Acarix

OMX: ACARIX

SEK91.2m market cap

SEK3.96 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

The CADScor medical device helps doctors rule out coronary artery disease and so avoids complex and costly further testing in 50% of cases. Acarix is in a market development phase; FY18 results show CADScor sales of SEK1m. The application for German public reimbursement is underway; more news is expected in mid-2019. Acarix is focused on the German private market (about 10% of the population) plus public sector sales in Scandinavia. The significant long-term sales potential remains unaltered, but we have adjusted our 2019 and 2020 forecasts for longer market development times. The revised valuation is SEK369m (SEK16/share), formerly SEK448m (SEK19.46/share).

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (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 19/03/2019
Industry outlook

CADScor helps doctors to identify cardiac patients, 97% of whom require no further risky invasive clinical testing. Acarix has positive feedback from private German users. A strategic alliance with MED will help sales in Germany. 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. A US trial and sales are crucial for value development.

Last updated on 19/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 23.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (17.0) (20.6) (49.9)
Relative* (18.7) (29.1) (53.0)
52-week high/low SEK9.9/SEK3.8
*% relative to local index
Key management
Dr Werner Braun Chairman
Per Persson CEO
Christian Lindholm CFO
Claus Bo Vöge Christensen COO and co-founder