Acarix (Acarix)

Business description

Acarix, a Swedish company, has developed the CE-marked CADScor to enable about half of the patients to be ruled out from further, expensive testing. Pre-reimbursement sales will start in 2017. Full EU sales may start from 2019. US sales might start from 2021.

Stock data

Market cap.SEK454m
Last closeSEK19.70
High / Low (52 weeks)SEK / SEK
Stock market listingOMX
Forecast net cash (SEKm)125.1
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(6.2)(12.4)N/A
Relative *(5)(17.6)N/A

* % Relative to local index

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Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2014A N/A (23.8) (23.9) (135.0) N/A N/A
2015A N/A (15.2) (15.4) (67.0) N/A N/A
2016E N/A (15.3) (38.7) (235.0) N/A N/A
2017E 3.0 (49.8) (49.4) (200.0) N/A N/A

Last updated on 23/03/2017

Latest research

Investment summary

Acarix is now commercialising the CE-marked CADScor System to ‘hear’ coronary artery blood flow. CADScor is designed to be used by doctors to help assess patients’ risk of coronary artery disease (CAD) and to rule patients out from further testing. Acarix aims to sell CADScor initially in Germany and Scandinavia. Full EU reimbursement may start in 2019. US marketing will probably require a US clinical trial with sales from 2021 possible. The IPO at SEK17.60/share completed at a value of SEK405m in December 2016. Cash raised in 2016 was SEK 176.7m, SEK148.9m net of costs and loans. Acarix could achieve profitability from 2022. 2016 year end cash was SEK 145.9m.

Last updated on 04/04/2017

Industry outlook

The US has over 3.8 million tests for coronary artery disease per year ordered by primary care physicians. Researchers claim that 35% of these tests are potentially harmful and not needed. US healthcare providers might save over $500m a year if most low-risk patients could be quickly and accurately tested, reassured and sent home.

Last updated on 04/04/2017

Key management

Søren Rysholt Christiansen , CEO
Christian Lindholm, CFO
Dr. Anja Schaefer, Chief Marketing Officer
Dr. Claus Bo Vöge Christensen, COO

Company address

Scion-DTU
Diplomvej 376
Kongens Lyngby
Denmark
DK-2800
United Kingdom