SEK106.6m market cap

SEK4.63 last close

Acarix, a Swedish company, sells the CE-marked CADScor to enable about half of chest-pain patients with suspected coronary artery disease to be ruled out from further, expensive testing.

Investment summary

CADScor H1 unit sales were to Germany (six), Sweden (three) and Denmark (one). Interestingly, Q219 patch sales were very strong at 1,690 up from 640 in Q119. These 1000 ‘extra’ sales could be an indication that users are starting to run more tests from the installed CADScor base. The process for German public reimbursement is underway. In the UK, NICE has done a technical assessment enabling a dialogue to start. Acarix is now developing a US market entry strategy and the likely FDA trial needs.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 0.6 (29.5) (30.7) (129.31) N/A N/A
2018A 1.0 (41.0) (42.3) (183.48) N/A N/A
2019E 2.6 (42.0) (43.3) (188.18) N/A N/A
2020E 4.1 (43.3) (44.7) (194.33) N/A N/A
Last updated on 13/09/2019
Industry outlook

Acarix is in a market development phase. The CADScor medical device helps doctors rule out coronary artery disease so avoids complex and costly further testing in 50% of cases. It has been reviewed by the UK NICE clinical technology evaluation system and has positive feedback from German users. A meta-analysis was published in August. In Germany, an alliance with MED will help sales. The Dan-NICAD II study evaluates the test in patients aged 30–39 with suspected stable coronary artery disease to aid key opinion leader acceptance of CADScor. The Seismo study explores the use of CADScor for the early diagnosis of heart failure.

Last updated on 13/09/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 23.2
Forecast gearing ratio (%) N/A
Price performance
Actual (3.5) 4.0 (37.1)
Relative* (9.0) 0.6 (39.9)
52-week high/low SEK8.4/SEK3.7
*% relative to local index
Key management
Dr Werner Braun Chairman
Per Persson CEO
Christian Lindholm CFO
Claus Bo Vöge Christensen COO and co-founder