RaySearch Laboratories (RAY-B.ST)

Executive Summary

RaySearch Laboratories is a world-leading software company specializing in advanced radiation therapy and oncology solutions. With over two decades of innovation, the company provides comprehensive platforms like RayStation for treatment planning and RayCare for oncology information management. Its AI-driven tools are increasingly adopted by cancer clinics globally, enhancing precision and workflow efficiency. The company's strong market position is reflected in its ~$7.45 billion valuation and its listing on Nasdaq Stockholm (RAY-B.ST). As digital health and AI in oncology continue to expand, RaySearch is poised to capitalize on the growing demand for integrated, intelligent software that improves patient outcomes and clinical operations. RaySearch's conviction score is high due to its established leadership, recurring revenue model, and continuous product innovation. The company benefits from secular tailwinds in cancer care digitization and AI adoption. Key growth drivers include expanding its global footprint, particularly in emerging markets, and deepening its AI capabilities to offer predictive analytics and automated planning. With a strong balance sheet and a proven track record of consistent growth, RaySearch represents a compelling opportunity in the health-tech space. The upcoming catalysts are expected to further validate its technology and drive adoption, reinforcing its competitive moat.

Upcoming Catalysts (preview)

• Q3 2026Launch of RayStation 12B with Next-Gen AI Modules90% success
• Q4 2026Major Partnership with Asian Hospital Chain for RayCare Deployment70% success
• Q2 2026FDA Clearance for New AI-Driven Organ-at-Risk Segmentation Tool80% success