European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank35

Poland · Healthcare

Voxel

Provides imaging diagnostics, teleradiology and radiopharmaceuticals within a group spanning diagnostics, therapeutics and information technology.

+80%revenue growth
FY2022–FY2025
+147%net-income growth
FY2022–FY2025
+199%stock return
FY2022–FY2025
+21%2026 stock return
current context only

Company profile

Imaging, radiopharmaceuticals and connected care

Voxel combines diagnostic imaging, specialist treatment and healthcare technology in one Polish group. Its clinical businesses perform MRI, CT and PET-CT examinations and remote image interpretation; the group also manufactures short-lived radiopharmaceuticals, operates Gamma Knife services and develops the RIS/PACS infrastructure used to move images and reports through a diagnostic workflow.

Diagnostic network

Acquire an image in one centre and interpret it elsewhere

MRI, CT and PET-CT are the principal examinations in Voxel's diagnostics segment. Teleradiology adds a second layer: images can travel over a secure connection to a specialist in another location, while the same clinical network supports complex imaging protocols and commercial clinical trials.

Radiopharmaceuticals

Make short-lived tracers close enough to the scanner

Voxel names V-PET, FCH, V-NaF and V-Ga68 in its medicinal-product range. Production sites in Warsaw, Kraków and Katowice support time-critical distribution, while the new 2,505-square-metre Katowice centre combines automated production, clean rooms, microbiology and quality-control laboratories. By April 2026, Voxel's nuclear-medicine unit at Ludwik Rydygier Specialist Hospital in Kraków was offering Ga-68 PET-CT PSMA examinations for prostate cancer and DOTA examinations with somatostatin analogues for neuroendocrine tumours.

Precision therapy

Focus radiation on a target without an open operation

Exira introduced Gamma Knife in Katowice in 2013. Voxel's English technical material explains how multiple cobalt sources focus a high-intensity dose at one point and places the service beside magnetic-resonance imaging, neurosurgery and radiotherapy within the group's therapeutic segment.

Digital workflow and research

Connect scanners, software and specialist knowledge

Voxel's teleradiology service configures diagnostic equipment, transmission software and data flows for remote reporting. Alteris adds RIS/PACS, turnkey imaging laboratories, telehistopathology and shielded MRI rooms; Voxel's 2022 presentation reported its IT systems in more than 250 hospitals and diagnostic centres.

Current 2026 update

What is changing at Voxel in 2026?

Voxel is adding Ga-68 molecular-imaging services, simplifying its diagnostic group and redesigning scan economics after a reimbursement cut.

Latest official evidence Ga-68 service, merger and NFZ response Published 31 July 2026

The change in one sentence

The imaging platform is changing both what it offers and how it operates.

A new patient-facing molecular-imaging service and a simpler legal structure arrive just as Voxel must adapt the economics of extra CT and MRI scans.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · Ga-68 PET-CT

Two specialist tracer pathways reach patients in Kraków

In April, Voxel said its nuclear-medicine unit at Ludwik Rydygier Specialist Hospital in Kraków was performing PET-CT with gallium-68. PSMA examinations support prostate-cancer diagnosis, including recurrence and metastases; DOTA examinations with somatostatin analogues support diagnosis of neuroendocrine tumours. A July update reported short appointment waits for both services, confirming an available service rather than a future plan.

  • Current signalPSMA and DOTA · service available in Kraków by April · short waits reported in July
  • Why it mattersVoxel is connecting its radiopharmaceutical capability to a patient-facing molecular-imaging service; scan volumes and wider network adoption are the next proof points.
  • Ga-68 service launch Voxel · 2026-04-22
  • Ga-68 July availability Voxel · 2026-07-14
  • Radiopharmaceutical capability Voxel · checked 2026-08-28

02 · Group structure

Two wholly owned diagnostic companies disappear into Voxel

On 31 July, Voxel announced registration of its merger with Pro-Scan and Supramed Konin. The signed plan states that registration transferred all assets, rights and obligations of the two wholly owned subsidiaries to Voxel and dissolved both companies without liquidation. Voxel issued no new shares and its share capital did not change; the documents do not quantify operating or cost synergies.

  • Current signalRegistered 31 July · two wholly owned subsidiaries · no new shares or capital increase
  • Why it mattersThe legal structure becomes simpler, but the business test is whether the absorbed businesses operate coherently without service disruption.
  • Merger registration Voxel · 2026-07-31
  • Merger mechanics Voxel · 2026-04-30

03 · NFZ economics

The economics of an extra CT or MRI scan changed

From 1 April, NFZ reimburses qualifying CT and MRI work above contract limits at 50%, excluding under-18 and DiLO oncology examinations. Voxel said January-February over-limit work was about 20% of diagnostic-segment revenue and Q1 remained fully paid. Its response combines more non-NFZ examinations, centre-level volume changes and lower medical-staff costs, fewer costly weekend or evening hours, and greater use of AI in examination analysis and operations. Q1 is a pre-change baseline, not proof that these measures work.

  • Current signal50% reimbursement from 1 April · about 20% January-February diagnostic-segment revenue exposed
  • Why it mattersThis changes which additional scans are economical and tests whether payer mix, workflow design and software can protect access and service quality.
  • NFZ response plan Voxel · 2026-04-02
  • Q1 pre-change baseline Voxel · 2026-05-28

04 · What to watch

Three questions for the next disclosures

The next disclosures should separate service adoption, integration and the first post-April operating response.

  • Ga-68 adoptionHow many PSMA and DOTA examinations are performed, and does Voxel extend the service beyond the Kraków unit?
  • Merger integrationDo the absorbed Pro-Scan and Supramed businesses integrate without disruption, and does Voxel disclose any measurable simplification benefit?
  • Post-April responseHow do CT and MRI volumes, non-NFZ examinations, staffing hours and AI-assisted workflows change after the reimbursement reset?

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202535+80%+147%+199%