Significant interest and positive developments in the US market
We can now conclude that our Go-To-Market strategy in the USA has started to generate results. During the first half year, we focused on a systematic build-up of our business activities in the US market. We received the first orders in the USA during Q1 and during Q2, we received additional orders for the CADScor® Systems. The total net sales for the quarter increased by 90 percent compared with 2021 and the gross margin increased from 72 percent to 78 percent. We have succeeded in creating positive momentum and maintaining the target of at least 3,000 systems sold at the end of 2024.
Extract from CEO Helen Ljungdahl Round’s message to the Interim Report.
Second quarter of 2022 compared with the same period 2021
- Revenue increased by 91 percent to SEK 1,680k (878), with a gross profit of SEK 1,317 thousand (632) and a gross margin of 78,4 percent (72,0).
- During the second quarter 20 (14) CADScor® Systems and 1,880 (1,530) disposable patches were sold.
- Operating expenses amounted to SEK 19,698 thousand (13,725).
- Profit before tax amounted to SEK –18,420 thousand (–13,092).
- Net cash flow for the period amounted to SEK –19,177 thousand (–15,721).
- Earnings per share amounted to SEK –0,07 (–0.09). No dilution arose.
First half year 2022 compared with same period 2021
- During the first half year a total of 34 (28) CADScor® System and 4,440 (2,790) patches were sold and generated totally SEK 3,005 thousand (1,600) in revenue. Gross profit amounted to SEK 2,371 thousand (1,162), corresponding to a gross margin of 78.9 percent (72.6).
- Operating costs amounted to SEK 35,500 thousand (25,938).
- Result before tax amounted to SEK –33,267 thousand (–24,815).
- Net cash flow amounted to SEK 33,992 thousand (–24,920).
- Cash position amounted to SEK 50,323 thousand (39,142).
- Basic earnings per share amounted to SEK –0,13 (–0.18). No dilution arose.
- Number of shares amounts to 251,972,194 (141,045,437).
Events in the second quarter, 2022
- On April 1 the company announced that The Food and Drug Administration (FDA) has requested supplementary information in reviewing the breakthrough designation request from Acarix for its innovative AI-based technology for heart failure diagnosis in USA. “We appreciate the diligence and feedback by FDA regarding the review of our application for breakthrough designation for our AI-based diagnostic technology for heart failure. The team is now prioritizing the work based on the concrete proposals for supplementation we have received so that we can respond to the FDA as soon as possible. Our goal is to expand our AI-based technology to also include heart failure, where rapid access to diagnostic information also can guide optimal patient care and yield improved clinical outcomes faster” says Helen Ljungdahl Round, CEO.
- As one of twelve leading companies within the Healthcare sector Acarix presented their views on the present trends in precision medicine and latest innovative technological developments in life science. The presentation was held at Naventus Health Care Summit 2022 on May 10.
- On June 3 the company announced an additional commercial partnership in the US covering the states of Tennessee, Kentucky, Mississippi, and Alabama. The new partnership with Ancillary Care Services LLC led to rapid orders and use of the CADScor® System by regional and rural clinics to enable accessible, rapid and cost-effective rule out of coronary artery disease. “We are quickly gaining traction on the US market and signing agreements with local commercial partners in selected regions, in parallel to building our own US sales force. As clinics are now successfully obtaining reimbursement when using and billing for the CADScor® System we see opportunities to accelerate the penetration across the country”, comments Helen Ljungdahl Round, President and CEO of Acarix.
- On June 10 the company announced another commercial partnership now covering Louisiana and parts of Mississippi. This partnership with Bio-Rhythms Inc provides access to cardiology clinics, emergency departments and primary care clinics in geographic areas with high medical need for rapid and cost-effective rule-out of coronary artery disease. “My cardiology practice at Louisiana Heart Center is very busy and we welcome this new technology to help assess patients quickly. We have received reimbursement payments from insurance companies, which indicate their validation of the technology. With the CADScor® System, we expect to be able to give patients at low-risk rapid response and peace of mind, while we also starting to see greater efficiency in the cardiac care that we provide to our patients” says Dr Marc Bernstein, MD, FACC, FCCP, FSCAI in Slidell, Louisiana.
- On June 22 the company announced commercial partnership with Strategic Health AK, a healthcare provider covering tribal and rural areas of Alaska. Acarix has received initial orders of CADScor® Systems to be used across health regions in Alaska. “I am passionate about improving overall care delivery, especially in the tribal populations and a technology like the CADScor® System directly meets an already expressed need for rapid assessment of coronary artery disease on location in these communities. Partnering with Acarix will be very exciting and I look forward to the collaborative effort we will make to improve cardiac care in Alaska”, comments Savanah Evans, CEO of Strategic Health AK.
Events after June 30, 2022
- No events
Link to the report : https://www.acarix.com/for-investors/financial-reports-and-calendar