SEK105.9m market cap

SEK4.6 last close

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.

Investment summary

Acarix has announced that imminent rule changes will delay potential German public reimbursement to at least 2020. The company has filed an application to maintain momentum and will build private sales in 2019. Full year 2018 results are due on 20 February. In the nine months to September, 15 systems and 1,480 patches were sold, giving SEK815k in sales and gross profit of SEK575k. Cash was SEK73.9m.

Y/E Dec
Revenue (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 21/02/2019
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 21/02/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 62.9
Forecast gearing ratio (%) N/A
Price performance
Actual (6.1) (35.8) (51.8)
Relative* (10.6) (40.4) (53.0)
52-week high/low SEK10.0/SEK4.5
*% relative to local index
Key management
Dr Werner Braun Chairman
Per Persson CEO
Christian Lindholm CFO
Claus Bo Vöge Christensen COO and co-founder