Aiforia Technologies Plc Half-year report 1 January-30 June 2022
Aiforia Technologies Plc Half-year report 1 January-30 June 2022 (unaudited) | Aiforia Technologies Plc, Company Release, 25 August 2022, 9:00 a.m. EEST
This release is a summary of the Aiforia Technologies Plc Half-year report for 1 January-30 June 2022. You can find the whole Half-year report attached as a PDF.
The figures in brackets refer to the corresponding period of the previous year, unless otherwise indicated.
Key figures for January-June 2022
● Aiforia’s net sales increased by 72% from the comparison period and amounted to EUR 733 (426) thousand
● Earnings before interest, taxes, depreciation, and amortization (EBITDA) was EUR -3 510 (-1,278) thousand
● Earnings before interest and taxes (EBIT) was EUR -4 389 (1,850) thousand
● Loss for the period was EUR 4 380 (2,343) thousand
● Unadjusted earnings per share (EPS) amounted to EUR -0.17 (-0.15)
● Cash and cash equivalents at the end of the period amounted to EUR 32,398 (11,726) thousand
Key events in the first half of the year
● In January 2022, the Company issued 412,409 shares at a price of EUR 5.01 to Swedbank on the basis of an additional share option granted to Swedbank in connection with the IPO. At the same time, Swedbank returned 598, 802 shares to the Company, which were canceled in accordance with the decision of the Board of Directors meeting of 9 December 2021.
● In January 2022, the Board of Directors of the Company established an Audit Committee and a Remuneration Committee. The Board of Directors has set out the main tasks and operating principles of the Committees in their written charters. The Committees took up their duties at the beginning of February 2022.
● In January 2022, the Company published a press release on a collaboration agreement with the Mayo Clinic.
● In January 2022, the Company hired a new Sales Director for the North and South American markets.
● In February 2022, the Company signed an agreement with Genuvi, a South Korean biotechnology company.
● In April 2022, the Company launched a CE-IVD-marked clinical AI model for the quantification of the estrogen receptor (ER) biomarker in breast cancer diagnosis.
● In May 2022, the Company launched a CE-IVD clinical AI model for the quantification of the progesterone receptor (PR) biomarker for breast cancer diagnosis.
● In May 2022, the Company launched a CE-IVD clinical AI model for prostate cancer diagnostics (Gleason grading).
● In May 2022, the Company hired a new Sales Director for the European market.
● In June 2022, the Company launched the CE-IVD-marked clinical suite viewer (Aiforia Clinical Suite Viewer).
● In June 2022, Lago Kapital started market making of Aiforia shares.
● In January 2022 Aiforia was granted a patent in the United States for the processing of pathology specimen images.
● In June 2022 Aiforia's head office moved to a new location in Helsinki.
Key figures
|
Group |
30 Jun. 2022 |
30 Jun. 2021 |
31 Dec. 2021 |
|
Revenue, 1000 EUR |
733 |
426 |
974 |
|
EBITDA, 1000 EUR |
-3,510 |
-1,278 |
-3,451 |
|
Operating loss, 1000 EUR |
-4,389 |
-1,850 |
-4,691 |
|
Loss for the financial period, 1000 EUR |
-4,380 |
-2,343 |
-7,576 |
|
Equity ratio, % |
88 % |
74 % |
87 % |
|
Net debt, 1000 EUR |
-29,503 |
-9,020 |
-35,197 |
|
Cash and cash equivalents at the end of the period, 1000 EUR |
32,398 |
11,726 |
38,092 |
|
Balance sheet total, 1000 EUR |
40,732 |
15,271 |
43,868 |
|
Average number of personnel |
56 |
33 |
41 |
|
Personnel expenses, 1000 EUR* |
2,820 |
1,119 |
2,995 |
|
Investments in tangible and intangible assets, 1000 EUR |
3,265 |
1,376 |
3,793 |
|
Earnings per share, diluted and undiluted, EUR*** |
-0.17 |
-0.15 |
-0.43** |
* Personnel expenses including capitalisation of development expenses
** The loss for the period used in the calculation of earnings per share includes IPO expenses
*** The company's potential dilutive instruments consist of options. As the company has made a loss, the options would not have a dilutive effect and therefore have not been included in the calculation of diluted earnings per share. Therefore, there is no difference between undiluted and diluted earnings per share.
CEO Jukka Tapaninen’s review
The first half of the 2022 financial year has been a significant one for Aiforia. We have made significant progress in the clinical diagnostics market; with signing new customer contracts and releasing many new CE-IVD marked products.
A cancer patient's journey towards treatment begins with a precise diagnosis, one commonly made by pathologists. Pathology and laboratory medicine is a critical enabler of precision medicine. However, rising healthcare costs and increasing cancer incidence will inevitably increase the demand for more sophisticated and efficient technologies. We aim to change the current state of clinical pathology by providing tools to standardise diagnostics, and by enabling the gathering of data-driven information from the analysis of large numbers of samples with greater speed.
During the period under review, Aiforia has expanded its clinical product portfolio in an unprecedented way, and has started a collaboration with the Mayo Clinic. Aiforia has expanded its customer base and strengthened its organisation with significant recruitments in both Europe and North America. The North American market has become even more important for Aiforia due to the significant number of clients won over the last six months.
Expanding its portfolio into the clinical diagnostics market
Aiforia's product portfolio for AI-assisted diagnostics is one of the broadest in the market today. It includes 5 CE-IVD marked AI models for breast, lung and prostate cancer diagnosis, as well as CE-IVD marked viewer software; all of which were launched and received regulatory approval in less than a year. Together with the AI model development software (Aiforia Create), these form a comprehensive end-to-end solution to help pathology diagnostic laboratories to smoothly transition to AI-driven diagnostics.
During 2022, Aiforia will continue to develop its clinical diagnostic software solutions along with several new AI models to support the diagnosis of some of the most common cancers and other diseases. Deep learning AI models will automate image analysis tasks in clinical diagnostics, providing pathologists with fast and efficient assistance.
Major collaboration with the Mayo Clinic
During the first half of fiscal year 2022, Aiforia strengthened its collaboration with the Mayo Clinic, one of the world's most prestigious hospitals, and agreed on an operating model to jointly develop AI models for the clinical diagnostics market. The collaboration with the Mayo Clinic covers the sale of software solutions for both preclinical research and clinical diagnostics to the Laboratory Medicine and Pathology Department at the Clinic.
Aiforia will open an office in Rochester, Minnesota, USA in 2022, close to the Mayo Clinic's largest office. Aiforia's Rochester office aims to strengthen collaboration with the Mayo Clinic and bring customer support to the Mayo Clinic as easily and quickly as possible. Key staff for the opening of the Rochester office have already been recruited.
Aiforia is continuously investing in improving customer service
In April, Aiforia launched the Aiforia Community Platform, a unique support community for pathologists and medical researchers who are using Aiforia's AI software. Aiforia users, including some of the world's largest pharmaceutical companies and top-ranked hospitals and universities such as the Mayo Clinic and Harvard University, now have free access to the Community Platform.
Aiforia Community plays a vital role in ensuring that medical researchers and healthcare professionals using Aiforia’s software solutions have access to the best possible support and can connect with their peers around the world.
The future of AI powered healthcare
Aiforia is taking cancer diagnostics into a new era of precision medicine, enabled by automated and AI-powered tools; helping to create modern digitised clinical pathology workflows. Aiforia can serve pathology laboratories comprehensively by bringing automated tools to cancer diagnostics.
Aiforia aims to be a global leader in AI-enabled image analysis with its versatile and scalable cloud-based software solutions.
Jukka Tapaninen
CEO, Aiforia Technologies Plc
Video interview
Inderes will organise a video interview on 25 August at 12 p.m. EEST with Aiforia's CEO Jukka Tapaninen. A recording of the interview will be available at: https://investors.aiforia.com/reports-presentations later in the week.
Further enquiries
Jukka Tapaninen, CEO, Aiforia Technologies Plc, tel. +33610416686
Veli-Matti Parkkonen, CFO, Aiforia Technologies Plc, tel. +358405009878
Certified Adviser
UB Securities Ltd, [email protected]
About Aiforia
Aiforia equips pathologists and scientists in preclinical and clinical labs with powerful deep learning artificial intelligence software for translating images into discoveries, decisions, and diagnoses. The cloud based Aiforia products and services aim to escalate the efficiency and precision of medical image analysis beyond current capabilities, across a variety of fields from oncology to neuroscience and more. Find out more: https://investors.aiforia.com/.