Press

MAR | Year-end Report January-December 2017

 

CADScor®System launched in key markets

”In 2017, we achieved historic milestones in Acarix – most noticeably the receipt of our first commercial order for CADScor®System in June and thus a confirmation of the commercialization program being on track.”
Extract from CEO SØREN RYSHOLT CHRISTIANSENs commentary to the Year-end Report.

Fourth quarter (October–December) 2017 compared with same period 2016

  • During the quarter 4 CADScor®Systems and 480 patches were sold and generated revenues
    amounting kSEK 230 (0) with a gross profit of kSEK 173 and gross margin of 75%
  • Operational costs amounting kSEK 12,412 (15,043).
  • Result before tax amounted to kSEK –12,267 (–15,421)
  • Net cash flow from operating activities amounted to kSEK –6,285 (–2,063)
  • Total equity amounted to kSEK 128,939 (155,516)
  • Basic earnings per share amounted to SEK –0.55 (–0.87)

Events occurred before December 31, 2017

  • CEO Søren Rysholt Christiansen has resigned on 6 November 2017, with the effect to leave the
    company at the end of February 2018 latest. The Board has begun a search for Mr. Christiansen’s
    successor.

Financial year 2017 compared with year 2016

  • Since the commercialization of CADScor®System during second quarter, a total of 10 CADScor®Systems and 1,360 patches have been sold and generated totally kSEK 638 in revenue.
  • Gross profit of kSEK 430, a gross margin of 67%.
  • Operating costs amounted to kSEK 31,173 (26,790)
  • Result before tax amounted to kSEK –30,736 (–51,055)
  • Net cash flow from operating activities amounted to kSEK –40,539 (–9,056)
  • Cash position amounted to kSEK 103,457 (145,895)
  • Basic earnings per share amounted to SEK –1.29 (–3.68). No dilution arose.

Events occurred after December 31, 2017

  • Acarix and the CADScor®System was for the second consecutive year presented at the Medtech Showcase in San Fransisco, January 8-10. This provided a great opportunity to meet potential US and international collaborators.
  • Acarix announced the initiation of a multi-center trial of its handheld CADScor®System for noninvasive, non-radiation acoustic detection of Coronary Artery Disease (“CAD”). The results from the extensive study are expected to be available early 2020. Acarix believes the device has the
    potential to both greatly improve triaging of patients and reduce the need for costly further invasive diagnostic investigations.
  • On February 23, Christian Lindholm was appointed Interim CEO.

Contacts:
Christian Lindholm, interim Chief Executive Officer, E-mail: secli@acarix.com, Phone: +46 705 118 333

This information is information that Acarix AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 09:00 CET on February 26, 2018.

Notes to editors:
Acarix was established in 2009, and since 2010 investors Sunstone Life Science Ventures (DK) and SEED Capital (DK) have supported it towards market introduction. Acarix was listed on Nasdaq First North Premier in 2016 and has attracted a highly-experienced management team.

The Acarix CADScor®System combines ultra-sensitive acoustic detection of turbulent arterial flow and myocardial movement with advanced algorithms in a portable device to provide a patientspecific score to non-invasively assess the risk for Coronary Artery Disease (CAD) in less than 10 minutes. The system has been clinically validated.

Year-end Report, January – December 2017

Acarix Year-End Report 2017

About Acarix
Acarix is a Swedish medical device company that innovates solutions for rapid AI-based rule out of Coronary Artery Disease (CAD). The CE approved and FDA DeNovo cleared Acarix CADScor®System is intended for patients experiencing chest pain with suspected CAD and designed to help reduce millions of unnecessary, invasive and costly diagnostic procedures. The CADScor system calculates a patient-specific CAD-score non-invasively in less than10 minutes and can help rule out more than one third of patients with at least 96% certainty of not being sick (in a population with approx. 10% CAD prevalence). Acarix is listed on the Nasdaq First North Premier Growth Market (ticker: ACARIX). Redeye AB (+46 (0)8 121 576 90, certifiedadviser@redeye.se) is Certified Advisor of Acarix.

For more information, please visit www.acarix.com.