Diagnostic Medical Systems : Imaging2027: a return to basics that promises growth
Since 2022, DMS Group, the French leader in conventional radiology, has streamlined its portfolio by refocusing on medical imaging and launched an ambitious strategy out to 2027 (#Imaging2027). The goal is to achieve € 70m in revenue (vs. € 46m in 2024) and generate an EBITDA margin of 14% (vs. 6% in 2024). The hybrid model introduced by the new management (OEM and own brand), supported by a differentiated offering (Platinum, Stratos, Onyx, !M1, ADAM), opens up a cycle of profitable growth. We are initiating coverage of the stock with an Outperform rating and a target price of € 2.1.DIAGNOSTIC MEDICAL SYSTEMS SA, (formerly known as DMS), is a France-based company, which together with its subsidiaries, designs, produces and markets medical imagery devices dedicated to conventional and digital radiology as well as bone densitometry. The Company manufactures a range of products for bone densitometry examination, including the ultrasound imaging system UBIS 5000, Challenger Envision, Stratos dR and Stratos. In the radiology sector, its products include Baccara dRF 43, EOL, Platinum and Da Vinci solutions, among others. In addition, it offers such products as scanners, transcranial Doppler, and Giotto Image mammography system. The Company operates several direct subsidiaries, AXS Medical, Apelem SAS, which manufactures radiology equipment, Medilink SARL, which produces Doppler and bone densitometry devices, Apelem SA, based in Spain, Alpha MOS based in France and one indirect subsidiary, SA Apelem and one indirect affiliated company, Spectrap.
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