Aiforia Technologies Oy Class A · OMXHEX:AIFORIA
Aiforia Technologies Oy Class A — FY2023 Earnings Presentation
25 slides from Aiforia Technologies Oy Class A's earnings presentation, Mar 7, 2024
Slide 1: Aiforia - AI for image analysis
. @ aifor Al for image analysis
Slide 2: Steady progress in building on the foundations for future growth
Steady progress in building on the foundations for future growth FINANCIAL STATEMENTS BULLETIN 2023 Aiforia Technologies Plc 7 March 2024 2
Slide 3: Today's agenda
Today’s agenda 01. 2023 results in brief Jukka Tapaninen CEO 02. Financial review 03. Strategy and business targets 04. Q&A Veli-Matti Parkkonen CFO 7 MARCH 2024 | FINANCIAL STATEMENTS BULLETIN 2023 3
Slide 4: Highlights of 2023
Highlights of 2023 The analysis of breast cancer patient tissue samples using Aiforia’s software began at the Mayo Clinic Hospital in the US. Pharma deals and collaborations to develop AI-based image analysis solutions for preclinical research and product development. Path initiated to secure first r
Slide 5: Recent deals and collaborations
Recent deals and collaborations MAYO CLINIC VENETO REGION HEALTH AUTHORITY PATHLAKE PLUS CONSORTIUM / NHS ● Major milestone: the analysis of breast ● EUR 1.2 million ● 3 year framework contract for lung and cancer patient tissue samples in prostate cancer diagnostics routine diagnostics ● 12 hospita
Slide 6: 2023 results in brief
2023 results in brief 18% 68% Group revenue increased by 49% to EUR Order book was EUR 2,373 (1,147) thousand 2,398 thousand 91% of the revenue came from abroad EUR 5,927 thousand investment in product Finland development North 9% America EBITDA was EUR -9,699 (-9,652) thousand 31% Europe 60% and ot
Slide 7: Financial review
aiforia 2 Financial review
Slide 8: The main effects of IFRS transition
The main effects of IFRS transition ● Revenue recognition (IFRS 15) ○ compared to FAS slightly postponing revenue recognition ● Share based payments (IFRS 2) ○ non-monetary employee cost (P&L). Offsetting entry recorded in equity (BS) ● Leases (IFRS 16) ○ operating expense > interest+depreciation of r
Slide 9: Selected key figures 2023
Selected key figures 2023 EUR 1,000 7-12/2023 7-12/2022 Change, % 2023 2022 Change, % Group Revenue 1,438 1,032 +39% 2,398 1,606 +49% EBITDA -4,616 -5,656 +18% -9,699 -9,652 +0% EBIT -6,363 -6,994 +9% -12,879 -11,878 -8% Equity ratio, % 66% 83% -20% 66% 83% -20% Cash and cash equivalents at the end o
Slide 10: Fixed costs are levelling
Fixed costs are levelling Total fixed costs (excl. share-based payments), EUR million Change EUR 1,000 H2/2023 H2/2022 Change, % FY 2023 FY 2022 -4% ,% Employee costs (excl. s-b.p.) 4,139 3,788 9% 7,973 6,626 +20% 8.4 8.1 Share-based payments 709 1,055 -33% 1,181 1,466 -19% OPEX 3,918 4,567 -13% 8,36
Slide 11: Cash flow from operating activities H1 vs H2/2023
Cash flow from operating activities H1 vs H2/2023 7 MARCH 2024 | FINANCIAL STATEMENTS BULLETIN 2023 11
Slide 12: Board of Directors' proposal for the distribution of profit
Board of Directors’ proposal for the distribution of profit In the years to come, Aiforia will focus on financing its growth and developing its business operations in accordance with its strategy. The company does not expect to be distributing dividends in the short or medium term. The Board of Direct
Slide 13: Strategy and business targets
3 Strategy and business targets 13
Slide 14: Market opportunity
Market opportunity Population in relation to the number of … with no reduction of sample Pathologists Per Million pathologists¹ volumes in sight Estimated global cancer increases cases 2020-20404 Rising rates of disease like cancer, .. 2.0% CAGR 28.9 m 30% increase in cancer rates in the US in past
Slide 15: Adoption of AI in pathology is accelerating
Adoption of AI in pathology is accelerating AI-supported diagnosis Microscope Report for the clinician Tissue sample Scanner Image upload treating the patient Use of AI Any type of biological Majority of scanner Image is transferred to Benefits and result: sample or staining is and file formats are PA
Slide 16: Key competitive advantages
Key competitive advantages AI TECHNOLOGY LEADERSHIP Pioneer in providing commercial AI training tools for pathologists since 2018 Aiforia platform enables development of both diagnostic and predictive AI models Continuous product development to leverage new technologies, such as GenAI SCALABILITY Sa
Slide 17: Our strategy 2024–2025
Our strategy 2024–2025 Strategic focus areas Megatrends Mission GROWTH Invest in sales, marketing and support services in US, Europe and ● AI transformation Our mission is to transform other key markets to enable strong growth. Scale the business by pathology image analysis with acquiring new custom
Slide 18: Previous business targets (2021–2023) were met
Previous business targets (2021–2023) were met 6 CE-IVD marked AI models in portfolio Outcome: 5/6 5 customers in clinical diagnostics Outcome: 5/5 10 large pharmaceutical customers Outcome: 10/10 Reach over 5,000 users Outsome: > 5,000 users 7 MARCH 2024 | FINANCIAL STATEMENTS BULLETIN 2023 18
Slide 19: Short-term business targets 2024–2025
Short-term business targets 2024–2025 Expand pre-clinical offering with new AI models and study-centric GLP workflow Expand clinical offering with 10 new regulatory-approved AI models Form at least three new strategic partnerships Achieve 15 key accounts (potential for over 500 EUR thousand in annual r
Slide 20: Mid-term business targets by the end of 2030
Mid-term business targets by the end of 2030 Create a product offering that covers 80% of the pathologist’s diagnostic workflow Achieve profitable business by the end of 2027 Achieve revenue of over EUR 100 million Leverage technology beyond diagnostic support for pathologists Achieve 50 key accounts (
Slide 21: Forthcoming events
Forthcoming events The Board of Directors’ Report and the Financial Statements for financial year 2023 will be published on 13 March. Annual General Meeting 2024 on 4 April. Materials available at https://investors.aiforia.com/ Half-Year Financial Report for 1 January–30 June 2024 will be published o
Slide 22: Q&A
4 Q&A 22
Slide 23: For more information
For more Investor Relations Contacts information Jukka Tapaninen, CEO jukka.tapaninen@aiforia.com, +33 61 041 6686 www. investors.aiforia.com ir@aiforia.com Veli-Matti Parkkonen, CFO veli-matti.parkkonen@aiforia.com, +358 40 500 9878
Slide 24: Disclaimer
Disclaimer It should be noted that Aiforia and its business are exposed to various risks and uncertainties, and certain statements herein which are not historical facts, including without limitation, those regarding expectations for market growth and developments; expectations for growth and profitab
Slide 25: aiforia.com
. @ aifor Al for image analysis