Small, clever and close to the patient. That’s the future of medical imaging. Instead of sending people to large hospitals, next generation compact 3D X-ray machines can bring lower-dose, lower-cost, high-quality imaging directly into clinics, community care, urgent care centres and orthopaedic practices. Better still, they can free up scarce hospital scanners, speed up diagnosis and improve the patient care — all at a time when healthcare systems everywhere are crying out for more productivity.
Step forward Adaptix Ltd, a next generation medical imaging business owned by specialist engineer Avingtrans . Today’s news that Adaptix has received CE Certification for its Ortho350 3D X-ray system is another important regulatory milestone, following FDA 510(k) approval in the US last November. Hence now also allowing commercial sales across the UK & Europe.
This matters because the Adaptix Ortho350 is not just another scanner. It is an ultracompact, low-dose, low-power 3D X-ray system designed for orthopaedic imaging, with applications across hands, wrists, elbows, knees and feet. Cavendish describes Adaptix’s technology as safer, more compact and more affordable than traditional radiology, potentially opening up new market segments not currently feasible with 2D X-ray or full CT scans. It also noted that the system can free up space and scanning slots at existing whole-body MRI and CT facilities, offering efficiency gains for hospitals.
Stuart Gall, CEO of the Medical & Industrial Imaging division, commenting: “Receiving our CE certificate for the Adaptix Ortho350 is a defining moment for the company in our mission to transform radiology.” The global orthopaedic imaging market is estimated at around $4.7bn.
Wrt trading, performance is currently being driven most by the Advanced Engineering division (AES), where regulated nuclear, defence, HS2, data centre and aftermarket demand are supporting visibility. Here AES has 95%+ FY26 revenue cover and over 60% for FY27, with improving mix and margins. Sure Medical is still loss-making, but these are falling rapidly as commercialisation builds.
Looking ahead, FY’26 consensus is for £175m sales, £20.5m EBITDA and 30.4p EPS, or roughly 21.0x earnings and 11.5x EV/EBITDA — not demanding given the forward visibility, nuclear/data centre tailwinds and the fact that Singer Capital Markets ascribes no value to Medical in its 715p/share target valuation.
Meaning for investors, Adaptix Ltd, Magnetica Limited (small-form MRI) & Scientific Magnetics (quantum computing) are effectively in the price for free. Adding £50m has been invested in the Medical division based on a target 3x ROI (ie equivalent to another £4.40/share).