RaySearch Laboratories AB (publ) (RAY-B.ST) Stock Analysis & Winston Score

RaySearch Laboratories is a Swedish software company that makes treatment planning software for cancer radiation therapy. Its main product, RayStation, is used by hospitals and cancer clinics to calculate and plan how radiation beams should be targeted at tumors. The company does not make radiation machines itself — it makes the software that controls how those machines are used. RaySearch earns money through software licenses and ongoing maintenance fees paid by hospitals, which creates a recurring revenue stream. It operates globally, with customers in over 30 countries across Europe, North America, and Asia. Its competitive position is strong because treatment planning software is deeply embedded in clinical workflows, making it costly and disruptive for hospitals to switch providers. The key growth driver is the rising global demand for cancer treatment, particularly in emerging markets where radiation therapy infrastructure is still being built out — though the main risk is competition from larger medical device companies like Varian and Elekta, which offer competing software bundled with their own hardware.