As previously communicated, achieving interoperability between RayCare and TrueBeam has taken longer than originally planned. That said, we have learned a lot in the process, and we appreciate the dedication of the Varian engineering teams in this work. We expect that this will drastically increase the addressable market for RayCare, and we look forward to exploring additional potential areas of collaboration and interoperability with Varian products.
In the first quarter of 2023 revenue increased 10.6 percent. Support revenue rose 13.2 percent. Operating profit amounted to SEK 24 M (30).
We look forward to deepening our strategic partnership with BEBIG Medical. The collaboration will enable closer connectivity between our respective products and enhance the quality and availability of cancer treatment for patients worldwide.
Being at ESTRO and to be able to interact with many customers in a short time frame is always one of the highlights during the year. This year I am particularly happy to present several important collaborations with our partners. At RaySearch we believe that open interfaces and joint collaborations are important step towards further advancements in the field of radiation therapy.
We are pleased to help NYU Langone – Long Island to enhance treatment quality and efficiency by implementing RayStation for all their treatment techniques and machines.
We are pleased that Yonsei has started clinical treatments with carbon ion therapy using RayStation and RayCare. RaySearch is proud to take part in the field of carbon ion therapy as a leading supplier. We are also pleased to see that our RayCare oncology information system with Yonsei now is in clinical use in Asia.
It is gratifying that we start the year with growth in net sales and an improvement in profitability compared to the full year 2022. It is regrettable that we are not meeting our covenants, but the company has a stable financial situation with liquid funds at a reassuring level.
This is an important milestone for RaySearch. We have put a lot of effort into developing the by far most advanced treatment planning system for ion treatments, including support for all available machines. Today, we see that our efforts have paid off and that we with more than 100 clinics have about 80 per cent of the global market.
In the fourth quarter of 2022, order intake increased by 49 percent and net sales rose 40 percent. Operating profit amounted to SEK 21 M (-17).
Japan is an important market for RaySearch and the fact that an impressive number of Japanese radiotherapy centers have chosen RayStation as one of their tools in the fight against cancer shows that there is great confidence in our products. We are committed to continue developing innovative software for ever better and more advanced cancer treatments.
RaySearch is a leader in treatment planning for proton therapy and we are proud that yet another prominent proton clinic has selected RayStation. We look forward to supporting OSUCC – James in their clinical operation.
We are proud to supply both RayStation and RayCare to this extensive investment in proton therapy in Spain. For RaySearch, this means a further strengthening of our leading position in treatment planning for protons as well as a significant increase of our customer base for RayCare. The fact that all centers will use both RaySearch products will bring many synergies, both in terms of implementation and clinical practice of radiation therapy in Spain.
In the third quarter of 2022, order intake increased by 71 percent and net sales rose 55 percent. Operating profit amounted to SEK 12 M (-27) in the third quarter and SEK 22 M (-37) for the first nine months.
It is satisfying to note that the quarter had the highest order intake and net sales ever for a third quarter. It is regrettable that we are moving our reporting date, however I am confident and assured that we have taken the necessary steps to ensure future reporting.
“We look forward to collaborating with the McLaren Proton Center on both conventional proton therapy and exciting new treatment approaches. RaySearch recently announced a partnership with Leo Cancer Care, and the implementation of RayStation in the McLaren center will enable the center to fully utilize this technology.
We are excited to being back on site at ASTRO to meet partners and existing and new customers to showcase the latest innovations with our products. Among other things, we are proud to highlight promising innovations within online adaptive together with our partner Accuray, as well as presenting our new partnerships with Leo Cancer Care and GE HealthCare.
Günther has a strong commitment to RaySearch and the fight against cancer. I believe he can become an excellent addition to RaySearch's Board.
IEO Milano is a world-renowned center with long experience from using RayStation. As they now are implementing proton therapy, I am happy that they have decided to expand the existing installation as well as adding RayCare as their oncology information system. RayStation is by far the market leading treatment planning system for proton therapy and this order confirms the interest we are now seeing in adding RayCare in order to get a seamless solution and the full RaySearch experience in a single software platform.
I would like to take the opportunity to thank Lars and Johanna for their work and commitment to RaySearch and wish them the best of luck in the future. I also look forward to working with Hans as Chairman. As a doctor, professor emeritus and former principal of KI, he covers a unique scope in medicine and medical technology. In addition, he has been part of RaySearch's Board since 2004 and knows the company very well.
Canada has one of the world’s most advanced cancer care programs. RaySearch has many strong relationships with Canadian centers, both clinical and academic, and we are proud to see that also Sunnybrook has put their trust in us and our innovative software. We look forward to working with this large and well-known center to further advance cancer treatment.
We have been following the work of Leo Cancer Care for quite some time, and we find that their approach to radiation therapy is a smart, effective, and potentially revolutionizing development. Like so many of the other contributions to the field that bear the signature of Rock Mackie, the idea of upright radiation treatment is well thought out and makes a lot of sense for a very wide range of indications. I am happy that we have now taken the step to formalize the relationship with Leo Cancer Care and I believe our technologies have great potential together.
In the second quarter of 2022, order intake increased by 12 percent and net sales rose 3.7 percent. Operating loss amounted to SEK -19.5 M (-22.5) in the second quarter and the operating profit for half-year amounted to SEK 10.0 M (-10.2).
There are only a few Request For Proposals in the United States, and it is gratifying when we win these, which are based on objective measures. We look forward to a long and successful relationship with the University of New Mexico Comprehensive Cancer Center and to contributing to advanced technology in the care for the hospital’s patients.
I am very happy to be able to welcome Henrik to the position of CFO at RaySearch and to our management team. In addition to having a solid background and long experience as CFO of international and listed companies, he is also well versed in our industry. His experience of growing companies will also be valuable considering RaySearch’s expansive phase.
We are happy to welcome reputable Smith Clinic at Harris Health as our customer and look forward to a rewarding collaboration and the opportunity to contribute to improved care for the center’s patients.
Recently SNUH decided to invest in our treatment planning system RayStation. Now I am happy to state that this prominent hospital has decided to also buy RayCare for their carbon ion center. With the additional order from SNUH RaySearch confirms our market leading position in this unique segment as well as acknowledges the fact that the number of new customers who choose RayCare as their oncology information system is increasing.
Sweden is a pioneering country and a hub for research within radiotherapy technology. All research and development at RaySearch takes place in Sweden – 200 of our employees are working with this. For many years Norrlands universitetssjukhus and RaySearch have collaborated in various research projects and I am really happy that our technology now will be used clinically at another university hospital in our home country.
Making deep learning segmentation available to all users will substantially reduce time for contouring of organs and is a good example of our ambition to automate the treatment planning process.
Adaptive radiation therapy (ART) has been a focus area for RaySearch for more than 20 years, and it is rewarding to see that daily online ART for photon treatments finally is getting into clinical use. However, online ART may be even more important for proton therapy, which hopefully will be the next step for the community. To achieve this goal, it is pivotal that academic institutions, clinics, and vendors of treatment planning systems, oncology information systems, and proton delivery systems work closely together. With the ProtOnART consortium we have managed to assemble exactly these competences.
We are seeing a strong increase in interest in RayCare. This is driven by RayCare being the next generation oncology information system and by RaySearch's position as a vendor neutral oncology information system provider. It is clear that cancer clinics around the world see RayCare as an attractive route to more efficient, safer, and better integrated cancer care.
I am happy that we have signed our first agreement with Mevion China and look forward to our collaboration and to be able to contribute to further improving the treatment for cancer patients at Tongji Hospital.
Xavier Vermeren, chief medical physicist at WPE
The high-quality user experience and cutting edge features of RayStation made it an obvious choice for Apollo Proton Cancer Centre.
Together through this partnership with RaySearch, we aim to bring further benefits of high-definition imaging to the oncology continuum of care.
We have a strong focus on comprehensive cancer care at the Princess Margaret and uniting the different clinical disciplines is a key priority. RayCare will enable us to achieve this. It will also provide us with an integrated cancer informatics platform that builds on the significant advances we have made in this area. This is a collaboration that will shape the future of oncology systems.
“This collaboration agreement with RaySearch is important for the global advancement of ion beam therapy. Together we will take the technology forward to improve treatment for patients worldwide.”
“The implementation of the RayStation Monte Carlo dose engine has expanded our capability to serve more and a wider range of patients. For example, it enabled us to use larger range shifter to patient air gaps, which streamlined our process in the treatment rooms. In addition, the higher accuracy of the Monte Carlo dose engine allowed us to treat sites like lung, complicated head and neck, and breast with more confidence.
RayStation® can provide treatment planning tools for all kinds of radiation therapy so an advanced clinical partner, such as First Coast Oncology, that offers multiple treatment techniques can utilize our state-of-the-art software for a broad spectrum of cancer treatments.
RaySearch has been at the forefront of innovative treatment planning software and has now assembled all of the most technologically advanced tools for patient evaluation into one system.