FluoGuide A/S (FLUO) AI Stock Analysis

• Market Cap: kr483.52M
• Dividend Yield: N/A
• Average Volume (3M): 8.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.80
• Revenue Growth: N/A
• EPS Growth: 4.46%
• Country: SE
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -1.28
• Shares Outstanding: 16,349,314
• 10 Day Avg. Volume: 11,579
• 30 Day Avg. Volume: 8,206
• PEG Ratio: -0.29
• Price to Book (P/B): 6.10
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -3.08
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: kr35.00 ▼(-2.78% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is primarily held down by weak financial performance—near-zero revenue, persistent large losses, and heavy ongoing cash burn—plus increased debt in 2025. Technical indicators are more neutral-to-slightly positive in the near term, but valuation remains challenged due to loss-making results and no dividend support.

Positive Factors

Stronger equity capital base

A material increase in shareholders’ equity provides a larger capital cushion to fund R&D and regulatory processes over the coming months. That equity buffer reduces immediate insolvency risk, allowing the company to pursue clinical/commercial milestones before needing dilutive capital, supporting operational continuity.

Positive gross profit in revenue years

Consistently positive gross profit suggests the core product economics (per-dose consumable model) can yield margin once volumes scale. If SG&A and R&D can be controlled or allocated to growth phases, the underlying unit economics support a viable path to operating leverage after commercialization.

Scalable medtech revenue model

A per-procedure consumable plus licensing/partnering model is structurally attractive for recurring revenue and margins in medtech. Partnerships can de-risk manufacturing, regulatory and distribution, enabling scale without full internal commercialization cost—durable structural upside if clinical success is achieved.

Negative Factors

Persistent high cash burn

Sustained multi-year negative operating cash flows at tens of millions annually indicate continued dependence on external financing. That persistent burn increases dilution risk and constrains strategic flexibility, making long-term R&D and commercialization timelines vulnerable if funding terms worsen or access to capital tightens.

Collapse in revenue and weak sales traction

A steep revenue decline to near-zero signals structural demand, commercialization, or recognition timing issues. For a clinical-stage medtech company, failing to convert limited early revenue into consistent sales raises execution risk and lengthens the time to reach sustainable volume, complicating cash flow recovery.

Sharp increase in debt

A sudden rise in leverage materially increases financial risk for a loss-making developer. Debt servicing and covenant risk reduce runway and raise the chance of restrictive financing conditions. If commercialization timelines slip, higher leverage can force costly refinancing or accelerate dilution through urgent capital raises.

FluoGuide A/S Business Overview & Revenue Model

Company Description

FluoGuide A/S, a life science company, engages in the development and sale of surgical solutions in Denmark. Its lead product candidate is FG001, which is in Phase I/II for the treatment of high-grade glioma, as well as Phase II clinical trial for the treatment of lung cancer. The company also develops FG002, which is in preclinical stage that allows surgeons to differentiate cancer from normal tissue during surgery through a novel uPAR-targeted luminescent technology. FluoGuide A/S has an agreement with Linköping University Hospital for the development of FG001 that is in the Phase I/II clinical trial for surgical removal of brain cancer; and a collaboration with Copenhagen University Hospital. The company was incorporated in 2018 and is headquartered in Copenhagen, Denmark.

How the Company Makes Money

FluoGuide A/S generates revenue primarily through the sale of its imaging agents and related products to hospitals and surgical centers. The company may also earn income through partnerships and collaborations with healthcare institutions and research organizations for clinical trials and product development. Additionally, FluoGuide may benefit from grants, funding, or investments aimed at advancing its technology and expanding its market reach. The adoption of its imaging solutions in surgical settings enhances its revenue potential, as it aligns with growing trends in personalized medicine and precision surgery.

FluoGuide A/S Financial Statement Overview

Summary

Very weak operating profile: revenue collapsed to near-zero (and 0 in 2025) with persistent large losses and materially negative margins. Cash flow shows substantial, ongoing cash burn and deeply negative free cash flow, implying continued financing dependence. Balance sheet equity increased, but debt rose sharply in 2025, adding financial risk.

Income Statement

The company remains in a pre-commercial/early-commercial profile with persistent losses and highly volatile revenue. Annual revenue fell from 9.6m (2021) to 6.5m (2022) and then collapsed to ~0.4m (2023–2024) and 0 (2025), indicating weak sales traction and/or timing-related revenue recognition risk. Profitability is very pressured: EBIT and net income are deeply negative across all periods, and margins are materially negative in years with revenue (e.g., net margin roughly -75% to -91% in 2023–2024). A key positive is that gross profit is positive in most revenue years, but operating expenses overwhelm the gross profit base, keeping the path to breakeven unclear.

Balance Sheet

The balance sheet shows meaningful equity support, but leverage increased sharply in the most recent year. Stockholders’ equity rose to ~54.6m in 2025 (from ~23.1m in 2024), which helps absorb ongoing losses; however, total debt jumped to ~28.3m in 2025 (from ~0.6m in 2024), lifting debt relative to equity to ~0.52. Returns on equity are consistently negative, reflecting continued net losses and ongoing dilution/financing needs. Overall, the company has built a larger capital base, but the step-up in debt adds financial risk if commercialization continues to lag.

Cash Flow

Cash burn is substantial and persistent, with operating cash flow negative every year (about -37.8m in 2025, -29.2m in 2024, and -31.8m in 2023). Free cash flow is similarly negative, indicating the business is not close to self-funding operations. While free cash flow improved versus the prior year in 2025 (positive growth rate), it remains deeply negative, so the company will likely rely on additional financing. Cash flow quality versus reported earnings is not the issue—losses and cash burn move together—rather, the issue is the magnitude and durability of the burn.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	385.00K	423.00K	6.51M	9.61M
Gross Profit	-571.17K	385.00K	423.00K	6.51M	9.61M
EBITDA	-40.42M	-32.81M	-43.90M	-32.21M	-28.65M
Net Income	-40.39M	-28.96M	-38.38M	-27.34M	-23.77M
Balance Sheet
Total Assets	88.34M	28.38M	29.61M	35.62M	53.31M
Cash, Cash Equivalents and Short-Term Investments	78.84M	18.61M	21.67M	26.01M	46.76M
Total Debt	28.30M	624.00K	10.83M	205.00K	57.00K
Total Liabilities	33.78M	5.31M	16.89M	3.65M	14.61M
Stockholders Equity	54.56M	23.07M	12.72M	31.97M	38.70M
Cash Flow
Free Cash Flow	-37.83M	-30.00M	-31.81M	-37.71M	-15.06M
Operating Cash Flow	-37.83M	-29.15M	-31.81M	-37.65M	-15.06M
Investing Cash Flow	-30.61M	-987.00K	-37.00K	-117.00K	0.00
Financing Cash Flow	99.33M	27.08M	27.50M	17.02M	51.18M

FluoGuide A/S Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 36.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:FLUO, the sentiment is Neutral. The current price of 36 is above the 20-day moving average (MA) of 34.15, above the 50-day MA of 34.71, and below the 200-day MA of 39.24, indicating a neutral trend. The MACD of 0.42 indicates Negative momentum. The RSI at 54.90 is Neutral, neither overbought nor oversold. The STOCH value of 46.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:FLUO.

FluoGuide A/S Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NANEXA	56 Neutral	kr634.70M	-54.38	-48.65%	―	-60.33%	58.04%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FLUO	45 Neutral	kr483.52M	-9.17	―	―	―	4.46%
ACE	44 Neutral	kr381.24M	-4.34	-79.60%	―	―	31.62%
IRLAB.A	44 Neutral	kr134.54M	-0.90	-199.86%	―	69.03%	23.10%
QLINEA	42 Neutral	kr450.62M	-0.64	-330.10%	―	270.64%	62.29%
GUARD	42 Neutral	kr34.99M	-0.26	-199.25%	―	―	0.30%