Review of 2022 – X-Ray Modules

X-Ray Modules

The X-Ray Modules division operated in a robust market environment during the fiscal year. Growth in the battery business, tighter manufacturing tolerances and new inspection requirements are accelerating the demand for in-line inspection solutions. The existing technology gaps in in-line inspection create excellent market opportunities for IXM’s newly launched products, especially in Asia. Volumes in the security inspection market remain at a high level worldwide. In the traditional non-destructive testing markets, such as the inspection of castings, sales increased due to pent-up demand and the return to more robust production. By contrast, the trend in the oil and gas markets was subdued.


“When the market upswing arrived, we were well-prepared with our new products.”

Michael Berger

President, X-Ray Modules

IXM performed well in all key non-destructive testing and security inspection markets. New tubes and modules for the semiconductor and electronics industry as well as growing applications in battery testing, additive manufacturing and metrology ensured robust growth. This was despite noticeable bottlenecks in the supply chains and the impacts of the zero-COVID strategy in China. Stable or increasing market shares in the traditional markets and in the semiconductor and electronics industry underline the excellent market position and favorable prospects for the division.

Net sales grew by 12.3% to CHF 88.6 million (prior year: CHF 78.9 million). EBITDA improved by 2.5% to CHF 15.7 million (prior year: CHF 15.3 million). The EBITDA margin decreased from 19.4% to 17.7% mainly due to a complex supply chain landscape that resulted in limited deliveries, lower efficiency gains and capacity utilization than expected, as well as due to higher R&D spend compared to the prior year.

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