Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 36%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from €624.5m to €632.9m. EPS estimate fell from €1.24 to €0.796 per share. Net income forecast to grow 73% next year vs 31% growth forecast for Medical Equipment industry in Belgium. Consensus price target up from €16.25 to €17.13. Share price fell 3.6% to €16.14 over the past week. Price Target Changed • Jul 27
Price target increased by 8.7% to €17.13 Up from €15.75, the current price target is an average from 4 analysts. New target price is 5.6% above last closing price of €16.22. Stock is up 33% over the past year. The company is forecast to post earnings per share of €0.80 for next year compared to €0.43 last year. Live News • Jun 30
Ion Beam Applications Wins Contract for Portugal’s First National Proton Therapy Center Ion Beam Applications has signed a contract to equip Portugal’s first National Proton Therapy Center at IPO-Porto with two Proteus®ONE compact proton therapy systems, with patient treatments planned to start in 2029 and including operation and maintenance services.
The deal expands IBA’s installed base into a new national market and adds long-term service commitments, which can contribute recurring revenue alongside the initial equipment delivery.
IBA’s shares trade at €16.92, with the stock up 30.6% year to date, reflecting recent share price momentum around the company.
This Portugal contract gives Ion Beam Applications another reference site for its Proteus®ONE technology and secures service revenue visibility over several years, while the 2029 treatment start date highlights the long lead times and execution risk that come with large healthcare infrastructure projects. Board Change • Jun 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Richard Hausmann was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jun 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (50% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.5% average weekly change). Declared Dividend • Jun 14
Dividend of €0.17 announced Shareholders will receive a dividend of €0.17. Ex-date: 15th June 2026 Payment date: 1st July 2026 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 107% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 12
Ion Beam Applications SA announces Annual dividend, payable on July 01, 2026 Ion Beam Applications SA announced Annual dividend of EUR 0.1750 per share payable on July 01, 2026, ex-date on June 15, 2026 and record date on June 16, 2026. Announcement • May 22
Ion Beam Applications S.A. Launches Rhodotron Lite Low-Power X-Ray Accelerator Ion Beam Applications S.A. announced the launch of Rhodotron LITE, a new low-power X-ray accelerator. This launch expands Ion Beam Applications S.A.'s industrial X-ray portfolio into the low-capacity segment, enabling a broader range of operators to access X-ray irradiation technology at a time when supply security, operational flexibility and long-term sustainability are becoming increasingly strategic for sterilisation and food irradiation value chains. Designed for small to medium throughput, Rhodotron LITE is positioned to be competitive with gamma irradiation centres in the 1 to 1.5 MCi cobalt-60 range, corresponding to annual processing volumes of approximately 10,000 to 20,000 pallets of medical devices. It is also well suited for food irradiation thanks to its flexible beam-energy design, enabling operation at 5 and 7 MeV to accommodate different market regulations. The solution is designed for small irradiation service centres looking to complement existing capacity or replace ageing cobalt-60 assets, as well as for medical device and other manufacturers seeking to bring X-ray sterilisation in-house. On-site processing can help reduce transportation and inventory buffers, strengthen quality control and shorten lead times for products that require validated irradiation. The launch directly responds to the global cobalt-60 supply constraints affecting the irradiation industry. By providing a robust X-ray alternative tailored to lower-throughput applications, Ion Beam Applications S.A. helps medical device manufacturers and irradiation service providers secure predictable processing for medical, food and other industrial products—without reliance on radioisotope availability. Leveraging decades of accelerator expertise, the new system brings Ion Beam Applications S.A. Industrial’s proven technology to customers who need a right-sized solution for lower-capacity irradiation programmes. Announcement • May 14
Ion Beam Applications S.A. Introduces AdaPTinsight XR Across Proteus Portfolio Ion Beam Applications S.A. announced the introduction of AdaPTinsight XR, the next generation of its Cone Beam Computed Tomography (CBCT) imaging capabilities, designed to enhance visualization and support confident decision-making in image-guided proton therapy (IGPT). Building on the existing AdaPTinsight solution, AdaPTinsight XR1 helps clinicians reduce ambiguity in daily assessments and fully leverage the precision potential of Proteus systems. Reinforcing clarity, confidence, and upgradeability, the solution strengthens Ion Beam Applications S.A.’s commitment to continuously advancing imaging performance across both installed and future proton therapy systems, making proton therapy more accessible and helping it become the standard of care for more cancer indications. AdaPTinsight XR is built on one clear promise: clarity and confidence. It delivers isocentric IGPT with significantly improved image quality through enhanced contrast resolution, advanced artifact suppression, and next-generation image calibration and reconstruction. AdaPTinsight XR also aligns with Ion Beam Applications S.A.’s long-term platform roadmap, as it represents the next evolution of the AdaPTinsight imaging solution. It further strengthens the Proteus family as a scalable, future-ready image-guided proton therapy platform and supports continued innovation and upgradeability throughout the system lifecycle for both existing and future installations. Ion Beam Applications S.A. will demonstrate the AdaPTinsight XR capabilities at the ESTRO 2026 Annual Congress in Stockholm, Sweden, from May 15 to May 18, 2026 on Booth C11:59. The AdaPTinsight XR feature is the latest Ion Beam Applications S.A. CBCT solution for IGPT in development phase. Ion Beam Applications S.A. reserves the right to make changes in design, technical descriptions, and specifications of its products without prior notice. AdaPTinsight XR is planned as an upgrade to the existing AdaPTinsight feature, with availability depending on market, Proteus configuration, and applicable regulatory clearances. Announcement • May 07
Ion Beam Applications S.A. Introduces myQA Startrack³ For Fast, High Resolution Linac QA With A Single Detector Setup Ion Beam Applications S.A. announced the launch of myQA StarTrack³, the next generation of IBA’s 2D ionization chamber array for machine QA, designed to streamline and standardize machine QA measurements in radiation therapy, equivalent to water tank accuracy. myQA StarTrack³ detector enables precise assessment of beam profiles and supports QA analysis across multiple photon and electron energies in a matter of seconds. myQA StarTrack³ sets a new standard on the market with its ability to perform comprehensive linear-accelerator (linac) beam QA with water tank quality and demonstrates IBA’s position in innovation and quality assurance solutions. Designed to improve monthly and annual workflow efficiency, myQA StarTrack³ enables a wide range of machine QA measurements using a single detector setup, reducing complexity while providing detailed insights into real-time beam performance. The high-resolution (2.5mm) ion chamber array of up to 34x34 cm² (at isocenter) delivers fast and reliable results in under five minutes from setup to acquisition. A rechargeable battery and wireless data transfer supports flexible, cable-free operation, helping clinical teams move quickly between treatment rooms. The solution also includes a new web-based software platform, providing a centralized repository for QA data accessible anytime and from anywhere. The software contains built-in machine QA tests and flexible analysis protocols supporting routine beam QA as well as detailed beam assessment, in real time. Ion Beam Applications S.A. will present myQA StarTrack³ at the ESTRO 2026 Annual Congress in Stockholm, Sweden, from May 15 to May 18, 2026 on Booth C11:59. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €14.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Medical Equipment industry in Europe. Total loss to shareholders of 7.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.50 per share. Reported Earnings • Mar 29
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: €0.43 (up from €0.32 in FY 2024). Revenue: €620.2m (up 25% from FY 2024). Net income: €12.7m (up 37% from FY 2024). Profit margin: 2.0% (up from 1.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 46%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Medical Equipment industry in Europe. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Mar 28
Ion Beam Applications SA Proposes Dividend for the Year 2025 Ion Beam Applications SA at the Annual General Meeting to be held on June 10, 2026 proposed dividend of EUR 0.25 per share for the year 2025. Announcement • Mar 23
Ion Beam Applications S.A. Launches Myqa Matrixx Air For Patient-Specific Quality Assurance In Particle Therapy Ion Beam Applications S.A. announced the launch of myQA MatriXX AiR, a high resolution, wireless 2D ionization chamber array designed for patient specific quality assurance (PSQA) in particle therapy, including proton and carbon ion treatments. This new solution further demonstrates Ion Beam Applications S.A.’s role as a driving force in innovation and reinforces its leadership in quality assurance for particle-beam therapies. As particle therapy expands worldwide, proton and carbon-ion centers are adopting increasingly advanced treatment modalities—from high-precision conformal therapies to emerging beam-delivery techniques such as FLASH and ARC radiotherapy. With myQA MatriXX AiR, Ion Beam Applications S.A. sets a new industry standard as the first QA solution capable of providing full patient-specific verification across both established particle-therapy treatments and next-generation delivery modes. Engineered specifically for the demands of modern particle therapy, myQA MatriXX AiR features 1,521 high resolution air-vented ionization chambers and delivers a complete 2D dose distribution readout within seconds, enabling fast and reliable verification of increasingly complex treatment plans. As the first commercially available wireless detector array for particle therapy PSQA, MatriXX AiR simplifies setup, reduces QA time, and integrates easily into existing workflows. The system is also FLASH-ready, with hardware designed to support ultra-high dose rate measurements as clinics prepare for next-generation radiotherapy techniques. Price Target Changed • Jan 18
Price target decreased by 8.5% to €15.25 Down from €16.67, the current price target is an average from 4 analysts. New target price is 8.6% above last closing price of €14.04. Stock is up 10% over the past year. The company is forecast to post earnings per share of €1.07 for next year compared to €0.32 last year. Announcement • Dec 20
Ion Beam Applications SA (ENXTBR:IBAB) acquired Optimized Radiochemical Applications Sprl for an estimated €20 million. Ion Beam Applications SA (ENXTBR:IBAB) acquired Optimized Radiochemical Applications Sprl for an estimated €20 million on December 19, 2025. The transaction is financed through IBA’s own funds and existing credit facilities. The transaction is immediately accretive to IBA’s revenue and EBITDA and is expected to generate revenue synergies.
Ion Beam Applications SA (ENXTBR:IBAB) completed the acquisition of Optimized Radiochemical Applications Sprl on December 19, 2025. Announcement • Nov 03
Ion Beam Applications SA (ENXTBR:IBAB) acquired Phantomx GmbH. Ion Beam Applications SA (ENXTBR:IBAB) acquired Phantomx GmbH on November 3, 2025.
Ion Beam Applications SA (ENXTBR:IBAB) completed the acquisition of Phantomx GmbH on November 3, 2025. Announcement • Sep 03
Ion Beam Applications SA to Report Q3, 2026 Results on Nov 26, 2026 Ion Beam Applications SA announced that they will report Q3, 2026 results at 7:00 AM, Central European Standard Time on Nov 26, 2026 Reported Earnings • Aug 31
First half 2025 earnings released First half 2025 results: Revenue: €304.9m (up 48% from 1H 2024). Net loss: €2.60m (loss narrowed 75% from 1H 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Medical Equipment industry in Europe. New Risk • Jun 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (86% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Major Estimate Revision • May 20
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.695 to €0.61 per share. Revenue forecast steady at €575.0m. Net income forecast to grow 103% next year vs 24% growth forecast for Medical Equipment industry in Belgium. Consensus price target down from €17.50 to €16.67. Share price was steady at €11.38 over the past week. Price Target Changed • May 19
Price target decreased by 7.9% to €16.67 Down from €18.10, the current price target is an average from 3 analysts. New target price is 49% above last closing price of €11.18. Stock is down 23% over the past year. The company is forecast to post earnings per share of €0.61 for next year compared to €0.32 last year. Reported Earnings • May 02
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €0.32 (up from €0.31 loss in FY 2023). Revenue: €498.2m (up 16% from FY 2023). Net income: €9.25m (up €18.4m from FY 2023). Profit margin: 1.9% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Medical Equipment industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Apr 09
Ion Beam Applications SA Provides Earnings Guidance for the Year 2025 Ion Beam Applications SA provided earnings guidance for the year 2025. For the year, the company would deliver at least EUR 25 million EBIT. Announcement • Mar 21
Ion Beam Applications SA, Annual General Meeting, Jun 11, 2025 Ion Beam Applications SA, Annual General Meeting, Jun 11, 2025. Announcement • Mar 20
Ion Beam Applications SA to Report Q3, 2025 Results on Nov 20, 2025 Ion Beam Applications SA announced that they will report Q3, 2025 results on Nov 20, 2025 Price Target Changed • Feb 10
Price target increased by 7.5% to €18.10 Up from €16.83, the current price target is an average from 3 analysts. New target price is 34% above last closing price of €13.50. Stock is up 30% over the past year. The company is forecast to post earnings per share of €0.23 next year compared to a net loss per share of €0.31 last year. Announcement • Jan 17
Iba Announces Stepping Down of Soumya Chandramouli as Chief Financial Officer, Effective 31 January 2025 IBA (Ion Beam Applications S.A., EURONEXT) announced that Soumya Chandramouli will be stepping down from her role as Chief Financial Officer, effective 31 January 2025. Henri de Romrée, Deputy CEO, will oversee the financial direction at Group level until a new CFO has been appointed. Thomas Pevenage, Finance Director, will continue to lead the Group’s Investor Relations function until further notice. Soumya Chandramouli departs IBA after 21 years, having held the position of CFO since 2016. During her tenure Soumya has played an important role in the continued success of the business. Working closely with Olivier Legrain, Henri de Romree and the Board and senior leadership team, Soumya’s input has helped shape the strategic direction of IBA. Following this lengthy term of service, and in mutual agreement with the CEO, Soumya has decided that it is the right time to seek new professional challenges outside IBA. Henri de Romrée joined the business as Chief Strategy Officer in November 2023. He was appointed Deputy CEO in March 2024, focused on developing growth opportunities in the Other Accelerators business. His extensive experience will ensure an efficient transition for the business until a successor is found. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €13.44, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Medical Equipment industry in Europe. Total loss to shareholders of 32% over the past three years. Major Estimate Revision • Sep 10
Consensus EPS estimates fall from profit to €0.16 loss The consensus outlook for fiscal year 2024 has been updated. Expected to report loss instead of -€0.16 instead of €0.20 per share profit previously forecast. Revenue forecast unchanged at €484.8m Medical Equipment industry in Belgium expected to see average net income growth of 29% next year. Consensus price target broadly unchanged at €16.57. Share price was steady at €11.00 over the past week. Reported Earnings • Sep 01
First half 2024 earnings released First half 2024 results: Revenue: €206.5m (up 22% from 1H 2023). Net loss: €10.3m (loss narrowed 62% from 1H 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Medical Equipment industry in Europe. Declared Dividend • Jun 10
Dividend of €0.12 announced Shareholders will receive a dividend of €0.12. Ex-date: 19th June 2024 Payment date: 24th June 2024 Dividend yield will be 0.9%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 9 years ago. However, payments have been volatile during that time. Price Target Changed • May 28
Price target increased by 12% to €17.50 Up from €15.57, the current price target is an average from 3 analysts. New target price is 25% above last closing price of €14.00. Stock is down 8.4% over the past year. The company is forecast to post earnings per share of €0.39 next year compared to a net loss per share of €0.31 last year. Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: €0.31 loss per share (down from €0.21 profit in FY 2022). Revenue: €428.7m (up 19% from FY 2022). Net loss: €9.11m (down 250% from profit in FY 2022). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Medical Equipment industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 21
Full year 2023 earnings released Full year 2023 results: Revenue: €428.7m (up 19% from FY 2022). Net loss: €9.11m (down 250% from profit in FY 2022). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Medical Equipment industry in Europe. Announcement • Dec 13
Ion Beam Applications S.A., CMI Inc. and Life Molecular Imaging Announce Japanese Approval for the Reimbursement of Amyloid-Pet Diagnostic Neuraceq in Alzheimer's Disease Ion Beam Applications S.A., CMI Inc. and Life Molecular Imaging (LMI) announced that the Japanese Ministry of Health has approved the reimbursement by governmental health insurance of the amyloid Positron Emission Tomography (PET) diagnostic Neuraceq (florbetaben 18F). Amyloid-PET imaging using agents like Neuraceq is used in the diagnosis of Alzheimer's disease and other forms of cognitive impairment. It detects amyloid plaques in the brain, which are characteristic markers of Alzheimer's disease. With this approval, Neuraceq is the first amyloid PET diagnostic tool reimbursed in Japan. Neuraceq is produced with IBA's Synthera®?+, a fully automated synthesizer optimized for the production of florbetaben 18F. With the reimbursement of this diagnostic tool, Japanese physicians can use this imaging technology to accurately evaluate their patients with cognitive decline. The density of amyloid plaques can be assessed to improve an earlier diagnosis, and to further guide therapy and patient management. Amyloid PET, including Neuraceq®?, had a pivotal role in the recent positive clinical study outcomes of new anti-amyloid drugs by making selective inclusion of patients with confirmed amyloid pathology in the brain. Moreover, amyloid clearance was precisely measured with amyloid PET. Major Estimate Revision • Dec 12
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€0.415 to -€0.50 per share. Revenue forecast unchanged at €422.9m. Medical Equipment industry in Belgium expected to see average net income growth of 32% next year. Consensus price target up from €14.25 to €15.57. Share price rose 2.4% to €10.44 over the past week. New Risk • Oct 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 4.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Oct 18
Ion Beam Applications S.A Plans Total System Restoration on its First-Ever Proton Therapy Installation Ion Beam Applications S. A announced it has signed a total system restoration contract with Massachusetts General Hospital (MGH), which was IBA’s first-ever proton therapy installation. The total value of the contract is between USD 80 and 100 million, and IBA has received the first payment. Mass General Cancer Center’s proton system was installed by IBA 25 years ago and treated its first patient in November 2001. This collaboration pioneered the use of IBA Proteus®PLUS1 systems and Intensity Modulated Proton Therapy (IMPT) in hospitals globally. This project is the first time a comprehensive restoration will be made on a legacy machine. It demonstrates IBA’s unique ability to bring equipment into compliance with modern standards. A significant benefit is that this process avoids the need to build a new center or decommission the entire proton therapy system, which is not only costly, but also has a high carbon footprint due to the specialty tools required to complete the decommissioning process safely. The restoration of the Mass General Cancer Center facility will include the installation of components such as robotic patient positioners, the latest pencil beam scanning nozzles, power supplies and cables, as well as the latest software releases. Some of the principal components of the existing facility, such as the cyclotron, gantry structures, and magnets, will be repaired and refurbished as needed. This project will best position Mass General Cancer Center to continue its unparalleled history of delivering advanced cancer treatments and allow access to future technological developments. Price Target Changed • Sep 07
Price target decreased by 18% to €18.00 Down from €22.03, the current price target is an average from 2 analysts. New target price is 71% above last closing price of €10.52. Stock is down 34% over the past year. The company is forecast to post earnings per share of €0.06 for next year compared to €0.21 last year. Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Director Richard Hausmann was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • May 29
Price target increased by 26% to €22.30 Up from €17.75, the current price target is an average from 2 analysts. New target price is 44% above last closing price of €15.48. Stock is down 2.6% over the past year. The company is forecast to post earnings per share of €0.48 for next year compared to €0.21 last year. Reported Earnings • Mar 24
Full year 2022 earnings released Full year 2022 results: Revenue: €361.3m (up 15% from FY 2021). Net income: €6.06m (up 56% from FY 2021). Profit margin: 1.7% (up from 1.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Medical Equipment industry in Europe. Price Target Changed • Nov 16
Price target increased to €19.25 Up from €17.75, the current price target is an average from 2 analysts. New target price is 31% above last closing price of €14.66. Stock is down 6.7% over the past year. The company is forecast to post earnings per share of €0.42 for next year compared to €0.13 last year. Reported Earnings • Sep 03
First half 2022 earnings released: €0.059 loss per share (vs €0.066 loss in 1H 2021) First half 2022 results: €0.059 loss per share (up from €0.066 loss in 1H 2021). Revenue: €160.0m (up 17% from 1H 2021). Net loss: €1.72m (loss narrowed 11% from 1H 2021). Over the next year, revenue is forecast to grow 12%, compared to a 16% growth forecast for the Medical Equipment industry in Belgium. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 08
Ion Beam Applications SA Continues to Shape the Future of Proton Therapy At Estro 2022 Annual Congress Ion Beam Applications SA is excited to share its latest proton therapy insights during the Annual Congress and exhibition of the European Society for Radiotherapy & Oncology (ESTRO) being held in Copenhagen (Denmark) from 6-10 May, 2022. Together with its customers, IBA is leading proton therapy by developing treatment and dosimetry solutions for optimal patient care. Firstly, the Proteus® technology is designed by users for users with four objectives in mind: Clinical Confidence: Designed for clinical excellence and the most advanced patient care, Proteus® is a versatile proton therapy system which allows oncology centers to treat a broad range of tumors safely and effectively. Superior patient workflow: Proteus® is inspired by everyday clinical practice. The Proteus® design enhances the patient experience by fostering a relaxing environment whilst making the medical staff’s daily practice safe and easy. Shaping the future of proton therapy: IBA’s product roadmap aims at shaping the future of proton therapy, intending to augment the potential of proton therapy in terms of therapeutic gain, ease of use, and/or benefit-cost ratio. IBA continues its commitment to developing clinically relevant innovations designed to improve patient treatment in partnership with its users. Business excellence: With 35 years’ experience, IBA is the world leader in its field. It boasts the largest number of operating sites, rooms and field teams in the industry, as well as robust and updated processes. Additionally, IBA is proud to demonstrate its Campus platform for the first time at ESTRO. First launched in October 2021 and representing the largest community of proton therapy experts, Campus has been built in collaboration with IBA’s clinical and industry partners. It is a unique place where the whole proton therapy community can discuss, collaborate, and share insights with each other, as well as receive training. Announcement • May 04
Ion Beam Applications SA (ENXTBR:IBAB) acquired Modus Medical Devices Inc. Ion Beam Applications SA (ENXTBR:IBAB) acquired Modus Medical Devices Inc. on May 3, 2022. Under the transaction, all of the Modus QA team and employees will be joining to the IBA family.
Ion Beam Applications SA (ENXTBR:IBAB) completed the acquisition of Modus Medical Devices Inc. on May 3, 2022. Reported Earnings • May 02
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: €0.13 (down from €1.08 in FY 2020). Revenue: €313.0m (flat on FY 2020). Net income: €3.88m (down 88% from FY 2020). Profit margin: 1.2% (down from 10% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Over the next year, revenue is forecast to grow 19%, compared to a 17% growth forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target increased to €17.75 Up from €16.25, the current price target is provided by 1 analyst. New target price is 15% above last closing price of €15.44. Stock is down 10% over the past year. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improved over the past week After last week's 25% share price gain to €17.50, the stock trades at a forward P/E ratio of 147x. Average forward P/E is 35x in the Medical Equipment industry in Europe. Total returns to shareholders of 48% over the past three years. Announcement • Jan 27
IBA Launches Compact Low-Energy Cyclotron, Cyclone® KEY IBA (Ion Beam Applications S.A., EURONEXT) announced that it has launched a new low energy and compact size cyclotron, the Cyclone® KEY. The new machine will enable small and medium sized hospitals to produce their own radiopharmaceutical products in-house, whilst providing more widespread global access to diagnostic solutions in oncology, neurology and cardiology. The Cyclone® KEY was showcased on 24 January 2022 during Arab Health 2022, an annual meeting in Dubai, UAE. Positron Emission Tomography (PET) imaging is well established for cancer diagnosis in many countries, as well as for cardiac and neurological imaging, however, there are still regions in the world with limited access to this diagnostic technology. To address these needs, IBA is making PET imaging more accessible through this new low-energy technology, comprising proton acceleration up to 9.2 megaelectron volts (MeV). The Cyclone® KEY is therefore more compact, user-friendly, cost-effective and easier to fit into existing hospital systems. The Cyclone® KEY encompasses more than 36 years of experience and innovation and has one of the smallest footprints of all clinical cyclotrons, enabling easy installation and operation. Thanks to the Cyclone® KEY’s compact size, IBA’s experts have managed to minimize the footprint of the radiopharmacy to 80m². Reported Earnings • Oct 01
First half 2021 earnings released: €0.066 loss per share (vs €0.41 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €137.2m (up 25% from 1H 2020). Net loss: €1.94m (loss narrowed 84% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 01
First half 2021 earnings released: €0.066 loss per share (vs €0.41 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €137.2m (up 25% from 1H 2020). Net loss: €1.94m (loss narrowed 84% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 01
First half 2021 earnings released: €0.066 loss per share (vs €0.41 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €137.2m (up 25% from 1H 2020). Net loss: €1.94m (loss narrowed 84% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 26
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €137.2m (up 25% from 1H 2020). Net loss: €1.94m (loss narrowed 84% from 1H 2020). Announcement • Aug 25
Ion Beam Applications S.A. Announces Launch of a Large-Scale, Multi-Institutional, Randomized Controlled Clinical Trial IBA (Ion Beam Applications S.A.), announced the launch of a large-scale, multi-institutional, randomized controlled clinical trial in conjunction with 19 industry and academic partners. The consortium will conduct the “ProtectTrial” in esophageal cancer with the aim of improving access to proton therapy for patients, whilst validating a model-based approach for the use of proton therapy treatment in cancer more broadly. The research project comprises 12 proton therapy centers across eight countries and is coordinated by Professor Cai Grau from Aarhus University in Denmark. IBA will offer its expertise within proton therapy solutions, with six of its centers involved in the trial. A total of approximately 400 patients are expected to be included in the randomized trial with study completion planned by 2027. Cancer of the esophagus is a complex disease with a relatively high occurrence and requiring complex multi-modality treatment associated with significant morbidity. In the ProtectTrial (PROton versus photon Therapy for Esophageal Cancer – a Trimodality strategy), the potential benefits of proton therapy will be tested in a trimodality treatment of radiotherapy, chemotherapy and surgery. It is hoped that the trial will produce high-quality data, which will contribute towards the creation of European guidelines on the use of proton therapy for esophageal cancer. The broader aim of the collaboration is to improve patient selection for proton therapy across cancer indications through the evaluation of selection criteria and the creation of shared reimbursement guidelines. A new consensus model would be of clear value across Europe, for both patient referral and treatment. Price Target Changed • Jun 18
Price target increased to €15.00 Up from €13.17, the current price target is an average from 2 analysts. New target price is 12% below last closing price of €17.00. Stock is up 109% over the past year. Reported Earnings • Mar 27
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €312.0m (up 10% from FY 2019). Net income: €31.9m (up 320% from FY 2019). Profit margin: 10% (up from 2.7% in FY 2019). The increase in margin was driven by higher revenue. Announcement • Mar 10
IBA (Ion Beam Applications S.A. and NorthStar Medical Radioisotopes Expand Collaboration to Enable Global Availability of Diagnostic Radioisotope Technetium-99m (Tc-99m) IBA (Ion Beam Applications S.A., EURONEXT) and NorthStar Medical Radioisotopes, LLC announced a collaboration to increase global availability of technetium-99m (Tc-99m), the most widely used medical radioisotope. The collaboration enables companies outside of the United States to access the Tc-99m Generation Systems (TCM Generation Systems) that utilize NorthStar’s proprietary non-uranium based Mo-99 produced using IBA’s accelerators and beamlines. The collaboration builds on an existing contract under which IBA is providing NorthStar with up to eight Rhodotron® TT 300-HE electron beam accelerators. They will be used for the production of non-uranium based Mo-99, which enables NorthStar’s FDA-approved and commercially available RadioGenix® System (technetium Tc 99m generator) to produce Tc-99m in the United States. NorthStar’s Accelerator Production facility expansion is nearing completion in Beloit, Wisconsin, with the first pair of IBA accelerators due to arrive from Belgium in early April 2021. Announcement • Mar 04
Ion Beam Applications SA Receives Down Payment from National Cancer Center Korea for A Second Proteus® System Ion Beam Applications SA announced that it has received the down payment from National Cancer Center Korea (NCCK) in relation to the ProteusONE contract announced at the time of IBA’s 2020 Trading Update in January. NCCK is already an IBA customer, having purchased a three-room ProteusPLUS solution, which has been in operation since 2007. The new contract with NCCK is for a Proteus®ONE system, which is based on latest-generation of Pencil Beam Scanning (PBS) and Cone Beam CT. The unique open gantry design of the ProteusONE system provides easy access to patients and simple positioning for vertex treatments. IBA and NCCK will collaborate closely to explore new treatment techniques, such as Flash Therapy, with experimental set-ups in both ProteusONE and ProteusPLUS. Over the past 14 years, NCCK has built a strong expertise treating patients with the IBA ProteusPLUS proton therapy solution, equipped with two gantry rooms and one fixed beam room. Throughout the close collaboration with NCCK, IBA has demonstrated its commitment to keeping its Proteus systems to the highest performance standards by updating and upgrading the ProteusPLUS system with PBS, Cone Beam CT, remote positioning and gantry rolling floors. Price Target Changed • Jan 24
Price target raised to €12.60 Up from €11.60, the current price target is an average from 2 analysts. The new target price is 18% below the current share price of €15.40. As of last close, the stock is up 54% over the past year. Is New 90 Day High Low • Jan 13
New 90-day high: €13.46 The company is up 20% from its price of €11.26 on 14 October 2020. The Belgian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.75 per share. 
