Voxel
Voxel S.A. is a Poland-based, publicly traded diagnostic imaging group operating 40+ centers nationwide, providing CT, MRI, PET-CT, and SPECT services, Gamma Knife therapy, proprietary RIS/PACS software, cloud teleradiology, and radiopharmaceutical manufacturing for public and private healthcare providers.
- Company typePublic
- Founded2005
- HeadquartersKrakow, Poland
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What Voxel does
Voxel S.A. is a Kraków-headquartered, Warsaw-listed (WSE: VXM) diagnostic imaging group operating 40+ centers, 71 devices, and six nuclear-medicine facilities across Poland. The group is organized into three complementary segments: Diagnostics (CT, MRI, PET-CT, SPECT and high-specialist modalities including fMRI, MRS, DTI, fusion prostate biopsy), Therapy (Exira Gamma Knife radiosurgery in Katowice using Elekta's Perfexion system, and radiosynovectomy with beta-emitting isotopes), and IT & Infrastructure (the Alteris subsidiary providing RIS/PACS software deployed in 200+ Polish hospitals, plus MOBIGEN mobile diagnostic laboratories and tele-histopathology).
Revenue is generated primarily through NFZ-funded (Polish National Health Fund) diagnostic imaging services under multi-year contracts, supplemented by private-pay self-serve bookings through the e-rejestracja portal (with a 10% online discount) and ancillary teleradiology services to external hospitals via a proprietary cloud platform that processes over 1.4 million images annually. A third revenue stream comes from radiopharmaceutical production and sale at three GMP-certified cyclotron facilities (Warsaw, Kraków, Katowice) — four commercial products (V-PET/FCH/V-NaF/V-Ga68) plus V-Cu64 in Phase III clinical development — distributed through Voxel's own short-half-life logistics fleet. Clinical research services for pharmaceutical companies (AstraZeneca, Roche, GSK, Bayer and 20+ others across 100+ trials) add a smaller but higher-margin professional services layer, while 2025-launched deep-learning AI diagnostic tools are reported to reduce radiologist interpretation time by approximately 30%.
The business model combines vertically integrated diagnostics-plus-radiopharma-plus-IT economics with a hybrid sales motion: physician referrals and NFZ contracting anchor the public volume, while the e-rejestracja and portal.voxel.pl digital channels target private-pay patients directly. Ownership is anchored by Luxembourg-based Voxel International S.a.r.l. (37.43% economic stake, 51.33% of votes through Series A preference shares), with PZU TFI (14.60%) and Allianz Polska pension fund (6.52%) as institutional anchors and a 62.2% free float on the Warsaw Stock Exchange. Disclosed FY2025 revenue of 584 million PLN with EBITDA of 188.1 million PLN translates to roughly a 32% EBITDA margin, against ~23% in FY2024, against an estimated ~19% share of Poland's high-end diagnostic segment.
Voxel firmographics
Firmographics- Name
- Voxel
- Legal name
- Voxel S.A.
- Website
- https://voxel.pl
- Company type
- Public
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Voxel S.A. is a Poland-based, publicly traded diagnostic imaging group operating 40+ centers nationwide, providing CT, MRI, PET-CT, and SPECT services, Gamma Knife therapy, proprietary RIS/PACS software, cloud teleradiology, and radiopharmaceutical manufacturing for public and private healthcare providers.
- Ownership category
- akta.pro rank
Voxel industry classification
Industry- Product category
- Diagnostic Imaging Services
- NAICS
- Diagnostic Imaging Centers (621512), Medical Laboratories (621511), Computer Systems Design and Related Services (54151)
- SIC
- Services-Health Services (8000), In Vitro & In Vivo Diagnostic Substances (2835), Surgical & Medical Instruments & Apparatus (3841)
- akta.pro primary industry
- Advanced Imaging & Specialty Radiology Centers (PET/CT, Nuclear Medicine, Interventional Radiology) (HLAFAKAB)
- akta.pro secondary industries
- Radiology AI, CAD & Advanced Visualization Software (HLAHABAJ), Image Exchange, Sharing & Patient/Provider Portals (DICOM/Web) (HLACALAI), Nuclear Medicine Clinical Services & Therapy Centers (HLAIAGAI), Interventional Radiology & Image-Guided Therapy Systems (HLAHABAG)
Keywords
Where Voxel is headquartered
LocationHeadquarters
- HQ city
- Krakow
- HQ country
- Poland
- HQ region
- Europe
Offices8 records
Markets served
Voxel business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Supply Chain, Marketing or Sales
Revenue model
- Diagnostic Imaging Services: Revenue from providing diagnostic imaging services (MRI, CT, PET-CT, SPECT) to patients funded through National Health Fund (NFZ) contracts, private payments, and institutional contracts with hospitals and clinics. Represents the primary revenue stream.
- Radiopharmaceutical Manufacturing & Sales: Production and sale of radiopharmaceutical products (V-PET, FCH, V-NaF, V-Ga68) to diagnostic centers. Revenue from supply contracts with medical facilities across Poland, with logistics fleet for nationwide distribution.
- Teleradiology Services: Remote radiology reporting services provided to external healthcare facilities using proprietary RIS/PACS infrastructure and cloud platform.
- Clinical Research Services: Commercial clinical trials for pharmaceutical sector with 20+ years of experience. Services to pharmaceutical companies including AstraZeneca, Roche, GlaxoSmithKline, Bayer, and others. Also R&D partnerships with medical device manufacturers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | NFZ-funded diagnostic imaging services |
| Unit Pricing | Pay-as-you-go | Private pay diagnostic services |
| Subscription | Multi-year contract | Radiosynowektomia (isotope joint therapy) |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels5 records
Voxel product offering
Product offeringCore offering
Voxel S.A. provides diagnostic imaging services (MRI, CT, PET-CT, SPECT, Gamma Knife radiosurgery) through 40+ owned diagnostic centers across Poland, manufactures and distributes proprietary radiopharmaceuticals from three cyclotron facilities, operates a cloud teleradiology platform processing over 1.4 million images annually, and licenses its Alteris RIS/PACS software to over 200 hospitals and diagnostic facilities. The company also runs clinical research services for pharmaceutical clients and supports the Fast Oncological Therapy (Szybka Terapia Onkologiczna) program for oncology patients.
Product overview
Voxel S.A. is a Warsaw-listed Polish diagnostic imaging company operating 40+ diagnostic sites, radiopharmaceutical production facilities, and a cloud teleradiology platform. The company's product portfolio is organized across three complementary segments: Diagnostics (medical imaging — CT, MRI, PET-CT, SPECT), Therapy (Exira Gamma Knife radiosurgery, radiosynovectomy), and IT & Infrastructure (Alteris RIS/PACS software, MOBIGEN mobile laboratories, tele-histopathology). Key products include Alteris RIS/PACS (proprietary radiology information and image management system deployed in 200+ locations), V-PET/FCH/V-NaF/V-Ga68 radiopharmaceuticals produced at three cyclotron facilities under GMP, teleradiology services processing over 1.4 million images annually, clinical trial services, and the oncology DILO package. The group structure includes Voxel S.A. (parent), Scanix, Rezonans Powiśle (diagnostics), Exira Gamma Knife (therapy, 100%), and Alteris (IT, 50.9%). AI diagnostic tools introduced in 2025 reportedly cut interpretation time by approximately 30%.
Differentiator
Problem solved
Functional benefit
Brands
- Alteris: Medical IT subsidiary providing RIS/PACS systems, teleradiology solutions, and infrastructure services
- Exira Gamma Knife
- Radpoint
- MOBIGEN
- V-PET
- V-Ga68
Products and services
- Medical Imaging Diagnostics (Diagnostyka obrazowa)
Quantifiable outcome
- ~30% reduction in interpretation time through 2025 AI diagnostic tools
- +3 more outcomes
Companies that use Voxel
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
Voxel technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability6 records
Feature6 records
Voxel partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- Agencja Badań Medycznych (ABM)coreMedical Research Agency providing 4,680,531.55 PLN in funding for radiopharmaceutical R&D project (Contract 2022/ABM/04/00009) for prostate cancer and neuroendocrine tumor diagnostics.
- ScanixcoreSubsidiary (97.27% ownership) providing diagnostic imaging services. Part of Voxel Group's diagnostics segment.
- Rezonans PowiślecoreSubsidiary (63.73% ownership) providing MRI diagnostic services. Part of Voxel Group's diagnostics segment.
- Gamma Knife ExiracoreSubsidiary (100% ownership) providing Gamma Knife radiosurgery and neuroradiology services in Katowice. Part of Voxel Group's therapy segment.
- AlteriscoreSubsidiary (50.9% ownership) providing medical IT solutions, RIS/PACS systems, teleradiology, medical equipment distribution, and mobile laboratory solutions (MOBIGEN). Core technology integration subsidiary.
- RadpointcoreSubsidiary providing radiology platform solutions and teleradiology services. Integration partner for Voxel's diagnostic IT infrastructure.
- Pharmaceutical Companies (AstraZeneca, Roche, GSK, Bayer, Pfizer, etc.)minorClinical trial partnerships with major pharmaceutical companies for imaging-based endpoints. Over 100 clinical trials conducted. Includes partnerships with Abbott, Amgen, Boehringer Ingelheim, and 20+ other pharma companies.
- Narodowy Fundusz Zdrowia (NFZ)corePolish National Health Fund - main public healthcare payer providing contract revenue for diagnostic imaging services. Financing body for Szybka Terapia Onkologiczna program.
- European University InstitutionsminorAcademic partnerships for three implementation doctorates in nuclear medicine and radiopharmaceutical development.
Scale indicators17 records
Recent moves8 records
Expansion highlights6 records
Voxel competitors and assessment
Company assessmentDirect peers
- Affidea: Pan-European diagnostic imaging network operating MRI, CT, PET-CT and ultrasound centers across multiple countries. Comparable to Voxel's multi-modality European imaging network with focus on advanced diagnostics.
- RadNet: US-based publicly traded outpatient diagnostic imaging center operator running a large multi-modality network (MRI/CT/PET/ultrasound). Closest publicly traded analog to Voxel's owned-and-operated imaging-center strategy and scale economics.
- Alliance Medical: UK/European provider of diagnostic imaging and radiopharma services, including mobile diagnostics and PET-CT. Direct overlap with Voxel's imaging-services-plus-radiopharma combination.
- InHealth Group: One of the UK's largest independent providers of diagnostic imaging solutions across MRI, CT, PET-CT, and endoscopy. Comparable multi-modality outpatient imaging model with NHS/private split analogous to Voxel's NFZ/private mix.
- Unilabs: Pan-European provider of clinical laboratory and diagnostic imaging services. Comparable in being a multi-country, multi-modality clinical diagnostics platform with hospital partnerships.
- Synlab: European medical diagnostics services operator offering imaging and laboratory diagnostics across multiple countries. Overlap with Voxel's combined imaging-and-laboratory molecular diagnostic offerings (e.g., MOBIGEN).
Regional players
- Medicover: Central and Eastern European private healthcare provider with significant Polish operations including diagnostics. Operates the same Polish market and payer mix as Voxel, with overlapping imaging and outpatient services.
Broad incumbents
- Carestream Health: Global medical imaging IT and equipment vendor offering RIS/PACS, radiology workflows, and imaging equipment distribution. Overlaps with Alteris's RIS/PACS distribution and MOBIGEN mobile lab capabilities.
- Sectra: Swedish imaging IT specialist providing enterprise PACS/RIS and radiology workflows widely used across European hospitals. Directly comparable to Alteris as a RIS/PACS vendor in the medical imaging IT space.
- Bracco Imaging: Global leader in imaging agents and contrast media, with a sizeable radiopharmaceuticals business. Closest global comparable to Voxel's proprietary PET tracer portfolio across oncology, cardiology, and neurology.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Voxel social profiles
Digital presenceVoxel compliance and trust
Trust signalCompliance3 records
Voxel financial estimates
Financial estimateRevenue estimate
Valuation estimate
Voxel leadership team
Management profileNumber of profiles
Profiles7 records
Voxel subsidiaries and ownership
Company hierarchySubsidiaries5 records
Voxel funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Voxel M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Voxel
What does Voxel do?
Voxel S.A. provides diagnostic imaging services (MRI, CT, PET-CT, SPECT, Gamma Knife radiosurgery) through 40+ owned diagnostic centers across Poland, manufactures and distributes proprietary radiopharmaceuticals from three cyclotron facilities, operates a cloud teleradiology platform processing over 1.4 million images annually, and licenses its Alteris RIS/PACS software to over 200 hospitals and diagnostic facilities. The company also runs clinical research services for pharmaceutical clients and supports the Fast Oncological Therapy (Szybka Terapia Onkologiczna) program for oncology patients.
Is Voxel a public or private company?
Voxel is a public company. It is classified as public and is currently operating.
When was Voxel founded?
Voxel was founded in 2005. It employs 501 to 1,000 people.
Where is Voxel based?
Voxel is headquartered in Krakow, Poland, in the Europe region.
How does Voxel make money?
Four revenue lines are on record. Diagnostic Imaging Services are the primary driver. The others are radiopharmaceutical Manufacturing & Sales, teleradiology Services and clinical Research Services.
Who are Voxel's main competitors?
Direct peers on record are Affidea, RadNet, Alliance Medical, InHealth Group, Unilabs and Synlab. Medicover is listed as a regional player. Broad incumbents are Carestream Health, Sectra and Bracco Imaging.
Does Voxel have an API?
No public API is recorded for Voxel.
What industry is Voxel in?
Voxel's product category is Diagnostic Imaging Services. Its primary akta.pro industry code is HLAFAKAB, Advanced Imaging & Specialty Radiology Centers (PET/CT, Nuclear Medicine, Interventional Radiology), with a secondary code of HLAHABAJ, Radiology AI, CAD & Advanced Visualization Software. Its NAICS code is 621512 and its SIC code is 8000.