contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


aiforia-promisingly-started-growth-journey-just-beginning

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Nordic ER Development, Analyst

Antti Luiro

Analyst

Frans-Mikael Rostedt

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.

Is it okay to speculate? I watched the webcast, and one thing caught my eye and stayed with me. In the 2027 goals, “cash flow positivity” had changed to “financial independence,” and the CEO commented on this a bit.  The point is that if the market really gains momentum now, as it seems to him, the company wants to maintain strategic flexibility to invest more if needed, when the game is about market leadership and maintaining it. (Approximately like this, from memory) But what could “financial independence” mean in practice vs. the previous “cash flow positivity”? If it’s not “cash flow positivity,” it must mean that despite negative cash flow, there is firepower to invest in growth and maintaining/strengthening market leadership without worrying about an immediate upcoming need for financing. In my own thinking, “cash flow positivity” is linked to operations similar to what we’ve seen so far, where the cash position has been patched up periodically with small directed share issues until at some point (target 2027) it would no longer need to be replenished. What does “financial independence” refer to? In practice, I think this would mean significant equity financing (unless the company is sold and delisted). A strategic investment from a larger company comes to mind here. The CEO has said that from the customer’s perspective, it would be best if scanners, image processing software, and AI could be purchased as a single product. He has seen that we are heading toward this kind of consolidation over some timeframe. He said again that AI is what brings the added value from the customer’s point of view – so at this stage, as I understand it, Aiforia could be a sought-after partner to fill that part of the offering. It has been said that regarding the US market, the FDA can currently only grant approval for a package that includes the scanner, image processing software, and AI. Could it be then that Aiforia has started discussing a form of strategic involvement and large-scale financing with a larger player? If that were the case, I would suspect that player to be Siemens Healthineers.  A strategic investment could be a path toward a possible acquisition in a few years’ time. From Siemens’ perspective, I think this would be a “win.”  From Aiforia’s perspective, I was left wondering that since growth is needed and desired, they probably wouldn’t want to limit AI sales to only certain scanners/software providers.  For organizing US sales and FDA approvals, this type of cooperation would sound like quite a win-win solution for all parties.

They are likely some changes in the value of exchange rates or derivatives that haven’t been realized yet.

Can anyone help me understand what these “Items that may be reclassified subsequently to profit or loss” are? How likely is it that they will impact the profit or loss? For the year 2025, it would be €875k and for H2 alone €664k.

Unfortunately, the questions went unnoticed in the rush between the report and the webcast/interview. The intention is, of course, to always include questions.  This is an angle that is raised quite often. Usually, companies’ response is something along the lines of: a directed issue is more agile, cheaper, and takes less time, so it is in the interest of all shareholders.  I believe this was actually commented on in the webcast. Transcripts are now available for the webcasts, which makes it quite handy to check exactly what was said.

Here is a recent interview.                   Inderes              Aiforia H2’25: Kasvua ja kaupallisia edistysaskeleita - Inderes    Aika: 06.03.2026 klo 12.36 Aiforian H2-liikevaihto kasvoi vertailukaudesta 45 % ja ylitti ennusteemme selvästi. Kulusäästöt näkyivät käyttökatteessa, mutta kassan palamisvauhti on edelleen merkittävä suhteessa liikevaihtoon. H2:lla Aiforia otti myös...

It looks like we’ll have time to get the H1/26 report out before the next offering is needed, so if growth in clinical use continues well (and why wouldn’t it), the share price probably won’t be this low, considering the potential offering. Will there be an Inderes interview with the CEO? If so, I’d be most interested in the outlook on how investment cash flow will develop (hopefully decrease).

I would like to ask a question to the CEO: financing is likely being arranged again soon. With the share price at an all-time low, wouldn’t a rights issue be a fairer solution for all shareholders than a directed offering, if the share price remains at these significantly lower levels (perhaps in anticipation of the offering?)

Aiforia Technologies

Aiforia has gained a promising first foothold in the clinical segment of digital pathology. We continue to see the company in a good competitive position and on a clear trajectory to grow into one of the long-term winners in its market. On the other hand, poor growth predictability and elevated financing risks argue for some caution in pricing the company's potential.

<p>Aiforia has gained a promising first foothold in the clinical segment of digital pathology. We continue to see the company in a good competitive position and on a clear trajectory to grow into one of the long-term winners in its market. On the other hand, poor growth predictability and elevated financing risks argue for some caution in pricing the company's potential. However, at the current share price, we believe that the company's value creation potential outweighs the risks. </p> 

	2022	23e	24e
Revenue	1.6	2.5	4.5
growth-%	64.9 %	56.2 %	79.2 %
EBIT (adj.)	-11.8	-12.6	-11.2
EBIT-% (adj.)	-731.9 %	-502.9 %	-248.7 %
EPS (adj.)	-0.47	-0.50	-0.43
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Aiforia: Promisingly started growth journey is just beginning

Key Estimate Figures28.02.2024

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