Acarix, a leader in rapid AI and acoustics-based cardiac diagnostics, today reported its financial results for the third quarter of 2024. The company has made significant progress toward operational excellence and sustained growth driven by U.S. market expansion, an updated business model that shows continued growth in the concierge medical vertical, and the establishment of a new focus on U.S. clinical data. This progress highlights the company's growing market presence and commitment to innovation in the cardiac diagnostics space.
"The third quarter of 2024 was successful for Acarix. Our sales of patches and deliveries of systems according to the consignment model in the US continue to grow exponentially and are expected to accelerate further in the future. Continued growth is expected to be further supported by the positive reimbursement decision from the Centers for Medicare & Medicaid Services (CMS) in the US."
Key Highlights
- Favorable CMS reimbursement ruling and pending major insurance carrier reimbursement positioning the company for significant U. S. growth in 2025.
- Business model transition completed with adjusted operational costs down 12% and continued growth in the concierge medicine vertical.
- FILTER-SCAD study results demonstrate that a deferred testing strategy is plausible and safe in low-risk patients with new-onset stable symptoms of CAD.
Third quarter 2024 compared to the same period in 2023
- Total revenue for the third quarter was SEK 993 thousand (1,573). The new business model with consignment of CADScor System with customers in the US led to an increase in patch sales of 89 percent. Total revenue decreased compared to Q3 2023 mainly due to the fact that the company no longer receives revenue from sales of the CADScor systems, but instead receives higher compensation for one-time patches.
- Gross profit was SEK 897 thousand (1,292), with a gross margin of 90% (82%), an 8% improvement driven by increased patch sales.
- In the U. S., a total of 20 CADScor Systems were sold to customers on consignment, a 100% increase, and 1,380 patches were sold, representing 116% growth.
- Operating costs were SEK 19,448 thousand (18,517), including SEK 3,079 thousand in non-recurring costs. Operating costs, adjusted for non-recurring costs, decreased by 12%.
- Loss was SEK -18,574 thousand (-17,291). Adjusted from non-recurring costs, the loss was SEK -15,495 thousand, a 10% improvement.
- Net cash flow for the period was SEK 900 thousand (-16,706), with SEK 14,422 thousand received from the ongoing directed issue.
- Earnings per share were SEK -0.02 (-0.04).
Link to the Acarix financial reports: https://www.acarix.com/for-investors/financial-reports-and-calendar
A recorded earnings call of the third-quarter report for 2024, hosted by CEO Aamir Mahmood and CFO Christian Lindholm, will be accessible at Acarix website: https://www.acarix.com/events/
About Acarix
| Acarix is a Swedish medical device company that innovates solutions for rapid rule out of coronary artery disease (CAD) at point of care. 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 has been used on more than 29,000 patients. Acarix recommends CADScor System as a first-line diagnostic aid that uses highly sensitive acoustics and advanced computational processing to analyze coronary blood flow to rule out significant coronary artery disease (CAD), with at least 96% certainty at point of care. Acarix is listed on the Nasdaq First North Premier Growth Market in Stockholm (ticker: ACARIX) and cross-traded on the OTCQB market in the US (ticker: ACIXF). Carnegie Investment Bank is the Certified Advisor of Acarix. For more information, please visit www.acarix.com |
For more information, contact
Ashley Wilson, phone +1405 413 5201, email awilson@saxum.com
