Analyst Comment
Aiforia signs agreement with Italian laboratory
Summary
- Aiforia has partnered with Italy's Laboratorio di Analisi La Fontana to develop AI models for cervical cancer detection, enhancing its presence in the European market.
- The agreement is expected to generate continuous SaaS revenue, aligning with Aiforia's business model, though it is considered moderate in size and does not impact current estimates.
- Aiforia's recent clinical customer acquisitions in Europe indicate a maturing market, with projected revenue growth of 45% to EUR 5.1 million in 2026, despite an estimated EBIT loss of 9.2 MEUR.
- The company's strategy is progressing as planned, with private sector wins like La Fontana complementing public sector projects, strengthening its position in clinical digital pathology.
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Translation: Original published in Finnish on 04/24/2026 at 07:30 am EEST
Aiforia announced on Thursday that it has entered into a partnership agreement with the Italian Laboratorio di Analisi La Fontana for AI-assisted digital pathology. The announcement continues the company's series of positive steps in the European markets. An individual agreement is likely to be moderate in size, so it has no impact on our estimates.
The agreement focuses on women's health diagnostics
Laboratorio La Fontana is utilizing the Aiforia Create development platform in collaboration to develop deep learning AI models for cervical cancer detection. According to the company, the AI models are intended for use in the laboratory's clinical workflow. The goal is to expand applications to other women's health diagnostics needs as well. La Fontana is a laboratory founded in 2004, operating in the field of cytological and microbiological analyses. The collaboration is a good reference for Aiforia in the Italian market, where the company aims to strengthen its position. We estimate the agreement aims for continuous SaaS revenue, which is in line with the company's business model.
Clinical deployments are at the core of the growth story
Aiforia has recently succeeded in winning several clinical customers in Europe, which supports our view of the market gradually maturing towards routine use. We expect the company's revenue to grow by around 45% to EUR 5.1 million in 2026 (2025e 3.5 MEUR). We estimate EBIT to still be at a loss of 9.2 MEUR.
Although clinical customer wins often translate into revenue with a delay due to lengthy implementations, new contracts strengthen the company's position in clinical digital pathology. We believe that private sector wins like La Fontana complement large public sector projects well, such as the recently announced expansion in France. Overall, we believe the implementation of Aiforia's strategy is progressing as planned, and the company is building the necessary reference base to achieve its long-term growth targets.
Aiforia Technologies equips pathologists and researchers in preclinical and clinical laboratories with software to translate images into discoveries, decisions and diagnoses. The company's products and services are used for medical image analysis, across a variety of fields such as oncology and neuroscience. Aiforia Technologies is headquartered in Finland.
Read more on company pageKey Estimate Figures08.03
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 3.5 | 5.1 | 7.9 |
| growth-% | 24.0 % | 45.0 % | 55.0 % |
| EBIT (adj.) | -11.2 | -9.2 | -8.3 |
| EBIT-% (adj.) | -316.3 % | -178.7 % | -104.7 % |
| EPS (adj.) | -0.38 | -0.25 | -0.19 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | neg. | neg. |
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