Note: This is an updated version of this report, correcting an error in the revenue calculation
3Q25 results: in line with expectations
Operating cashflow was -$4.6m. Cash burn will remain at around $1.5 million per month until around July, when it will drop back to around $1.2 million per month.
Following the receipt of the second tranche of the group’s $15 million capital raise (completed in February), AYA has around $17 million cash on balance sheet ($7.6 million at period end). The cash provides a 15-month runway during which AYA should gain FDA approval for Salix Coronary Plaque and Salix Coronary Flow, leading to immediate revenue generation from the group’s existing US customers.
FDA approvals – major milestone achieved
Salix Coronary Anatomy gained FDA approval at the end of March. Management is confident of securing approval for Coronary Plaque at the end of July and Coronary Flow by very early 2026.
Massive US opportunity closer than first thought
Artrya reports that it is in “deep discussions” with six to eight hospital groups in the US to participate in the new SAPPHIRE study. Combined, these groups perform approximately 400,000 scans per year (~9% of the market), which equates to around US$342 million in revenue. This figure dwarfs even Venn Brown’s FY35 forecast of US$213 million. While nothing has yet been agreed upon, the discussions provide some validation of Salix’s capability and the respect and interest Artrya is generating in the high-paying market.
The SAPPHIRE study would see Salix installed within each hospital group’s facilities. Over the course of the 16-20 month study, Artrya would then progressively transition each group onto commercial agreements. This strategy worked with great success with AYA’s existing US customers.
Catalysts
As discussed in our initiation of coverage report, we see several catalysts that will progressively see AYA’s share price more accurately reflect the company’s fair value, including reporting its first US revenues, the signing of SAPPHIRE study partners, FDA approvals for, and the launch of Salix Coronary Plaque and Salix Coronary Flow.
Download the report below for the complete analysis.
Read more in our initiation of coverage report: ‘Salix: The future of cardiac imaging diagnostics’.