Press

MAR | Interim Report, January – September 2018

 

Nov 14, 2018

”During the quarter we proudly reported that Kristianstad Central Hospital in Sweden evaluated the CADScor®System with a positive outcome. Due to the good result the hospital´s clinical management team has now included the CADScor®System as method of ruling out CAD into the local procedures and the hospital will start using the system clinically during the fourth quarter.”
Extract from interim CEO Christian Lindholm's commentary to the Interim Report.

Third quarter (July-September) 2018 compared with same period 2017

  • During the third quarter, sales increased to seven CADScor®System and 680 patches compared with three CADScor®System and 520 patches in same period previous year. Revenue amounting to 351 kSEK (215), with gross profit of 226 kSEK (140) and a gross margin of 64% (65).
  • Increased clinical and commercial activities and new employment resulted in higher operational costs amounting kSEK 12,996 (7,717).
  • Result before tax amounted to –12,744 kSEK (–7,513).
  • Net cash flow from operating activities amounted to –11,142 kSEK (–7,413).
  • Basic earnings per share amounted to –0.55 SEK (–0.31). No dilution arose.

First nine months (January–September) 2018 compared with same period 2017

  • During the first nine months, fifteen CADScor®System and 1,480 patches were sold and generated revenue amounting to 815 kSEK with gross profit of 575 kSEK and a gross margin of 70%.
  • Operating costs amounted to 30,904 kSEK (18,760).
  • Result before tax amounted to –30,244 kSEK (–17,049).
  • Net cash flow from operating activities amounted to –29,876 kSEK (–34,254).
  • Cash position amounted to 73,940 kSEK (109,552).
  • Basic earnings per share amounted to –1,31 SEK (–0,74).

Events before September 30, 2018

  • In August, Acarix announced that two major Swedish hospitals – Kristianstad and Sunderby – have evaluated the CADScor®System for rule-out of Coronary Artery Disease. The evaluation compares favorably against existing methods and offers the possibility of avoiding expensive invasive methods.
  • In August, Acarix presented the CADScor®System at the ESC congress in Munich, an important global scientific congress with more than 30,000 participants.
  • In parallel to the ESC congress, Acarix Clinical Advisory Board held a meeting confirming validity of the comprehensive clinical study program.

Events after September 30, 2018

  • In October, Acarix entered strategic alliance with MED Management in Germany to increase awareness and knowledge of the unique rule-out technology offered by Acarix through its CADScor®System.
  • In November 13 Acarix announced that the board of directors has appointed Per Persson to Chief Executive Officer. Per Persson comes directly from the role as Chief Commercial Officer of Acarix. Christian Lindholm, who has served as interim CEO since February 2018, resumes his role as Chief Financial Officer. The changes are effective immediately.

For further information, please contact:
Christian Lindholm, CFO, christian.lindholm@acarix.com

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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.