Institutional-Quality Issuer Sponsored Research, Venn Brown

Venn Brown

Institutional-Quality Issuer Sponsored Research

Venn Brown is a specialist Australian micro and small-cap research house. Our coverage includes health care, information technology, industrials, financials, biotech and consumer/retail.

Equity Bottom-Up

<ul><li>Artrya announced on Friday that it had signed a five-year commercial agreement with SAPPHIRE partner Huntsville Hospital Health System.</li><li>Huntsville is the first SAPPHIRE partner to sign a commercial agreement.</li><li>The market responded positively, with the stock trading as high as $4.20 (+22%) before closing at $3.70 (+7.9%).</li></ul>

Artrya announced on Friday that it had signed a five-year commercial agreement with SAPPHIRE partner Huntsville Hospital Health System.Huntsville is the first SAPPHIRE partner to sign a commercial agreement.The market responded positively, with the stock trading as high as $4.20 (+22%) before closing at $3.70 (+7.9%).

Artrya (ASX:AYA): SAPPHIRE partner Huntsville Hospital Health System signs 5 year commercial agreement; investor call Wednesday

<ul><li>Artrya fell -21% last week and at one point, was down another -8% today.</li><li>At today’s close, the shares are down -50% from their all-time high of $6.49 set just three months ago on the 6th July.</li><li>The pullback is partly a result of disappointing 4Q26 results (see ‘Valuation downgrade but market overreaction is a buying opportunity’) compounded by 1) last Tuesday’s rejection by the FDA of EchoIQ’s EchoSolv HF submission; and 2) the ongoing delay in Salix Coronary Flow FDA submission.</li></ul>

Artrya fell -21% last week and at one point, was down another -8% today.At today’s close, the shares are down -50% from their all-time high of $6.49 set just three months ago on the 6th July.The pullback is partly a result of disappointing 4Q26 results (see ‘Valuation downgrade but market overreaction is a buying opportunity’) compounded by 1) last Tuesday’s rejection by the FDA of EchoIQ’s EchoSolv HF submission; and 2) the ongoing delay in Salix Coronary Flow FDA submission.

Artrya (ASX:AYA): Share price dragged down by EchoIQ FDA denial; AYA joins S&P/ASX 300; Scenario test the robustness of our forecasts maintain $6.07 per share valuation

<ul><li>The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%.</li><li>While there was some frustration in the delay in realising cash from Tanner and the other foundation partners, the response was overblown and represents a buying opportunity.</li><li> Real-time payment authorisation caused Tanner delay: Today’s frustration stems from the longer-than-expected time to see revenue materialise from AYA’s foundation partners (coupled with further SCF delays).</li></ul>

The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%.While there was some frustration in the delay in realising cash from Tanner and the other foundation partners, the response was overblown and represents a buying opportunity. Real-time payment authorisation caused Tanner delay: Today’s frustration stems from the longer-than-expected time to see revenue materialise from AYA’s foundation partners (coupled with further SCF delays).

Artrya (ASX:AYA): Downgrade valuation, but market overraction represents buying opportunity

<ul><li>Artrya released its 4Q26 cash flow report today.</li><li>Overall, it was a disappointing read (shares closed down -6.3%), with cash receipts below expectations, a slower-than-expected rollout of Salix to the foundation partners and no real news regarding the submission of Salix Coronary Flow for FDA clearance.</li><li> Conference call: 30th July, 10:00 am AEST/8:00 am AWST Pre-register: https://artrya.zoom.us/webinar/register/WN_f2Lc_hvER3uq6UFuGVaGYw The following is a summary of the key points from Artrya’s 4Q26 cash flow announcement.</li></ul>

Artrya released its 4Q26 cash flow report today.Overall, it was a disappointing read (shares closed down -6.3%), with cash receipts below expectations, a slower-than-expected rollout of Salix to the foundation partners and no real news regarding the submission of Salix Coronary Flow for FDA clearance. Conference call: 30th July, 10:00 am AEST/8:00 am AWST Pre-register: https://artrya.zoom.us/webinar/register/WN_f2Lc_hvER3uq6UFuGVaGYw The following is a summary of the key points from Artrya’s 4Q26 cash flow announcement.

Artrya (ASX:AYA): Disappointing 4Q26 cash flow

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 28th September, published on the 2nd October.
</li>
<li>The largest industry net increase in the past week was A$0.4bn into "Banks"; the largest industry net decrease was A$0.1bn out of "Interactive Media". Net shorts increased A$0.5bn week-on-week. 
</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/artrya-ltd" target="_blank" data-smartkarma-citation="entities:41151:1" rel="noopener">Artrya (AYA AU)</a>, <a href="https://www.smartkarma.com/entities/echoiq-limited" target="_blank" data-smartkarma-citation="entities:8230:1" rel="noopener">ECHOiQ (EIQ AU)</a>, <a href="https://www.smartkarma.com/entities/catalyst-metals-ltd" target="_blank" data-smartkarma-citation="entities:4293:1" rel="noopener">Catalyst Metals (CYL AU)</a>, and <a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium (CXO AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 28th September, published on the 2nd October.

The largest industry net increase in the past week was A$0.4bn into "Banks"; the largest industry net decrease was A$0.1bn out of "Interactive Media". Net shorts increased A$0.5bn week-on-week. 

Companies mentioned in this regular weekly report include: BHP Group (BHP AU), Steadfast (SDF AU), Artrya (AYA AU), ECHOiQ (EIQ AU), Catalyst Metals (CYL AU), and Core Lithium (CXO AU).


Aussie Shorts [28 Sep 2026]: BHP Group, Steadfast, Artrya, ECHOiQ, Catalyst Metals, Core Lithium

Australia

Artrya Limited operates as an artificial intelligence healthcare company. The Company works alongside clinicians to improve the diagnosis of coronary heart disease and develop a holistic overview of a patient. Artrya serves customers in Australia.

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Artrya (AYA AU)

Artrya (ASX:AYA): SAPPHIRE partner Huntsville Hospital Health System signs 5 year commercial agreement; investor call Wednesday

Artrya announced on Friday that it had signed a five-year commercial agreement with SAPPHIRE partner Huntsville Hospital Health System. Huntsville...

Venn Brown

Artrya (ASX:AYA): Downgrade valuation, but market overraction represents buying opportunity

The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%. While there was some frustration in the delay in realising...

Venn Brown

Artrya (ASX:AYA): Disappointing 4Q26 cash flow

Artrya released its 4Q26 cash flow report today. Overall, it was a disappointing read (shares closed down -6.3%), with cash receipts below...

Venn Brown

Aussie Shorts [28 Sep 2026]: BHP Group, Steadfast, Artrya, ECHOiQ, Catalyst Metals, Core Lithium

The largest industry net increase in the past week was A$0.4bn into "Banks"; the largest industry net decrease was A$0.1bn out of "Interactive...

David Blennerhassett

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Artrya (ASX:AYA): SAPPHIRE partner Huntsville Hospital Health System signs 5 year commercial agreement; investor call Wednesday

Artrya announced on Friday that it had signed a five-year commercial agreement with SAPPHIRE partner Huntsville Hospital Health System. Huntsville...

Venn Brown

Artrya (ASX:AYA): Share price dragged down by EchoIQ FDA denial; AYA joins S&P/ASX 300; Scenario test the robustness of our forecasts maintain $6.07 per share valuation

Artrya fell -21% last week and at one point, was down another -8% today. At today’s close, the shares are down -50% from their all-time high of...

Venn Brown

Artrya (ASX:AYA): Downgrade valuation, but market overraction represents buying opportunity

The market responded negatively to Artrya’s 4Q26 cash flows today, closing down -16%. While there was some frustration in the delay in realising...

Venn Brown

Artrya (ASX:AYA): Disappointing 4Q26 cash flow

Artrya released its 4Q26 cash flow report today. Overall, it was a disappointing read (shares closed down -6.3%), with cash receipts below...

Venn Brown

Aussie Shorts [28 Sep 2026]: BHP Group, Steadfast, Artrya, ECHOiQ, Catalyst Metals, Core Lithium

The largest industry net increase in the past week was A$0.4bn into "Banks"; the largest industry net decrease was A$0.1bn out of "Interactive...

David Blennerhassett