olivLaw · European equity research
Medinice S.A. ICE.WA
Poland · GPW Warszawa · ISIN PLMDNCE00016 · Vertical: Listed companies from Poland
Medinice S.A. is a Warsaw-based group developing medical technologies, mainly in cardiology and cardiac surgery, and currently operates without significant sales revenue. Its position depends on successfully commercialising its research and development projects, and 2022 was marked by funding from the 2021 share issue.
At the close of 05 Nov 2026, Medinice S.A. (ICE.WA) stock was 53.00 PLN (−3.81% on the day), with market capitalisation 330.4 m PLN, beta 0.32, 52-week range 10.40–90.20 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)
- 40.4
- weak (30–45)
- Bollinger (20, 2)
- 51.17 – 59.02
- in the lower half of the band · %B 0.23 · band width 14.3%
- SMA 50 / 200
- 58.78 / 62.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.37 / -1.72
- 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 | −6.7% | −0.6% | −6.0 pp | — |
| 3 months | −34.1% | −4.2% | −29.9 pp | — |
| 6 months | −24.2% | +4.3% | −28.5 pp | — |
| Year to date | +211.8% | +7.5% | +204.3 pp | — |
| 1 year | +334.4% | +9.9% | +324.5 pp | +7.1% |
| 3 years | +444.1% | +49.8% | +394.3 pp | +3.3% |
| 5 years | +114.6% | +42.8% | +71.7 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 | 2021 | 2022 |
|---|---|---|
| Revenue | 285.0 k | 246.0 k |
| Revenue YoY | unavailable | −13.7% |
| Net income | -2.9 m | -4.9 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.48 | -0.77 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1,011.6% | -2,002.0% |
| Free cash flow | -2.0 m | -3.2 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 21.2 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 37.1 m PLN
- Total assets
- 41.9 m PLN
- Debt / equity
- unavailable
- Current ratio
- 21.66x
- ROE
- -12.7%
- ROA
- -10.8%
- FCF margin
- -1,315.4%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 285.0 k | 246.0 k | esef· 04 May 2023verified |
| Operating income | -3.3 m | -5.0 m | esef· 04 May 2023verified |
| Depreciation & amortisation | 362.0 k | 314.0 k | esef· 04 May 2023verified |
| EBITDA | -2.9 m ≈ | -4.7 m ≈ | esef· 04 May 2023derived |
| Interest expense | 59.0 k | 75.0 k | esef· 04 May 2023verified |
| Pre-tax income | -2.9 m | -4.9 m | esef· 04 May 2023verified |
| Income tax | 10.0 k | 0 | esef· 04 May 2023verified |
| Net income | -2.9 m | -4.9 m | esef· 04 May 2023verified |
| Diluted EPS | -0.48 | -0.77 | esef· 04 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 31.9 m | 21.2 m | esef· 04 May 2023verified |
| Receivables | 918.0 k | 741.0 k | esef· 04 May 2023verified |
| Current assets | 32.9 m | 21.9 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 532.0 k | 831.0 k | esef· 04 May 2023verified |
| Goodwill | 0 | 0 | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 10.5 m | 13.5 m | esef· 04 May 2023verified |
| Total assets | 49.1 m | 41.9 m | esef· 04 May 2023verified |
| Accounts payable | 379.0 k | 625.0 k | esef· 04 May 2023verified |
| Current liabilities | 1.2 m | 1.0 m | esef· 04 May 2023verified |
| Total liabilities | 8.6 m | 4.8 m | esef· 04 May 2023verified |
| Equity | 40.5 m | 37.1 m | esef· 04 May 2023verified |
| Shares outstanding at year end | 5.8 m | 6.2 m | esef· 04 May 2023derived |
Cash flow · PLN
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -1.7 m | -2.8 m | esef· 04 May 2023verified |
| Capex | 314.0 k | 448.0 k | esef· 04 May 2023verified |
| Free cash flow | -2.0 m ≈ | -3.2 m ≈ | esef· 04 May 2023derived |
| Investing cash flow | -6.6 m | -4.1 m | esef· 04 May 2023verified |
| Financing cash flow | 28.7 m | -3.9 m | esef· 04 May 2023verified |
≈ 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: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 330.4 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · 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: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2,002.0% | 3 (vs peers) | 25% |
| 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 | -66.7x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 21.7x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.0% | 0 (on a fixed band) | 33% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 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
MEDINICE SPÓŁKA AKCYJNA (ICE.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 246.0 k PLN in 2022; YoY growth -13.7%; net margin -2,002.0%; ROE -12.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
- Current ratio: 21.7x
What contradicts it
- Net margin: -2,002.0%
- Interest coverage: -66.7x
- FCF yield: -1.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ICE.WAMedinice Spółka Akcyjna | 330.4 m | — | -12.7% | -2,002.0% | −13.7% | +376% / +477% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for ICE.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
Medinice S.A. is a Warsaw-based group developing medical technologies, mainly in cardiology and cardiac surgery, and currently operates without significant sales revenue. Its position depends on successfully commercialising its research and development projects, and 2022 was marked by funding from the 2021 share issue.
SWOT
Strengths
- A project portfolio in cardiology and cardiac surgery, plus a group structure with subsidiaries dedicated to medical research and project investment 1.
- Access to public grants for projects, which reduce the need for own capital 1.
- Patent protection obtained for the Pacepress project in 2023, according to subsequent events recorded in the report 1.
Weaknesses
Opportunities
- Successful commercialisation of projects could bring revenue and could transform the group's financial profile 1.
- Expanding partnerships, such as the one with Jitmed, could accelerate technology development 1.
- The US market, accessed through representation before the FDA, could open approval routes for products 1.
Risks
- Business continuityhigh
The group has no significant revenue, and continuity depends on available funding; management considers that no immediate risks exist, but these could emerge if funding runs out 1.
- Project execution riskhigh
Delays or failures in research and development could postpone commercialisation and could require additional capital 1.
- Currency riskmedium
Purchases in EUR and USD could become more expensive if the zloty depreciates, according to the sensitivity analysis in the report 1.
- Supply chainmedium
Long delivery times and rising component prices could delay prototypes and tests 1.
- Credit and counterparty risklow
Exposure to customer credit is low, but bank balances carry risk from financial institutions, although deposits are held with supervised banks 1.
Investment thesis
What would need to be true (bull case)
- A project that successfully passes clinical and regulatory stages could quickly transform the group's profile from one without revenue to a commercial one 1.
- Public grants and funding from the share issue could support project development without rapidly exhausting own capital 1.
- Patent protection for the Pacepress project and existing partnerships could strengthen the group's technological position 1.
What would break the thesis
- The group has no significant revenue yet, and recurring losses could continue until a project is commercialised, if that happens 1.
- Dependence on external funding could become a problem if grants or share issues are no longer available 1.
- The failure of a main project could affect the whole strategy, since activity is concentrated in a single segment 1.
What to watch
- Results of preclinical studies and prototyping stages for the BIOPTOM, CoolCryo and Pacepress projects2023
- Development of funding: new grants, share issues or partner contractsnext 10-K
- Trend in research and development spending relative to net losses2023
- Status of the PacePress representation before the FDA and approval efforts2023
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 Medinice group operates in Poland in a single operating segment covering research and development work in medical technologies, with a focus on cardiology and cardiac surgery, as well as research in other natural and technical sciences. According to the 2022 annual report, the business model requires significant capital investment in developing projects, so revenues and profits are deferred until successful commercialisation 1. The group has recorded net losses in recent years and relied on funding from the series J share issue in 2021, as well as on grants from the National Centre for Research and Development for the MiniMax and EP Bioptom projects 1.
The group structure includes Medinice B+R sp. z o.o. and Medtech Innovation ASI sp. z o.o., both wholly owned, and PacePress Inc in the USA, held at 60%, which represents the group before the FDA for the PacePress project 1. In April 2021 the group acquired 40% of Jitmed sp. z o.o., a company holding a patent for a left atrial appendage closure device, without obtaining control over it 1.
In January to March 2023, after the close of the financial year, the company signed a framework agreement for prototyping work on the EP BIOPTOM project, received a preclinical report for the CoolCryo project, was notified of patent protection for the Pacepress project, and signed an agreement with a transaction adviser 1. The report was approved by the management board on 29 March 2023 1.
Segments
Research and development in medical technologies
The group's only operating segment covers research and development in medical technologies, including cardiology, cardiac surgery, other natural and technical sciences and technical analyses 1. Revenues are not significant until projects are commercialised, and the segment's value depends on the progress of the projects it develops.
Market context
The group operates in the market for medical devices and technologies, where projects pass through stages of research, prototyping, preclinical studies and commercialisation. The annual report shows that the industry implies a long gap between spending and revenue, and success depends on commercialising projects 1.
The group has limited currency exposure: in 2022 a small share of imported purchases were in foreign currency, and a weaker zloty could raise the cost of future purchases, according to the sensitivity analysis in the report 1.
Trends
- Dependence on project commercialisationmixed
Group revenues depend on completing and commercialising research projects, which can take a long time, so the outcome of a single project could substantially change the company's outlook 1.
- Public funding and grantstailwind
Grants obtained from the National Centre for Research and Development reduce the own capital needed for projects, which could support business continuity if such support continues 1.
- Effects of the war in Ukraineheadwind
The conflict raised component prices and economic uncertainty, leading to longer delivery times, although the group had no activity in Ukraine, Russia or Belarus 1.
Competitive position
The available annual report does not explicitly name the group's competitors. The source text does not provide a list of rival companies, so the competitive analysis would need to be completed from other sources.
The group's competitive position depends on its ability to bring its cardiology and cardiac surgery projects to commercialisation, against other medical technology developers, an aspect the source does not detail 1.
- Jitmed sp. z o.o.
A company in which the group holds 40% without control, owning a patent for left atrial appendage closure, so it is more a partner than a direct rival 1.
- Unnamed competitors
The report does not name rival developers; they cannot be identified from the text provided alone.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202204 May 2023
- Annual report 202107 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Medinice S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.