Redeye initiates coverage of Neola Medical, a Swedish medtech company specialising in neonatal intensive care. We argue its flagship product, Neola, fills an unmet need for the continuous lung monitoring of preterm born infants, and we expect a significant sales take-off following its US launch in 2026e. Our fair value range suggests a c30% upside potential in the share, and we identify key catalysts in upcoming clinical data and soon-to-be-initiated regulatory processes.