Ion Beam Applications - One ring to rule them all
Mar 20th 2013 - Edison Investment Research today published a report on Ion Beam Applications entitled "One Ring To Rule Them All". In summary, the report says:
The investment case rests on the Proteus One proton beam machine. These electromagnetic rings are faster to build and more affordable at around €30m per facility (of which €20m is the machine) vs up to €120m for a five room Proteus PLUS facility. Proteus One is gaining EU sales and FDA approval is likely in 2014; US prostates remain a big target market. By expanding the global market, the One could enable10% of cancer patients to benefit from superior proton therapy as against 1% now. IBA is still restructuring and reducing costs. Management’s end-2014 goals are for revenue growth of 5-10% and an operating margin of 10%. This requires further restructuring plus sale of non-core operations.
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