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
    }
  }
}


__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.

Without taking a position on the analysis itself, Nuways has a “buy” recommendation for almost every client, “under review” for a few, and a few unfortunate ones have been assigned a “hold”. In Germany, these views are consistently very positive.                    nuways-ag.com              Companies    Our research is free for everyone. Always. Discover exciting investment cases for your portfolio.                             From what I’ve seen of German companies, local research houses seem to operate on an “automatic-buy, target price 2x current price” model.

Pre-results update.  Despite the share price, target €3.80 & Buy Summary:  We remain upbeat on Aiforia’s Foundation Engine and its clinical and commercial scalability. Aiforia’s clinical footprint now covers breast, prostate, and lung cancers, strengthened by its new gastric cancer model. Supply–demand dynamics are supportive as hospitals face rising pressure to digitise pathology and adopt AI. In Lombardia, ~400 pathologists in 2025 are expected to fall by ~100 (due to retirements) by 2027 with only nine replacements, underscoring urgent automation needs. FY26 should bring additional tenders, including HUS, Finland’s largest hospital group (potentially in Q2). We reiterate our BUY rating with a € 3.80 PT based on our DCF model.                    Nuways AG              Aiforia Technologies Oyj

It is certainly possible that deals have also been made below the disclosure threshold. I believe there were a few such deals in H1 as well. If I recall correctly, a few deals were pushed to H2, Lombardy and some other one. Additionally, one would think scanners have been installed and slides have started running through. I don’t know what Aiforia’s deals are like, but can anyone estimate the price of a single slide? Or are the slides included in the original deal amount? Regarding Fimlab, there was talk that in December they were at a pace of 35,000 slides (per month?). Does anyone know/have the energy to check if the first contracts expire this year and negotiations for extensions begin? It would also be interesting to find information on where tenders might be underway

Well, the latest dip is quite clearly due to Faron (and Optomed). Probably the “retail crowd” got spooked, and many interested in these kinds of stocks may have invested in both, so some “believer” might be selling other suitable holdings to prepare for Faron’s share issue or wants to “scoop up on the cheap” when liquidity isn’t otherwise available. Or Nordnet’s margin calls are hitting. In my opinion, there is no justification for the latest dip and I bought a good amount, and I’ll buy more if I can still get it cheap. The financing arrangements work quite differently with this company. There won’t be any 40 million share issue; instead, pieces of financing have been arranged very neatly at a small discount as needed. Too bad I didn’t have a buy order out this morning, but now I’ve put one in…

Faron is quite an extreme example, as its business seems to be a so-called binary case. It either succeeds or fails; there is no middle ground. Aiforia has a much broader spectrum of potential futures, and substantially lower capital requirements for growing the business from this point onward.

Just as @NanoCapKenobi says. Personally, I don’t invest in these still loss-making biotechs with anything other than a multi-year horizon. The share price sawing downwards provides a buy signal. It has to rise to exit levels for it to leave the portfolio voluntarily or by force. Medtech-biotech are the only small caps I understand something about. Of course, one understands the operational logic of the retail sector, but then again, so does everyone else.  The core of my own portfolio, however, consists of completely different boring boomer stocks. Faron showed an example of what happens, at least momentarily, if money is raised via a rights issue. Aiforia will likely get the funds through a directed issue or a loan, but you can always fear the worst if you feel that’s how you get by. With Aiforia, we’re waiting for deals and then revenue from them. The position is good regarding the products. Jukka mentioned that one deal from the Siemens H. partnership should materialize by the end of the year; nothing has been heard yet. I don’t know who is allowed to announce those.

There is a general pessimistic atmosphere as there have been disappointments in the Finnish biotech scene. People no longer trust mere promises of improvement, and patience is running out when multi-fold returns can be found elsewhere more easily or faster. I also view the company’s development positively, but the Bioretec losses are still gnawing at the back of my mind after believing the CEO’s talk more than the raw numbers. I’m keeping a close eye on it and am ready to add more Aiforia shares to my portfolio if a so-called “hockey stick” starts to develop in terms of sales. I have it in my portfolio, but only as a tracking position.

Aiforia Technologies

Aiforia continues its successes on the customer front, but H1 revenue was well below our expectations. We see clear opportunities for the company to be one of the winners in its market in the long term. The downside to the potential is the low predictability of the growth rate also seen in H1 and the clearly elevated financial risks. At a rising valuation level, we believe that the compensation for these risks over a 12-month period is too thin. 

<p>Aiforia continues its successes on the customer front, but H1 revenue was well below our expectations. We see clear opportunities for the company to be one of the winners in its market in the long term. The downside to the potential is the low predictability of the growth rate also seen in H1 and the clearly elevated financial risks. At a rising valuation level, we believe that the compensation for these risks over a 12-month period is too thin. </p> 

	2022	23e	24e
Revenue	1.9	2.7	5.6
growth-%	91.8 %	46.5 %	103.5 %
EBIT (adj.)	-10.2	-12.1	-12.4
EBIT-% (adj.)	-546.2 %	-441.0 %	-222.3 %
EPS (adj.)	-0.41	-0.46	-0.44
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Aiforia: The journey won't be a straight line

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Key Estimate Figures28.08.2023

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