Q1 2026 report
Segment Diagnostyka (75% przychodów, rdzeń biznesu) rośnie organicznie +13,6% r/r przy stabilnej 45% marży EBITDA, napędzany rosnącą liczbą badań (135 tys. vs 120 tys. r/r) i konsolidacją nowo nabytych spółek (Pro-Scan, Supramed).
Sentiment
Neutral
No guidance change
VOX
Q1 2026 report
Revenue
157.19 m PLN
— YoY
Net income
31.9 m PLN
— YoY
EBITDA
57.2 m PLN
— YoY
Gross margin
26.28%
— YoY
Summary
Investment thesis
- Poprawa marż grupy (EBIT +6,2 p.p. do 27,0%) wynika w istotnej mierze z korzystnej bazy porównawczej w segmencie IT & infrastruktura (mniej niskomarżowej sprzedaży sprzętu do instytucji finansujących niż rok wcześniej), nie wyłącznie z poprawy operacyjnej rdzenia.
- Raport jest korektą błędu poprzednio opublikowanego sprawozdania — retrospektywny odpis należności od urzędu skarbowego (7 050,2 tys. zł, podatek u źródła od dywidend do luksemburskiego akcjonariusza kontrolującego) obciążył kapitał własny, bez wpływu na wynik bieżącego okresu.
- Spółka jest w fazie intensywnych inwestycji kapitałowych (budynek w Krakowie, budowa cyklotronu, nowe pracownie) — CAPEX (37,3 mln zł) przewyższył CFO (29,7 mln zł) w kwartale, dając ujemny FCF, finansowany nowym zadłużeniem inwestycyjnym.
- Nierozstrzygnięty spór podatkowy o podatek u źródła od dywidend (lata 2019-2022) z akcjonariuszem kontrolującym w Luksemburgu pozostaje otwartym ryzykiem finansowym i reputacyjnym na kolejne lata.
Read the full analysis
Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.
Financials
BETA
VOX · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
|
Revenue
Diagnostyka
|
118.35 | — | — | reported | Diagnostyka | 1.00 |
|
Revenue
IT & infrastruktura
|
34.75 | — | — | reported | IT & infrastruktura | 1.00 |
|
Revenue
Terapia
|
4.1 | — | — | reported | Terapia | 1.00 |
| Revenue | 157.19 | — | — | reported | — | 1.00 |
| Gross profit | 50.24 | — | — | reported | — | 1.00 |
|
EBITDA
IT & infrastruktura
|
8.94 | — | — | reported | IT & infrastruktura | 0.95 |
|
EBITDA
Terapia
|
2.3 | — | — | reported | Terapia | 0.95 |
|
EBITDA
Diagnostyka
|
53.62 | — | — | reported | Diagnostyka | 0.95 |
| EBITDA | 57.2 | — | — | reported | — | 1.00 |
| EBIT | 42.5 | — | — | reported | — | 1.00 |
| EBT | 40.27 | — | — | reported | — | 1.00 |
| Net income | 31.9 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.04 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 3.04 | — | — | reported | — | 1.00 |
| D&A | 14.69 | — | — | reported | — | 1.00 |
| Interest expense | 2.3 | — | — | reported | — | 0.90 |
| Income tax | 7.83 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 10.5 | — | — | reported | — | 1.00 |
| Gross margin | 26.28% | — | — | reported | — | 1.00 |
| EBITDA margin | 29.21% | — | — | reported | — | 1.00 |
| EBIT margin | 20.8% | — | — | reported | — | 1.00 |
| EBT margin | 25.62% | — | — | derived | — | 0.90 |
| Net margin | 15.38% | — | — | reported | — | 1.00 |
| D&A margin | 9.35% | — | — | reported | — | 0.90 |
| Cash | 16.95 | — | — | reported | — | 1.00 |
| Total debt | 196.37 | — | — | reported | — | 1.00 |
| Net debt | 179.42 | — | — | derived | — | 0.90 |
| Equity | 448.06 | — | — | reported | — | 1.00 |
| Total assets | 746.13 | — | — | reported | — | 1.00 |
| Working capital | 91.59 | — | — | derived | — | 0.90 |
| Current assets | 231.59 | — | — | reported | — | 1.00 |
| Current liabilities | 140 | — | — | reported | — | 1.00 |
| Non-current liabilities | 158.07 | — | — | reported | — | 1.00 |
| Inventory | 24.91 | — | — | reported | — | 1.00 |
| Trade receivables | 175.94 | — | — | reported | — | 0.85 |
| Trade payables | 54.17 | — | — | reported | — | 0.85 |
| Goodwill | 129.77 | — | — | reported | — | 0.95 |
| Tangible equity | 311.24 | — | — | derived | — | 0.90 |
| CFO | 29.74 | — | — | reported | — | 1.00 |
| CapEx | 37.33 | — | — | reported | — | 1.00 |
| FCF | -7.59 | — | — | derived | — | 0.95 |
| FCF conversion | -13.27% | — | — | reported | — | 0.90 |
| CFO conversion | 52% | — | — | reported | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| Current ratio | 1.65x | — | — | reported | — | 1.00 |
| Quick ratio | 1.48x | — | — | reported | — | 1.00 |
| Cash ratio | 0.12x | — | — | derived | — | 0.95 |
| Interest coverage | 18.5x | — | — | reported | — | 0.70 |
| Net debt / EBITDA | 0.9x | — | — | reported | — | 0.90 |
| Debt / equity | 0.44x | — | — | reported | — | 0.90 |
| Debt / assets | 0.26x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.4x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -0.41% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 24.07% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 29.49% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 31.46% | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 31.6% | — | — | reported | — | 1.00 |
| FCF growth (YoY) | 27.4% | — | — | reported | — | 0.80 |
| Gross margin Δ (YoY) | 5.67 pp | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 7.18 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | 6.24 pp | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 4.92 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
Diagnostyka
118.35
—
Diagnostyka
118.35
—
- Q1 2025
- —
Revenue
IT & infrastruktura
34.75
—
IT & infrastruktura
34.75
—
- Q1 2025
- —
Revenue
Terapia
4.1
—
Terapia
4.1
—
- Q1 2025
- —
Revenue
157.19
—
157.19
—
- Q1 2025
- —
Gross profit
50.24
—
50.24
—
- Q1 2025
- —
EBITDA
IT & infrastruktura
8.94
—
IT & infrastruktura
8.94
—
- Q1 2025
- —
EBITDA
Terapia
2.3
—
Terapia
2.3
—
- Q1 2025
- —
EBITDA
Diagnostyka
53.62
—
Diagnostyka
53.62
—
- Q1 2025
- —
EBITDA
57.2
—
57.2
—
- Q1 2025
- —
EBIT
42.5
—
42.5
—
- Q1 2025
- —
EBT
40.27
—
40.27
—
- Q1 2025
- —
Net income
31.9
—
31.9
—
- Q1 2025
- —
EPS (basic)
(PLN)
3.04
—
3.04
—
- Q1 2025
- —
EPS (diluted)
(PLN)
3.04
—
3.04
—
- Q1 2025
- —
D&A
14.69
—
14.69
—
- Q1 2025
- —
Interest expense
2.3
—
2.3
—
- Q1 2025
- —
Income tax
7.83
—
7.83
—
- Q1 2025
- —
Shares (basic)
(m units)
10.5
—
10.5
—
- Q1 2025
- —
Gross margin
26.28%
—
26.28%
—
- Q1 2025
- —
EBITDA margin
29.21%
—
29.21%
—
- Q1 2025
- —
EBIT margin
20.8%
—
20.8%
—
- Q1 2025
- —
EBT margin
25.62%
—
25.62%
—
- Q1 2025
- —
Net margin
15.38%
—
15.38%
—
- Q1 2025
- —
D&A margin
9.35%
—
9.35%
—
- Q1 2025
- —
Cash
16.95
—
16.95
—
- Q1 2025
- —
Total debt
196.37
—
196.37
—
- Q1 2025
- —
Net debt
179.42
—
179.42
—
- Q1 2025
- —
Equity
448.06
—
448.06
—
- Q1 2025
- —
Total assets
746.13
—
746.13
—
- Q1 2025
- —
Working capital
91.59
—
91.59
—
- Q1 2025
- —
Current assets
231.59
—
231.59
—
- Q1 2025
- —
Current liabilities
140
—
140
—
- Q1 2025
- —
Non-current liabilities
158.07
—
158.07
—
- Q1 2025
- —
Inventory
24.91
—
24.91
—
- Q1 2025
- —
Trade receivables
175.94
—
175.94
—
- Q1 2025
- —
Trade payables
54.17
—
54.17
—
- Q1 2025
- —
Goodwill
129.77
—
129.77
—
- Q1 2025
- —
Tangible equity
311.24
—
311.24
—
- Q1 2025
- —
CFO
29.74
—
29.74
—
- Q1 2025
- —
CapEx
37.33
—
37.33
—
- Q1 2025
- —
FCF
-7.59
—
-7.59
—
- Q1 2025
- —
FCF conversion
-13.27%
—
-13.27%
—
- Q1 2025
- —
CFO conversion
52%
—
52%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
Current ratio
1.65x
—
1.65x
—
- Q1 2025
- —
Quick ratio
1.48x
—
1.48x
—
- Q1 2025
- —
Cash ratio
0.12x
—
0.12x
—
- Q1 2025
- —
Interest coverage
18.5x
—
18.5x
—
- Q1 2025
- —
Net debt / EBITDA
0.9x
—
0.9x
—
- Q1 2025
- —
Debt / equity
0.44x
—
0.44x
—
- Q1 2025
- —
Debt / assets
0.26x
—
0.26x
—
- Q1 2025
- —
Net debt / equity
0.4x
—
0.4x
—
- Q1 2025
- —
Revenue growth (YoY)
-0.41%
—
-0.41%
—
- Q1 2025
- —
EBITDA growth (YoY)
24.07%
—
24.07%
—
- Q1 2025
- —
EBIT growth (YoY)
29.49%
—
29.49%
—
- Q1 2025
- —
Net income growth (YoY)
31.46%
—
31.46%
—
- Q1 2025
- —
EPS growth (YoY)
31.6%
—
31.6%
—
- Q1 2025
- —
FCF growth (YoY)
27.4%
—
27.4%
—
- Q1 2025
- —
Gross margin Δ (YoY)
5.67 pp
—
5.67 pp
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
7.18 pp
—
7.18 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
6.24 pp
—
6.24 pp
—
- Q1 2025
- —
Net margin Δ (YoY)
4.92 pp
—
4.92 pp
—
- Q1 2025
- —