RaySearch’s Q3 sales reached a record, but the shares fell sharply after the report. Behind that contrast is the question at the heart of my original RaySearch thesis. Can the company turn a broader oncology software platform into stronger earnings and cash flow?
US orders are recovering, and a US clinic is now treating patients with RayCare, RayStation and Varian TrueBeam. Yet much of the sales increase came from hardware, while license revenue and profit fell. At around SEK 167, does the lower share price offer enough room for the software opportunity to develop?
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