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AOTI, Inc.
(LSE:AOTI)
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Select Model
Rating:62Neutral
Price Target:
138.00 p
▲(41.54% Upside)
Action:Reiterated
Date:10/01/26
The score is driven primarily by mixed financial quality (strong growth and improving profitability, but weak cash flow and higher leverage). Technicals are notably supportive with a clear multi-timeframe uptrend. These positives are tempered by expensive valuation and earnings-call risks tied to Medicaid/AZ receivables and uncertainty around final CMS reimbursement.
Positive Factors
Revenue growth and improving profitability
Rapid revenue expansion alongside a move to positive operating profit, EBITDA, and net income indicates improving scale economics. If growth continues, higher utilization and operating leverage could strengthen earnings power and support further investment in market development.
Negative Factors
Weak historical cash conversion
Persistent negative operating and free cash flow means recent accounting profitability has not yet translated into internally generated cash. Until conversion improves sustainably, AOTI may have less flexibility to fund growth and could remain more dependent on financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and improving profitability
Rapid revenue expansion alongside a move to positive operating profit, EBITDA, and net income indicates improving scale economics. If growth continues, higher utilization and operating leverage could strengthen earnings power and support further investment in market development.
Read all positive factors
AOTI, Inc. (AOTI) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£138.27M
Dividend YieldN/A
Average Volume (3M)116.78K
Price to Earnings (P/E)68.9
Beta (1Y)0.28
Revenue Growth10.59%
EPS GrowthN/A
CountryUK
Employees90
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.02
Shares Outstanding106,359,160
10 Day Avg. Volume20,798
30 Day Avg. Volume116,779
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)1.97
Price to Sales (P/S)0.57
P/FCF Ratio-5.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£97.00Price Target Upside-0.51% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.02
Revenue Forecast (FY)£72.70M
AOTI, Inc. Business Overview & Revenue Model
Company Description
AOTI, Inc. specializes in creating and marketing healthcare technologies specifically designed for treating persistent and hard-to-heal wounds. Among its offerings are the innovative Topical Wound Oxygen (TWO2) Therapy and the NEXA Negative Pressu...
How the Company Makes Money
AOTI makes money primarily by selling and/or renting its topical oxygen therapy systems and the associated single-use or recurring-use consumables required to operate those systems (e.g., wound dressings and related supplies used with the therapy)...
AOTI, Inc. Earnings Call Summary
Earnings Call Date:Sep 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 03, 2027
Earnings Call Sentiment Positive
The call was strongly optimistic, emphasizing 18.8% underlying growth, improved EBITDA margins, positive operating cash flow, clinical evidence, and the potential for CMS coverage to expand the addressable market by 65-fold. The main challenges were unpaid Arizona Medicaid receivables, slower Medicaid expansion, ongoing operational changes, and uncertainty over final Medicare reimbursement. Positive developments and stated opportunities significantly outweighed the disclosed challenges.Positive Updates
Robust Underlying Revenue Growth
Underlying revenue growth was around 18.8%, excluding the Arizona Medicaid segment, while reported revenue growth was 10.8%, driven by the VA and Medicaid businesses.
Negative Updates
Arizona Medicaid Receivables and Patient Intake Halt
AOTI has been unable to collect billed revenue for Arizona Medicaid treatment due to issues including cyber breaches, Medicaid insurer turbulence, CTP fraud, and multiple Medicaid director changes. The company ceased taking on new Arizona Medicaid patients on April 1, 2026, and management said the timing of historical receivables recovery remains difficult to determine.
Read all updates
Q2-2026 Updates
Positive
Negative
Robust Underlying Revenue Growth
Underlying revenue growth was around 18.8%, excluding the Arizona Medicaid segment, while reported revenue growth was 10.8%, driven by the VA and Medicaid businesses.
Read all positive updates
Company Guidance
For the rest of 2026, AOTI is expecting 2026 EBITDA to be in line with current consensus, which is $6.8 million as at 29th of September, and is confident with its net debt and cash outlook for the full year; it is expecting to continue its top-line growth in line with its guidance set at the time of its FY 2025 results, namely underlying mid-teens growth excluding Arizona Medicaid or low single-digit growth on a reported basis. The company expects to move towards the final LCD within the 365-day period, with the final LCD to complete by July 23rd of next year, and believes average patients per rep, currently around 20, could potentially double in the future, while its highest performing reps produce as much as five times as many as that.AOTI, Inc. Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
54
Neutral
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 68.80M | 58.36M | 43.92M | 33.51M | 22.98M |
| Gross Profit | 37.01M | 51.35M | 37.59M | 2.86M | 45.36K |
| EBITDA | 7.95M | 2.64M | -4.28M | 3.14M | 16.52K |
| Net Income | 2.76M | -1.76M | -8.19M | -2.80M | 2.03M |
Balance Sheet | |||||
| Total Assets | 57.01M | 39.54M | 21.08M | 9.35M | 1.51M |
| Cash, Cash Equivalents and Short-Term Investments | 13.44M | 9.34M | 778.48K | 2.83M | 297.44K |
| Total Debt | 21.19M | 8.92M | 12.35M | 12.41M | 269.08K |
| Total Liabilities | 37.06M | 22.10M | 26.99M | 5.94M | 1.25M |
| Stockholders Equity | 19.94M | 17.44M | -5.91M | 760.20K | 1.52M |
Cash Flow | |||||
| Free Cash Flow | -6.83M | -7.85M | -2.76M | 1.77M | -428.43K |
| Operating Cash Flow | -4.96M | -5.91M | -1.45M | 2.77M | -46.07K |
| Investing Cash Flow | -1.87M | -1.94M | -1.59M | -3.13M | -904.53K |
| Financing Cash Flow | 11.07M | 16.41M | -202.81K | 5.72M | -692.04K |
AOTI, Inc. Technical Analysis
Positive
97.50
Price Trends
120.08
Positive
90.75
Positive
65.09
Positive
Market Momentum
2.92
Positive
62.12
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:AOTI, the sentiment is Positive. The current price of 97.5 is below the 20-day moving average (MA) of 129.13, below the 50-day MA of 120.08, and above the 200-day MA of 65.09, indicating a bullish trend. The MACD of 2.92 indicates Positive momentum. The RSI at 62.12 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:AOTI.
AOTI, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | £105.28M | 42.59 | 3.58% | 4.36% | 2.26% | -57.04% | |
62 Neutral | £138.27M | 68.88 | 14.00% | ― | 10.59% | ― | |
62 Neutral | £162.34M | -598.44 | -0.68% | ― | 20.14% | 82.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | £27.80M | -13.10 | -55.91% | ― | 40.37% | -13.70% | |
44 Neutral | £5.15M | -0.24 | -138.93% | ― | 77.87% | 84.36% | |
40 Underperform | £40.90M | -0.33 | -631.25% | ― | ― | ― |
* General Sector Average
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AOTI, Inc. Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
AOTI builds momentum ahead of transformative Medicare decision as H1 revenue and EBITDA climb
Positive
Sep 30, 2026
AOTI reported robust underlying performance for the first half of 2026, with revenue growth of 18.8 percent excluding Arizona Medicaid and EBITDA rising 16.6 percent to 3.6 million dollars, while operating cash flow turned positive and net debt ed...
Business Operations and StrategyRegulatory Filings and Compliance
AOTI Gains Unanimous Support in CMS Meeting on Medicare Coverage for Topical Oxygen Therapy
Positive
Aug 27, 2026
AOTI, Inc., a medical technology group specializing in topical oxygen therapy for chronic wounds and diabetic foot ulcers, delivers its patented TWO2 therapy as a non-invasive, home-based treatment designed to improve clinical outcomes and lower h...
Other
AOTI Executives Boost Holdings Through Employee Share Purchase Plan
Positive
Aug 4, 2026
AOTI, Inc. has reported purchases of its common shares on 3 August 2026 under its Employee Share Purchase Plan, executed by CSC Global on behalf of senior executives including the CEO, CFO, and COO. The transactions on the London Stock Exchange mo...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
AOTI posts robust H1 growth as proposed Medicare coverage promises to transform U.S. market for its wound therapy
Positive
Jul 27, 2026
AOTI, Inc. reported approximately 10% year-on-year revenue growth to about $35 million for the first half of 2026, with underlying growth of 18% excluding Arizona Medicaid, and net debt of around $6.3 million supported by strong cash generation. R...
Business Operations and StrategyRegulatory Filings and Compliance
AOTI Set for Major U.S. Market Expansion as CMS Backs Coverage for TWO2 Therapy
Positive
Jul 24, 2026
AOTI, a leading provider of outcomes-based wound care technologies, focuses on its proprietary TWO2 topical oxygen therapy to reduce healthcare costs and improve the quality of life for patients with chronic wounds worldwide. The company has built...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.