Setting the stage for a strong 2024 and beyond
One of the most notable achievements this quarter has been the successful implementation of our new sales model in the US market. Under this model, clinics gain access to the CADScor System on a consignment basis, coupled with monthly minimum usage thresholds for single-use patches. This approach not only reduces financial uncertainties for users but also fosters long-term revenue growth and enhances engagement with insurance payers. The positive reception from new customers underscores the momentum we anticipate for the remainder of 2024 and beyond.
Extract from CEO Aamir Mahmood´s message to the Interim Report.
First quarter of 2024 compared with the same period 2023
- Revenues for the first quarter amounted to SEK 1,552 thousand (1,954)
- Gross profit totaled SEK 1,413 thousand (1,688), resulting in a gross margin of 91% (86%), reflecting a 5% improvement compared to the same period in 2023
- During the quarter, 13 (11) CADScor Systems and 2,524 (2,535) patches were sold. 10 of the systems were delivered to customers through a new business model introduced on the US market
- Operating expenses amounted to SEK 16,341 thousand (18,121)
- Result before tax amounted to SEK -14,930 thousand (-16,479)
- Net cash flow for the period amounted to SEK 27,895 thousand (5,140)
- Earnings per share were -0.02 SEK (-0.04)
- Cash and cash equivalents amounted to SEK 63,925 thousand (16,002). General pledging of bank deposits amounted to SEK 4,685 thousand.
Events in the first quarter, 2024
- Aamir Mahmood was appointed as the new CEO. Aamir Mahmood succeeds acting CEO Fred Colen and Helen Ljungdahl Round, who has decided not to return to her position later in 2024.
- The company carried out a directed new share issue of 181,005,581 shares, corresponding to a subscription amount of approximately 33.7 million SEK before deduction of transaction-related costs.
- CADScor System has been added to the federal procurement contract in the USA, enabling Veterans Affairs Healthcare (VA) and other federal agencies to more efficiently procure Acarix’s CADScor System.
- Acarix strengthening its USA-based Advisory Board with three new advisors, Ken Nelson, Dr. Saumil R. Oza and Dave Braun.
- A total of 54,975,781 shares were subscribed in the warrant program (TO2) and the company received approximately mSEK 13.7 before issue costs.
Events after March 31, 2024
- The company announced the submission of an application for cross-trading of the Acarix share on the OTCQB trading platform.
- The company announced the results from a 2024 American College of Cardiology (ACC) poster presentation
- The company announced the adoption of a new innovative usage-based business model in the US market.
- The company announced the initiation of the first US-based clinical study to collect real-world data to compare workflows between traditional stress tests and the CADScor System.
- The CADScor System has been added to the diagnostic tools available at Tucson ER & Hospital.
- The Nomination Committee submitted the proposal prior to the 2024 Annual General Meeting
- The company announced the integration of the CADScor System at Capital Cardiology Associates' newest location in Niskayuna, New York, the leading cardiology practice in the Albany, New York metropolitan area.
- The company announced a multi-unit order from clinics within Miami's Amavita Heart and Vascular Health™, a leading cardiovascular practice.
Link to the report: https://www.acarix.com/for-investors/financial-reports-and-calendar
Carnegie Investment Bank is the Certified Advisor of Acarix.
