Aiforia selected to provide AI-assisted diagnostics solutions in Castilla y León, Spain

Translation: Original comment published in Finnish on 7/24/2024 at 7:20 am EEST.

The regional health management of Castilla y León in Spain has chosen Aiforia as its partner for AI-based diagnostics. The collaboration involves the use of selected Aiforia AI solutions for the analysis of tissue samples, e.g., from breast, prostate, and lung cancer patients. The total value of the contract for Aiforia is around 500 TEUR over three years, which means an annual billing of around 167 TEUR. This makes the contract quite significant for the company, but achieving the growth forecasts for the coming years will obviously require similar successes. 

Good proof of potential in Europe

The contract follows a call for tenders from the hospital district and an initiative to improve the diagnostic workflow in pathology laboratories. Aiforia has previously commented that the sales pipeline looks promising, particularly due to the large number of tenders in Europe (Italy, Spain, France, UK and Germany), of which this contract is a good indication. We understand that the contract that has now been awarded is a bid that the company had previously won but was delayed by the appeal process. Apparently, the local operator's complaints did not change the outcome. The project involves the use of an image management system provided by Sectra in combination with Aiforia's AI solutions. The cooperation strengthens Aiforia's position in the European market and demonstrates the added value and competitiveness of the company's AI solutions.  

The contract supports our growth forecasts

The total value of the contract represents just under 12% of our 2024 revenue forecast, but the value in terms of annual billings is obviously lower (less than 4% of our 2024 forecast). Our forecasts already include very strong growth and wins like this from Aiforia, so the contract does not lead to any forecast changes. Of particular importance to Aiforia's investment story is the demonstration of the company’s competitiveness through new customer wins, of which this agreement is another good example.