May 2026
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Largest HealthTech Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
Barco, IBA Group, Nyxoah, Agfa-Gevaert and Sequana Medical.
 | Barco NV is an electronics company with three business segments: Entertainment, Enterprise, and Healthcare. The Entertainment business segment, which generates maximum revenue, comprises two business units; Cinema which offers the industry's complete range of laser and lamp-based cinema projectors, including image processing and audio solutions; and the Immersive Experience business unit, which offers solutions tailored to the specific needs of large venues, live events, themed entertainment (museums, theme parks, digital immersive art installations, projection mapping, etc.) and simulation applications: projection, image processing, and related services. Geographically, the group generates maximum revenue from the Americas, followed by EMEA and the Asia-Pacific regions. | $11 | -29% | $864M | $648M | 0.6x | 4.3x | ||
| Ion Beam Applications SA develops and manufactures medical devices and software solutions. The firm operates in two segments: proton therapy and other accelerators and dosimetry. Proton therapy and other accelerators business contribute to the majority of sales. It offers solutions for precision cancer treatment through the use of proton beams, as well as cyclotrons used for the production of radioisotopes and industrial accelerators for sterilization and ionization. The dosimetry business sells measurement and quality assurance instruments for radiotherapy and medical imaging. The firm operates in three geographical areas: Belgium, the United States, and the Rest of the World. | $18 | +28% | $520M | $580M | 0.8x | 11.2x | ||
| Nyxoah SA is a health-technology company focused on the development and commercialization of solutions and services to treat sleep-disordered breathing conditions. The company's solution platform is based on the Genio system, a CE-Mark validated, user-centered, bilateral neurostimulation therapy to treat moderate to severe Obstructive Sleep Apnea (OSA), the common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke. | $3 | -64% | $127M | $138M | 11.8x | (1.5x) | ||
| Agfa-Gevaert NV develops, produces, and distributes a range of analog and digital imaging systems and information technology solutions, for the printing sector, healthcare sector, and specific industrial applications. The company's operating segment includes CONOPS; Digital Print and Chemicals; Radiology Solutions and Healthcare IT. It generates maximum revenue from the Digital Print and Chemicals segment. The company operates in Europe, NAFTA, Latin America and Asia/Oceania/Africa. | $1 | -51% | $83M | $213M | 0.2x | 3.1x | ||
| Sequana Medical NV is a commercial-stage medical device company focused on the development of treatment solutions for the management of fluid overload in liver disease, malignant ascites, and heart failure. The company's products include an alfa pump, which provides a treatment solution for the long-term management of liver refractory ascites and malignant ascites with safety, efficacy, and quality of life benefits demonstrated in multiple clinical studies. The company's geographical segments include Switzerland, Germany, the United Kingdom, France, and the Rest of the world, out of which Germany accounts for the majority of the revenue. | $1 | -39% | $55M | $95M | 775.8x | (2.0x) | ||
| Median | $3 | -39% | $127M | $213M | 0.8x | 3.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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