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PainChek Ltd (AU:PCK)
ASX:PCK
Australian Market

PainChek Ltd (PCK) AI Stock Analysis

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AU:PCK

PainChek Ltd

(Sydney:PCK)

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Neutral 42 (OpenAI - 5.2)
Rating:42Neutral
Price Target:
AU$0.25
▼(-12.41% Downside)
The score is held down primarily by weak financial performance—deep unprofitability, heavy cash burn, and negative equity—despite improving revenue and gross margin. Technicals add pressure with a clear downtrend and negative MACD, while valuation provides only modest support because the negative P/E reflects ongoing losses and no dividend yield is available.
Positive Factors
Revenue & gross margin improvement
Sustained revenue growth with rising gross margin indicates improving product-market fit and unit economics. If the company continues scaling enterprise subscriptions while holding variable costs, higher margins can compound profitability over the next several quarters.
Debt-free balance sheet
No debt reduces fixed obligations and lowers liquidity pressure, giving the company structural flexibility to pursue growth or raise capital on less onerous terms. This improves survivability during extended loss-making phases and supports strategic choices.
Recurring subscription licensing model
A subscription/licensing model creates predictable, recurring revenue and high retention potential in institutional healthcare. This supports long-term revenue visibility, upsell within accounts and scalable margins as fixed platform costs are absorbed by a larger customer base.
Negative Factors
Deep unprofitability
Extremely large net losses show operating costs far exceed current revenue, indicating the business must either materially grow recurring revenues or sharply cut costs to reach breakeven. Persistent wide losses threaten long-term viability without new capital or structural change.
Heavy and persistent cash burn
Sustained negative operating and free cash flow drains reserves and forces reliance on external funding, which can dilute shareholders or create financing risk. Cash burn constrains product investment, commercial expansion and increases execution risk over months ahead.
Negative equity / weakened capital cushion
A shift to negative equity signals accumulated losses have eroded the capital base, reducing the company’s ability to absorb shocks and limiting access to debt or favorable financing. This structural weakness raises refinancing and dilution risk going forward.

PainChek Ltd (PCK) vs. iShares MSCI Australia ETF (EWA)

PainChek Ltd Business Overview & Revenue Model

Company DescriptionPainChek Limited develops and commercializes mobile medical device applications that provides pain assessment for individuals. The company offers PainChek, which uses camera in smartphones and tablets to capture video that is analyzed in real time using facial recognition software to indicate the presence of the pain. It serves patients suffering with dementia. The company was formerly known as ePAT Technologies Ltd and changed its name to PainChek Limited in January 2018. PainChek Limited is based in Sydney, Australia.
How the Company Makes MoneyPainChek Ltd generates revenue primarily through the licensing of its PainChek app to healthcare facilities, aged care providers, and hospitals. The company employs a subscription-based model, where clients pay periodic fees to access the software. Additionally, PainChek may engage in partnerships with healthcare organizations and technology companies to expand its market reach and integrate its technology into broader digital health ecosystems. Revenue streams may also include government grants or funding for innovation in healthcare technology, further supporting its commercial operations.

PainChek Ltd Financial Statement Overview

Summary
PainChek Ltd shows revenue growth but continues to face significant profitability and cash flow challenges. The balance sheet is stable with no debt, yet the company relies heavily on financing to support operations. The financial trajectory suggests a need for strategic improvements to enhance efficiency and profitability.
Income Statement
28
Negative
PainChek Ltd has shown revenue growth over the years, with a significant increase from 2023 to 2024 (37.1%). However, the company is struggling with profitability as indicated by negative net profit margins and EBIT margins. The gross profit margin improved slightly but remains relatively low at 27.2% in 2024. Continuous losses suggest challenges in achieving operational efficiency.
Balance Sheet
34
Negative
The company's debt-to-equity ratio is favorable due to zero debt, indicating no leverage risk. However, the equity ratio has declined over the years, reaching 30.8% in 2024, indicating a higher reliance on liabilities. Return on equity remains negative due to persistent losses, highlighting ongoing profitability challenges.
Cash Flow
22
Negative
Operating cash flow remains negative, signaling cash consumption for operations. Free cash flow also follows this trend, although there was a slight improvement in 2024. The free cash flow to net income ratio is negative, further emphasizing cash flow struggles despite positive financing cash flows.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue2.51M3.36M2.67M1.95M978.57K214.80K
Gross Profit763.81K997.74K726.66K712.51K-258.82K-424.21K
EBITDA-5.40M-7.65M-9.49M-8.61M-6.80M-7.06M
Net Income-5.42M-7.67M-8.31M-7.57M-5.72M-6.06M
Balance Sheet
Total Assets2.15M2.15M4.18M2.80M6.65M11.81M
Cash, Cash Equivalents and Short-Term Investments1.62M1.62M3.56M2.51M6.14M11.42M
Total Debt0.000.000.000.000.000.00
Total Liabilities3.26M3.26M2.89M2.13M1.83M3.57M
Stockholders Equity-1.11M-1.11M1.29M668.13K4.82M8.24M
Cash Flow
Free Cash Flow-5.71M-6.77M-7.16M-6.34M-7.02M-4.18M
Operating Cash Flow-5.70M-6.75M-7.13M-6.32M-7.00M-4.12M
Investing Cash Flow-12.17K-12.17K-34.25K-12.44K-21.96K-60.03K
Financing Cash Flow4.82M4.82M8.21M2.70M1.75M9.48M

PainChek Ltd Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.29
Price Trends
50DMA
0.35
Negative
100DMA
0.44
Negative
200DMA
0.41
Negative
Market Momentum
MACD
-0.02
Negative
RSI
37.13
Neutral
STOCH
8.33
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PCK, the sentiment is Negative. The current price of 0.29 is above the 20-day moving average (MA) of 0.29, below the 50-day MA of 0.35, and below the 200-day MA of 0.41, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 37.13 is Neutral, neither overbought nor oversold. The STOCH value of 8.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:PCK.

PainChek Ltd Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
62
Neutral
AU$188.01M116.671.89%10.06%
54
Neutral
AU$140.98M-23.26-12.35%15.99%22.05%
52
Neutral
AU$21.37M-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$58.12M-9.39-13.83%3.61%-17.03%
42
Neutral
AU$55.39M-6.06-8647.54%25.98%22.10%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:PCK
PainChek Ltd
0.27
<0.01
1.92%
AU:M7T
Mach7 Technologies
0.60
0.26
76.47%
AU:RHT
Resonance Health Ltd
0.05
-0.01
-18.18%
AU:BMT
Beamtree Holdings Ltd
0.20
-0.09
-31.03%
AU:ALC
Alcidion Group Limited
0.14
0.08
133.33%

PainChek Ltd Corporate Events

PainChek Director John Murray Allows 40,000 Options to Lapse Without Changing Shareholding
Dec 30, 2025

PainChek Limited has disclosed a change in the interests of director John Murray, who has allowed 40,000 options held indirectly through Nanjop Pty Ltd as trustee for the Murring Family Trust to lapse, resulting in no remaining options and no change to his total shareholding in the company. Following the lapse, Murray continues to hold 1,463,860 fully paid ordinary shares indirectly and 390,600 fully paid ordinary shares directly, a development that slightly alters the structure of his equity exposure by removing option-based incentives but leaves his direct and indirect share ownership unchanged, with no on-market trades reported and no closed-period trading issues raised.

PainChek Options Lapse, Simplifying Capital Structure
Dec 30, 2025

PainChek Ltd has announced the expiry and cessation of 15,686,749 listed options (ASX code PCKAY) that carried an exercise price of A$0.50 and were due to expire on 19 December 2025, with the options lapsing unexercised. The expiry slightly simplifies the company’s capital structure by removing a large block of out-of-the-money options from its issued securities, which may clarify the potential future dilution profile for existing shareholders but does not immediately affect PainChek’s current cash position or operations.

PainChek Seeks ASX Quotation for 24,775 Newly Issued Ordinary Shares
Dec 24, 2025

PainChek Ltd has applied to the ASX for quotation of 24,775 new fully paid ordinary shares following the exercise or conversion of existing options or other convertible securities, with an issue date of 23 December 2025. The relatively small share issuance modestly increases the company’s quoted capital base and reflects ongoing conversion of incentive or financing-related instruments, with limited immediate impact on its overall capital structure but indicating continued engagement from holders of convertible securities.

PainChek Confirms Director Share Issue Under Placement, Affirms Compliance and Disclosure
Dec 23, 2025

PainChek Ltd has issued 176,471 fully paid ordinary shares to directors under a previously announced placement to sophisticated, professional and other exempt investors, following shareholder approval at its 2025 Annual General Meeting. The company has confirmed that the shares were issued without a prospectus under the Corporations Act exemption, that it is up to date with its financial reporting and continuous disclosure obligations, and that there is no undisclosed price-sensitive information, providing assurance to the market and existing shareholders about regulatory compliance and transparency around the capital raising.

PainChek CEO Increases Shareholding Through AGM-Approved Placement
Dec 23, 2025

PainChek Limited has disclosed a change in the holdings of its managing director, Philip Daffas, who has increased his direct stake in the company through the issue of 147,059 fully paid ordinary shares, taking his total shareholding to 3,114,226 shares alongside existing options and performance rights. The new shares were issued as part of a placement previously approved by shareholders at the 2025 Annual General Meeting, signalling continued alignment between executive leadership and shareholders’ interests and underscoring board-level participation in the company’s capital-raising activities.

PainChek Seeks ASX Quotation for New Tranche of Ordinary Shares
Dec 23, 2025

PainChek Ltd has applied to the ASX for quotation of 176,471 new fully paid ordinary shares, issued on 22 December 2025 under a previously announced transaction. The modest share issuance expands the company’s quoted capital base and reflects ongoing use of equity to support its corporate or transactional activities, with limited immediate dilution but signalling continued capital management as PainChek advances its digital health technology in the market.

PainChek Ltd Announces Quotation of New Securities
Dec 12, 2025

PainChek Ltd has announced the quotation of new securities on the Australian Securities Exchange (ASX), with a total of 339 ordinary fully paid securities to be issued. This move is part of the company’s strategy to enhance its financial position and potentially expand its market presence, impacting its operations and offering potential benefits to stakeholders.

PainChek Ltd Advances with Successful AGM Resolutions
Nov 26, 2025

PainChek Ltd announced that all resolutions at its Annual General Meeting were passed, marking a significant step in its operational progress. The company’s AI-driven pain assessment tool continues to gain traction, with regulatory clearance across multiple countries and partnerships with numerous aged care facilities, enhancing its industry positioning and stakeholder engagement.

PainChek Ltd Announces Quotation of New Securities on ASX
Nov 25, 2025

PainChek Ltd has announced the issuance of 276,747 fully paid ordinary shares, which will be quoted on the Australian Securities Exchange (ASX). This move is part of the company’s strategy to enhance its market presence and potentially increase its shareholder base, reflecting its ongoing efforts to expand its operations and strengthen its position in the healthcare technology sector.

PainChek Ltd Enhances Shareholder Engagement and Expands Market Reach
Nov 24, 2025

PainChek Ltd has announced that its shareholders will be able to view the Annual General Meeting presentations and listen to the meeting live online. This development highlights the company’s commitment to transparency and shareholder engagement. PainChek’s technology, which is already widely used in aged care facilities, is expanding into home care, signaling a strategic move to broaden its market reach and enhance its industry positioning.

PainChek Ltd Announces Quotation of New Securities on ASX
Nov 7, 2025

PainChek Ltd has announced the quotation of 218,495 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective from November 5, 2025. This move reflects the company’s ongoing efforts to strengthen its market presence and provide liquidity to its shareholders, potentially impacting its financial position and stakeholder value positively.

PainChek Secures FDA Clearance, Expands US Market Presence
Oct 31, 2025

PainChek Ltd has received FDA De Novo clearance for its pain assessment device, granting it access to a $175 million AUD annual market in the US long-term care sector. The clearance positions PainChek for significant growth and expansion opportunities, including a potential $582 million AUD market through further regulatory pathways. The company has signed its first US commercial agreement and is actively building a sales pipeline, while also experiencing growth in its core markets and launching its Infant App in Australia.

PainChek Ltd to Host Investor Webinar on Quarterly Update
Oct 28, 2025

PainChek Ltd announced an upcoming investor webinar to discuss their quarterly update and Appendix 4C, highlighting the company’s ongoing efforts to engage with stakeholders and provide transparency about their operations. The announcement underscores PainChek’s commitment to maintaining its position as a leader in pain assessment technology, with implications for expanding their market presence and enhancing stakeholder relations.

PainChek Director Adjusts Securities Holdings
Oct 27, 2025

PainChek Limited announced a change in the director’s interest, with Philip Daffas converting 2,360,718 performance rights into fully paid ordinary shares and allowing 4,804,177 performance rights to lapse. This change reflects a strategic adjustment in the director’s holdings, potentially impacting the company’s stock dynamics and signaling confidence in the company’s future prospects.

PainChek Ltd Announces Security Consolidation
Oct 24, 2025

PainChek Ltd has announced a security consolidation, affecting various securities including ordinary shares and options with different expiration dates and exercise prices. This reorganization is set to commence trading on a deferred settlement basis from November 28, 2025, with the record date on December 1, 2025, and the issue date on December 8, 2025. The consolidation may impact the company’s market operations and investor relations by potentially streamlining its security structure.

PainChek Ltd Announces Quotation of New Securities on ASX
Oct 24, 2025

PainChek Ltd has announced the quotation of 5,601,300 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective from October 22, 2025. This move is part of the company’s strategy to enhance its market presence and provide more liquidity to its shareholders, potentially impacting its financial standing and stakeholder confidence positively.

PainChek Ltd Announces Details for 2025 Annual General Meeting
Oct 24, 2025

PainChek Ltd has announced the details of its upcoming Annual General Meeting, which will take place on November 26, 2025, in Sydney, Australia. The meeting will provide shareholders with the opportunity to view presentations and listen to discussions, although questions must be submitted in advance. This meeting is crucial for shareholders to engage with the company’s board and auditors regarding the company’s performance and strategy.

PainChek Ltd Announces Quotation of New Securities
Oct 17, 2025

PainChek Ltd has announced the quotation of 9,444,665 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of October 16, 2025. This move is part of the company’s strategy to enhance its financial flexibility and potentially support further growth initiatives. The issuance of these securities may impact the company’s market positioning by increasing its capital base, which could be beneficial for stakeholders looking for long-term value.

PainChek Ltd Appoints Sasha Grant to Drive Growth of Infant Pain Assessment App
Oct 16, 2025

PainChek Ltd has appointed Sasha Grant as Head of Growth for its PainChek Infant App, aiming to scale up and roll out the app more effectively. Grant, known for her success with WikiCamps, is expected to enhance the app’s market presence and user experience. The PainChek Infant App, a unique AI-powered pain assessment tool for infants, has a potential market value of A$15 billion annually. Recent developments include technical updates, consumer feedback integration, and marketing strategy refinements, with expectations for increased downloads and revenue through improved registration processes and partnerships.

PainChek Secures FDA De Novo Classification for Pain Assessment App
Oct 16, 2025

PainChek Limited has been granted a De Novo classification by the U.S. FDA for its PainChek Adult App, which has been formally recognized as a medical device for pain assessment with a new product code ‘SGB’. This significant regulatory milestone is expected to have a material effect on the company’s securities and enhances its market positioning as a leader in pain assessment technology.

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