Dutch Ophthalmic Research Center Acquisition, Valuation, Funding & Investors

Dutch Ophthalmic Research Center was acquired by Carl Zeiss Meditec for $1.1B in December 2023, a 4.9x multiple on $216M of revenue.

Dutch Ophthalmic Research Center acquisition price

$1.1B

Acquired by Carl Zeiss Meditec · Dec 2023

Dutch Ophthalmic Research Center revenue at acquisition

$216M

Last twelve months · Dec 2023

Dutch Ophthalmic Research Center revenue multiple at acquisition

4.9x

EV/Revenue · Dec 2023

Cumulative funding Dutch Ophthalmic Research Center raised

$94M

across 1 funding round

Dutch Ophthalmic Research Center Overview

About Dutch Ophthalmic Research Center

Dutch Ophthalmic Research Center is a Netherlands-based manufacturer of precision instruments for vitreoretinal, cataract, and glaucoma surgeries. Headquartered in Zuidland, it exports micro-manipulators, vitrectomy probes, and infusion systems to over 100 countries.


Founded

1983

HQ

NetherlandsRotterdam

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$230M (Jul 2020)

Valuation

$1.1B (Jul 2020)

Dutch Ophthalmic Research Center Acquisition

Dutch Ophthalmic Research Center was acquired by Carl Zeiss Meditec for $1.1B on 15 December 2023.

The acquisition price implies a 4.9x revenue multiple on $216M of revenue.

Before the acquisition Dutch Ophthalmic Research Center had raised $94M across 1 funding round.

Dutch Ophthalmic Research Center (International) B.V. (D.O.R.C.), based in Zuidland, Netherlands, is a leading company in the vitreo-retinal surgery segment, specializing in surgical devices, consumables, and advanced systems like the EVA NEXUS dual-function platform for treating retinal disorders and other eye conditions. Celebrating 40 years of innovation in 2023, D.O.R.C. expected close to EUR 200 million in revenue and mid-double-digit million EUR operating profit for fiscal 2023. Carl Zeiss Meditec AG, a Jena, Germany-based medical technology firm with 5,730 employees and EUR 2,066.1 million in fiscal 2023/24 revenue, acquired 100% of D.O.R.C.'s shares from Eurazeo SE, Paris, for an enterprise value of approximately EUR 985 million, financed primarily by net liquidity and a EUR 400 million three-year shareholder loan from Carl Zeiss AG. The acquisition, announced on December 15, 2023, enhances ZEISS Medical Technology’s ophthalmic portfolio of implants, consumables, visualization solutions, and digitally connected workflows for retina, cornea disorders, cataracts, glaucoma, and refractive errors. It accelerates ZEISS’s position in vitreo-retinal surgery, expands its Retina Workflow for posterior and anterior segments, and strengthens leadership in the global ophthalmic medical devices market, particularly retina surgical devices. The deal closed on April 4, 2024, after securing regulatory and antitrust approvals, with RBC Capital Markets as exclusive financial advisor to ZEISS. Integration focuses on world-class innovation, market expansion, and establishing ZEISS as the top ophthalmology player by leveraging D.O.R.C.’s market-leading technologies alongside ZEISS’s offerings to provide comprehensive solutions to ophthalmologists worldwide.

Dutch Ophthalmic Research Center acquisition details
AcquirerDateTypePriceEV/Revenue
15 Dec 2023Strategic M&A$1.1B4.9x

Dutch Ophthalmic Research Center Valuation

Dutch Ophthalmic Research Center is currently valued at $1.1B, based on its undisclosed-stage round in July 2020.

Dutch Ophthalmic Research Center valuation by funding round

Dutch Ophthalmic Research Center valuation by funding round
DateStageValuationRevenue Multiple
Jul 2020Undisclosed stage$1.1B4.9x

Dutch Ophthalmic Research Center Revenue

Dutch Ophthalmic Research Center's latest recorded revenue is $230M, as of its undisclosed-stage round in July 2020. At a $1.1B valuation, that implies a 4.9x revenue multiple.

Dutch Ophthalmic Research Center revenue by funding round

Dutch Ophthalmic Research Center revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2020$230M$1.1B4.9xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Dutch Ophthalmic Research Center Funding History

Dutch Ophthalmic Research Center has raised a total of $94M across 1 funding round.

Dutch Ophthalmic Research Center funding rounds

Dutch Ophthalmic Research Center funding rounds
DateStageRaisedValuationDeal Summary
Jul 2020Undisclosed stage$94M$1.1BDutch Ophthalmic Research Center (DORC) is a Netherlands-based company specializing in vitreoretinal surgical devices, including the EVA NEXTUM (also called Eva Nexus) platform for vitreoretinal, cataract, and combined procedures, along with accessories, instruments, and liquids. DORC originated in the early 1980s at the Rotterdam Eye Clinic and developed into a leader in retina surgical devices and consumables. In December 2023, Carl Zeiss Meditec agreed to acquire 100% of DORC from French investment firm Eurazeo for €985 million (approximately $1.07 billion), with the deal closing in H1 2024 after regulatory approvals. The acquisition aimed to enhance Zeiss's ophthalmic portfolio, particularly in posterior and anterior surgery segments, by integrating DORC's technologies with Zeiss's visualization, diagnostic, therapeutic devices, and digital ecosystem for efficient clinical workflows addressing retinal disorders, cataracts, glaucoma, and refractive errors. The transaction valued DORC at €985 million enterprise value, positioning Zeiss as a top player in the global retinal surgery market, where ophthalmology is Zeiss's largest and highest-grossing unit with €1.58 billion revenue in FY 2022-2023. DORC was projected to deliver €200 million in net sales in 2023. The ophthalmic device market was forecasted to grow from $6.9 billion in 2023 to $8.4 billion in 2030 at a 2.39% CAGR, driven by digital technologies. Post-acquisition priorities included business continuity, customer satisfaction, and leveraging combined expertise for innovative ophthalmology solutions.

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Dutch Ophthalmic Research Center Competitors

Dutch Ophthalmic Research Center competitors include listed companies like Obsidian Therapeutics and SEEGENE, and private ones like Scivita Medical Technology, Huihe Healthcare, BenevolentAI and Cornerstone Robotics.

Public and private companies comparable to Dutch Ophthalmic Research Center
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Scivita Medical TechnologyChinaSuzhouPrivate--$1.1B-
Obsidian TherapeuticsUnited StatesUnited StatesPublicly listed-($104M)$1.1B-
Huihe HealthcareChinaShanghaiPrivate--$1.1B-
SEEGENESouth KoreaSouth KoreaPublicly listed$345M$85M$1.1B2.1x
BenevolentAIUnited KingdomLondonPrivate$10M-$1B100.0x
Cornerstone RoboticsHong KongHong KongPrivate--$1B-

Dutch Ophthalmic Research Center Public Comps

Dutch Ophthalmic Research Center is no longer listed, but its public comps include Staar Surgical, iRadimed, Obsidian Therapeutics, Wandong Medical, Shinva, PHC Holdings, Enovis, PROCEPT BioRobotics, SEEGENE and Beta Bionics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Staar Surgical$239M($37M)3.8x3.0x(24.7x)21.5x
iRadimed$84M$28M11.9x11.2x36.3x32.8x
Obsidian Therapeutics-($104M)--(13.0x)-
Wandong Medical$201M($46M)3.1x3.2x(13.7x)-
Shinva$1.5B$126M0.6x0.6x6.7x6.7x
PHC Holdings$2.3B$320M1.0x1.0x7.2x6.5x
Enovis$2.2B($830M)1.1x1.0x(2.9x)5.7x
PROCEPT BioRobotics$308M($98M)3.1x2.6x(9.9x)(25.1x)

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Common questions about Dutch Ophthalmic Research Center

When was Dutch Ophthalmic Research Center founded?Dutch Ophthalmic Research Center was founded in 1983.
Where is Dutch Ophthalmic Research Center headquartered?Dutch Ophthalmic Research Center is headquartered in Rotterdam, Netherlands.
Is Dutch Ophthalmic Research Center publicly listed?No, Dutch Ophthalmic Research Center was acquired by Carl Zeiss Meditec in December 2023.
Who acquired Dutch Ophthalmic Research Center?Dutch Ophthalmic Research Center was acquired by Carl Zeiss Meditec in December 2023.
How much was Dutch Ophthalmic Research Center acquired for?Dutch Ophthalmic Research Center was acquired for $1.1B in December 2023, a 4.9x revenue multiple.
What is Dutch Ophthalmic Research Center's valuation?Dutch Ophthalmic Research Center was last valued at $1.1B in its undisclosed-stage round in July 2020.
How much funding has Dutch Ophthalmic Research Center raised?Dutch Ophthalmic Research Center has raised $94M across 1 funding round.
What was Dutch Ophthalmic Research Center's last funding round?Dutch Ophthalmic Research Center's last funding round was a $94M undisclosed-stage round in July 2020.
What is Dutch Ophthalmic Research Center's revenue?Dutch Ophthalmic Research Center's latest recorded revenue is $230M (July 2020).
What is Dutch Ophthalmic Research Center's revenue multiple?Dutch Ophthalmic Research Center's latest valuation implies a 4.9x revenue multiple ($1.1B valuation on $230M of revenue).
Which companies are comparable to Dutch Ophthalmic Research Center?Companies comparable to Dutch Ophthalmic Research Center include Scivita Medical Technology, Obsidian Therapeutics, Huihe Healthcare, SEEGENE, BenevolentAI and Cornerstone Robotics.

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