Voxel

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.

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

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

• Diagnostic imaging services
• Teleradiology platforms
• Radiopharmaceutical manufacturing
• RIS PACS software
• Medical imaging IT

Headquarters

HQ city

Krakow

HQ country

Poland

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. Teleradiology Services: Remote radiology reporting services provided to external healthcare facilities using proprietary RIS/PACS infrastructure and cloud platform.
4. 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

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability6 records

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Agencja Badań Medycznych (ABM)coreStrategic or Co-development Partner · 1 December 2022Medical 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.
• ScanixcoreStrategic or Co-development PartnerSubsidiary (97.27% ownership) providing diagnostic imaging services. Part of Voxel Group's diagnostics segment.
• Rezonans PowiślecoreStrategic or Co-development PartnerSubsidiary (63.73% ownership) providing MRI diagnostic services. Part of Voxel Group's diagnostics segment.
• Gamma Knife ExiracoreStrategic or Co-development PartnerSubsidiary (100% ownership) providing Gamma Knife radiosurgery and neuroradiology services in Katowice. Part of Voxel Group's therapy segment.
• AlteriscoreStrategic or Co-development PartnerSubsidiary (50.9% ownership) providing medical IT solutions, RIS/PACS systems, teleradiology, medical equipment distribution, and mobile laboratory solutions (MOBIGEN). Core technology integration subsidiary.
• RadpointcoreTechnology or IntegrationSubsidiary providing radiology platform solutions and teleradiology services. Integration partner for Voxel's diagnostic IT infrastructure.
• Pharmaceutical Companies (AstraZeneca, Roche, GSK, Bayer, Pfizer, etc.)minorStrategic or Co-development PartnerClinical 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)coreStrategic or Co-development PartnerPolish National Health Fund - main public healthcare payer providing contract revenue for diagnostic imaging services. Financing body for Szybka Terapia Onkologiczna program.
• European University InstitutionsminorStrategic or Co-development PartnerAcademic partnerships for three implementation doctorates in nuclear medicine and radiopharmaceutical development.

Scale indicators17 records

Recent moves8 records

Expansion highlights6 records

Direct 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

• Facebookfacebook.com/voxelpolska
• LinkedInlinkedin.com/company/voxel-sa

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Voxel