Investing in Aiforia

CEO’s review

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I am pleased with Aiforia’s year 2022. We have progressed in line with the plan set out at the time of the IPO. During the year, we strengthened our team in Europe and the US, expanded our offering with four new CE-IVD-marked products, made essential openings in the clinical market, and gained new customers on the preclinical side. We doubled our turnover, and sales growth was particularly encouraging in the US market.

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 EUR 5.9 million in product development during 2022. Our headcount increased by 59% during the year. The intense investment phase is now behind us, and we are well-positioned to move into a growth phase. We aim to achieve a positive net cash flow from operations by the end of 2025.

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 Mayo Clinic started in earnest in 2022. In the autumn, we installed Aiforia Create software for use by the clinic’s pathologists, and installed and validated Aiforia Clinical software. We expect Mayo Clinic to begin analyzing patient samples with Aiforia software in early 2023. We also signed contracts with other prestigious international institutes and hospitals such as City of Hope and Wake Forest. I am particularly pleased with the commercial collaboration with Epredia, which began in 2021 and is now starting to pay off.

Continuous customer experience improvement is at the heart of Aiforia's strategy. In 2022, we launched the Aiforia Community platform for our customers. The web-based platform consists of content designed for the users of the Aiforia software and brings together the global Aiforia community of healthcare professionals and researchers, currently covering users from over 50 countries.

Our medium-term goal is to reach a revenue of more than EUR 100 million by the end of 2030. Aiforia's mission is to enable accurate diagnoses and personalized patient care, thereby improving healthcare outcomes. We are ideally positioned to lead the transition to AI-assisted tissue sample analytics globally and deliver value to our customers and shareholders.

A warm thank you to Aiforia's personnel, customers and shareholders for this busy year. We continue to move forward with confidence in the execution of our strategy.