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Artrya Limited (AU:AYA)
ASX:AYA
Australian Market

Artrya Limited (AYA) AI Stock Analysis

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AU:AYA

Artrya Limited

(Sydney:AYA)

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Neutral 50 (OpenAI - 5.2)
Rating:50Neutral
Price Target:
AU$4.50
▼(-5.06% 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
U.S. Market Expansion
Securing U.S. customers strengthens Artrya's market position in a key growth region, enhancing its revenue potential and competitive edge.
FDA Clearance
FDA clearance enables market entry and adoption in the U.S., a significant market for medical technology, supporting long-term growth.
Strategic Partnerships
Strategic partnerships expand Artrya's network and enhance its platform's integration into clinical workflows, fostering sustainable growth.
Negative Factors
Ongoing Losses
Persistent losses and cash burn indicate financial instability, potentially hindering long-term operational sustainability and growth.
Weak Cash Flow
Negative cash flow suggests reliance on external funding, which can limit financial flexibility and increase risk if losses continue.
Minimal Revenue
Minimal revenue and lack of operating leverage highlight challenges in scaling the business and achieving profitability in the near term.

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
Artrya Limited is experiencing significant financial challenges, as it has been unable to generate revenue for consecutive years. The company reports negative gross profits and net income, reflecting high costs without revenue. While the balance sheet shows low debt levels, continuous losses and negative cash flows raise concerns about long-term viability.
Income Statement
Artrya Limited has been unable to generate revenue for consecutive years, indicating significant challenges in monetizing its services or products. The company has consistently reported negative gross profits and net income, reflecting ongoing operational inefficiencies and high costs relative to non-existent revenue. The EBIT and EBITDA margins are also negative, pointing to a struggle in achieving any operational profitability.
Balance Sheet
The balance sheet reveals a relatively low level of debt compared to equity, resulting in a favorable debt-to-equity ratio. Despite this, the company has experienced a substantial decline in stockholders' equity over recent years, indicating potential sustainability concerns. The equity ratio remains strong, but the continuous losses are eroding asset value.
Cash Flow
Cash flow statements indicate persistent negative operating and free cash flows, suggesting ongoing cash burn without corresponding inflows. Although Artrya has managed to secure financing to offset some of these cash outflows, the inability to generate positive operational cash flow is a major risk factor.
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
Positive
Last Price4.74
Price Trends
50DMA
3.76
Positive
100DMA
3.14
Positive
200DMA
1.99
Positive
Market Momentum
MACD
0.26
Positive
RSI
50.94
Neutral
STOCH
14.95
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AYA, the sentiment is Positive. The current price of 4.74 is above the 20-day moving average (MA) of 4.34, above the 50-day MA of 3.76, and above the 200-day MA of 1.99, indicating a neutral trend. The MACD of 0.26 indicates Positive momentum. The RSI at 50.94 is Neutral, neither overbought nor oversold. The STOCH value of 14.95 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
52
Neutral
AU$21.84M-11.84-17.05%28.91%-1050.00%
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
51
Neutral
AU$56.67M-9.39-13.83%3.61%-17.03%
50
Neutral
AU$705.05M-23.86-86.14%0.17%
44
Neutral
AU$10.57M-1.03-40.05%-49.57%
43
Neutral
AU$81.63M-11.67
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:AYA
Artrya Limited
4.24
3.41
410.84%
AU:RHT
Resonance Health Ltd
0.05
>-0.01
-10.00%
AU:BMT
Beamtree Holdings Ltd
0.20
-0.08
-28.57%
AU:SHG
Singular Health Group Ltd
0.27
0.01
5.16%
AU:HIQ
HitIQ Limited
0.02
-0.03
-59.09%

Artrya Limited Corporate Events

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.

Artrya Limited Announces Quotation of New Securities on ASX
Oct 31, 2025

Artrya Limited has announced the quotation of 7,175,588 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of October 31, 2025. This move is part of a previously announced transaction, which may enhance the company’s liquidity and market presence, potentially benefiting stakeholders by increasing the company’s visibility and trading activity.

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 Completes $14.7 Million Share Placement
Oct 31, 2025

Artrya Limited has completed Tranche 2 of its share placement, issuing 7,175,588 fully paid ordinary shares at $2.05 each, raising approximately $14.7 million. This capital injection is expected to bolster Artrya’s operations and enhance its market positioning as it continues to commercialize its AI-powered Salix platform for coronary artery disease management, potentially impacting stakeholders positively by advancing its technological and market goals.

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. Expansion with Key Milestones and FDA Clearance
Oct 27, 2025

Artrya Limited has reported significant progress in its U.S. market expansion, highlighted by the successful integration with Tanner Health and the FDA clearance of its Salix® Coronary Plaque module. These milestones, along with a substantial capital raise of A$80M, position Artrya to accelerate its commercial operations and expand its customer base in the U.S. market. The company is also preparing for the SAPPHIRE study, which aims to advance coronary artery disease diagnostics, particularly focusing on women, and is set to commence in early 2026.

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 Approval for Strategic Resolutions
Oct 24, 2025

Artrya Limited announced that all resolutions presented at its General Meeting of Shareholders were passed. This development signifies strong shareholder support for the company’s strategic initiatives, including the ratification and approval of placement shares, which are likely to bolster Artrya’s financial position and support its expansion efforts 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 Expands Capital with New ASX Quotation
Oct 23, 2025

Artrya Limited has announced the quotation of 12,500 fully paid ordinary securities on the Australian Securities Exchange (ASX) under the code AYA, effective from October 23, 2025. This move is part of the company’s strategy to expand its capital base, potentially enhancing its market presence and operational capabilities in the healthcare 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 Issues Shares to Boost Employee Engagement
Oct 23, 2025

Artrya Limited announced the issuance of 12,500 ordinary shares following the exercise of vested employee performance rights. This move reflects the company’s commitment to incentivizing its workforce as it continues to commercialize its Salix AI-powered platform for coronary artery disease management. The issuance of shares is a strategic step in enhancing employee engagement and aligning their interests with the company’s growth objectives, potentially impacting its market positioning and stakeholder value.

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