We use cookies to help provide you with the best possible online experience. Learn more

Financial Reports

Year-end report 2021

“During the fourth quarter of 2021, order intake rose 44 percent and net sales 18 percent. Operating loss amounted to SEK -17 M (-15),” says Johan Löf, CEO of RaySearch


  • Order intake SEK 345.0 M (239.1)
  • Net sales SEK 188.0 M (159.8)
  • Operating loss SEK -16.8 M (-14.6)
  • Loss after tax SEK -16.0 M (-14.2)
  • Loss per share before/after dilution SEK -0.47 (-0.41)
  • Cash flow SEK -20.7 M (-21.5)
  • Order backlog SEK 1,362.9 M (1,169.2) at the end of the period


  • Order intake SEK 807.8 M (854.8)
  • Net sales SEK 641.1 M (651.6)
  • Operating loss SEK -53.5 M (-3.5)
  • Loss after tax SEK -47.3 M (-9.1)
  • Loss per share before/after dilution SEK -1.38 (-0.26)
  • Cash flow SEK -72.4 M (pos: 61.9)


  • In October, RayCare was taken into clinical use with Accuray’s Radixact® treatment delivery system at Swiss Medical Network in Switzerland.
  • RaySearch secured a large order for RayStation from Lanzhou Ion Therapy, a Chinese manufacturer of accelerator systems.
  • RaySearch and IBA have expanded their collaboration in proton therapy around the areas of FLASH radiotherapy, proton arc therapy and management of uncertainty regarding the location of the tumo.  
  • RaySearch and Mevion Medical Systems have expanded their collaboration on the development of advanced treatment planning techniques for FLASH delivery with the Mevion S250i Proton Therapy System.
  • A new version of RaySearch’s RayCare oncology information system was launched (5B). This version allows clinics to configure and tailor their workflows for radiation therapy.
  • Launch of new version of RaySearch’s advanced treatment planning system RayStation (11B), with new features for adaptive workflows, brachytherapy and ion-radiation therapy.
  • During the fourth quarter, RaySearch relocated its head office to new premises, which has a significant impact on total consolidated assets.
  • New CFO of RaySearch took over on November 15, 2021.
  • RaySearch signed an agreement with Proton International Arkansas to provide RayStation at the UAMS Radiation Oncology Center.

The COVID-19 pandemic

  • The COVID-19 pandemic, with substantial reorganizations in healthcare, had a negative impact on sales also in the fourth quarter. RaySearch expects that the negative effects of the COVID-19 pandemic on the company’s sales and earnings will continue for some months to come, mainly because orders may be delayed.



CEO Johan Löf and CFO Torbjörn Wingårdh will present RaySearch’s year-end report for January-December 2021 at a webcast to be held in English on Wednesday, February 23, 2022 between 10:00-10:30 p.m. CET.

For login details to the webcast, please register on: https://raysearchlabs.creo.se/220223


Johan Löf, CEO, +46 (0)8 510 530 00, https://raysearchlabs.creo.se/220223

Torbjörn Wingårdh, CFO, +46 (0)70 00 394 76, torbjorn.wingardh@raysearchlabs.com

The information contained in this interim report is such that RaySearch Laboratories AB (publ) is obliged to disclose under the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication on February 23, 2022 at 7:45 a.m. CET.

About RaySearch

RaySearch Laboratories AB (publ) is a medical technology company that develops innovative software solutions for improved cancer treatment. RaySearch markets the RayStation®* treatment planning system (TPS) and the oncology information system (OIS) RayCare®*. The most recent additions to the RaySearch product line are RayIntelligence® and RayCommand®. RayIntelligence is an oncology analytics system (OAS) which enables cancer clinics to collect, structure and analyze data. RayCommand, a treatment control system (TCS), is designed to link the treatment machine and the treatment planning and oncology information systems. 

RaySearch software is used by over 2,600 clinics in more than 65 countries. The company was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm and the share has been listed on Nasdaq Stockholm since 2003. More information is available at raysearchlabs.com.

* Subject to regulatory clearance in some markets.