Neola Medical AB (NEOLA) AI Stock Analysis

• Market Cap: kr60.80M
• Dividend Yield: N/A
• Average Volume (3M): 12.79K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.02
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.03
• Shares Outstanding: 77,950,230
• 10 Day Avg. Volume: 10,323
• 30 Day Avg. Volume: 12,794
• PEG Ratio: 0.00
• Price to Book (P/B): 1.07
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: kr0.81 ▼(-24.81% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by very weak financial performance (minimal revenue, ongoing losses, and continued cash burn) and bearish technicals (price below key moving averages with negative MACD). A debt-free balance sheet and solid equity base provide some stability, but valuation remains unattractive due to negative earnings and no dividend support.

Positive Factors

Debt-free balance sheet

Zero reported debt materially reduces solvency and fixed-payment risk, giving management flexibility to prioritize R&D, regulatory milestones or selective commercialization over the next 2–6 months. This structural balance-sheet strength lowers near-term bankruptcy tail risk while the business scales.

Substantial equity buffer

A meaningful equity base (~SEK 75.8M) provides a durable financial cushion to absorb ongoing losses and fund operations or clinical work. Over a multi-month horizon this equity reduces immediate financing pressure and extends runway for commercialization or regulatory progress.

Exposure to diagnostic medical devices

Operating in diagnostics/medical devices aligns the company with long-term structural demand (aging populations, need for better diagnostics). This industry exposure offers durable market tailwinds that can support revenue generation once clinical validation and commercialization milestones are achieved.

Negative Factors

Effectively zero revenue

Persistent absence of revenue across multiple years indicates the company has yet to validate commercial product-market fit. Over a 2–6 month horizon this structural shortfall means operations rely on financing, delaying self-sustaining growth and raising execution risk for scaling activities.

Ongoing operating losses

Sizable recurring operating losses (~SEK 11M in 2025) are a structural drain on equity and require external funding or dilution if sustained. Such persistent losses limit the company's ability to reinvest in commercialization without continual capital raises, increasing execution and financing risk.

Negative operating and free cash flow

Consistent negative operating and free cash flow means the core business is not self-funding. This structural cash burn necessitates continued external financing to cover operations and R&D, constraining strategic options and increasing dilution or refinancing risk over the coming months.

Neola Medical AB Business Overview & Revenue Model

Company Description

Neola Medical AB (publ) develops medical equipment for continuous monitoring of the lungs of premature babies. It offers neonatal intensive care with NEOLA, a medical device that offer continuous lung monitoring and real-time alerts of life-threatening complications using technology that measures lung volume changes and oxygen gas concentration. NEOLA provides intensive care and healthier lives for preterm born infants. The company was formerly known as GPX Medical AB and changed its name to Neola Medical AB (publ) in June 2022. Neola Medical AB (publ) was incorporated in 2016 and is headquartered in Lund, Sweden.

How the Company Makes Money

null

Neola Medical AB Financial Statement Overview

Summary

Overall financials are weak due to effectively zero revenue and persistent operating losses (net loss ~SEK 11.0M in 2025). Cash flow is consistently negative, indicating ongoing cash burn. The main offsetting strength is a clean balance sheet with zero reported debt and meaningful equity (~SEK 75.8M in 2025), which reduces near-term solvency risk but does not fix lack of commercial traction.

Income Statement

The income statement remains very weak: revenue is effectively zero in 2022–2025, while losses are persistent and sizable (net loss of ~SEK 11.0M in 2025 vs ~SEK 10.1M in 2024). Profitability has not inflected—EBITDA and EBIT stay deeply negative each year—suggesting the business is still in a heavy investment/pre-commercial phase. A modest positive is that losses have not been accelerating dramatically versus prior years, but there is no clear evidence of scaling revenue yet.

Balance Sheet

The balance sheet is a relative strength. Total debt is reported as zero across all periods, limiting financial risk and giving the company flexibility. Equity remains substantial (SEK ~75.8M in 2025), though it has fluctuated and is not steadily rising, consistent with ongoing losses and funding cycles. Overall leverage is low, but continued losses can pressure equity over time if commercialization or funding does not keep pace.

Cash Flow

Cash flow quality is mixed but leans weak due to ongoing cash burn. Operating cash flow is consistently negative (about -SEK 12.0M in 2025 vs -SEK 10.8M in 2024), indicating the core business is not yet self-funding. Free cash flow is also negative in most years (e.g., -SEK 10.8M in 2024 and -SEK 18.8M in 2023), and the 2025 free cash flow value of 0 appears inconsistent with the still-negative operating cash flow. The key positive is that cash burn has not exploded versus recent years, but durability still depends on financing until revenues ramp.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	625.00K
Gross Profit	5.85M	-1.39M	-1.53M	-1.43M	-571.00K	-7.36M
EBITDA	-7.58M	-9.75M	-8.54M	-7.58M	-9.82M	-6.64M
Net Income	-8.35M	-11.02M	-10.06M	-9.01M	-10.35M	-6.65M
Balance Sheet
Total Assets	82.61M	78.80M	73.61M	86.02M	75.33M	43.83M
Cash, Cash Equivalents and Short-Term Investments	22.12M	16.12M	19.55M	21.58M	40.09M	22.94M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	4.15M	3.00M	4.65M	6.99M	7.84M	3.19M
Stockholders Equity	78.46M	75.80M	68.96M	79.03M	67.48M	40.63M
Cash Flow
Free Cash Flow	-2.54M	0.00	-10.84M	-18.85M	-20.05M	-17.45M
Operating Cash Flow	-8.54M	-11.95M	-10.84M	-6.54M	-8.50M	-6.93M
Investing Cash Flow	-6.52M	-9.34M	-11.18M	-12.30M	-11.56M	-10.52M
Financing Cash Flow	-92.00K	17.86M	20.00M	336.00K	37.20M	23.74M

Neola Medical AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARCOMA	68 Neutral	kr114.75M	20.88	―	―	―	―
NOSA	54 Neutral	kr133.21M	-17.89	―	―	17.24%	35.77%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NEOLA	41 Neutral	kr60.80M	-7.37	―	―	―	―