Report

Acarix - Updated financial position

Acarix’s annual report confirms reported 2017 revenues of SEK638k. Gross profit was SEK430k, with a gross margin rise to 75% in Q4. We do not expect any major sales upturn in 2018, as the key factor is German government reimbursement – this is not expected before 2019. There is additional sales potential in other European territories. We do not expect a US launch before 2022, but we have assumed a US trial starts in 2019. The indicative value remains at SEK448m (SEK19.46/share). Mr Lindholm is the interim CEO. Additional clinical studies are ongoing.
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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Edison Investment Research
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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