Edison Investment Research - Acarix AB (ACARIX) Acarix - Sales volume growth in Q3

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Edison Investment Research

Dr John Savin

Acarix - Sales volume growth in Q3

Acarixâ€™s Q3 results showed a marked upturn in the number of systems sold: seven in Q3 vs eight in H1. Disposable patch sales in Q3 were 680 vs 800 in H1. These sales generated Q3 revenues of SEK351k. We have adjusted our sales forecast upwards to SEK1.3m for the full year 2018. Feedback from German and Swedish customers has been very positive. German public reimbursement might occur in 2019. We do not expect a US launch before 2022 and we assume a US trial starts in 2019 to enable this. Per Persson, formerly commercial officer, has been appointed as CEO. The indicative value remains SEK448m (SEK19.46/share).

28/11/2018 3 EN

Underlying

Acarix AB

Acarix AB is a Sweden-based provider of diagnostic solutions for coronary artery disease (CAD). The Company's primary product CADScor System features phonocardiography technique and algorithms. The CADScor System is fixed with a specific patch to the chest of the patient, with the recording head placed at the forth left intercostal space, and the sensor resting on the sternum. Instructions for the procedure are given on the display for the operator and audio cues guide a patient during the two-minute heart sound recording. After recording, the CAD-score is calculated, and presented on the display of the CADScor Sensor, enabling a physicians, nurses and laboratory technicians to make a rule-out diagnosis.

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SE0009268717 Nasdaq Nordic Stockholm

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Dr John Savin

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