Review of 2020 – X-Ray Modules

X-Ray Modules

Despite the difficult market environment, the X-Ray Modules Division (IXM) achieved a solid result in the reporting year. The division remained profitable while investing in and launching new products. The pandemic-related slump in important end markets for non-destructive testing and safety inspection (automotive, aerospace and oil & gas), however, could not be fully offset by cost-cutting and efficiency-enhancing measures. 

Key financials of X-Ray Modules at a glance

Sales of X-Ray Modules division by market

Following a sharp decline in demand in the first half of the year, business stabilized in the second half, albeit at a lower absolute level. As in the sister X-Ray Systems division, new orders picked up in the latter half of the year. In this environment, IXM achieved annual sales of CHF 61.4 million (prior year: CHF 78.1 million), a decrease of 21.4% compared to 2019. The EBITDA operating result reached CHF 9.0 million (prior year: CHF 21.7 million), while the EBITDA margin was 14.6% (prior year: 27.8%).

IXM remained focused on its long-term strategy. The division used the downturn and continued to develop and launch new products on the market in anticipation of the next cyclical upswing. The new products launched in the last twelve months met with good uptake by the market. Both the ION modules introduced for security applications and the Mesofocus product line for high-resolution radiography tasks were very well received by customers. Thanks to these product launches, the division is well prepared for the next upturn.

The successful relocation of the microfocus tube business from Hamburg to Flamatt offers further potential for X-Ray Modules. The transfer provides IXM broader access to the market for high-resolution applications in the inspection of semiconductor and electronic components.