This release is a summary of Aiforia Technologies Plc's financial statements for the financial year 2022. The full Financial Statements Bulletin is attached to this release.
Unless otherwise indicated, figures in brackets refer to the financial year 2021.
July-
- Group turnover increased by 107% to
EUR 1,135 (548) thousand -
EBITDA was
EUR -4,597 (-2,174) thousand -
Operating result (EBIT) was
EUR -5,814 (-2,841) thousand -
Profit for the financial period was
EUR -6,227 (-5,233) thousand -
The Group's net debt at the end of the period was
EUR -22,008 (-35,197) thousand -
Cash and cash equivalents at the end of the period amounted to
EUR 24,698 (38,098) thousand Aiforia signed a contract withCity of Hope National Medical Center , one of the largest cancer and research centers in the USAiforia signed its first customer contracts in the framework of commercial cooperation with Epredia
January-
- Group turnover increased by 92% to
EUR 1,868 (974) thousand -
EBITDA was
EUR -8,108 (-3,451) thousand -
Operating result (EBIT) was
EUR -10,203 (-4,691) thousand -
Profit for the financial year was
EUR -10,607 (-7,576) thousand -
Unadjusted earnings per share (EPS) were
EUR -0.41 (-0.43) -
The parent company's loss for the financial year is
EUR -8,355 thousand , and the distributable free equity isEUR 24,917 thousand . The Board of Directors proposes to the General Meeting that the loss for the financial year be retained in the retained earnings account and that no dividend be paid.
Key figures
Group | 7-12/2022 | 7-12/2021 | Change, % | 2022 | 2021 | Change, % |
Revenue | 1,135 | 548 | +107 % | 1,868 | 974 | +92 % |
EBITDA | -4,597 | -2,174 | -112 % | -8,108 | -3,451 | -135 % |
Operating loss | -5,814 | -2,841 | -105 % | -10,203 | -4,691 | -118 % |
Net loss for the financial year | -6,227 | -5,233 | -19 % | -10,607 | -7,576 | -40 % |
Equity ratio, % | 85 % | 87 % | -2 % | 85 % | 87 % | -2 % |
Net debt | -22,008 | -35,197 | +37 % | -22,008 | -35,197 | +37 % |
Cash and cash equivalents at the end of the financial year | 24,698 | 38,092 | -35 % | 24,698 | 38,092 | -35 % |
Balance sheet total | 35,336 | 43,868 | -19 % | 35,336 | 43,868 | -19 % |
Number of employees on average | 71 | 37 | +91 % | 65 | 41 | +59 % |
Personnel expenses* | 3,773 | 1,876 | +101 % | 6,592 | 2,995 | +120 % |
Investment in tangible and intangible assets | 3,068 | 2,417 | +27 % | 6,333 | 3,793 | +67 % |
Earnings per share, undiluted and diluted***, EUR | -0.24 | -0.26** | -7 % | -0.41 | -0.43** | -4 % |
*Personnel expenses include capitalization of development expenses.
**IPO-related costs have been taken into account in the loss used in the earnings per share calculation.
***The Company's potential dilutive instruments consist of stock options. As the Company's business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in calculating the dilutive loss per share. Thus, there is no difference between the undiluted and diluted earnings per share.
I am pleased with
Our growth strategy is supported by the accelerating development of the digital pathology market, as more hospitals and laboratories are ready to streamline diagnostic workflows with AI. We have built a competitive advantage for the company by investing
At the time of the IPO, we set short and medium-term business targets for the company. By the end of 2022, we have five CE-IVD-marked clinical diagnostics AI models as well as a CE-IVD-marked viewer software, three clinical diagnostics accounts, nine large pharmaceutical accounts, and more than 5,000 users. I am confident that we will achieve all our short-term targets by the end of 2023.
The collaboration with the
Continuous customer experience improvement is at the heart of
Our medium-term goal is to reach a revenue of more than
A warm thank you to
Business targets
- Obtain a CE-IVD marking for six AI models intended for clinical diagnostics
- Acquire five customers in clinical diagnostics
- Acquire 10 large customers in the pharmaceutical industry
- Reach more than 5,000 users.
- Create a product offering that covers 80% of the pathologist's diagnostic workflow
- Achieve a positive cash flow from operating activities by the end of 2025
-
Achieve revenue of more than
EUR 100 million - Reach 20,000 users
-
Achieve 50 key customer relationships that would generate annual recurring revenue of at least
EUR 250,000 per customer.
Short-term refers to the company's business objectives by the end of 2023. In the medium term, the company's business objectives are to be achieved by the end of 2030. The wording of the medium-term target related to key customers has been clarified since the IPO. Previously, the target was to achieve 50 key customer relationships that would generate annual recurring revenue of
Proposal by the Board of Directors on the treatment of the result for the financial year
The parent company's loss for the financial year is
Webcast
The webcast can be followed at https://aiforia.videosync.fi/q4-2022-result.
A recording of the event and the presentation materials will be available at https://investors.aiforia.com/ later in the day.
Further inquiries
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