Affidea is a leader in integrated healthcare. Its core activity in diagnostic imaging has evolved into a broad portfolio with symbiotic services: outpatient services, lab services and cancer care.

Portfolio value 09/30/2023
Investment case

Affidea is benefiting from a large, growing and resilient market, driven by solid fundamentals:

  • Tailwinds including an ageing population and increasing focus on preventive medicine
  • Resilience through economic cycles, given the critical nature of the services and market undersupply
  • Exposure to countries growing above the European average of + 4% per annum
  • Economies of scale from: (i) sticky long-term contracts with the public sector, (ii) high capital requirements, (iii) complex regulations and licenses requirements and (iv) radiologist shortages

In addition, the fragmented European market offers M&A opportunities in existing and new countries.

Affidea is well positioned to win:

  • Diversification across geographies, payors (e.g., public and private), services and regulations
  • Over-indexed to higher-growth complex modalities
  • Strong financial profile, with consistent organic growth and solid M&A track record
  • Margin improvement potential, e.g., from sharing best practice and improving medical productivity by reducing doctors’ administrative burden
  • Artificial intelligence to provide additional opportunities in teleradiology

Affidea has a reputation for clinical excellence, with a core focus on providing quality care:

  • Europe’s most awarded diagnostic imaging provider
  • Partner of choice for doctors, patients and payors
  • Focus on developing new technologies with OEMs

Over the past year, the Board and management have been strengthened with additional high-caliber appointments.

  • Board of Directors 4/8*
  • Remuneration Committee 2/3*