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.SEK447m
Last closeSEK19.40
High / Low (52 weeks)SEK / SEK
Stock market listingOMX
Forecast net cash (SEKm)60.6
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(1.5)(4.9)N/A
Relative *(6)(11)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)
2015A N/A (15.4) (15.4) (114.00) N/A N/A
2016A N/A (26.7) (26.7) (182.89) N/A N/A
2017E 3.0 (51.8) (51.4) (211.12) N/A N/A
2018E 3.8 (49.6) (49.5) (202.84) N/A N/A

Last updated on 15/05/2017

Investment summary

Following the successful SEK140m IPO in December 2016, Acarix is commercialising its novel CE-marked CADScor System in Germany. CADScor is used as a frontline test by doctors to help assess a patient’s risk of coronary artery disease (CAD) by “listening” to the blood flow in the coronary arteries. This can enable CAD to be ruled out, so avoiding expensive further testing. Full EU reimbursement may start in 2019. US marketing will probably require a US clinical study, with sales from 2021 possible. The unchanged indicative value remains at SEK728m, equal to SEK31.62/share.

Last updated on 15/05/2017

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 02/05/2017

Key management

Søren Rysholt Christiansen , CEO
Christian Lindholm, CFO

Company address

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