Risks

·      No Revenue, very recent IPO with very little business history (Artrya founded in 2018)

·      Competitive industry -Artrya could face competitors able to spend more on R&D and marketing etc.

·      Healthcare industry is highly regulated

Easy pass for us, until can prove it can earn revenue and scale.

Key Strengths

·      Global Problem - heart disease is the world’s biggest killer, responsible for one in three deaths globally. With population growth and ageing, the burden on the total healthcare system and the consequent need for medical imaging services to detect coronary artery disease is forecast to continue rising.

·      Growing Market - Demand is being driven by global population growth and ageing societies.

·      Scalable Business Model - Salix products are delivered through a SaaS business model. Being cloud-based, Salix solutions are securely accessible 24 hours a day, seven days per week wherever internet services are available. The software is available on a subscription basis, requires no hardware installation and is highly scalable, delivering a high gross margin business model.

·      Two Founders continue to Lead business with John Barrington as CEO and John Konstantopoulos as Executive director of Product. Both have skin in the game John Barrington as 7,526,095 shares (9.62% shares on issue) and John Konstantopoulos 7,000,000 shares (8.95 shares on issue)

Artrya is a medical technology company specialising in assessing cardiac images. A recent small cap IPO (~100m Market Cap) Artrya is Software as a Service company with its main product Salix. Founded by executives John Barrington and John Konstantopoulos in January 2018.

The Salix product suite uses Artificial Intelligence to detect and assess the superior predictor of heart attack, Vulnerable Plaque. Vulnerable Plaque is a strong indicator for future heart attacks, these plaques comprise varying degrees of fat and calcium that are attached to the wall of coronary artery. Vulnerable Plaque can lead to a blood clot formation in the coronary artery and can cause sudden blockages and heart attack. According to prospectus Vulnerable Plaque is generally not reported as it is difficult and time- consuming to identify with the naked eye. Invasive Coronary Angiograms are expensive, require hospitalisation for the invasive procedure and are medically risky.