Artrya held its AGM yesterday and provided some market updates last week.
Ascension Healthcare and Mass General Brigham have agreed to join Artrya’s SAPPHIRE study. Ascension is the seventh-largest healthcare system in the US7, likely completing between 50,000 and 80,000 CCTA scans a year. Mass General Brigham is one of the world’s most prestigious research hospital groups. Both systems bring significant credibility and visibility to the study and Artrya. Four healthcare groups have now signed on to the study, and management continues to report that they expect to sign up participants who collectively complete 400,000 CCTA scans per year.
2026 will see Artrya’s first meaningful revenue generation, with the three foundation customers (Tanner Health, Cone Health and Northeast Georgia Health System) expected to deliver approximately $20 million in annual revenue starting in early 2026. Artrya’s main focus will be on establishing a foundation in the US from which it can scale.
The group is already hiring for key roles, including a President of US Operations, with CEO John Konstantopoulos is relocating to the US in early 2026.
Heartflow and several of its employees are under investigation by the US DOJ under the federal Anti-Kickback Statute and Civil False Claims Act. Details are limited, but this poses a huge reputational and financial risk for Heartflow and will likely take several months (potentially more than a year) to play out.
While there may be some short-term contagion impact for Artrya, overall, there are likely positive outcomes for the group as it will motivate potential and existing customers of Heartflow to compare it with Artrya.
We believe that Artrya will come out ahead in any comparison with Heartflow. This investigation will provide a strong motivation for any existing or potential Heartflow customers to undertake this comparison.
After securing four SAPPHIRE study participants, the latest milestone in a series, we are reviewing our valuation. The recent $80 million capital raise has significantly derisked the business, making it unlikely for Artrya to need to return to the market. The commercialisation of the SAPPHIRE study partners is a fundamental step change in the business’s value, with 400,000 scans equating to around $500 million in annual revenue. However, visibility of this remains at least another 12 months away.
Factors that will trigger our revaluation include 1) another large healthcare joining the study; 2) Cone Health and Northeast Georgia signing commercial agreements; or 3) FDA clearance of Salix Coronary Flow (although this should be the last of the three to occur).
