Stingray Healthcare

What Stingray Healthcare does

Stingray Healthcare Group is a Lausanne-headquartered operator of oncology and radiotherapy centres, formed through the November 2025 combination of Stingray Healthcare and Amethyst Healthcare under the ownership of private equity firm Fremman Capital. Following the merger, the group operates more than 30 treatment centres across eight European countries (Austria, France, Germany, Italy, Poland, Portugal, Romania, and the United Kingdom), supported by over 60 linear accelerators and delivering approximately 35,000 radiotherapy treatments annually. The portfolio spans conventional external-beam radiotherapy, chemotherapy, brachytherapy, stereotactic radiosurgery (Leksell Gamma Knife), robotic radiosurgery (CyberKnife, the only dedicated system in Portugal), nuclear medicine, and Tumour Treating Fields therapy. Technology layers include AI-assisted radiotherapy planning and tumour contouring, with multi-modal deep learning referenced for cervical cancer treatment planning, integrated across a connected network that shares clinical protocols and multidisciplinary tumour boards across borders.

The company serves three primary customer segments: healthcare institutions and public health systems (via public-private partnerships and management contracts), individual physicians and cancer centre directors (via a partnership model that preserves clinical autonomy while injecting capital and operational support), and ultimately cancer patients reached through medical referral. The GTM is exclusively B2B and institutional — there is no direct-to-consumer billing — combining enterprise field sales to hospitals and national health services with a channel partner model that integrates existing oncology centres into the network under PPP, joint venture, or management contract structures. Stingray generates revenue by delivering cancer treatment services through this owned and partnered centre footprint, with institutional contracts negotiated privately rather than at publicly disclosed prices.

The business is supported by long-dated capital: Fremman Capital (pan-European mid-market PE) acquired Stingray from Jacobs Capital and Amethyst from prior sponsors to underwrite the combination, while Ares Management provided a €300 million debt facility to Amethyst in June 2024 to accelerate European growth. Strategic institutional partnerships anchor the network — Wiener Privatklinik and Medical University of Vienna in Austria, UCLH and Great Ormond Street Hospital in London, Royal Hallamshire in Sheffield, Hospital de Braga and Instituto CUF Porto in Portugal, San Carlo in Italy, American Hospital of Paris in France, Ludwik Rydygier in Krakow — alongside technology relationships with Elekta (LINACs, Gamma Knife, planning software) and Novocure (TTFields). The enlarged group is led by Founding CEO Ralph Hefti (incoming CEO of the combined platform), with Amethyst Healthcare CEO Stéphane Carré and UK Operations CEO Sasha Burns overseeing regional operations.

Name

Stingray Healthcare

Legal name

Stingray Healthcare Group

Website

https://stingray-healthcare.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Stingray Healthcare Group operates Europe's largest independent cancer care platform, running 30+ oncology and radiotherapy centres across 8 European countries with 60+ linear accelerators delivering approximately 35,000 treatments annually to patients via institutional and physician partnerships.

Ownership category

akta.pro rank

Product category

Oncology Services

NAICS

Ambulatory Health Care Services (621), Offices of Physicians (62111)

SIC

Services-Health Services (8000), Services-Specialty Outpatient Facilities, Nec (8093)

akta.pro primary industry

Ambulatory Oncology Centers (Outpatient Chemo/Radiation) (HLAFABAI)

akta.pro secondary industries

Radiation Oncology (HLAKAFAC), Oncology & Cancer Specialty Hospitals (HLAFAHAC), Medical Oncology (HLAKAFAB)

Keywords

• Oncology services
• Radiation therapy
• Cancer treatment
• Radiosurgery
• Medical oncology

Headquarters

HQ city

Lausanne

HQ country

Switzerland

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Cancer Treatment Services: Stingray Healthcare generates revenue by providing cancer treatment services through its network of oncology and radiotherapy centres across Europe. Revenue is derived from delivering radiotherapy, radiosurgery, brachytherapy, chemotherapy, and supportive oncology care to patients referred through public healthcare systems, hospitals, and institutional partners. The company operates on a B2B institutional model, partnering with healthcare providers and health systems rather than direct-to-consumer billing.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Stingray Healthcare operates the largest independent network of cancer centres across 8 European countries, providing comprehensive oncology services including radiotherapy, chemotherapy, brachytherapy, stereotactic radiosurgery (Gamma Knife, CyberKnife), nuclear medicine, and AI-assisted treatment planning. The company builds and operates these centres through public-private partnerships with physicians, hospitals, and national healthcare systems, preserving clinical independence for its medical partners.

Product overview

Stingray Healthcare Group is Europe's largest independent cancer care platform operating over 30 treatment centres across 8 European countries (Austria, France, Germany, Italy, Poland, Portugal, Romania, United Kingdom). The platform offers a comprehensive oncology service portfolio centred on radiotherapy, chemotherapy, and brachytherapy, augmented by advanced radiosurgery technologies including Gamma Knife and CyberKnife. The group delivers approximately 35,000 radiotherapy treatments annually using over 60 state-of-the-art linear accelerators. The portfolio includes core treatment services (radiotherapy, chemotherapy, brachytherapy), advanced radiosurgery options (Gamma Knife, CyberKnife, stereotactic radiotherapy), AI-assisted treatment planning, nuclear medicine, and supportive care. The group operates through sub-brands including Amethyst Healthcare (pan-European network) and Júlio Teixeira (Portugal operations), combining clinical expertise with technological innovation to deliver personalised, multidisciplinary cancer care.

Differentiator

Problem solved

Functional benefit

Products and services

• Radiotherapy External beam radiation therapy delivered through linear accelerators and other modalities for cancer patients treated at Stingray Healthcare's network centres across Europe.
• Chemotherapy Systemic drug therapy for cancer treatment administered at Stingray Healthcare cancer centres, typically in combination with radiotherapy or other modalities.
• Brachytherapy Internal radiation therapy placing radioactive sources directly inside or next to the tumor, offered as a specialist treatment modality at Stingray Healthcare centres.
• Gamma Knife Radiosurgery Leksell Gamma Knife stereotactic radiosurgery for non-invasive treatment of brain tumors, arteriovenous malformations, and other intracranial conditions.
• CyberKnife Radiosurgery Robotic, image-guided stereotactic radiosurgery for precise treatment of tumors anywhere in the body without invasive frames.
• Linear Accelerator (LINAC) Treatment Conventional and advanced linear accelerator-based external beam radiotherapy treatments delivered across Stingray Healthcare centres.
• Nuclear Medicine Diagnostic and therapeutic nuclear medicine services, including radiopharmaceutical imaging and targeted radionuclide therapy at cancer centres.
• TTFields Therapy Tumor Treating Fields therapy delivered as part of comprehensive oncology treatment programs within the Stingray network.
• Medical Oncology Comprehensive medical oncology services including systemic therapy, chemotherapy planning, and multidisciplinary cancer care management.

Quantifiable outcome

• Europe's largest independent cancer care platform with 30+ centres in 8 countries
• +6 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and supporting.

• American Hospital of Paris (AHP)coreStrategic or Co-development Partner · 16 June 2026Stingray Healthcare Group announced a new strategic partnership with the American Hospital of Paris (AHP), under which it assumed operations of the Centre de Cancérologie de la Porte de Saint-Cloud (CCPSC) in Paris. This partnership improves patient access to innovative oncology treatments and strengthens Stingray's presence in the Paris region.
• Global Coalition for RadiotherapycoreStrategic or Co-development Partner · 29 April 2026Stingray Healthcare Group announced a strategic partnership with the Global Coalition for Radiotherapy, joining a global initiative to raise awareness of radiotherapy and improve access to radiation oncology treatments. The coalition advocates for radiotherapy as a cornerstone of cancer care.
• Amethyst HealthcarecoreStrategic or Co-development Partner · 2 November 2025Stingray Healthcare combined with Amethyst Healthcare in November 2025 to create Europe's largest independent cancer care platform. The transaction followed Fremman Capital's acquisition of Stingray from Jacobs Capital. The combined entity operates more than 30 treatment centres in eight countries, delivering approximately 35,000 radiotherapy treatments annually with over 60 linear accelerators. Both organisations maintain their local identities while sharing expertise and best practices.
• IASO-Health GmbHsupportingStrategic or Co-development Partner · 16 July 2025Amethyst Radiotherapy Austria entered into a partnership with IASO-Health GmbH, a Swiss-based integrative medicine provider led by CEO and Founder Bruno Rosset. This collaboration strengthens cross-border oncology pathways, giving IASO-Health patients direct access to cutting-edge radiotherapy at Amethyst Austria.
• Public Healthcare Systems (PPP Partners)coreStrategic or Co-development PartnerStingray Healthcare works with public healthcare systems through public-private partnership (PPP) arrangements in Italy, Poland, France, and other countries. Most of the company's activity is for and with the public sector, contracting with public healthcare and public hospital facilities. Stingray invests on behalf of public partners, runs centres, and allows public facilities to provide the right treatment at the right place.
• ElektasupportingTechnology or IntegrationStingray Healthcare Group works with Elekta, a leading medical technology company providing radiotherapy equipment including linear accelerators, Gamma Knife systems, and treatment planning software. The collaboration includes innovative pathways such as the same-day Leksell Gamma Knife radiosurgery process at Queen Square Radiotherapy Centre, and the Harmony Pro linear accelerator deployment at Hospital de Braga.
• CROMG (Centre Radiothérapie Oncologie Moyenne Garonne)supportingChannel Partner/ Reseller/ DistributorAmethyst Radiothérapie France announced a strategic partnership with CROMG, a renowned radiotherapy centre based in France, to improve cancer care access and quality through collaboration between the centres.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Others

• Vamed: European provider of hospital planning, construction and operational management services; comparable PPP-style partnerships with public hospitals and oncology infrastructure projects.
• Centre Léon Bérard / UNICANCER network: Network of French Comprehensive Cancer Centres (CLCCs) — comparable French/European oncology centres whose clinical offerings overlap with Stingray's French network, though publicly governed.
• Hôpital Américain de Paris (American Hospital of Paris): Strategic partner of Stingray (CCPSC oncology operations assumed by Stingray in 2026); a comparable premium private cancer care provider in Paris whose footprint and clinical brand overlap with Stingray's Ile-de-France centres.

Emerging players

• IBA (Ion Beam Applications): Belgian proton therapy and radiopharmacy equipment specialist competing in advanced radiation oncology; relevant adjacency as European cancer centres increasingly add particle therapy capacity.
• Novocure: Developer of Tumour Treating Fields (TTFields) therapy, deployed at Amethyst Austria; an emerging modality that competes for and complements Stingray's radiotherapy, brachytherapy and chemotherapy services.
• Accuray: Manufacturer of CyberKnife and TomoTherapy systems — Stingray deploys CyberKnife at Júlio Teixeira (Portugal); Accuray's installed-base services and TomoTherapy placements overlap with Stingray's LINAC and radiosurgery portfolio.

Broad incumbents

• Elekta: Leading global manufacturer of linear accelerators, Gamma Knife systems and radiotherapy treatment planning software — Stingray's equipment partner and the dominant incumbent supplier whose services/AI roadmap directly competes with independent operators.
• Varian (Siemens Healthineers): Global leader in radiotherapy hardware, treatment planning and AI-enabled oncology software; now part of Siemens Healthineers. Competes both as a technology supplier to Stingray and as a vertically integrated services provider pushing into managed radiotherapy.

Regional players

• Medicover: Private healthcare and diagnostics operator across Central/Eastern Europe with overlapping footprint to Stingray in Romania and Poland; comparable clinic-network and PPP-style expansion model.

Direct peers

• GenesisCare: Largest private cancer care services platform in Europe/Australia, operating radiotherapy and oncology centres across multiple countries. Most direct competitor to Stingray/Amethyst in pan-European independent oncology services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/stingray-healthcare

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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 Stingray Healthcare