Annual rank26
Sweden · Healthcare
RaySearch Laboratories
RaySearch develops cancer-treatment software for treatment planning, oncology information, oncology analytics and treatment control.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Software that connects the radiation-oncology workflow
RaySearch Laboratories is a Stockholm medical-software company whose systems span the radiation-oncology workflow: RayStation designs treatment plans, RayCare coordinates clinical operations, RayCommand connects software with treatment-room hardware and RayIntelligence analyses oncology data. The products are designed to work across different treatment machines and modalities rather than around one hardware platform, and are deployed through direct offices, distributors and collaborations with cancer centres.
Connected oncology workflow
Four systems link planning, operations, delivery and learning
RayStation designs radiotherapy plans. RayCare manages patient charts, tasks, scheduling, images and treatment workflows. RayCommand orchestrates imaging, beam-delivery and patient-support equipment in particle-treatment rooms, while RayIntelligence benchmarks plans and tracks device use and AI-model performance.
- RayStation Treatment planning across machines and radiation modalities
- RayCare Patient information, scheduling, imaging and oncology workflows
- RayCommand The control layer between clinical software and treatment hardware
- RayIntelligence Plan benchmarking, device utilisation and AI monitoring
- ▶ VideoWatch: RayCare An English film explaining the oncology information system
Planning science
One planner supports photons, particles and changing anatomy
RayStation covers external-beam photons and electrons as well as proton, helium and carbon-ion planning. Plan Explorer and ECHO compare plan alternatives; deep-learning models segment anatomy and predict dose; adaptive modules accumulate delivered dose and support re-planning when anatomy changes.
- Automated planning Plan Explorer, ECHO, scripting and plan-generating protocols
- Machine learning Deep-learning segmentation and dose-prediction models
- Adaptive therapy Daily imaging, dose tracking, registration and re-planning
- RayStation v2026 Reirradiation, quality assurance and expanded automation
- ▶ VideoWatch: proton planning RaySearch's English technical film on proton workflows
Real clinical workflows
Different centres use the software for different bottlenecks
Belgium's Iridium Network describes automation across a dispersed radiotherapy service and, in May 2026, connected RayStation and RayCare with an installed Varian TrueBeam for online adaptive treatment. Ålesund Hospital used scripting alongside VMAT, while Auckland City Hospital built routine assessment and re-planning into a large adaptive programme.
- Iridium automation Scripting, AI-supported contouring and plan generation in Belgium
- Online adaptive on TrueBeam RayStation and RayCare connected to an installed linear accelerator
- Ålesund Hospital VMAT deployment and clinic-specific RayStation scripts
- Auckland City Hospital A protocol-based, large-scale adaptive-therapy workflow
Research roots and commercial reach
A Karolinska spin-off sold through offices and distributors
Founded in 2000 from Karolinska Institutet research, RaySearch develops its software at its Stockholm headquarters. The 2025 annual report records more than 1,200 customer clinics in 51 countries, supported by 13 offices and 19 distributors; revenue comes chiefly from software licences and ongoing support, alongside hardware, training and related services.
- About RaySearch Origins, products and the company's research-led mission
- 2025 annual report Customer footprint, distribution network and revenue model
- Global offices Local teams across Europe, the Americas and Asia-Pacific
- ▶ VideoWatch: the RaySearch story The issuer's English-subtitled company film
Official profile sources: RayStation — Comprehensive cancer treatment planning · Preliminary results for the second quarter of 2026
Current 2026 update
What is changing at RaySearch Laboratories in 2026?
RaySearch is extending its specialist planning software into a connected oncology stack across existing treatment machines and proton centres. By 13 August, several delayed US transactions had become early-Q3 orders, but revenue recognition, implementation and clinical use remain later stages.
The change in one sentence
The growth case now runs from product integration to clinical use to order conversion.
RayStation, RayCare and RayIntelligence released 2026 versions; Iridium and Raigmore show clinical use on TrueBeam; nine US orders are order-stage evidence, not yet proof of full revenue recognition or implementation.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Product stack
Three 2026 releases connect planning, clinical work and analytics
RayStation v2026 adds reirradiation support, integrated patient-specific quality assurance, expanded deep-learning segmentation and planning, and particle-therapy improvements. RayCare v2026 adds a patient-chart workflow timeline and encrypted DICOM communication with RayStation and compatible treatment devices. RayIntelligence v2026 begins AI-performance monitoring with deep-learning segmentation and expands plan benchmarking across patient cohorts. Availability and functionality remain subject to market authorisation.
- Current signalRayStation · RayCare · RayIntelligence 2026 releases
- Why it mattersRaySearch is differentiating through a connected planning, clinical-operations and analytics stack rather than a treatment planner alone.
- RayStation v2026 product release RaySearch Laboratories · 2026-07-01
- RayCare v2026 product release RaySearch Laboratories · 2026-07-07
- RayIntelligence v2026 product release RaySearch Laboratories · 2026-06-29
02 · Clinical workflow
Adaptive treatment reaches an established linac, while RayCare gains a first UK clinic
In May, Belgium's Iridium Network treated its first patients with online adaptive radiotherapy using RayStation and RayCare on a Varian TrueBeam. The workflow combines daily imaging, re-optimisation and RayCare orchestration. The final Q2 report adds that Raigmore Hospital started treating patients with RayStation and RayCare integrated with TrueBeam, making it the first UK clinic to use RayCare clinically. These are site milestones, not evidence of broad adoption, and regulatory clearance varies by market.
- Current signalIridium online adaptive treatment · Raigmore first UK clinical RayCare use
- Why it mattersA software route to adaptive care on the established TrueBeam base could reach more clinics without requiring a dedicated adaptive machine.
- Iridium adaptive-treatment milestone RaySearch Laboratories · 2026-05-12
- Final Q2 and clinical update RaySearch Laboratories · 2026-08-13
03 · United States
Nine US orders make Q3 revenue recognition the next test
After Q2 net sales fell 11%, RaySearch said several expected US transactions were delayed and instead received in early Q3. On 10 August it announced nine RayStation orders from new and existing US customers worth about USD 5 million, with most of the value expected as Q3 revenue. UNC's order expands RayStation from photon planning across 12 sites into proton planning; proton arc therapy, LET optimisation and upright adaptive proton therapy are implementation plans, not completed clinical use.
- Current signalNine US orders · about USD 5m · majority expected as Q3 revenue
- Why it mattersThe orders provide a dated conversion test, while order value, recognised revenue, implementation and clinical use remain separate stages.
- Final Q2 and clinical update RaySearch Laboratories · 2026-08-13
- Nine early-Q3 US orders RaySearch Laboratories · 2026-08-10
- UNC proton-planning expansion RaySearch Laboratories · 2026-08-07
04 · What to watch
Three questions for the next disclosures
Three questions track whether the connected stack converts from product release to routine clinical use and recognised revenue.
- Connected stackDo clinics deploy RayStation, RayCare and RayIntelligence together, including routine AI-performance monitoring?
- Adaptive workflowDo more TrueBeam centres move from software installation to online adaptive treatment with RayStation and RayCare?
- US conversionIs most of the approximately USD 5 million early-Q3 order value recognised as Q3 revenue, and how many orders progress to implementation?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 26 | +64% | +888% | +244% |