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. Private sales in Germany have started. Full EU sales may start from 2019. US sales might start from 2021.

Stock data

Market cap.SEK328m
Last closeSEK14.25
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(10.9)(27.3)N/A
Relative *(8.4)(29.7)N/A

* % Relative to local index

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Company news

Acarix AB to seek new CEO

Mon, 06 Nov 2017 13:41:15 GMT

Acarix AB (publ) to present at Vator Securities Unicorn Summit on 7 March 2017

Thu, 09 Feb 2017 06:56:15 GMT

Acarix publishes the 2016 Annual Report

Tue, 18 Apr 2017 06:00:00 GMT

Acarix Receives First German Commercial Order For CADScor®System For Early ...

Wed, 05 Jul 2017 06:00:00 GMT

Acarix' share issue well oversubscribed in connection with the initial public ...

Thu, 08 Dec 2016 15:00:00 GMT

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2015A N/A (15.2) (15.4) (114.0) N/A N/A
2016A N/A (26.8) (26.8) (183.0) N/A N/A
2017E 3.0 (51.8) (51.4) (211.0) N/A N/A
2018E 3.8 (49.6) (49.5) (203.0) N/A N/A

Last updated on 08/12/2017

Investment summary

Acarix sold six CADScore units to 30 Sept with Q2 disposable patch sales of 360 then 520 in Q3 indicating signs of steady device use. Devices always take time to develop a use pattern as clinicians become more familiar with them. Sales to Q3 were SEK 408k with a gross profit of SEK 256k, a 63% margin. The loss was SEK 17m as Q3 expenses rose to fund marketing activities. Cash was SEK 109.5m on 30 Sept after an outflow of SEK 34.3m. The CEO is leaving. The forecast is suspended to enable a sales forecast re-assessment.

Last updated on 13/12/2017

Industry outlook

CADScore helps doctors to identify cardiac patients who probably require no further risky invasive clinical testing; a published new analysis confirms this. German private healthcare insurance covers about 10% of people and is the immediate target. So far, Germany has accounted for three sales. Major German and EU sales will need public reimbursement probably from late 2019. US marketing will require a US clinical study. The US runs over 3.8m tests per year.

Last updated on 13/12/2017

Key management

Søren Rysholt Christiansen , CEO
Christian Lindholm, CFO

Company address

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