Aiforia will provide AI solutions for breast and prostate cancer diagnostics for Fimlab Laboratories

Translation: Original comment published in Finnish on 08/02/2024 at 7:26 am EEST

Fimlab Laboratories Ltd, Finland's largest healthcare technology company, has selected Aiforia Technologies Plc as the provider for breast and prostate cancer diagnostics solutions.  The value of the first order is approximately EUR 300,000 for the first year, which is some 7% of our 2024 revenue forecast. The order and the concrete launch of the collaboration again support Aiforia’s strong growth prospects. 

Based on an earlier framework agreement

Earlier in May, Aiforia announced the signing of a framework agreement, in which it was selected as one of the suppliers of AI solutions for Fimlab to support pathology diagnostics.. The three best suppliers were chosen for AI models for nine applications and a development platform for AI models. Aiforia was qualified as one of the suppliers for eight applications and the development platform. The main owners of Fimlab are the wellbeing services counties of Pirkanmaa, Kanta-Häme, Central Finland, Päijät-Häme and Ostrobothnia.

The contract supports our growth forecasts

AI solutions for breast and prostate cancer, covering three applications, are Aiforia’s first actual order under this multi-annual framework agreement. The value of this first order for Aiforia is approximately EUR 300,000 for the first year, which is around 7% of our 2024 revenue forecast. The size of the agreement was not yet commented on in May and its size class is already larger in the initiation stage than our previous interpretation. This means that this is a very significant order for the company, and there is significantly more potential in this collaboration. Our forecasts assume continuous significant customer gains for the company, so the impact of the release is more supportive of our forecasts than causing pressure to change them.