This release is a summary of Aiforia Technologies Plc's Half-Year Financial Report for January-
Unless otherwise indicated, figures in brackets refer to the corresponding period in 2022.
January-
Group revenue increased by 25% to
EUR 920 (733) thousand.EBITDA was
EUR -4,749 (-3,510) thousand.Operating result (EBIT) was
EUR -6,182 (-4,389) thousand.Profit for the review period was
EUR -6,254 (-4,380) thousand.The Group's net debt at the end of the period was
EUR -14,339 (-29,503) thousand.Cash and cash equivalents at the end of the period amounted to
EUR 19,045 (32,398) thousand.The order book at the end of the period was
EUR 2,357 (751) thousand.Unadjusted earnings per share (EPS) were
EUR -0.24 (-0.17).Aiforia was chosen as the AI solutions provider for the PathLAKE Plus consortium, comprising 25NHS hospitals in theUK . The contract award was solidified when the firstNHS Trust signed a contract for the adoption of an AI model in clinical diagnostics.Aiforia received a funding decision ofEUR 7.3 million from Business Finland to accelerate the development of AI-assisted software solutions for clinical pathology and drug development.The Veneto Region Health Authority inItaly selectedAiforia as a partner for AI-assisted diagnostics in its clinical pathology laboratories. The total value of the contract is overEUR 1.2 million , and the payments will be spread over the three-year contract period. The contract is not yet reflected inAiforia 's revenue for the period under review.
Key figures
Group | 1-6/2023 | 1-6/2022 | Change, % | 2022 |
Revenue | 920 | 733 | 25% | 1,868 |
EBITDA | -4,749 | -3,510 | -35% | -8,108 |
Operating loss | -6,182 | -4,389 | -41% | -10,203 |
Net loss for the review period | -6,254 | -4,380 | -43% | -10,607 |
Equity ratio, % | 78% | 88% | -11% | 85% |
Net debt | -14,339 | -29,503 | -51% | -22,008 |
Cash and cash equivalents at the end of the review period | 19,045 | 32,398 | -41% | 24,698 |
Order book | 2,357 | 751 | 214% | 1,041 |
Balance sheet total | 30,845 | 40,732 | -24% | 35,336 |
Number of employees on average | 69 | 56 | 23% | 65 |
Personnel expenses* | 3,801 | 2,820 | 35% | 6,592 |
Investments in tangible and intangible assets | 3,083 | 3,265 | -6% | 6,333 |
Earnings per share, undiluted and diluted, EUR** | -0.24 | -0.17 | -42% | -0.41 |
*Personnel expenses include capitalization of development expenses.
**The Company's potential dilutive instruments consist of stock options. As the Company's business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in calculating the dilutive loss per share. Thus, there is no difference between the undiluted and diluted earnings per share.
In the first half of 2023, we achieved one of our company's most significant milestones to date when the analysis of breast cancer patient tissue samples using
I am very pleased with the development of our operations. Our chosen strategy to make the AI model development tool available also to our customers has been a significant advantage, creating new opportunities for us in both the preclinical and clinical markets. Some of our customers require ready-to-use certified and validated AI models that can be deployed rapidly. Others also value the ability to create and customize AI models to meet their own needs. We are proud to be able to serve both interests. We have also seen some interesting first research results on how tissue features identified using
Over the past six months, we have developed the technical features of the software that, among other things, allow for smoother integration into our customers' various information systems and speed up the implementation of the softwares. These improvements will allow us to offer a smoother and more efficient user experience to our customers.
The pathology sector is becoming increasingly digitalized, and our customers are actively looking for solutions to improve work efficiency. The market will open up rapidly in the coming years, and we need to be close to our customers to provide them with the right solutions. Business
We are still well on track to achieve our short-term goals set for the IPO by the end of 2023. At the end of the reporting period, we had five CE-IVD-marked AI models for clinical diagnostics and CE-IVD-marked viewer software, five clinical diagnostics accounts, ten large pharmaceutical accounts, and more than 5,000 users.
I would like to thank our staff, customers, and shareholders for the achievements of the first half of 2023. We will continue our work to advance AI-assisted tissue sample analysis so that every patient could receive an accurate diagnosis and the best possible care.
Business targets
Obtain a CE-IVD marking for six AI models intended for clinical diagnostics
Acquire five customers in clinical diagnostics
Acquire 10 large customers in the pharmaceutical industry
Reach more than 5,000 users.
Create a product offering that covers 80% of the pathologist's diagnostic workflow
Achieve a positive cash flow from operating activities by the end of 2025
Achieve revenue of more than
EUR 100 million Reach 20,000 users
Achieve 50 key customer relationships that would generate annual recurring revenue of at least
EUR 250,000 per customer.
Short-term refers to the company's business objectives by the end of 2023. In the medium term, the company's business objectives are to be achieved by the end of 2030.
Webcast
The webcast can be followed at https://aiforia.videosync.fi/h1-2023-results.
A recording of the event and the presentation materials will be available at https://investors.aiforia.com/ later in the day.
Further inquiries
tel. +358405009878
https://investors.aiforia.com/
Certified Adviser
tel. +358 9 25 380 225
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