Brainlab to Accelerate Digital Transformation in Healthcare through IPO in Frankfurt
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EQS-News: Brainlab AG
/ Key word(s): IPO
PRESS RELEASE
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. Brainlab to Accelerate Digital Transformation in Healthcare through IPO in Frankfurt
Munich, 12 June, 2025 – Brainlab AG, a sizeable, digital-native, AI-enabled software-first MedTech company announces its IPO plans: The listing of shares is scheduled to take place on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange in the coming weeks. The capital increase of up to EUR 200 million associated with the IPO is intended to drive commercialization and accelerate adoption of the company’s end-to-end ecosystem, support expansion into adjacent clinical domains, and strengthen the balance sheet. The placement of additional secondary shares will ensure significant free float and sufficient trading liquidity. Current majority shareholder Stefan Vilsmeier will continue to support the company as a long-term investor. The Company, its management, and major shareholders plan to enter into customary lock-up agreements.
Stefan Vilsmeier, founder, Chair of the Supervisory Board, and designated Chair of Brainlab’s future Administrative Board, explained: “The global healthcare sector is facing historic challenges: rising patient expectations and increasing regulatory demands must be met with ever more limited human and financial resources. For 35 years, Brainlab has challenged the status quo and succeeded in establishing scalable treatment workflows in complex fields like neurosurgery. Our vision of a digital, efficient, and patient-centric healthcare ecosystem fits perfectly into this unique market environment. Brainlab’s IPO will help accelerate the realization of this vision, enabling the integration of software, medical devices, and data to address today’s most pressing challenges.”
Development of Fully Integrated Medical Workflows Over the past decades, Brainlab has become an international benchmark in digital surgery and navigation – particularly in the spine and cranial surgery as well as radiosurgery segments, which together accounted for 91.1% of Group revenues in FY 2023/24 ended on 30 September 2024 (67.4% and 23.7%, respectively). The Company’s solutions are currently used in approximately 4,000 healthcare institutions worldwide and have already reached over 22 million patients in around 120 countries. Nine of the ten world’s leading neurosurgical centers and 86 of the top 100 oncology clinics use Brainlab solutions.
The patient-specific, data-driven, and seamlessly integrated workflows developed by Brainlab serve as a catalyst for the transformation of healthcare. Using artificial intelligence, patient data is semantically structured, contextualized, and aggregated into a dynamic, three-dimensional model. This digital representation of the patient forms the basis of a navigation system for the human body, which can be used across interventions: from minimally invasive brain tumor resection to millimeter-precise screw placement in the spine and high-precision radiotherapy. By merging the physical and digital world—with the aid of intraoperative imaging, robotics, and augmented reality – Brainlab creates a continuously growing ecosystem that is enriched by data from multiple sources over time. Beyond intraoperative use, Brainlab also develops immersive training and simulation solutions to create highly realistic educational environments. These are intended to accelerate the adoption and dissemination of cutting-edge technologies in healthcare.
With this software-first approach, Brainlab clearly sets itself apart from traditional MedTech companies. Moreover, the deep integration into clinical workflows and IT infrastructures creates significant switching barriers – resulting in an exceptionally high level of customer retention: the churn rate for customers using more than one Brainlab platform was just 1% at the end of FY 2023/24.
Expansion into Additional Clinical Applications and Market Segments In recent years, the Company has made substantial investments in research and development to build a fully integrated, software-centric ecosystem based on a unified technology stack. This included significant advancements in its robotic platforms Loop-X and Cirq, as well as in the next generation of ExacTrac. With a continuous pipeline of innovative products, Brainlab is ideally positioned to scale and commercialize its platform further. The company is currently at an inflection point as it faces a perfect storm to further accelerate its profitable growth trajectory given the vertical adoption of Gen AI and the rapid innovation cycles in the adjacent fields of automation and robotics.
Rainer Birkenbach, CEO of Brainlab, commented: “We currently address only a fraction of the clinical areas that our technology platform could support. Our goal now is to create value for customers in additional clinical domains through our continuous pipeline of innovative products – some already available, others in development. It’s the right time to inject momentum and true disruption into the industry; it urgently needs digital transformation. With the IPO, we’re giving others the opportunity to participate in this growth opportunity.”
The company has built a strong brand that is loved by its employees and customers as it stands for innovation, quality and reliability, the core values of Brainlab's corporate culture. Brainlab's market position compels other market participants to join its ecosystem, resulting in long-term partnerships with other leading MedTech providers such as Boston Scientific and Carl Zeiss, making them part of the digital transformation journey.
The proceeds from the IPO are expected to enable this next phase of growth and will be used for the following:
Laying the Groundwork for Profitable Growth Brainlab has a strong track record of sustainable, profitable growth. In the past three fiscal years, Brainlab achieved an average annual revenue growth (CAGR) of 13.6%, increasing from EUR 364 million (FY 2021/22) to EUR 470 million (FY 2023/24). Since the end of fiscal year 2023/24, Brainlab has strategically streamlined its portfolio through the spin-off of Snke and the sale of the pharma division of Level Ex in September 2024 (“portfolio adjustments”). Snke is building a privacy-preserving and scalable orchestration layer that connects all stakeholders of the healthcare sector. Given the differing risk profiles of Brainlab and Snke, the spin-off enables Brainlab to focus its attention and resources on driving its own profitable growth. Snke, in contrast, requires significant venture capital investment to scale its technology. Taking these portfolio adjustments into account, Brainlab’s pro-forma revenue for fiscal year 2023/24 amounted to EUR 454 million. Reported revenue was regionally distributed as follows: 41% in the USA, 46% in Europe, and 13% in Asia (including China).
Gross profit rose disproportionately strongly from EUR 216 million to EUR 294 million (CAGR: 16.6%) in the past three fiscal years, with gross profit margin increasing to 62.5% (pro forma: 60.3%) in fiscal year 2023/24. This development was primarily driven by the growing share of high-margin software and services, as well as operational scale benefits.
Brainlab continued this growth trend in the first half of FY 2024/25: with revenues of EUR 243 million (+14% compared to H1 FY 2023/24), it was the most successful half-year in the Company’s history. Reflecting the portfolio adjustments, revenues amounted to EUR 239 million and EBITDA was EUR 54 million, corresponding to a margin of 22.4%.
Against the backdrop of a serviceable addressable market of EUR 11.9 billion (2024) and expected annual market growth of 11% CAGR through 2030, Brainlab aims for mid-term revenue growth of 10-13%, with additional upside potential. The EBITDA margin is targeted to reach the mid-20s in the medium term, with a long-term ambition of up to 30%.
Rudolf Kreitmair, CFO of Brainlab, said: “The start of this year marks the most successful chapter in our Company’s history. In combination with the ongoing shift toward high-margin software and services and increasing scale effects, we have established robust profitability with significant future potential. Brainlab is ideally positioned to continue our profitable growth trajectory.”
Further details of the offering The offering is expected to consist of a public offering in Germany and international private placements to qualified investors outside of Germany. The listing of Brainlab is planned on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange. Berenberg and Deutsche Bank are acting as Joint Global Coordinators. COMMERZBANK (in cooperation with ODDO BHF), Jefferies and UniCredit are acting as Joint Bookrunners. Evercore is acting as Financial Advisor to Brainlab.
Further information will be available on: https://ir.brainlab.com
About Brainlab At Brainlab, we digitize medical workflows, from diagnosis to therapy, to offer clinicians and patients better treatment possibilities. Our innovative digital ecosystem forms the basis for modern healthcare technology in around 4000 healthcare institutions in 120 countries. At the forefront of health technology for over 35 years, Munich-based Brainlab employs around 2000 people with expertise across the entire healthcare value chain in 25 locations worldwide. Brainlab AG is currently in the process of converting to a Societas Europaea (SE).
For more information, visit Brainlab.
Press Contact Bernadette Erwig
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