If You Invested in Raysearch Laboratories Ab (RSLBF)

RAYSEARCH LABS AB ORD (RaySearch Laboratories AB (publ)) is a medical technology company in the professional, scientific, and technical services sector. The company focuses on software for improved cancer treatment, developing specialized systems that support radiation therapy and broader oncology workflows. RaySearch’s share has been listed on Nasdaq Stockholm since 2003, and the company is described as having been founded in 2000 as a spin-off from the Karolinska Institute in Stockholm.

According to company information, RaySearch develops and markets several software platforms used by cancer clinics worldwide. Its flagship product is RayStation, a treatment planning system (TPS) used in radiotherapy. RayStation is described as a flexible treatment planning system that supports external beam therapy with photons, electrons, and protons, as well as helium and carbon ions, and includes capabilities such as adaptive therapy and multi-criteria optimization. RayStation has been adopted by radiotherapy centers around the world, including many proton and particle therapy facilities.

RaySearch also markets RayCare, an oncology information system (OIS). Company materials describe RayCare as designed to support the complex logistical challenges of oncology clinics, closely integrated with RayStation and RayCommand, and aimed at coordinating activities in radiation therapy and supporting workflow automation and adaptive radiation therapy.

The company’s product line further includes RayIntelligence, an oncology analytics system (OAS). RayIntelligence is described as a cloud-based system that allows cancer clinics to collect, structure, and analyze clinical data, with the goal of enabling data-driven oncology and more personalized care. Another product, RayCommand, is described as a treatment control system (TCS) designed to link the treatment machine with the treatment planning and oncology information systems.

RaySearch states that its software has been sold to a large number of clinics globally. In one description, the company reports that its software is used by over 2,600 clinics in more than 65 countries. In another, it states that RaySearch software has been sold to over 1,000 clinics in 43 countries, and that RayStation is in use at more than 1,000 radiotherapy centers worldwide. The company also notes that, based on data from the Particle Therapy Cooperative Group (PTCOG), a substantial number of proton centers worldwide have chosen RayStation for particle therapy treatment planning.

Within particle therapy, RaySearch highlights its focus on proton and other particle treatment planning. The company notes that the first delivery of a RayStation proton plan was completed in 2014 at the Provision Center for Proton Therapy in Knoxville, Tennessee, and that since then many centers have selected RayStation for particle therapy needs. RaySearch attributes its position in this area to understanding the needs of proton and particle treatment modalities at an early stage and adapting its software to those evolving requirements.

RayStation is described as offering particle therapy functionalities such as robust optimization, super-fast Monte Carlo dose calculations, and linear energy transfer (LET)-guided optimization. Additional features mentioned for particle therapy and advanced radiotherapy include automated replanning modules for online and offline plan adaptation, LET optimization, proton arc planning, dose calculations on converted CBCTs for protons and light ion beams (subject to regulatory clearance in some markets), robust planning for carbon and helium ions, deep learning-based automated planning with robustness (in research versions), FLASH planning and multi-ion planning (available in research versions), and BNCT functionality (subject to regulatory clearance in some markets and not for marketing in certain jurisdictions).

RayCare is described as a next-generation oncology information system that enhances precision cancer care across oncology disciplines by enabling coordination of tasks, workflow efficiency, and resource optimization. RayCare is closely integrated with RayStation and RayCommand and is intended to provide seamless access to planning tools and support advanced clinical workflow automation and adaptive radiation therapy.

RayIntelligence is presented as a cloud-based oncology analytics system that integrates and transforms data into insights. Company descriptions state that it helps streamline workflows and supports decision-making across radiation therapy, medical oncology, and surgical oncology by giving meaning to clinical data.

RayCommand is described as a treatment control system that connects the treatment machine with RayStation and RayCare, forming a link between planning, information management, and treatment delivery. This is intended to support coordinated cancer care where planning, information, and machine control are aligned.

RaySearch’s activities place it in the research and development in the physical, engineering, and life sciences (except biotechnology) industry. Its focus is on medical software rather than hardware manufacturing, and its products are subject to regulatory clearance in some markets, as noted in company disclosures. The company emphasizes software-driven improvements in cancer treatment, particularly in radiation therapy planning, oncology information management, and oncology data analytics.

RaySearch also communicates with investors and analysts through interim and year-end reports, webcasts, and annual general meetings. These events provide updates on order intake, net sales, operating profit, and other financial metrics, as well as significant events such as product adoptions by clinics and collaboration agreements. Such disclosures underline the company’s status as a listed public company with ongoing reporting obligations under Swedish and EU regulations.

Business focus and industry role

Within the professional, scientific, and technical services sector, RaySearch occupies a niche in medical technology software for oncology. Its systems are used by radiotherapy and oncology clinics to plan treatments, manage patient information and workflows, and analyze clinical data. The company’s emphasis on particle therapy planning, adaptive radiation therapy, and data-driven oncology positions its products at the intersection of physics, engineering, and clinical practice.

RaySearch’s description of its user base, including many radiotherapy centers and proton centers worldwide, indicates that its software is utilized in both conventional photon-based radiotherapy and advanced particle therapy settings. The integration between RayStation, RayCare, RayIntelligence, and RayCommand is presented as a way to harmonize treatment planning, information management, analytics, and treatment control within oncology departments.

Frequently referenced products

• RayStation – Treatment planning system (TPS) for radiotherapy, including external beam therapy with photons, electrons, and protons, and support for helium and carbon ions, adaptive therapy, and multi-criteria optimization.
• RayCare – Oncology information system (OIS) designed to support oncology clinic workflows, integrated with RayStation and RayCommand, and oriented toward workflow automation and adaptive radiation therapy.
• RayIntelligence – Cloud-based oncology analytics system (OAS) that enables clinics to collect, structure, and analyze data and supports data-driven oncology and personalized care.
• RayCommand – Treatment control system (TCS) designed to link treatment machines with RayStation and RayCare, connecting planning, information, and delivery.

Company information notes that some features and products are subject to regulatory clearance in certain markets and may not be for marketing in specific countries.

Corporate background

RaySearch states that it was founded in 2000 as a spin-off from the Karolinska Institute in Stockholm. The company’s share has been listed on Nasdaq Stockholm since 2003. Over time, RaySearch has expanded its product portfolio from treatment planning to encompass oncology information systems, analytics, and treatment control, while maintaining a focus on software for improved cancer treatment.