potential catalysts and pressure points early, you may improve your ability to react quickly and stay ahead of market developments.

    Seeking Alternatives Beyond RaySearch Laboratories

    Fresh stock ideas can move quickly once momentum builds, and the best entries often appear before the crowd catches on. Scan these curated themes while it matters and act now.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.