For those who have not previously heard of Detection Technology, could you tell us a bit more about your business, what you do, and which markets you serve?

Detection Technology specialises in X-ray imaging, providing digital detectors across healthcare, security, and industrial applications. X-ray remains the only non-invasive technology that can reveal what is inside an object, from a battery cell to a piece of luggage.

In practice, this means computed tomography and digital X-ray screens in hospitals, as well as aviation security where all cargo and passengers bagages and luggage are scanned before entering an aircraft. Industrial uses are equally broad, including battery inspection for electric vehicles, mining, waste sorting, food safety, and quality assurance in sectors like aviation, automotive, and defence.

We do not manufacture end systems, but rather provide the detector itself, essentially the eyes of the equipment, delivering highly precise data that customers use to form images and derive insights for their specific applications. The product always starts from hardware, from photodiodes and electronics, but increasingly extends into firmware and software as well.

The global X-ray detector market is estimated to reach EUR 3b by 2030. With a strong position in the combined line scan and CT markets, we see a long runway to grow and that it makes sense to strictly focus on this space.

The Chinese market is becoming increasingly price-competitive, with local players expanding aggressively. What sets Detection Technology apart from these competitors, and how do you maintain your margins in that environment?

China has been a very interesting market, and from 2010 until 2020, before COVID hit, Detection Technology captured the majority of contracts there, particularly within security. Since then, the market has not returned to what it once was. Local competition is significant, and for many Chinese companies the only way to compete is on price. Startups are being subsidised, scale-ups partly so, and the result is a very dynamic but intensely competitive environment.

We expanded to China in the mid-1990s, not for cheap labour, but through a research connection to CERN, where the company was founded in 1991 by three scientists. Our long history is highly appreciated within the Chinese market, and the company has what can be described as a dual brand: Western with a long legacy, and locally embedded production in China. Combined with a super-efficient supply chain, the latest production machinery, and a highly competent workforce, this creates a strong base for cost competitiveness.

Going forward, we need two things: more volume, which means growth, and more growth outside of China. Asia currently accounts for over two-thirds of sales, but the biggest growth opportunities lie elsewhere. Europe, India, and the United States are all expected to grow faster than the China business in the coming years, and APAC excluding China follows the same trend.

TFT flat panel detector sales grew by approximately 60% in 2025, driven primarily by battery inspection in China. Your DT2030 strategy highlights expanding this business into new geographies and applications. How is that progressing, and what does demand look like outside of China?

China is the world’s toughest and most competitive market, and the fact that we have been able to win business there is strong proof of our capabilities. Over the past year, we have launched 60 new TFT products, adapted our software and product offerings for Western markets, and we are now starting to address industrial markets in Europe and particularly the United States.

The medical market is also a target, although it moves slowly. Medical players are conservative, entry barriers are high due to regulatory approvals, and we are somewhat of a newcomer in that space. That said, we currently have practically zero medical TFT sales, which means everything represents growth. The key is finding the right ways to penetrate the market through the right customer relationships.

On the industrial side, the outlook is very promising, with defence as a growing segment where 100% of ammunition production must be inspected for quality, driving strong demand for X-ray solutions. The success in China serves as strong proof that the company can continue growing this business outside of China as well.

The new India facility is now operational. How do you see the role of this facility evolving, both as a gateway to the Indian market and as a way to reduce your production dependence on China?

The number one objective with the India facility is to be a local player supporting local customers, as India is growing fast and cannot rely solely on imports, which is why Detection Technology is establishing local production to serve the market from within the country. India is planning to build 100 airports, has 7,500 kilometres of coastline with practically no modern harbours, and significant needs for cargo and container inspection. With the widest product portfolio of all X-ray imaging detector companies, we are well positioned to participate in these opportunities.

We can scale up quickly depending on demand, and once volumes and quality in India are where they need to be, the facility can also serve as an export base, much like we currently do from China. Currently, the facility is at the assembly and testing stage, with the Indian security market having been somewhat quiet in recent periods despite being the most important segment for the company there. Once investments into airport infrastructure open up, however, the demand is expected to accelerate, and Detection Technology is prepared to respond quickly when it does.

You were named GE HealthCare’s Supplier of the Year. How do you typically grow revenue within an existing OEM relationship over time?

GE Healthcare is approximately a USD 20b company, working with a player of that scale requires a smaller company to be present everywhere, proactively identifying and solving issues before they arise. The approach needs to be both strategically minded and highly reactive in terms of service.

When that level of service is delivered, opportunities to increase the share of wallet naturally follow. The most important product for GE has been the medical computed tomography detector, but GE also purchases flat panels for various surgical and analytical needs, and being the number one supplier in one area helps open doors to other product categories.

Beyond the direct commercial benefit, being named Supplier of the Year by GE Healthcare serves as an important proof of quality and competence for the entire market. GE Healthcare is the most respected player in the healthcare space, and the recognition signals to potential customers that if Detection Technology can deliver for GE, it can deliver for anyone.

Where do you see Detection Technology in two years, and what does the strategy look like to get there?

In two years, the focus remains on X-ray, but we need to grow faster in areas where we have not yet been as strong both in terms of applications and geographies. The biggest growth opportunities are in TFT flat panel detectors, while security CT is showing attractive opportunities in both Europe and the United States.

In cargo, we have just launched a new detector subsystem for train inspection capable of scanning a train passing through at 70 kilometres per hour without stopping, and the product has raised significant interest in Europe as well as in Asia and North America.

Geographically, the biggest growth areas are the United States, Europe, India, and Asia outside of China. The current global situation, including the crisis in Iran, actually drives the X-ray market faster than markets in general, and the key structural drivers for the business remain strong: an ageing population in healthcare, various security concerns, quality needs in industrial testing, the circular economy and sustainability, materials demand driving mining activity, and digitalisation and AI, as the detectors generate large amounts of data that can be used for smarter and more adaptive systems.

Significant investment boosts into nuclear energy are also likely, where X-ray plays a role, along with continued growth in defence applications. Overall, the outlook for the next two years is positive, and we have set a target of 10% annual growth.

Can you mention three reasons why Detection Technology is an interesting investment today?

A market leader in critical X-ray imaging segments – Detection Technology holds a leading position in the combined line scan and CT markets, built on decades of expertise since its founding in 1991.

Truly global with a strong base for quality and costs – we are able to our cost competitiveness on a global scale, and is Western in Western markets, Chinese in Chinese markets, and now Indian in Indian markets, acting as a local player in every single market.

Increasingly balanced geographic exposure – over the coming years, we expect to become more geographically balanced, which is also positive from a risk perspective. The Americas are expected to grow the fastest, followed by APAC excluding China, with Europe between the two.