Review of 2021 – X-Ray Modules

X-Ray Modules

The market for X-ray tubes and modules largely recovered from the previous year’s slump. After a gradual recovery in the first six months, the demand in the core markets of non-destructive testing and safety inspection stabilized in the course of the second half of the year. The upturn was visible in all regions, with IXM achieving above-average growth rates in Europe and China in particular.


“We were ready to launch our new products with the upswing in the market.”

Stephan Haferl

President, X-Ray Modules

The strengthened product portfolio paid off. Thanks to solid R&D funding, IXM was able to push ahead with new developments in the EVO, ION, XP, MF and FXE product series despite the weak state of the end markets in 2019 and 2020, and successfully launch them in 2021 in step with the market recovery. The trend toward miniaturization makes it necessary to detect defects in ever smaller, more complex, denser components – and to do it faster and with ever less effort. IXM addresses exactly these needs with its strengthened product portfolio. This not only enables IXM to offer existing customers more powerful x-ray modules, but also to increasingly expand the business into new applications in the areas of semiconductors, electronics and batteries.

Despite the improved condition of the end markets and a high order backlog, the division at no time lost its focus on costs and efficiency. Cost discipline as well as the optimization of production processes contributed significantly to the improvement in profitability.

Net sales increased by 28.4% to CHF 78.9 million (2020: CHF 61.5 million), thus already returning to the 2019 pre-COVID level. EBITDA improved by 69.2% to CHF 15.3 million (2020: CHF 9.0 million), representing an increase in the EBITDA margin from 14.7% to 19.4%.

Key financials of X-Ray Modules at a glance







Net sales






EBITDA margin



Number of employees worldwide



Sales of X-Ray Modules division by market