Neola Medical AB (NEOLA) AI Stock Analysis

• Market Cap: kr66.10M
• Dividend Yield: N/A
• Average Volume (3M): 12.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.07
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.04
• Shares Outstanding: 77,950,230
• 10 Day Avg. Volume: 10,323
• 30 Day Avg. Volume: 12,794
• PEG Ratio: 1.13
• Price to Book (P/B): 2.05
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -13.08
• 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: 45 Neutral
• Price Target: kr0.81 ▼(-25.09% Downside)

The score is held back primarily by very weak operating performance (zero revenue, ongoing losses) and continued cash burn. A debt-free balance sheet provides some support, but technicals remain bearish with the stock below key moving averages, and valuation is hard to justify from a negative P/E with no dividend data.

Positive Factors

Debt-Free Balance Sheet

A debt-free capital structure materially lowers financial risk and gives management flexibility to fund development, extend runway, or pursue partnerships without immediate interest burdens. This durability supports operations during the commercialization phase when revenues are still nascent.

Sizable Equity Cushion

Approximately SEK 69M of equity provides a tangible cushion to absorb ongoing losses and finance R&D and regulatory work. While declining from 2023, this capital base prolongs runway versus peers with thinner equity and supports a longer-term commercialization effort before external funding is mandatory.

Focused Diagnostic Medical Business

Operating in diagnostics aligns with structural healthcare trends—aging populations, rising need for efficient diagnostics, and payor focus on early detection. Diagnostic products can yield durable revenue streams post-commercialization due to clinical adoption, reimbursement, and regulatory barriers to entry.

Negative Factors

Zero Revenue / No Commercial Sales

Absence of revenue over multiple years means the business model remains unproven at scale and exposes the company to execution risk. Without commercial sales, there is no operational cash generation, making long-term viability contingent on successful product launches or recurring external funding.

Persistent Net Losses

Large, persistent net losses erode shareholder equity and reduce financial flexibility. Continued negative profitability increases the likelihood of further capital raises, potential dilution, and constrains the company’s ability to invest in commercialization or scale without securing external funding or partnerships.

Sustained Negative Operating Cash Flow

Consistently negative operating cash flow demonstrates the business currently burns cash to fund R&D and operations. This structural cash consumption necessitates recurring financing and heightens execution risk; it limits ability to scale commercial activities without external capital or partnership revenue.

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

Neola Medical AB Financial Statement Overview

Summary

Overall fundamentals are weak: revenue is 0 in 2022–2024 with persistent net losses and deeply negative EBIT/EBITDA. The balance sheet is a relative strength (no debt and sizable equity), but sustained operating cash burn (worsening operating cash flow in 2024) keeps financial risk elevated until commercialization progress improves results.

Income Statement

The income statement remains very weak, driven by a lack of meaningful revenue in recent years (revenue is 0 in 2022–2024), while losses are persistent and sizable (net loss of about 10.1M in 2024 vs. 9.0M in 2023). Profitability is consistently negative (gross profit is negative each year, and EBIT/EBITDA remain deeply negative), indicating the company is still in a heavy investment/burn phase with limited operating leverage visible so far. A modest positive is that losses have not accelerated dramatically versus prior years, but there is no clear evidence yet of a revenue ramp or margin inflection.

Balance Sheet

The balance sheet is relatively stronger than the earnings profile: the company reports no debt across the period, which materially lowers financial risk and improves flexibility. Equity remains sizable (about 69.0M in 2024), although it declined from 79.0M in 2023, consistent with ongoing losses and cash burn. Returns to shareholders are negative (ROE around -14.6% in 2024), highlighting that capital is not yet generating profits, but the low leverage provides a cushion compared with highly indebted peers.

Cash Flow

Cash flow quality is weak due to sustained cash burn: operating cash flow is negative each year and worsened in 2024 (about -10.8M vs. -6.5M in 2023). Free cash flow is also negative (about -10.8M in 2024), though it improved versus 2023’s much larger outflow (about -18.8M), suggesting some spending normalization year-over-year. Overall, the business appears dependent on funding to sustain operations until revenues scale, with cash generation not yet in sight.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	625.00K	31.00K
Gross Profit	5.85M	-1.53M	-1.43M	-571.00K	-7.36M	-7.85M
EBITDA	-7.58M	-8.54M	-7.58M	-9.82M	-6.64M	-6.71M
Net Income	-8.35M	-10.06M	-9.01M	-10.35M	-6.65M	-6.72M
Balance Sheet
Total Assets	82.61M	73.61M	86.02M	75.33M	43.83M	25.97M
Cash, Cash Equivalents and Short-Term Investments	22.12M	19.55M	21.58M	40.09M	22.94M	16.64M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	4.15M	4.65M	6.99M	7.84M	3.19M	2.42M
Stockholders Equity	78.46M	68.96M	79.03M	67.48M	40.63M	23.55M
Cash Flow
Free Cash Flow	-2.54M	-10.84M	-18.85M	-20.05M	-17.45M	-8.25M
Operating Cash Flow	-8.54M	-10.84M	-6.54M	-8.50M	-6.93M	-6.08M
Investing Cash Flow	-6.52M	-11.18M	-12.30M	-11.56M	-10.52M	-2.17M
Financing Cash Flow	-92.00K	20.00M	336.00K	37.20M	23.74M	19.54M

Neola Medical AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARCOMA	58 Neutral	kr103.88M	22.65	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NOSA	48 Neutral	kr156.10M	-14.53	―	―	17.24%	35.77%
NEOLA	45 Neutral	kr66.10M	-5.74	―	―	―	―