olivLaw · European equity research
Airway Medix Spółka Akcyjna AWM.WA
Poland · GPW Warszawa · ISIN PLAIRWY00017 · Vertical: Listed companies from Poland
Airway Medix is a Polish medical technology company that develops and sells devices used in anaesthesia and intensive care, but in 2021 it sold the CSS technology and cut back activity because of liquidity pressure. Its reliance on a bank loan of 2.7 mln EUR and on a product portfolio still awaiting commercialisation make its financial position sensitive.
At the close of 04 Nov 2026, Airway Medix Spółka Akcyjna (AWM.WA) stock was 0.24 PLN (−0.41% on the day), with market capitalisation 14.3 m PLN, beta 0.31, 52-week range 0.24–0.38 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.6
- weak (30–45)
- Bollinger (20, 2)
- 0.24 – 0.25
- in the lower half of the band · %B 0.46 · band width 5.5%
- SMA 50 / 200
- 0.26 / 0.28
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.6% | +0.4% | −2.0 pp | — |
| 3 months | −9.5% | −3.3% | −6.2 pp | — |
| 6 months | −17.3% | +4.0% | −21.2 pp | — |
| Year to date | −26.7% | +8.1% | −34.8 pp | — |
| 1 year | −33.1% | +10.7% | −43.8 pp | +7.1% |
| 3 years | −5.8% | +50.1% | −55.9 pp | +3.8% |
| 5 years | −78.9% | +43.6% | −122.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 257.0 k | 6.0 k |
| Revenue YoY | unavailable | −97.7% |
| Net income | -2.4 m | -7.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.04 | -0.12 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -923.7% | -117,400.0% |
| Free cash flow | -2.3 m | -5.9 m |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 29.0 k PLN
- Financial debt
- 131.0 k PLN
- Net debt
- 102.0 k PLN
- Equity
- 23.9 m PLN
- Total assets
- 44.5 m PLN
- Debt / equity
- 0.01x
- Current ratio
- 0.32x
- ROE
- -25.8%
- ROA
- -14.7%
- FCF margin
- -97,550.0%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 257.0 k | 6.0 k | esef· 26 May 2022verified |
| Depreciation & amortisation | 0 | 0 | esef· 26 May 2022verified |
| Interest expense | 767.0 k | 1.5 m | esef· 26 May 2022verified |
| Pre-tax income | -2.0 m | -9.4 m | esef· 26 May 2022verified |
| Income tax | 388.0 k | -2.3 m | esef· 26 May 2022verified |
| Net income | -2.4 m | -7.0 m | esef· 26 May 2022verified |
| Diluted EPS | -0.04 | -0.12 | esef· 26 May 2022verified |
Balance sheet · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 2.2 m | 29.0 k | esef· 26 May 2022verified |
| Receivables | 780.0 k | 510.0 k | esef· 26 May 2022verified |
| Inventories | 220.0 k | 332.0 k | esef· 26 May 2022verified |
| Current assets | 22.4 m | 5.9 m | esef· 26 May 2022verified |
| Property, plant & equipment, net | 2.4 m | 89.0 k | esef· 26 May 2022verified |
| Intangibles (excl. goodwill) | 25.3 m | 37.7 m | esef· 26 May 2022verified |
| Total assets | 51.5 m | 44.5 m | esef· 26 May 2022verified |
| Long-term debt | 117.0 k | 131.0 k | esef· 26 May 2022verified |
| Current liabilities | 13.0 m | 18.3 m | esef· 26 May 2022verified |
| Total liabilities | 20.8 m | 20.6 m | esef· 26 May 2022verified |
| Equity | 30.7 m | 23.9 m | esef· 26 May 2022verified |
| Shares outstanding at year end | 59.4 m | 58.7 m | esef· 26 May 2022derived |
Cash flow · PLN
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -2.2 m | -5.9 m | esef· 26 May 2022verified |
| Capex | 7.0 k | 0 | esef· 26 May 2022verified |
| Free cash flow | -2.3 m ≈ | -5.9 m ≈ | esef· 26 May 2022derived |
| Investing cash flow | -5.0 m | 0 | esef· 26 May 2022verified |
| Financing cash flow | 8.7 m | 3.7 m | esef· 26 May 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 14.3 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -117,400.0% | 0 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -40.9% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Airway Medix Spółka Akcyjna (AWM.WA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 6.0 k PLN in 2021; YoY growth -97.7%; net margin -117,400.0%; ROE -25.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -117,400.0%
- Current ratio: 0.3x
- FCF yield: -40.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.7 bn | 39.2 | 7.8% | 2.9% | +19.8% | +22% / +211% |
| BDX.WABudimex Spółka Akcyjna | 19.2 bn | 36.0 | 41.5% | 6.2% | +8.9% | +20% / +36% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.9 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.5 bn | 22.1 | 17.0% | 3.9% | +18.0% | +94% / +87% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.8 bn | 20.2 | 18.1% | 12.0% | +36.5% | +9% / +55% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −16% / −27% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 11.9 | 15.9% | 22.1% | −21.6% | +11% / +85% |
| ACT.WAAction S.A. | 1.1 bn | 28.7 | 8.3% | 1.5% | +6.1% | +80% / +186% |
| BRS.WABoryszew Spółka Akcyjna | 887.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −27% |
| AGO.WAAgora Spółka Akcyjna | 585.6 m | — | -14.2% | -9.2% | +15.2% | +36% / +17% |
| AMB.WAAmbra S.A. | 463.4 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 386.3 m | 1.6 | 16.3% | 7.0% | −27.5% | −33% / −73% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 301.0 m | 11.1 | 8.9% | 11.6% | −22.0% | −10% / +3% |
| ART.WAArtifex Mundi S.A. | 231.4 m | 17.8 | 35.7% | 33.3% | +51.9% | +49% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 196.8 m | 9.6 | 11.4% | 13.8% | +21.8% | +0% / −20% |
| BMC.WABumech Spółka Akcyjna | 159.1 m | — | -3.4% | -3.9% | −40.0% | −35% / −48% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BBT.WABoomBit Spółka Akcyjna | 72.4 m | 4.6 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 51.9 m | 1.0 | 36.0% | 208.3% | +50.2% | −4% / +5% |
| ALG.WAAll in! Games Spółka Akcyjna | 38.1 m | — | — | -156.9% | −72.2% | −30% / −58% |
| BMX.WABioMaxima Spółka Akcyjna | 37.4 m | 63.8 | 1.2% | 1.3% | −67.5% | −29% / −44% |
| 06N.WAMagna Polonia Spółka Akcyjna | 32.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −26% / −40% |
| BCM.WABETACOM Spółka Akcyjna | 26.4 m | 17.4 | 8.0% | 0.9% | +21.3% | +6% / +3% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for AWM.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Airway Medix is a Polish medical technology company that develops and sells devices used in anaesthesia and intensive care, but in 2021 it sold the CSS technology and cut back activity because of liquidity pressure. Its reliance on a bank loan of 2.7 mln EUR and on a product portfolio still awaiting commercialisation make its financial position sensitive 1.
SWOT
Strengths
- A portfolio of technologies with clinical validation and patent protection granted in several countries 1.
- Management experience in commercialising intensive care devices, supported by an adviser with an executive role in the industry 1.
- The minority interest in the Biovo subsidiary is immaterial, which keeps the group structure simple 1.
Weaknesses
- Dependence on a bank loan falling due and on extending the financing, with no cash from current sales 1.
- Development activity was temporarily suspended, which slowed the commercialisation of the products 1.
- The loss of an important buyer for the CSS technology left the company without the planned receipts 1.
Opportunities
Threats
- A higher interest rate and a possible termination of the loan by the bank could force a sale on unfavourable terms 1.
- Economic sanctions and the conflict in Eastern Europe could reduce the ability to sign new contracts 1.
- Uncertainty about the continuity of the business could weaken the confidence of partners and financiers 1.
Risks
- Liquidity riskhigh
The group does not currently generate enough cash from sales and depends on refinancing a maturing bank loan, which could affect business continuity 1.
- Loan termination riskhigh
The bank has the right to terminate the credit agreement in certain situations, which could accelerate repayment of the debt 1.
- Cost of financing riskmedium
A higher interest rate on the bank loan could raise the cost of debt if no new payment terms are agreed 1.
- Portfolio sale riskmedium
The sale of the whole portfolio depends on buyer interest and could be delayed or achieved at a lower price 1.
- Geopolitical and epidemiological riskmedium
The war in Ukraine and the effects of the pandemic could limit distribution contracts and clinical validation of the products 1.
Investment thesis
What would need to be true (bull case)
- If the portfolio sale goes ahead, the company could repay the bank debt and resume product development 1.
- The CSS technology, with clinical validation and patents granted in several countries, could attract industry investors 1.
- Renegotiating payment terms with the bank could ease the immediate pressure on liquidity 1.
What would break the thesis
- Without receipts from sales, the company could remain dependent on external financing at rising costs 1.
- If the bank terminates the loan, a forced sale could take place on unfavourable terms 1.
- Suspending development could delay the commercialisation of the other products and reduce competitiveness 1.
What to watch
- Status of negotiations with the bank on new loan payment terms2022
- Outcome of the process to sell the whole product portfolio2022
- Effects of sanctions on distribution contracts in Europe2022
- Resumption of development of products suspended in 2021next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Airway Medix group, led by the parent Airway Medix S.A. and the subsidiary Biovo Technologies Limited, aims to develop and commercialise medical devices used mainly in anaesthesia and intensive care wards 1. According to the 2021 financial statements, the group did not at this stage aim to generate cash from current sales of the devices, which were distributed through separately organised distribution in individual markets 1. The group also reported a bank loan falling due of 2.7 mln EUR, which raised a liquidity risk 1.
Segments
CSS technology
The CSS technology, for which the company had concluded a sale agreement with Teleflex Medical Europe Limited, returned to the group in 2021 after the buyer did not pay the second instalment of the price 1. Management judged that such a highly valued asset could increase the company's value in the process of selling the whole portfolio 1.
Rest of portfolio and Biovo subsidiary
The remaining technologies and the activity of the Biovo Technologies subsidiary were temporarily suspended in 2021 as a cost optimisation step, and management focused on talks with the bank and on commercialising the CSS technology 1.
Market context
The market for anaesthesia and intensive care devices is reached by Airway Medix through local distributors, so the pace of entry into each market depends on the contracts signed and on access to hospitals 1. The COVID-19 pandemic slowed clinical validation and distributor contracting, and the 2022 sanctions could affect economic support and the sale of the portfolio 1.
Trends
- Pandemic and hospital accessheadwind
COVID-19 restrictions limited access to intensive care units, slowed product validation and delayed distributor contracts 1.
- Interest in the CSS technologytailwind
Market interest in the CSS technology, clinically validated and extended through patents, could help sell the portfolio to an industry investor 1.
- Ukraine conflict and sanctionsheadwind
The war in Ukraine and the sanctions imposed on Russia could affect the economic situation in Europe and the ability to sign distribution contracts 1.
- Rising cost of creditmixed
The bank raised the loan interest rate, which could make refinancing the debt more expensive if new payment terms are not agreed 1.
Competitive position
The annual report does not describe the company's competitors in detail, but it notes that a company in the competing products field, which the adviser on the CSS sale had worked for, was sold to an industry investor in 2020 1. This transaction shows that the market has consolidated players who could take over niche technologies.
- Industry investor that acquired a competing company
The identity is not given in the report; the source only states that a company with competing products was sold in 2020 to an industry investor 1.
- Teleflex Medical Europe Limited
The buyer of the CSS technology, which did not pay the second instalment and returned the intellectual property rights 1; it is not presented as a direct competitor.
- Discount Bank
The Israeli bank that granted the loan and raised its interest rate; relevant mainly as a financier rather than a competitor 1.
- Local medical device distributors
Partners that sell the products in individual markets and that also represent a form of operational dependence 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202126 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Airway Medix Spółka Akcyjna · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.