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.

Venn Brown sat down with Brendan Malone, CEO of Raiz Invest, to discuss the group’s mobile-first investment and savings platform. We discussed that group's technology, expanding product offering, market traction and long-term plans.

With reporting season drawing to a close, we look back at the historical accuracy of the market’s aggregate EPS forecasts made by sell-side analysts. Using aggregate estimate data from S&P Global, for CY2010 through to CY2024 we looked at how analyst full-year EPS estimates for the ASX200 and S&P500 changed each month. As is clear from Figure 1 and Figure 2, almost without exception, there is a downward trend, with forecasts progressively decreasing as the period end approaches.

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.

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.

Having reached the midpoint of reporting season, we examine the relationship between medium-term changes in market cap and EPS. While it sounds obvious, the number one driver of a company’s valution (and consequently its share price) is its earnings.

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).

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.

Venn Brown sat down with Matt Griffin, Portfolio Manager, Australian Small Companies at Maple-Brown Abbott, to discuss key events, market performance and surprises of 2024, opportunities and outlook for 2025, and any advice he has for retail investors and small-cap management teams.

We look at the weekly and monthly returns delivered by the ASX All Ordinaries index since 1992 to examine if there is any truth to the rules that the week between Christmas and New Year is one of the best-performing week of the year and that December is one of the consistently best performing months of the year.