Translation: Original published in Finnish on 4/28/2026 at 7:42 am EEST.

Aiforia announced on Monday that Fimlab, Finland's largest healthcare laboratory company, is expanding its use of Aiforia's clinical AI solutions in routine diagnostics. Fimlab is expanding the use of the Ki67 biomarker assay from breast cancer diagnostics to several new applications. The expansion increases the number of clinical samples to be analyzed, which we believe is the most important driver of Aiforia's revenue in the long term. We are maintaining our estimates for now, as we already expect very strong revenue growth from the company.

Customized solution expands applications

The announcement follows Aiforia's recent clinical customer wins and expansions in Europe. Fimlab is a key domestic reference for Aiforia, serving around 1.5 million people across several wellbeing services counties. Fimlab will also utilize Aiforia's AI for Ki67 analysis in neuroendocrine tumors of the thyroid, gastrointestinal tract, pancreas, and lungs, in addition to breast cancer. The Ki67 protein is a key marker in cancer diagnostics, as it measures cell proliferation and thus the aggressiveness of a tumor. According to Fimlab, AI-assisted analysis streamlines the diagnostic workflow and shortens turnaround times for examinations. The customized solution for Fimlab demonstrates the adaptability of Aiforia's platform and services. Strategically, expanding clinical use is important for Aiforia, as the company aims to capture a significant share of pathology diagnostics workflows in the long term.

Clinical customers as the engine of growth

Aiforia's growth strategy relies heavily on the clinical segment. In 2025, the company's clinical segment revenue grew by 68%, and the company's total H2 revenue increased to 2.14 MEUR (+45%). We expect the company's full-year 2026 revenue to grow to 5.1 MEUR. While individual expansions, such as in Fimlab's case, do not typically change short-term overall forecasts, they build the necessary reference base for larger international tenders.

Advances in routine diagnostics, such as those at Fimlab, indicate a gradual maturation of the market. They bring Aiforia much-needed stable growth based on clinical sample streams. A key challenge in the investment story has been the slow revenue recognition from customer contracts. Aiforia has recently announced several advancements that, as a whole, increase our confidence in the realization of its growth.