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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 46 (OpenAI - 5.2)
Rating:46Neutral
Price Target:
AU$3.00
▼(-0.66% Downside)
Action:ReiteratedDate:02/07/26
The score is driven primarily by weak financial performance (large ongoing losses and cash burn), partially offset by a relatively conservative balance sheet. Technical indicators add pressure with bearish momentum despite oversold readings, while valuation offers little support due to negative earnings and no dividend.
Positive Factors
Conservative balance sheet
Low leverage and a modest debt profile give Artrya durable financial flexibility versus highly indebted peers. This reduces short-term solvency risk, lengthens runway for clinical validation and commercialization, and supports continued R&D investment without immediate refinancing pressure.
Initial commercial traction
Recording first meaningful revenue in FY2025 and strong percentage revenue growth signals early market adoption of Artrya's product. Durable early traction validates commercial demand and is a necessary precursor to scaling sales, improving unit economics and achieving future operating leverage.
Structural market tailwinds
Artrya's focus on AI-driven cardiovascular decision-support aligns with long-term digital health and diagnostic automation trends. Persistent demand for improved diagnostics and clinician decision tools supports a large addressable market and sustained relevance of the company's core product strategy.
Negative Factors
Sustained cash burn
Consistently negative operating and free cash flow indicate meaningful ongoing cash consumption. Persistent cash burn creates a lasting need for external funding, increases dilution risk, and constrains the company's ability to invest in commercialization until cash conversion or profitability improves.
Material ongoing losses
The company remains in a heavy investment/loss phase with very negative margins across periods. Lack of demonstrated operating leverage means profitability could take multiple periods, limiting internal funding for growth and raising structural break-even and execution risks.
Declining equity and negative ROE
Eroding equity and a negative ROE reflect ongoing value destruction from losses. This weakens the company's capital base, complicates future financing terms, and signals that current operations are not generating returns sufficient to preserve shareholder value without a clear path to profitability.

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
Financial performance is weak: the business remains deeply loss-making with sustained negative operating and free cash flow, despite first meaningful revenue appearing in FY2025. The balance sheet is a relative positive with low leverage, but declining equity and sharply negative ROE signal ongoing value erosion until profitability and cash burn improve.
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.
BreakdownTTMJun 2025Jun 2024Jun 2023Jun 2022Jun 2021
Income Statement
Total Revenue29.00K28.00K0.000.000.000.00
Gross Profit-12.60M-15.99M-13.25M-552.00K-202.00K-38.51K
EBITDA-21.92M-16.21M-13.96M-10.51M-16.40M-4.01M
Net Income-19.71M-16.41M-14.00M-11.14M-17.16M-4.08M
Balance Sheet
Total Assets92.19M23.68M19.01M33.09M43.87M52.22M
Cash, Cash Equivalents and Short-Term Investments76.67M11.33M7.28M20.41M35.56M50.13M
Total Debt546.00K624.00K949.00K1.21M1.37M84.42K
Total Liabilities2.84M2.39M2.21M2.53M3.23M1.17M
Stockholders Equity89.35M21.29M16.80M30.56M40.64M51.05M
Cash Flow
Free Cash Flow-21.38M-14.53M-15.41M-16.69M-15.99M-3.55M
Operating Cash Flow-21.08M-14.27M-15.41M-10.74M-9.61M-1.49M
Investing Cash Flow-30.30M7.00K2.71M16.27M-26.59M-1.86M
Financing Cash Flow90.07M18.46M-299.00K-245.00K38.53M14.10M

Artrya Limited Technical Analysis

Technical Analysis Sentiment
Negative
Last Price3.02
Price Trends
50DMA
3.82
Negative
100DMA
3.60
Negative
200DMA
2.49
Positive
Market Momentum
MACD
-0.17
Negative
RSI
38.72
Neutral
STOCH
22.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AYA, the sentiment is Negative. The current price of 3.02 is below the 20-day moving average (MA) of 3.24, below the 50-day MA of 3.82, and above the 200-day MA of 2.49, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 38.72 is Neutral, neither overbought nor oversold. The STOCH value of 22.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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%
47
Neutral
AU$18.13M3.95-17.05%28.91%-1050.00%
46
Neutral
AU$490.06M-13.78-86.14%0.17%
44
Neutral
AU$45.05M-5.70-13.83%3.61%-17.03%
43
Neutral
AU$80.50M-6.64
40
Underperform
AU$10.09M-0.96-40.05%-49.57%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:AYA
Artrya Limited
3.10
2.35
313.33%
AU:RHT
Resonance Health Ltd
0.04
>-0.01
-11.11%
AU:BMT
Beamtree Holdings Ltd
0.16
-0.08
-33.33%
AU:SHG
Singular Health Group Ltd
0.25
0.03
13.95%
AU:HIQ
HitIQ Limited
0.02
-0.02
-56.76%

Artrya Limited Corporate Events

Artrya’s Half-Year Loss Widens Despite Strong Rise in Net Tangible Assets
Feb 25, 2026

Artrya Limited reported a significant increase in its half-year loss for the six months to 31 December 2025, with the loss after tax attributable to owners widening 44.4% to $10.743 million from $7.441 million a year earlier. The company did not declare or pay any dividends for the period, but disclosed a sharp improvement in net tangible assets per share, which rose to 53.67 cents at 31 December 2025 from 14.61 cents at 30 June 2025, a move that may reflect capital restructuring or asset revaluation and is likely to draw close scrutiny from investors assessing the company’s financial trajectory.

The interim financial statements for the half-year were reviewed by the company’s auditors, with the review report included in the interim financial report. The absence of any noted audit dispute or qualification provides some reassurance on the reliability of the reported figures, even as the larger loss underscores the ongoing cost pressures and investment needs typical of growth-focused medtech businesses still working toward sustainable profitability.

The most recent analyst rating on (AU:AYA) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

Artrya Reports Lapse of 613,334 Performance Rights in Capital Update
Feb 20, 2026

Artrya Limited has notified the market of changes to its issued capital via an Appendix 3H filing, confirming the lapse of a tranche of performance rights. The update reflects routine capital management activity, with no additional context provided on operational performance or strategic direction.

The company reported that 613,334 performance rights, designated under the ASX code AYAAAF, have ceased due to the relevant conditions not being met or becoming incapable of satisfaction as of 20 February 2026. The cessation slightly reduces potential future dilution for existing shareholders but does not involve any cash movement or immediate impact on the company’s balance sheet.

The most recent analyst rating on (AU:AYA) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on Artrya Limited stock, see the AU:AYA Stock Forecast page.

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.

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: Feb 07, 2026