SEK110.2m market cap

SEK1.91 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 competed a rights issue of 28.67m shares at SEK1.50/share to raise SEK43m before expenses. The proceeds will fund a programme of market development and clinical trials. The process for German public reimbursement is underway. In the UK, NICE has carried out a technical assessment enabling a dialogue to start. Acarix is now developing a US market entry strategy and assessing 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) (155.85) N/A N/A
2020E 4.1 (43.3) (44.6) (86.37) N/A N/A
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. Acarix is boosting its sales team. 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. Acarix is now developing a US market entry strategy and the likely FDA trial needs.

Last updated on 19/11/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 61.9
Forecast gearing ratio (%) N/A
Price performance
Actual (3.3) (31.5) (63.0)
Relative* (6.3) (38.1) (69.2)
52-week high/low SEK4.9/SEK1.6
*% relative to local index
Key management
Dr Werner Braun Chairman
Per Persson CEO
Christian Lindholm CFO
Claus Bo Vöge Christensen COO and co-founder