Acarix

OMX: ACARIX

SEK92.1m market cap

SEK4 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

Acarix has gained strong support from clinical users, one comments that CADScor will ‘shorten waiting lists and add value for both patients and healthcare system’. The CADScor medical device helps doctors rule out coronary artery disease, avoiding complex and costly further testing in 50% of cases. Q119 sales were SEK299k with a gross profit of SEK209k, a 70% margin. Acarix sells to the German and Austrian private markets (about 10% of the population) and the Scandinavian public sector. The process for German public reimbursement is underway. A 2,000-patient outcomes trial starts in 2019. Our valuation remains at SEK369m.

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 18/06/2019
Industry outlook

The CADScor medical device helps doctors rule out coronary artery disease and so avoids complex and costly further testing in 50% of cases. 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 18/06/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 23.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (17.5) 2.6 (53.5)
Relative* (18.7) (0.1) (56.2)
52-week high/low SEK8.6/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