Translation: Original published in Finnish on 1/27/2025 at 7:21 am EET.

Aiforia announced that he Lombardy region health authorities in Italy have selected the company as their partner for AI-assisted image analysis for clinical diagnostics in pathology. The collaboration covers the use of Aiforia's clinical AI solutions for the analysis of breast, lung and prostate cancer biopsies and Aiforia's AI model development software. Lombardy is the largest metropolitan area and the most populous region in northern Italy, with 10 million inhabitants. The center of the area is Milan.

The commercial value of the collaboration was not disclosed in the press release, but a rough estimate could be around 0.5-1.0 MEUR per year, which is about twice the value of the agreement with the smaller Veneto hospital district, which has about half the population. However, it is possible that Aiforia's software will be used to a lesser extent in Lombardy than in Veneto, and it may also take time to implement if the hospital district first orders and installs sample scanners. In any case, we believe that this is an important customer win for Aiforia, whose revenue potential is significantly higher than estimated above as the use of the software expands. The company said in the fall that several bids were already underway, and the news is not surprising given its track record of winning bids. Our forecasts include continuous customer wins, so the news does not put immediate pressure to change our forecasts.