Rankings Pharma & medtech Prolight Diagnostics
Prolight Diagnostics
38
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Funding−13
- Margin−10
- Capital allocation−7
Strengths
- Partner validation+2
- Insider participation+1
How the score is built
From 100 to 38, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 18.46 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +8%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−24 of −30
- −10MarginNet revenue is 0. The operating result was −SEK 18.7m in H1 2026 and approx. −51m in 2025, and the company has made a loss every year. The reported 'revenue' is capitalised development and other operating income.
- −7Capital allocationThe company has capitalised SEK 143m in development costs, which is about 95% of the equity of 151m, and wrote down SEK 113m in 2023. Repeated rights issues with warrants (TO6/TO7 in 2024, SEK 100m in 2025) and a reverse split have diluted shareholders heavily.
- −5MoatPsyros is a point-of-care platform that counts single molecules (troponin, TBI markers) and has patents in Japan and the USA. But the platform has no CE or FDA approval yet, and it must compete with established POC and laboratory troponin tests from large diagnostics companies.
- −2Quality of growthThe coming revenue is development payments from one partner (BRAINBox, SEK 29m), not product sales. That brings money, but no recurring revenue.
Price
Today's multiples against the company's own history and its peers. · 1 finding−6 of −35
- −6Multiples vs own historyP/B is 1.55 vs 0.27–1.27 in 2021–2025, i.e. at the top of the company's own history, and equity consists almost only of capitalised development (book value without real liquid substance). EV is approx. SEK 211m for a platform without sales.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−29 of −35
- −13FundingCash was only SEK 16.9m at 30/6-2026 after a fall of about 24m in H1. Without the BRAINBox payments (SEK 27m in H2 2026) cash only lasts to about Q4 2026, and with them to about Q2 2027. A new issue is likely within 6-9 months.
- −5Delays and executionPsyros has been in development for many years, and design freeze on the instrument was only reached in Q2 2026. Manufacturing validation and pilot production are still missing before approval can be sought and a launch made.
- −6DilutionThe share count rose from 7.0 to 12.0m (+72%) with the rights issue of SEK 100.3m in 2025 (stockanalysis: +107% year over year), and the next issue is probably in H1 2027.
- −3Partner dependenceThe US route goes through BRAINBox Solutions, a small private company whose FDA application for the TBI test has no public timeline. If BRAINBox is delayed, Psyros' FDA approval is delayed as well.
- −2Liquidity in the stockThe stock trades on NGM with daily turnover of about DKK 20,000 (about 22,000 shares on average). Large orders move the price, and the price has risen 48% in three months on low volume.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Partner validationA feasibility study with 260 patient samples from BRAINBox' FDA pivotal study gave excellent results on Psyros, and BRAINBox has entered a development agreement of GBP 2.24m (about SEK 29m), of which 27m in H2 2026.
- +1Insider participationThe board, management and employees invested about SEK 10m in the rights issue, and the contract manufacturer ITL contributed about SEK 9.9m.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis shows 'revenue' of SEK 30.6m TTM, but the company's own net revenue is 0. The figure is other operating income plus capitalised development, so revenue is set to 0 and P/S/EV/Sales are not used. Cash of SEK 16.9m at 30/6 is from stockanalysis' balance sheet; the half-year report PDF could not be read, and the press release does not state cash. Quarterly burn (about SEK 12m) is calculated from the cash decline in H1 2026 (40.6 → 16.9m) and may include repayment of a bridge loan. The rights issue of SEK 100.3m was in H2 2025; the exact date is not verified, so the dilution of 72% may lie partly outside the 12-month window. Market cap is calculated myself (12.04m shares × SEK 18.92 = SEK 228m = DKK 150m). Top 5 owners and short data not found. No analysts (forecast 404).
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