Aiforia's software has been deployed at Fimlab Laboratories in Finland

Translation: Original published in Finnish on 10/13/2025 at 5:25 pm EET.

Aiforia announced on Monday that its AI solutions for breast cancer diagnostics have been deployed at Fimlab Laboratories in Finland. This is the first completed deployment of the framework agreement Aiforia announced last year. The release supports our current view that the transition of the company's key, already won, customer accounts to a clear volume phase would take place in 2026-2028, and thus does not cause pressure to change our forecasts.

Fimlab collaboration progressed to deployment

Aiforia announced that its AI solutions for breast cancer diagnostics have been implemented at Fimlab, Finland's largest healthcare laboratory company. The deployment is the first step in the previously announced multi-year framework agreement, in which Aiforia was selected as one of Fimlab's AI suppliers for eight diagnostic applications and an AI model development platform. According to Fimlab's press release, it also adopted Proscia's platform, which, based on public information, offers at least Ibex's and Visiopharm's CE-IVD-approved models.

The announcement of the deployment was expected and indicates that Aiforia's clinical customer wins are also becoming part of the customer's routine diagnostic work. The now announced deployment covers the breast cancer diagnostics package and the AI model development platform, so the deployment of the solution will continue as a matter of course. Although the future volume split between Proscia's and Aiforia's platforms is not clear, we believe Aiforia is well-positioned against its competitors, as we have argued in our extensive report. In addition, the release mentioned that Aiforia's and Fimlab's cooperation has expanded to the customization of AI applications, which we consider a good sign for the continuation and future expansion of the partnership. 

The materialization of customer wins is gaining more concrete form

In the short term, we believe the progression of Aiforia's investment story has been about how quickly the company's numerous customer wins will translate into revenue as software usage grows. As we commented in connection with the H1 report, customer ramp-ups have been slower than our expectations, which has delayed the acceleration of revenue growth. 

In the Fimlab customer relationship, the time from contract win to the now-announced implementation took just over a year (the win was announced in 8/2024), although the use of the solution will still be expanded towards larger volumes. In Veneto (contract win 6/2023), the timeline was roughly similar, but the more significant increase in sample volumes is, in our view, about 2.5-3 years from the original contract win due to the need for scanner capacity expansion. Fimlab appears to be progressing on a roughly similar schedule, based on the announcement.

Utilizing this delay of approximately 2.5-3.0 years from contract win to the phase of significant volume usage, we have illustrated the maturation of Aiforia's clinical customer base, as announced in their releases, in the table below. A three-year delay is probably a good assumption in Europe at present, but due to regulatory reasons, Mayo Clinic's ramp-up in the United States has so far been slower. The table does not include smaller customer accounts published in other contexts, such as the company's reports. 

Illustration of the maturity of Aiforia's key clinical customer base and the timing of the start of the significant volume phase

Source: Inderes

Based on this assessment, Aiforia's clinical customer base would begin to mature into significant volume use more clearly from 2026 onwards. In this light, our current expectation of Aiforia's revenue growth accelerating in 2026-2028 still appears justified. The information about the Fimlab deployment thus supports our forecasts, but does not create pressure to change them.