Ion Beam Applications SA — Cyborg Score 7/10

Strategic Profile

IBA operates through two segments: Proton Therapy and Other Accelerators; and Dosimetry, where it provides solutions and services that enhance efficiency and minimize errors in radiation therapy and medical imaging quality assurance. The company is also a leading player in industrial sterilization, radiopharmaceuticals and dosimetry.

Cyborg Score Rationale

IBA maintains market leadership in specialized medical technology with strong revenue growth and diversified revenue streams across proton therapy, dosimetry, and industrial applications. The company demonstrates solid financial performance with $539M in 2024 revenue and strategic R&D partnerships, though its market cap of $558.8M reflects the specialized nature of its addressable market.

Top Insights

• Market leadership: #1 worldwide in both proton therapy equipment and dosimetry solutions
• Diversified revenue: 55.5% proton therapy, 44.5% particle accelerators for sterilization/ionization, 13.1% dosimetry
• Global reach: 31.2% US revenue, 67.7% rest of world, with operational presence across Americas, Europe, and Asia
• Innovation focus: Active R&D partnerships including Actinium-225 development with SCK CEN and ConformalFLASH technology development

Named Competitors

• Diagnostic Imaging & Healthcare Solutions — Broad medical device and imaging portfolio
• Particle Accelerator Systems — Radiation therapy and imaging equipment

Recent Developments

• (November 2025) Acquisition of PhantomX to expand digital capabilities
• (March 2024) Sichuan Cancer Hospital in China brings Proteus®Plus proton beam online
• (2024) Revenue growth of 6.7% year-over-year to $539M

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