X-Ray Modules

The softening market conditions in IXM’s core markets observed toward the end of last year continued into 2024, leading to a persistently challenging business environment. Soft demand across key industrial sectors, such as in the automotive industry, along with the absence of positive backlog effects that had supported the previous year’s performance, made it difficult for IXM to surpass last year’s record results as anticipated. The ongoing sluggishness in traditional industrial markets weighed on sales, underscoring the importance of the division’s strategic initiatives: By prioritizing diversification, innovation, and investment in new applications, IXM is strengthening its position for sustained long-term growth and resilience, even amid current market challenges.

One of the key highlights was the expansion of the FYNE tubes program, reinforcing IXM’s push from micro to nano focus. A major milestone was the development of a new high-resolution x-ray module for semiconductor and advanced packaging inspection, featuring focal spot sizes as small as 600 nanometers and exceptional long-term thermal stability. This innovation strengthens the division’s position in high-precision inspection applications, addressing evolving industry demands. Moreover, IXM has achieved successful progress in the commercialization of MesoFocus tubes, resulting in an increased market presence in battery testing. Furthermore, our MesoFocus technology has been effectively positioned for the inspection of intricate aircraft components and other advanced imaging applications. The FXE open micro focus modules saw a successful increase in sales across targeted growth markets, demonstrating strong customer adoption and market potential.

As a result of the above, IXM’s net sales declined by 5.7% to CHF 94.6 million from the previous year’s CHF 100.3 million. The division’s EBITDA decreased by 38.8% to CHF 14.6 million versus the prior year’s CHF 23.8 million, resulting in a margin of 15.4% compared to 23.8% one year earlier.