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
    }
  }
}


aiforias-image-recognition-models-also-available-on-the-pathpresenter-platform

__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.

So, keeping in mind the high gross margin, we could perhaps for this reason subtract one million from the 2026 cash burn estimate, and another from that small cost-cutting program carried out at the end of last year. This means they could get by with a 9 million burn in 2026.

Here is some further clarification regarding revenue recognition, which at least previously was a bit unclear to me.  Accounts receivable have grown quite a bit since last year.

My rough estimate is that  The 12/2025 additional funding, together with this year’s savings, will last until max Q4/2026. The 2025 net result was -12.7M EUR; since part of that is depreciation, R&D investments were +6M EUR. I would roughly estimate the cash burn to be at a level of 1M EUR, around 10-12M EUR/year. Tenders are being won, but if installation delays and the realization of the SaaS revenue stream take 6-12 months, then sales and the company’s operations will burn through the cash at a fast pace. What will be the dilution for the share if more funding rounds occur at the turn of 2026/2027 and then again in 2028 – this is what concerns me. Diluted share count now 33.7M and market cap 60M EUR, Revenue 3.5M EUR. Scaling funding requirement perhaps 8M EUR in 2027-2028, 4.7M new shares and 12.5% dilution.  If the company’s value increases and is back at €3-4 at the time of the offering, dilution will be lower – whereas if the share price falls, dilution will be higher.  Aiforia target €100M Revenue 203X: 33.7M + 4.7M shares: 38.4M shares (options not included).  EV/sales optimistic growth company valuation 8 x Revenue = €800M (range €300-800M).  €300M Revenue: €7.81/share - bear case: +300% return to current price €500M Revenue: €13.02/share - base case: +600% €800M Revenue: €20.83/share - bull case: +1000%  So there is still potential?

Inderes              Aiforia Technologies Oyj – Johdon liiketoimet – Tuomas Tenkanen - Inderes    Aiforia Technologies Oyj, Yhtiötiedote, Johtohenkilöiden liiketoimet 12.3.2026 klo 13.00Aiforia Technologies Oyj – Johdon liiketoimet – Tuomas Tenkanen Aiforia Technologies Oyj:n hallituksen...                             Tenkanen also stepped in and bought almost 60,000 shares.

It was reported as an acquisition, not a share reward, meaning it was bought from the exchange with their own money.  I expect there will be a 4-6m issue coming in June/July. The next one after that in 2027 if it’s still needed.

It was reported as an acquisition, not a share reward, meaning it was bought from the exchange with their own money.

It also states that negotiations for the sale of the company are not at an active stage. Siemens Healthineers will therefore not be acquiring or investing, at least in the short term, so we’ll monitor the company’s progress calmly and keep the stock on the watchlist. I assume it’s a regular share purchase rather than compensation, etc.

Aiforia Technologies

PathPresenter is developing a workflow system for pathologists that integrates models from multiple image analysis solution providers (such as Aiforia).

Translation: Original published in Finnish on 3/21/2025 at 4:53 pm EET.
PathPresenter is developing a workflow system for pathologists that integrates models from multiple image analysis solution providers (such as Aiforia). According to the&#xa0;<a href="https://www.inderes.se/releases/aiforia-partners-with-pathpresenter-to-accelerate-the-adoption-of-digital-pathology-and-ai" target="_blank" rel="noopener">press release</a>, Aiforia&apos;s models will be made widely available on the PathPresenter platform.&#xa0;
Earlier on Friday, Aiforia announced a very similar partnership with Techcyte, and we detailed the impact of such partnerships on the company&apos;s investment story in our comment at the time. These partnerships will, in principle, promote market formation and support the strong revenue growth we forecast for Aiforia, although there are nuances to the matter. Our more detailed commentary on the previous partnership press release can be found <a href="https://www.inderes.se/analyst-comments/aiforias-partnerskap-med-techcyte-erbjuder-ett-alternativ-till-strukturen-for-marknadens-framtida-vardekedja" target="_blank" rel="noopener">here.</a>&#xa0;

	2024	25e	26e
Revenue	2.9	4.7	7.6
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	-0.36	-0.36
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Aiforia's image recognition models also available on the PathPresenter platform

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Key Estimate Figures10.03.2025

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