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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.SEK140.9m
Last closeSEK6.12
High / Low (52 weeks)SEK14.9 / SEK5.4
Stock market listingOMX
Forecast net cash (SEKm)62.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(17.7)(16.9)(50.7)
Relative *(15.9)(8.5)(47.6)

* % 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 (40.2) (42.5) (184.55) N/A N/A
2019E 3.8 (57.3) (59.8) (259.68) N/A N/A

Last updated on 28/11/2018

Investment summary

Acarix’s Q3 results showed rising sales with seven systems and 680 disposable patches. This is a marked sales upturn over the quiet summer period. In the year to date 15 systems and 1,480 patches have been sold giving revenues of SEK815k and gross profit of SEK575k. German reimbursement is anticipated in 2019. Per Persson, formerly commercial officer, has moved to become CEO. Cash was SEK73.9m.

Last updated on 29/11/2018

Industry outlook

CADScor helps doctors to identify cardiac patients who probably require no further risky invasive clinical testing. Acarix has positive feedback from private German users of its system. A strategic alliance with MED to help sales in Germany was announced in October. The Dan-NICAD II study is evaluating the test in patients aged 30–39 with suspected stable coronary artery disease to aid key opinion leader acceptance of CADScor. The ‘Seismo’ study is exploring the use of CADScor for the early diagnosis of heart failure. We assume a US trial starts in 2019 with a 2022 launch.

Last updated on 29/11/2018

Key management

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

Company address

World Trade Center
Skeppsgatan 19
Malmö
SE-211 11
Sweden