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Artrya Limited - ASX:AYA

Artrya Limited (ASX:AYA) is a Perth-based medical technology, software-as-a-service company at the forefront of AI-driven diagnostic imaging tools for coronary artery disease. Artrya has developed Salix, an AI-driven coronary diagnostic and workflow platform that assesses high-risk plaques and coronary blood flow and significantly improves the speed and accuracy of CCTA imaging reporting at the point of care and in near real-time.

Recommendation: We rate Artrya as a buy, and believe the stock is well undervalued. Artrya is transitioning from pre-revenue and over the next 12 months will achieve several milestones that will see it re-rate. See out latest report for the most up to date information. For a complete overview of the company, please download our initiation of coverage report.

*General advice only. See full disclosures and disclaimers.

Ticker

ASX:AYA

Industry

Health Care Technology

Recommendation

Buy

Valuation

$2.63

Risk

High

Volatility

High

Download initiation of coverage report

Equity research

Salix Coronary Plaque submitted for FDA approval

Artrya announced today that it had submitted its application for approval by the FDA for its second product, Salix Coronary Plaque (SCP). The FDA aims to complete the approval process within 30 days, with the clock stopped if they request additional data. We also estimate that the 6-8 hospital groups Artrya are in discussions with about being part of its SAPPHIRE study could represent $4.5 billion in value.

3Q25 results – Major milestone met

Artrya held its 3Q25 results call today. The results were in line with expectations with management reporting more significant news that they are in discussions with US hospital groups performing 400,000 scans a year

Salix Coronary Anatomy secures FDA approval

Artrya announced today it had secured FDA approval for Salix Coronary Anatomy (SCA), the first of three approvals we expect the company will secure within the next 15 months. We’ve rolled forward our valuation, lifting Artrya’s equity value to $295 million, up from $213 million, equating to $2.63 per share on a fully diluted basis.

February 28, 2025

Responds to FDA questions: 30 day count down starts

Artrya announced today that it has submitted its answers to questions asked by the FDA as it reviews the company’s application for clearance for Salix Coronary Anatomy.

February 13, 2025

artrya-Capital raise + Sonic Healthcare signs muti-year agreement

Yesterday Artrya announced that it had signed a 3-year contract with Sonic Healthcare for the use of Artrya’s Salix Coronary Anatomy (SCA). Artrya also announced a $10 million capial raise with, which we believe closed yesterday after raisig $15 million.

January 29, 2025

2Q25 results - positive cost reduction & FDA approval remains on track

Artrya released its 2Q25 quarterly activities report today. There were no great surprises, with a total operating cash flow loss of -$3.6m for the quarter. This is a sequential improvement from the -$4.7m operating cash flow loss from 1Q24 (ex the $3.7m grant), with management reporting a ~$600k per quarter cost reduction. It’s not yet clear if this is a sustainable saving, but we hope to get clarity on Monday’s conference call (details below).

January 17, 2025

Full speed ahead

The ASX issued Artrya with a “please explain” enquiry yesterday following an intraday price jump to $1.04. AYA shares moved from a $0.70 low on Tuesday before hitting a high of $1.04 just before midday on Thursday (see Figure 1) before dropping back down to $0.84 and then closing the day at $0.96.

Initiation of coverage

December 10, 2024

Salix: The future of cardic imaging diagnostics

Venn Brown initiates coverage of Artrya a Perth based developer of Salix, an AI-driven diagnosis imaging solution for coronary artery disease. Chasing a total addressable market of $3 - $4 billion which is growing at more than 14% per year, Artrya's business model is highly leverageable. Trading at a fraction of fair value we see substantial upside potential for the business.

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