Importing & marketing medical equipment.
Ilex enters 2026 with a solid diagnostics core and a strong balance sheet, but 2025 earnings quality relied too heavily on financing gains, revaluation effects, and project timing rather than clean operating improvement.
Medtechnica’s proton backlog now provides real visibility for the coming years, but as of year-end 2025 it still does not prove better profitability or better cash quality. Too much of the value sits far out in time while the guarantees and balance-sheet burden are already here.
After the round, Starget inside Ilex looks more like a refinanced minority option than a holding that can be valued through the historical ownership percentage alone. The visible upside sits mainly in the SAFE revaluation and the post-balance-sheet conversion, while the risk sti…
