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.SEK435m
Last closeSEK18.90
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(7.8)(3.1)N/A
Relative *(3.8)3.0N/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 (15.2) (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 19/07/2017

Investment summary

Acarix has made its first sale in the crucial German market to a private Berlin cardiology clinic. This follows the first sale in Denmark. Germany has a strong private healthcare insurance sector (about 10% of people covered) which might adopt quickly given that there are stated to be over 1 million hospital cardiac assessments each year, many unnecessary. The Acarix test helps doctors to identify the patients who probably require no further risky invasive clinical testing.

Last updated on 03/08/2017

Industry outlook

Major German and EU sales will need public reimbursement probably from 2019. US marketing will probably require a US clinical study, with sales from 2021 possible. The US has over 3.8 million tests for coronary artery disease per year. 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. CADScor has won a Danish design award.

Last updated on 03/08/2017

Key management

Søren Rysholt Christiansen , CEO
Christian Lindholm, CFO

Company address

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