October 2026
Largest Medical Devices Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
Barco, IBA Group, Nyxoah, Agfa-Gevaert and European Medical Solutions.
 | 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. | $8 | -44% | $654M | $690M | 0.6x | 5.0x | ||
| 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 | +45% | $534M | $618M | 0.9x | 15.8x | ||
| 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. | $1 | -78% | $114M | $64M | 5.7x | (0.7x) | ||
| Agfa-Gevaert NV is company in imaging technology. It develops, manufactures and markets analog and digital systems for the healthcare sector, for the printing industry, for the green hydrogen industry and for specific industrial applications. The company operate and report through three business segments HealthCare IT, Industrial Solutions, and Imaging and Chemicals. The company operates in Europe, NAFTA, Latin America and Asia/Oceania/Africa. The majority of revenue comes from Europe. | $0 | -53% | $70M | $215M | 0.2x | (27.4x) | ||
| European Medical Solutions Formerly DMS Imaging SA is a clinical-stage biopharmaceutical company. The company is engaged in the development and future commercialization of a range of breakthrough immunotherapy products for the treatment of allergies, based on its ASIT+ technology platform. Its lead product is gp-ASIT+, a phase III trial for the treatment of grass pollen rhinitis. Its pipeline products consist of hdm-ASIT+ for the treatment of house dust mite asthma; and pnt-ASIT+ for the treatment of peanut allergy. | $4 | -36% | $17M | $36M | 0.6x | 7.0x | ||
| Median | $4 | -44% | $114M | $215M | 0.6x | 5.0x |
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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