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Acarix (Acarix)

Business description

Acarix, a Swedish company, sells 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 in late 2019. US sales might start from 2022.

Stock data

Market cap.SEK132.6m
Last closeSEK5.76
High / Low (52 weeks)SEK21.0 / SEK5.5
Stock market listingOMX
Forecast net cash (SEKm)67.6
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(29.6)(39.4)(72)
Relative *(29.5)(40.6)(71.6)

* % Relative to local index

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Company news

Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2016A N/A (26.8) (26.8) (183.01) N/A N/A
2017A 0.6 (29.2) (30.7) (129.31) N/A N/A
2018E 1.3 (36.8) (39.2) (170.24) N/A N/A
2019E 3.8 (55.3) (57.8) (250.80) N/A N/A

Last updated on 18/06/2018

Investment summary

Acarix’s annual report confirms reported 2017 revenues of SEK 638k. Gross profit was SEK 430k, with a gross margin rise to 75% in Q4. We do not expect any major sales upturn in 2018, as the key factor is German government reimbursement – this is not expected before 2019. There is additional sales potential in other European territories. We do not expect a US launch before 2022, but we have assumed a US trial starts in 2019. Mr Lindholm is the interim CEO.

Last updated on 29/06/2018

Industry outlook

CADScore helps doctors to identify cardiac patients who probably require no further risky invasive clinical testing. The Dan-NICAD II study will enrol 2,000 patients with suspected stable coronary artery disease to add data, evaluate the test in patients aged 30–39 and aid acceptance of CADScor among key opinion leaders. The planned ‘Seismo’ study with 200 patients aims to explore the use of CADScor for the early diagnosis of heart failure.

Last updated on 29/06/2018

Key management

Dr Werner Braun, Chairman
Christian Lindholm, CFO
Claus Bo Vöge Christensen, COO and co-founder

Company address

World Trade Center
Skeppsgatan 19
Malmö
SE-211 11
Sweden