tiprankstipranks
Trending News
More News >
Artrya Limited (AU:AYA)
ASX:AYA
Australian Market

Artrya Limited (AYA) AI Stock Analysis

Compare
49 Followers

Top Page

AU:AYA

Artrya Limited

(Sydney:AYA)

Select Model
Select Model
Select Model
Neutral 50 (OpenAI - 5.2)
Rating:50Neutral
Price Target:
AU$3.50
▼(-4.11% Downside)
The score is held back primarily by weak financial performance—ongoing losses and significant cash burn with only early-stage revenue—despite a low-leverage balance sheet. Technicals are a positive with a strong uptrend, but overbought signals add risk, and valuation is constrained by the company being loss-making with no dividend yield provided.
Positive Factors
Low leverage balance sheet
A low and improving debt-to-equity ratio gives Artrya structural financial flexibility despite losses. This reduces near-term refinancing risk and preserves optionality to fund clinical validation or commercialization via non-debt routes, supporting medium-term operational continuity.
AI clinical decision-support focus
Artrya operates in a durable structural tailwind: AI-enabled diagnostic support for cardiovascular care. Clinical-grade AI tools can command sticky, workflow-integrated adoption and potential recurring revenue from hospitals and health systems, creating long-term differentiated market positioning.
Initial commercial revenue achieved
Generating revenue, even small, marks transition from R&D to commercial activity and shows early customer engagement. This provides a foundation to validate pricing, refine go-to-market, and begin demonstrating operating leverage as scale accrues over the next several quarters.
Negative Factors
Sustained cash burn
Consistent, large negative operating and free cash flows create ongoing funding needs. Persistent cash burn increases dilution or refinancing risk, constrains investment in sales and clinical trials, and makes multi-quarter execution dependent on external capital availability.
No demonstrated operating leverage
The company has not yet shown sustainable margins or a path to breakeven. With revenue still negligible, fixed R&D and commercialization costs dominate, meaning scaling could remain unprofitable unless revenue growth materially outpaces cost increases.
Eroding equity and negative returns
Ongoing losses have reduced shareholders' equity and produced negative ROE, eroding investor capital over time. This reduces balance sheet resilience, raises the prospect of dilutive capital raises, and makes delivering positive long-term shareholder returns dependent on a significant operational turnaround.

Artrya Limited (AYA) vs. iShares MSCI Australia ETF (EWA)

Artrya Limited Business Overview & Revenue Model

Company DescriptionArtrya Limited operates as a medical technology company that uses artificial intelligence (AI) to identify patients at risk of coronary artery disease. It offers Salix, a cloud-based software that uses its AI to automate the detection of coronary artery disease from coronary computed tomography angiography. The company was incorporated in 2018 and is based in West Perth, Australia.
How the Company Makes MoneyArtrya Limited generates revenue primarily through the commercialization of its flagship product, Salix. The company employs a software-as-a-service (SaaS) model, wherein healthcare providers and institutions subscribe to access the Salix platform. Revenue streams include subscription fees, which are typically based on the volume of scans processed, as well as potential licensing agreements for the use of their proprietary technology. Significant partnerships with medical institutions and collaborations with research bodies also contribute to its earnings, facilitating the broader adoption and integration of their AI solutions in clinical settings.

Artrya Limited Financial Statement Overview

Summary
Financials remain dominated by heavy losses and sustained cash burn (negative operating cash flow and free cash flow in FY2025), with only minimal revenue (A$28k) and no demonstrated operating leverage yet. The main offset is a relatively strong balance sheet with low leverage and improving debt-to-equity, though equity has been declining alongside sharply negative ROE.
Income Statement
8
Very Negative
The company is still in a heavy investment/loss phase. While revenue appeared in FY2025 (A$28k) after effectively no revenue in prior years, profitability remains deeply negative: gross profit, EBIT/EBITDA, and net income are all materially loss-making in every year provided. Margins are extremely weak (FY2025 shows very large negative margins due to a small revenue base), indicating the business has not yet demonstrated operating leverage or a clear path to breakeven based on these results.
Balance Sheet
62
Positive
The balance sheet is a relative strength. Leverage is low with modest total debt and low debt-to-equity (improving to ~0.03 in FY2025 from ~0.06 in FY2024). However, equity has declined from FY2021–FY2025, consistent with ongoing losses, and returns on equity are sharply negative across the period (FY2025 ROE around -0.77), highlighting continued value erosion until profitability improves.
Cash Flow
15
Very Negative
Cash generation is weak with consistently negative operating cash flow and negative free cash flow across all years shown (FY2025 operating cash flow about -A$14.3m; free cash flow about -A$14.5m). Free cash flow did improve versus FY2024 (positive growth rate), but the business remains cash-consuming, implying ongoing funding needs if losses persist. Cash burn broadly tracks accounting losses (free cash flow to net income ~1x in FY2024–FY2025), suggesting limited offset from non-cash add-backs.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue28.00K28.00K0.000.000.000.00
Gross Profit-15.99M-15.99M-13.25M-552.00K-202.00K-38.51K
EBITDA-16.21M-16.21M-13.96M-10.51M-16.40M-4.01M
Net Income-16.41M-16.41M-14.00M-11.14M-17.16M-4.08M
Balance Sheet
Total Assets23.68M23.68M19.01M33.09M43.87M52.22M
Cash, Cash Equivalents and Short-Term Investments11.33M11.33M7.28M20.41M35.56M50.13M
Total Debt624.00K624.00K949.00K1.21M1.37M84.42K
Total Liabilities2.39M2.39M2.21M2.53M3.23M1.17M
Stockholders Equity21.29M21.29M16.80M30.56M40.64M51.05M
Cash Flow
Free Cash Flow-14.53M-14.53M-15.41M-16.69M-15.99M-3.55M
Operating Cash Flow-14.27M-14.27M-15.41M-10.74M-9.61M-1.49M
Investing Cash Flow-263.00K7.00K2.71M16.27M-26.59M-1.86M
Financing Cash Flow18.46M18.46M-299.00K-245.00K38.53M14.10M

Artrya Limited Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price3.65
Price Trends
50DMA
3.91
Negative
100DMA
3.42
Positive
200DMA
2.23
Positive
Market Momentum
MACD
-0.14
Positive
RSI
36.26
Neutral
STOCH
23.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AYA, the sentiment is Neutral. The current price of 3.65 is below the 20-day moving average (MA) of 4.08, below the 50-day MA of 3.91, and above the 200-day MA of 2.23, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 36.26 is Neutral, neither overbought nor oversold. The STOCH value of 23.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:AYA.

Artrya Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
51
Neutral
AU$49.40M-7.98-13.83%3.61%-17.03%
50
Neutral
AU$546.97M-19.47-86.14%0.17%
48
Neutral
AU$22.32M-12.37-17.05%28.91%-1050.00%
43
Neutral
AU$74.19M-10.35
40
Underperform
AU$9.03M-0.97-40.05%-49.57%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:AYA
Artrya Limited
3.46
2.63
316.87%
AU:RHT
Resonance Health Ltd
0.05
-0.01
-18.97%
AU:BMT
Beamtree Holdings Ltd
0.17
-0.15
-46.88%
AU:SHG
Singular Health Group Ltd
0.24
<0.01
4.44%
AU:HIQ
HitIQ Limited
0.02
-0.03
-63.04%

Artrya Limited Corporate Events

Artrya Enlists Dignity Health Arizona and Launches Female-Focused Cohort in SAPPHIRE Heart Study
Feb 1, 2026

Artrya Limited has secured in-principle participation from Dignity Health Arizona, part of CommonSpirit Health and one of the largest nonprofit healthcare systems in the United States, in its retrospective multi-centre SAPPHIRE Study, subject to final documentation and ethics approval. The study, set to launch in 2026, will evaluate the clinical and prognostic value of Artrya’s Salix AI-powered Plaque Analysis and proprietary Plaque Dispersion Score in identifying patients at elevated risk of cardiovascular events, with Dignity Health’s high-volume cardiovascular program expected to significantly enhance the scale and real-world relevance of the research. Artrya is also expanding the project to include SAPPHIRE-WIN, a women-only cohort focused on non-obstructive coronary artery disease, aiming to address longstanding diagnostic challenges and improve risk prediction and treatment outcomes for female patients, a group often underdiagnosed despite coronary artery disease being the leading cause of death among women globally.

The most recent analyst rating on (AU:AYA) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya adds HCA Midwest Health to U.S. SAPPHIRE heart disease study
Jan 29, 2026

Artrya Limited has secured in-principle participation from HCA Midwest Health in its upcoming retrospective, multi-centre SAPPHIRE Study in the United States, pending protocol and ethics approval. The inclusion of HCA Midwest Health, a high-volume cardiology provider in Kansas City led locally by advanced imaging specialist Dr Stephen Bloom, expands the geographic reach and clinical depth of the study, which is designed to evaluate the prognostic and clinical utility of Artrya’s Salix Plaque Analysis and Plaque Dispersion Score in identifying high-risk coronary artery disease patients more precisely than traditional risk models, potentially strengthening Artrya’s clinical evidence base and positioning in the U.S. cardiovascular imaging market ahead of the study’s planned 2026 launch.

The most recent analyst rating on (AU:AYA) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Names Interim CFO as It Bolsters Leadership for Next Growth Phase
Jan 27, 2026

Artrya Limited has appointed Richard Jarvis of The CFO Bridge as interim Chief Financial Officer, effective immediately, while it undertakes an executive search with Stanton Chase for a permanent CFO to lead the finance function through its next growth phase. The move is part of a broader effort to strengthen the leadership team as Artrya progresses the commercialisation of its Salix AI platform and expands its presence in the U.S. market, with management emphasising the need for seasoned executives who can support scaling the business, drive commercial outcomes and underpin the company’s growth strategy.

The most recent analyst rating on (AU:AYA) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Secures Third U.S. Customer as Cone Health Adopts Salix AI Cardiac Platform
Dec 22, 2025

Artrya Limited has signed a five-year commercial software-as-a-service agreement with Cone Health, a major not-for-profit health system in North Carolina, marking the company’s third U.S. commercial customer for its Salix AI platform. Under the deal, Cone Health will deploy the Salix Coronary Anatomy module on a subscription basis across its network of hospitals and cardiology practices, with additional per-scan revenue for use of the Salix Coronary Plaque module, which is eligible for U.S. reimbursement, while onboarding and ongoing support will be handled by Artrya’s U.S.-based Customer Success team in Atlanta. The agreement, valued at a minimum of US$0.45 million over five years, completes the conversion of all three of Artrya’s U.S. foundation partners into paying customers in 2025, underscoring growing commercial momentum ahead of 2026 and strengthening the company’s foothold in the competitive U.S. cardiac imaging and diagnostics market.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Limited Achieves First U.S. Revenue with Salix® Coronary Plaque Module
Dec 11, 2025

Artrya Limited has announced its first revenue generation from the Salix® Coronary Plaque module, following its integration into Tanner Health’s workflow in the U.S. This marks a significant milestone for Artrya as it expands its U.S. revenue opportunities through subscription and fee-per-scan models, supported by a U.S. Category 1 CPT reimbursement rate. The successful activation and integration of the module, facilitated by Artrya’s customer support team, is expected to enhance patient care and streamline operations at Tanner Health, potentially leading to broader adoption across their network.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Expands U.S. Presence with Northeast Georgia Health System Partnership
Dec 8, 2025

Artrya Limited has secured a three-year commercial agreement with Northeast Georgia Health System (NGHS), marking its second U.S. customer for the Salix® platform. The agreement, valued at a minimum of US$0.3 million, includes a SaaS license for the Salix® Coronary Anatomy platform and fee-per-scan revenue from the Salix® Coronary Plaque module, with potential expansion upon FDA clearance of the Salix® Coronary Flow module. This partnership is a significant step in Artrya’s U.S. expansion strategy, integrating its AI-powered platform into NGHS’s clinical workflow to enhance cardiovascular care and diagnostic precision. The rollout will be supported by Artrya’s Customer Success team in Atlanta, ensuring seamless integration and support for NGHS’s network of hospitals and the Georgia Heart Institute.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Limited to Present at Bell Potter Healthcare Conference 2025
Nov 20, 2025

Artrya Limited announced that its Co-Founder and CEO, John Konstantopoulos, will present at the Bell Potter Healthcare Conference 2025. This virtual event, which brings together industry leaders and investors, will showcase Artrya’s advancements in AI-powered cardiac care solutions, potentially enhancing the company’s visibility and positioning in the healthcare industry.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya to Present at Canaccord Genuity MedTech Forum
Nov 20, 2025

Artrya Limited announced that its Co-Founder and CEO, John Konstantopoulos, will present at the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum in New York. This event, which gathers industry leaders and investors, provides Artrya with an opportunity to showcase its AI-powered platform for coronary artery disease assessment, potentially enhancing its visibility and positioning in the medical technology sector.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Limited Secures Shareholder Support at AGM
Nov 13, 2025

Artrya Limited announced that all resolutions at its Annual General Meeting were passed, reflecting shareholder support for the company’s strategic direction. This development underscores Artrya’s commitment to leveraging its AI-powered platform for coronary artery disease management and reinforces its position in the medical technology industry.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Limited Advances U.S. Market Entry with FDA Clearances and Strategic Expansion
Nov 13, 2025

Artrya Limited announced significant developments at its 2025 Annual General Meeting, highlighting FDA clearance for its Salix Coronary Anatomy and Plaque modules, and progress on the Coronary Flow module. The company is transitioning from research and development to a commercial phase, focusing on the U.S. market due to its size and growth potential. Artrya is establishing a base in Atlanta, Georgia, to support its U.S. operations and has raised $80 million to fund its path to profitability. The company’s unique point-of-care capability and lack of market penetration by competitors position it well for growth.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Expands SAPPHIRE Study with Ascension Partnership
Nov 13, 2025

Artrya Limited has announced the expansion of its SAPPHIRE Study to include Ascension, one of the largest non-profit health systems in the U.S. This inclusion marks the fourth major U.S. healthcare system to join the study, which aims to assess Artrya’s Salix® AI platform and Plaque Dispersion Score for early and effective detection of coronary artery disease. The study is set to commence in early 2026 and will focus on improving patient outcomes, particularly for women who often show no prior symptoms of coronary artery disease. Ascension’s participation is expected to enhance the study’s reach and impact, leveraging its extensive research capabilities and commitment to cardiovascular innovation.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Limited Announces Upcoming AGM and Stakeholder Engagement
Nov 10, 2025

Artrya Limited has announced its upcoming Annual General Meeting (AGM) to be held on November 13, 2025, at its office in West Perth, Australia, with a webcast available for shareholders. This meeting is part of Artrya’s ongoing efforts to engage with stakeholders as it continues to commercialize its Salix AI-powered platform for coronary artery disease management, potentially impacting its market positioning and stakeholder relations.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Limited Announces Quotation of New Securities on ASX
Nov 7, 2025

Artrya Limited has announced the application for quotation of 100,000 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code AYA. This move signifies a strategic step in enhancing the company’s capital structure, potentially impacting its market positioning and providing new opportunities for stakeholders.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Limited Issues Shares to Enhance Operations
Nov 7, 2025

Artrya Limited announced the issuance of 100,000 ordinary shares following the exercise of vested employee performance rights. This move is part of the company’s efforts to enhance its operations and strengthen its position in the medical technology industry, particularly in the field of coronary artery disease management.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya’s SAPPHIRE Study Gains Key U.S. Partner for 2026 Launch
Nov 5, 2025

Artrya Limited has announced that Mass General Brigham, a leading U.S. center for cardiac care, will participate in the SAPPHIRE Study, a retrospective multi-center trial set to begin in early 2026. This study aims to evaluate the clinical and prognostic value of Artrya’s Salix AI-powered platform in detecting coronary artery disease. The inclusion of Mass General Brigham, along with other high-volume U.S. cardiology sites, is expected to enhance Artrya’s presence in the U.S. market and support the company’s mission to improve early detection and management of heart disease.

The most recent analyst rating on (AU:AYA) stock is a Buy with a A$3.51 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 30, 2025