IBA SA Posts Record Revenue, Expands Nuclear Medicine Footprint
Event summary
- IBA SA reported €620M in FY 2025 revenue, up 24% YoY, with Proton Therapy driving 44% growth in IBA Clinical segment.
- Adjusted EBIT rose 58% YoY to €27.4M, though gross margin slipped to 32.2% due to legacy low-margin projects.
- Equipment order intake hit €452M (+41% YoY), with backlog reaching a record €1.6B.
- Acquired ORA, a radiochemistry leader, for €17M to bolster Nuclear Medicine capabilities.
- Launched €125M refinancing package to support working capital needs from large Proton Therapy projects.
The big picture
IBA’s strong FY 2025 results reflect growing demand for advanced radiation therapy and nuclear medicine solutions. The ORA acquisition positions the company to capitalize on the expanding radiopharmaceuticals market, while refinancing efforts address the cash flow demands of large-scale Proton Therapy deployments. With a record backlog and improved profitability, IBA is reinforcing its leadership in particle accelerator technology amid rising global healthcare infrastructure investments.
What we're watching
- Execution Risk
- Whether IBA can sustain Proton Therapy profitability amid legacy project mix challenges.
- Market Expansion
- The pace at which ORA integration accelerates IBA’s Nuclear Medicine leadership.
- Financial Flexibility
- How refinancing and working capital improvements support future strategic investments.
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