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Analyst Comment

Aiforia signs new clinical account in France

Aiforia Technologies

Translation: Original published in Finnish on 5/19/2025 at 2:14 pm EEST.

Nantes University Hospital will deploy Aiforia's software in clinical diagnostics. The value of the two-year agreement was not communicated in the release. Nantes is the sixth largest university hospital in France, and its catchment area has a population of 800,000. Based on this and the value of Aiforia's previous customer relationships, we estimate that the customer relationship corresponds to less than EUR 100,000 in annual revenue in the initial phase. According to the release, the agreement only includes a part of the company's image recognition models, so the customer relationship has potential for expansion already with the company's current product portfolio. 

This is Aiforia's second clinical segment agreement in France, where the Assistance Publique - Hôpitaux de Paris (AP-HP hospital group) adopted Aiforia in 2024. Although the now-announced agreement is relatively small in size, it still sends a good message about the company's market position and the pace at which the market is forming. The release supports our forecasts of strong revenue growth but does not create pressure for forecast changes.

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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 page

Key Estimate Figures23.04.

202425e26e
Revenue2.94.77.6
growth-%18.9 %65.7 %60.0 %
EBIT (adj.)-12.2-11.9-12.0
EBIT-% (adj.)-427.8 %-252.9 %-158.1 %
EPS (adj.)-0.41-0.37-0.38
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.neg.neg.

Forum discussions

Question - Aiforia has announced Europe and the USA as its main market areas, so at what stage is the FDA approval application.
14 minutes ago
by TO
2
There has been no intentional hyping here, at least. If I’ve thrown out positive views with poor reasoning, I’d gladly welcome challenges on...
2 hours ago
by Antti Luiro
17
Question: Scanners have been a bottleneck for customers. Will Aiforia in any way support its customers in the scanner procurement process (e...
2 hours ago
by Matti
2
Questions: Sales efficiency, i.e., LTV growth, but how does this scalability efficiency factor develop? (Scalable SaaS company: customer value...
3 hours ago
by Pekka
8
Tomorrow, Aiforia will participate in Inderes’ company evening, which includes the company’s presentation and a Q&A session. Questions can be...
3 hours ago
by Antti Siltanen
16
When one really doesn’t want to trust only the company’s own announcements… Inderes, of course, also hypes it up, but but.. a feather in their...
yesterday
by Zen65
8
This case study published on Aiforia’s website at the end of November was interesting. In this study, a deep learning model created and trained...
yesterday
by 1sarvinen
21
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