Breakeven Date Change • May 20
Forecast breakeven date moved forward to 2027 The analyst covering Acarix previously expected the company to break even in 2028. New forecast suggests losses will reduce by 40% to 2026. The company is expected to make a profit of kr2.40m in 2027. Average annual earnings growth of 110% is required to achieve expected profit on schedule. Reported Earnings • May 19
First quarter 2026 earnings released: kr0.007 loss per share (vs kr0.013 loss in 1Q 2025) First quarter 2026 results: kr0.007 loss per share (improved from kr0.013 loss in 1Q 2025). Revenue: kr2.42m (up 40% from 1Q 2025). Net loss: kr8.78m (loss narrowed 38% from 1Q 2025). Revenue is forecast to grow 69% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 20
Full year 2025 earnings released: kr0.043 loss per share (vs kr0.072 loss in FY 2024) Full year 2025 results: kr0.043 loss per share (improved from kr0.072 loss in FY 2024). Revenue: kr7.36m (up 19% from FY 2024). Net loss: kr48.1m (loss narrowed 27% from FY 2024). Revenue is forecast to grow 65% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 15
Full year 2025 earnings released: kr0.043 loss per share (vs kr0.072 loss in FY 2024) Full year 2025 results: kr0.043 loss per share (improved from kr0.072 loss in FY 2024). Revenue: kr7.36m (up 19% from FY 2024). Net loss: kr48.1m (loss narrowed 27% from FY 2024). Revenue is forecast to grow 65% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Feb 13
Forecast breakeven date pushed back to 2028 The analyst covering Acarix previously expected the company to break even in 2027. New forecast suggests the company will make a profit of kr54.5m in 2028. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Announcement • Feb 13
Acarix AB (publ), Annual General Meeting, May 13, 2026 Acarix AB (publ), Annual General Meeting, May 13, 2026. New Risk • Dec 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr49m free cash flow). Revenue is less than US$1m (kr6.9m revenue, or US$746k). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (kr347.4m market cap, or US$37.5m). Reported Earnings • Nov 07
Third quarter 2025 earnings released: kr0.008 loss per share (vs kr0.019 loss in 3Q 2024) Third quarter 2025 results: kr0.008 loss per share (improved from kr0.019 loss in 3Q 2024). Revenue: kr2.35m (up 137% from 3Q 2024). Net loss: kr9.45m (loss narrowed 49% from 3Q 2024). Revenue is forecast to grow 80% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 10
President & CEO recently bought kr261k worth of stock On the 5th of September, Aamir Mahmood bought around 903k shares on-market at roughly kr0.29 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Aamir has been a buyer over the last 12 months, purchasing a net total of kr1.7m worth in shares. Breakeven Date Change • Aug 25
No longer forecast to breakeven The analyst covering Acarix no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr11.0m in 2026. New forecast suggests the company will make a loss of kr39.0m in 2026. Reported Earnings • Aug 22
Second quarter 2025 earnings released: kr0.011 loss per share (vs kr0.02 loss in 2Q 2024) Second quarter 2025 results: kr0.011 loss per share (improved from kr0.02 loss in 2Q 2024). Revenue: kr1.14m (down 42% from 2Q 2024). Net loss: kr12.9m (loss narrowed 23% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. New Risk • Aug 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr57m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr57m free cash flow). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (kr6.4m revenue, or US$667k). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (kr402.7m market cap, or US$42.1m). Price Target Changed • Jul 10
Price target increased by 33% to kr0.40 Up from kr0.30, the current price target is provided by 1 analyst. New target price is 6.8% below last closing price of kr0.43. Stock is down 6.3% over the past year. The company is forecast to post earnings per share of kr0 next year compared to a net loss per share of kr0.072 last year. New Risk • Jul 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (kr6.4m revenue, or US$667k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr57m). Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (kr376.3m market cap, or US$39.4m). Announcement • Jun 26
Acarix Applauds New Peer-Reviewed Study Demonstrating Cost-Effectiveness of the CADScor®? System in U.S. Emergency Departments Acarix announced the publication of a new peer-reviewed study in PharmacoEconomics - Open demonstrating that the CADScor®? System is a cost-effective diagnostic tool for evaluating low-risk chest pain patients in U.S. emergency departments. The independent study, conducted by researchers from the Baim Institute for Clinical Research and leading academic hospitals in Boston, utilized a comprehensive economic model to compare the CADScor®? system with traditional noninvasive cardiac imaging methods. Results showed that a "CADScor-First" strategy could lead to substantial cost savings-estimated between $7.3 million and $15.3 million per 10,000 patients-without compromising patient safety. The CADScor®? System are FDA-cleared and uses advanced high fidelity acoustics and proprietary algorithms to assess the risk of obstructive coronary artery disease in under 10 minutes at the point of care. Recent Insider Transactions • May 21
President & CEO recently bought kr72k worth of stock On the 13th of May, Aamir Mahmood bought around 361k shares on-market at roughly kr0.20 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr1.4m. Aamir has been a buyer over the last 12 months, purchasing a net total of kr1.4m worth in shares. New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr57m free cash flow). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m (kr6.4m revenue, or US$653k). Minor Risk Market cap is less than US$100m (kr227.6m market cap, or US$23.3m). New Risk • May 14
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr57m free cash flow). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m (kr6.4m revenue, or US$660k). Minor Risk Market cap is less than US$100m (kr216.5m market cap, or US$22.4m). Announcement • May 14
Acarix AB (Publ) Approves Election of Jan Poulsen as Director and Chair of the Board Acarix AB (publ) announced that at its AGM held on 13 May 2025, the shareholders approved election of Jan Poulsen as new director. Jan Poulsen was elected as chair of the board. New Risk • May 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr57m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr57m free cash flow). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Revenue is less than US$1m (kr6.4m revenue, or US$655k). Minor Risk Market cap is less than US$100m (kr216.5m market cap, or US$22.2m). Breakeven Date Change • May 12 The analyst covering Acarix previously expected the company to break even in 2026. New forecast suggests losses will reduce by 49% to 2025. The company is expected to make a profit of kr11.0m in 2026. Average annual earnings growth of 89% is required to achieve expected profit on schedule.
Reported Earnings • Apr 17
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: kr0.072 loss per share (improved from kr0.16 loss in FY 2023). Revenue: kr6.20m (flat on FY 2023). Net loss: kr66.2m (loss narrowed 15% from FY 2023). Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 30%. Revenue is forecast to grow 68% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 21
President & Chief Executive Officer recently bought kr1.4m worth of stock On the 12th of March, Aamir Mahmood bought around 6m shares on-market at roughly kr0.24 per share. This transaction increased Aamir's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Aamir's only on-market trade for the last 12 months. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Revenue is less than US$1m (kr6.2m revenue, or US$615k). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (kr290.9m market cap, or US$28.8m). Board Change • Feb 28
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 6 experienced directors. No highly experienced directors. Independent Director Marlou Janssen-Counotte is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 14
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: kr0.072 loss per share (improved from kr0.16 loss in FY 2023). Revenue: kr6.20m (flat on FY 2023). Net loss: kr66.2m (loss narrowed 15% from FY 2023). Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 30%. Revenue is forecast to grow 91% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Revenue is less than US$1m (kr5.7m revenue, or US$523k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr70m). Market cap is less than US$100m (kr250.0m market cap, or US$23.0m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 44% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Revenue is less than US$1m (kr5.7m revenue, or US$509k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr70m). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (kr263.3m market cap, or US$23.6m). Announcement • Nov 12
Acarix AB (publ), Annual General Meeting, May 15, 2025 Acarix AB (publ), Annual General Meeting, May 15, 2025. Location: stockholm Sweden New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (kr5.7m revenue, or US$525k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr70m). Shareholders have been diluted in the past year (46% increase in shares outstanding). Market cap is less than US$100m (kr337.2m market cap, or US$31.2m). Reported Earnings • Nov 08
Third quarter 2024 earnings released: kr0.019 loss per share (vs kr0.038 loss in 3Q 2023) Third quarter 2024 results: kr0.019 loss per share. Revenue: kr993.0k (down 37% from 3Q 2023). Net loss: kr18.6m (loss widened 7.4% from 3Q 2023). Revenue is forecast to grow 101% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Medical Equipment industry in Sweden. New Risk • Aug 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (115% increase in shares outstanding). Revenue is less than US$1m (kr6.3m revenue, or US$614k). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr30m net loss next year). Market cap is less than US$100m (kr269.1m market cap, or US$26.4m). New Risk • Aug 27
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (115% increase in shares outstanding). Revenue is less than US$1m (kr6.3m revenue, or US$612k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (kr266.6m market cap, or US$26.1m). Reported Earnings • Aug 23
Second quarter 2024 earnings released: kr0.02 loss per share (vs kr0.051 loss in 2Q 2023) Second quarter 2024 results: kr0.02 loss per share (improved from kr0.051 loss in 2Q 2023). Revenue: kr1.96m (up 27% from 2Q 2023). Net loss: kr16.7m (loss narrowed 24% from 2Q 2023). Revenue is forecast to grow 83% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Announcement • Aug 13
Acarix Expands Within US Wellness Exam Market Acarix announced expanded use of the CADScor System within wellness exams as part of self-insured companies' health plans. As healthcare costs continue to rise, the CADScor System has now been proven to be an easy and quick strategy to risk stratify patients for significant coronary artery disease. The US employer self-insured market is rapidly expanding to include approximately 60 million Americans. In a self-funded insurance plan, companies bear the direct financial responsibility for their employee's healthcare costs and are acutely aware of the impact that serious health events, such as heart attacks, can have on their bottom line. Acarix has expanded its presence in the self-insured healthcare market, focusing on providing solutions for wellness exams. The first strategic account was signed with Delaware Resource Group, which successfully assessed its employees and families with the CADScor System. Announcement • Jul 05
Acarix AB (publ) announced that it expects to receive SEK 21 million in funding Acarix AB (publ) announced a private placement to issue 60,000,000 common shares at an issue price of SEK 0.35 per share for the gross proceeds of SEK 21,000,000 on July 3, 2024. Announcement • Jun 13
Acarix Announces Enrollment of First Patient in Us-Based Clinical Workflow Evaluation Study Acarix announced the enrollment of the first patient in its first US-based clinical study. The study aims to gather real-world data to compare workflows between traditional stress tests and the CADScor System. The focus is on identifying non-obstructive Coronary Artery Disease (CAD) in chest pain patients, with the ultimate goal of improving discharge from Emergency Departments and Clinics in the United States. The study is set to enroll 200 patients at the University of California, Davis, assessing the potential improvements in cost-effectiveness, time savings, and reduction in side effects by using the CADScor System compared to traditional stress imaging tests. This marks a crucial step in enhancing the understanding of the CADScor System's role in various clinical workflows across the United States. Announcement • May 29
Acarix AB (Publ) Appoints Jeff Thomas as the New Head of US Sales, Effective June 1, 2024 Acarix AB (publ) announced appointment of Jeff Thomas as the new Head of US Sales, effective June 1st, 2024. With over two decades of sales experience in the medical device and healthcare industries, Thomas brings outstanding expertise and leadership to his new role, setting the stage for exciting new developments at Acarix. Throughout his career, Thomas has consistently delivered exceptional results, both in Fortune 100 companies and start-ups. His deep understanding of market trends in the healthcare sector, particularly in cardiovascular therapy, positions him as a strategic asset for Acarix. Thomas' broad experience at Biotronik Inc., St. Jude Medical, Guidant Corp. (now Boston Scientific), and other leading MedTech companies highlights his exceptional performance, leadership, and commitment to improving patient outcomes. Prior to joining Acarix, Thomas served as the Executive VP of Sales & Business Development at Vitalus Health, where he led all aspects of sales strategy, resulting in significant revenue growth and the expansion of the customer base. His achievements include developing and implementing revenue growth strategies, fostering a high-performance culture, and building key stakeholder relationships. Reported Earnings • May 15
First quarter 2024 earnings released: kr0.019 loss per share (vs kr0.045 loss in 1Q 2023) First quarter 2024 results: kr0.019 loss per share (improved from kr0.045 loss in 1Q 2023). Net loss: kr14.9m (loss narrowed 9.4% from 1Q 2023). Revenue is forecast to grow 71% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Announcement • May 15
Acarix AB (publ) Approves Board Elections Acarix AB (publ) at its AGM held on May 14, 2024 approved election of Ken Nelson and Dr. Tony Das as new directors. Announcement • Apr 11
Acarix AB Announces Initiation of the First Us-Based Clinical Workflow Evaluation Study Acarix AB 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 focus is on identifying non-obstructive Coronary Artery Disease (CAD) in chest pain patients, with the ultimate goal of improving discharge from Emergency Departments and Clinics in the United States. The clinical study will collect data from 200 patients at the University of California, Davis, being assessed for chest pain in both the emergency department and outpatient cardiology clinic. The study will assess the potential improvement in cost-effectiveness, time savings, and reduction in side effects by utilizing the CADScor System to identify non-obstructive coronary artery disease in chest pain patients compared to traditional stress imaging tests. Patient enrollment for the study will commence in early Second Quarter 2024, marking a crucial step forward in advancing the understanding of the CADScor System in various clinical workflows in the United States. Board Change • Mar 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 5 experienced directors. 1 highly experienced director. Independent Director Ulf Rosén is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m (kr6.2m revenue, or US$598k). Minor Risk Market cap is less than US$100m (kr213.8m market cap, or US$20.5m). Reported Earnings • Feb 16
Full year 2023 earnings released: kr0.16 loss per share (vs kr0.31 loss in FY 2022) Full year 2023 results: kr0.16 loss per share. Revenue: kr6.24m (up 7.2% from FY 2022). Net loss: kr77.8m (loss widened 1.1% from FY 2022). Revenue is forecast to grow 89% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Medical Equipment industry in Sweden. Announcement • Feb 15
Acarix Appoints New Members to the Advisory Board Acarix announced the appointment of three new advisors to its team. Joining the advisory board are Ken Nelson, known for his leadership in the MedTech space; Dr. Saumil R. Oza, MD, an experienced electrophysiologist from Ascension Medical Group; and Dave Braun, a strategic and customer-driven executive with over 40 years of experience working in startup and large company environments. Ken Nelson brings over two decades of experience in the digital health, medical device, and remote patient monitoring industries. As a partner in the Medtech Advantage Fund and Chairman of the Board for CardiaCare, Mr. Nelson has played pivotal roles in numerous disruptive cardiac digital health and MedTech startups worldwide. His track record includes leadership positions in top market share players such as BioTelemetry, iRhythm, and Bardy Diagnostics. Dr. Saumil R. Oza, MD, is an electrophysiologist practicing in Jacksonville, FL, with over 15 years of experience and numerous publications. Renowned as a national expert in cardiology, Dr. Oza serves on advisory boards for established companies like Boston Scientific, Johnson and Johnson, GE, and Novo Nordisk, as well as biotech startups. His clinical and business expertise will provide the Acarix team with a fresh new viewpoint of the U.S. market. Dave Braun, a strategic, customer-driven entrepreneur with over four decades of leadership experience, joins Acarix as an advisor. His extensive background in strategic business planning, mergers and acquisitions, banking and investor relations, organization development, and team building will bring a fresh perspective to operational strategies. Adding these three advisors emphasizes Acarix's commitment to driving innovation in cardiac health while expanding its reach in the United States. The new advisory board members will enhance efforts to develop solutions that improve patient outcomes and advance the standard of care in cardiac diagnostics. New Risk • Feb 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Shareholders have been substantially diluted in the past year (146% increase in shares outstanding). Revenue is less than US$1m (kr6.7m revenue, or US$634k). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr12m net loss next year). Market cap is less than US$100m (kr262.6m market cap, or US$24.8m). Announcement • Feb 02
Acarix AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 33.667038 million. Acarix AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 33.667038 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 181,005,581
Price\Range: SEK 0.186 Announcement • Feb 01
Acarix AB (publ) Announces CEO Changes The Board of Acarix AB (publ) announced the appointment of Aamir Mahmood as new CEO with immediate effect, starting February 1, 2024. Mr. Mahmood succeeds Acting CEO Fred Colen as well as Helen Ljungdahl Round who has decided not to return to her position later in 2024. Aamir Mahmood has more than twenty years of experience in corporate leadership in the medical device industry with a successful track record of Global commercial roles in cardiovascular device markets, including sales, marketing and strategy functions at LivaNova, Boston Scientific, and Merck. Aamir presently serves as General Manager/Vice President Americas of MicroPort CRM. MicroPort is an industry leader in the field of pacemakers and other cardiac devices used for diagnosis, treatment and management of heart rhythm disorders and heart failure. Prior to running the Americas for MicroPort, Aamir rotated through two Ex Pat assignments in Europe running Global Sales followed by Global Marketing & Strategy. Aamir has an MBA and is a member of Young Presidents’ Organization (YPO). Aamir succeeds Helen Ljungdahl Round who was appointed CEO of Acarix in January of 2022. Under Helen’s leadership Acarix established a subsidiary and commercial team in the US market, secured key commercial contracts with the Veterans Affairs Health Administration, published a clinical framework for use of the CADScor System in collaboration with the American College of Cardiology (ACC), and raised growth capital from a broad base of investors to enable further market expansion. Aamir Mahmood assumed the CEO position on February 1, 2024. Recent Insider Transactions • Dec 18
Chief Operations Officer recently bought kr157k worth of stock On the 14th of December, Thomas Lundstroem bought around 750k shares on-market at roughly kr0.21 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Thomas has been a buyer over the last 12 months, purchasing a net total of kr52k worth in shares. Announcement • Nov 24
Acarix AB (publ) Advances the Utilization of Its CADScor System Within the Veterans Administration (Va) Healthcare Network Acarix AB (publ) announced an advancement in the utilization of its CADScor System within the Veterans Administration (VA) Healthcare network. The Southeast Louisiana VA Healthcare System has reordered CADScor Patches in their Slidell and Baton Rouge locations to be used with the CADScor System for risk-stratification of symptomatic patients suspected of coronary artery disease (CAD) throughout various facilities within their system. The Southeast Louisiana VA Healthcare System was the first VA location to place orders for CADScor System and patches in February, with approval of the CADScor System into their Standard Operating Procedure (SOP) in August. Since integrating the CADScor System into their SOP, the Southeast Louisiana VA Team has also aligned their Computerized Patient Record System (CPRS) with the SOP to ensure all relevant symptomatic patients suspected of CAD undergo a CADScor System Test. In the past few months, the Acarix team has collaborated closely with the Southeast Louisiana VA Leadership Team, providing support to more than 100 Healthcare Professionals (HCPs) through various activities, including CADScor System in-servicing within their Cardiology group. Furthermore, the team has been actively engaged in monthly Primary Care meetings with the Chief of Cardiology, effectively developing awareness about the CADScor System. New Risk • Nov 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr77m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr77m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (188% increase in shares outstanding). Revenue is less than US$1m (kr6.7m revenue, or US$620k). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr14m net loss next year). Market cap is less than US$100m (kr180.4m market cap, or US$16.6m). Reported Earnings • Nov 10
Third quarter 2023 earnings released: kr0.038 loss per share (vs kr0.084 loss in 3Q 2022) Third quarter 2023 results: kr0.038 loss per share (improved from kr0.084 loss in 3Q 2022). Revenue: kr1.57m (up 35% from 3Q 2022). Net loss: kr17.3m (loss narrowed 18% from 3Q 2022). Revenue is forecast to grow 99% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Announcement • Oct 19
Acarix AB (publ) has completed a Composite Units Offering in the amount of SEK 54.344161 million. Acarix AB (publ) has completed a Composite Units Offering in the amount of SEK 54.344161 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 90,573,602
Price\Range: SEK 0.6
Transaction Features: Rights Offering Price Target Changed • Sep 04
Price target increased by 18% to kr0.90 Up from kr0.76, the current price target is provided by 1 analyst. New target price is 115% above last closing price of kr0.42. Stock is down 45% over the past year. The company is forecast to post a net loss per share of kr0.10 next year compared to a net loss per share of kr0.31 last year. Reported Earnings • Sep 01
Second quarter 2023 earnings released: kr0.051 loss per share (vs kr0.073 loss in 2Q 2022) Second quarter 2023 results: kr0.051 loss per share. Revenue: kr1.54m (down 8.3% from 2Q 2022). Net loss: kr22.0m (loss widened 20% from 2Q 2022). Revenue is forecast to grow 85% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Sweden. Announcement • Aug 29
Acarix AB (Publ) Appoints Dr. Deepak R. Talreja Md as New Medical Advisor Acarix AB (publ) announced the appointment of Dr. Deepak R. Talreja, MD, as new Medical Advisor. With an impressive background in cardiology, Dr. Talreja brings a wealth of knowledge and expertise to Acarix, further strengthening the company's commitment to transforming early cardiac diagnostics through cutting-edge acoustic and AI-based technology. As a highly respected cardiologist expert, Dr. Talreja has been at the forefront of numerous groundbreaking research initiatives, pioneering advancements that have significantly impacted patient care and outcomes. He is a graduate of the University of Virginia School of Medicine, completed his Internship and Residency at Vanderbilt University Medical Center, and fellowship at the Mayo School of Medicine. Dr. Talreja is board certified by the American Board of Internal Medicine (ABIM) in cardiovascular disease, interventional cardiology, and internal medicine: He is currently the Medical Director of the Cardiovascular Service Line at Sentara Health. Dr. Talreja's vast experience and leadership experience in cardiac electrical system procedures, interventional cardiac procedures, heart conditions and overall cardiac patient care align very well with Acarix's mission to develop patient-focused innovative solutions that address some of the challenges in early cardiac healthcare. Announcement • May 12
Acarix AB Elects Mikael Thorén as Director Acarix AB elected Mikael Thorén as new director at the AGM held on May 11, 2023. Reported Earnings • Apr 25
Full year 2022 earnings released: kr0.31 loss per share (vs kr0.37 loss in FY 2021) Full year 2022 results: kr0.31 loss per share. Revenue: kr5.82m (up 55% from FY 2021). Net loss: kr77.0m (loss widened 49% from FY 2021). Revenue is forecast to grow 73% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Medical Equipment industry in Sweden. Reported Earnings • Feb 17
Full year 2022 earnings released: kr0.31 loss per share (vs kr0.37 loss in FY 2021) Full year 2022 results: kr0.31 loss per share. Revenue: kr5.82m (up 55% from FY 2021). Net loss: kr77.0m (loss widened 49% from FY 2021). Revenue is forecast to grow 73% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Sweden. Announcement • Feb 17
Acarix AB (publ) to Report Fiscal Year 2022 Final Results on Apr 20, 2023 Acarix AB (publ) announced that they will report fiscal year 2022 final results on Apr 20, 2023 Announcement • Feb 14
Acarix AB (publ) to Report Q4, 2022 Results on Feb 16, 2023 Acarix AB (publ) announced that they will report Q4, 2022 results at 8:00 AM, Central European Standard Time on Feb 16, 2023 Reported Earnings • Aug 25
Second quarter 2022 earnings released: kr0.073 loss per share (vs kr0.093 loss in 2Q 2021) Second quarter 2022 results: kr0.073 loss per share. Net loss: kr18.4m (loss widened 41% from 2Q 2021). Reported Earnings • May 12
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: kr0.059 loss per share. Net loss: kr14.8m (loss widened 27% from 1Q 2021). Revenue missed analyst estimates by 37%. Earnings per share (EPS) also missed analyst estimates by 23%. Price Target Changed • Apr 27
Price target decreased to kr2.60 Down from kr19.46, the current price target is provided by 1 analyst. New target price is 313% above last closing price of kr0.63. Stock is down 63% over the past year. The company is forecast to post a net loss per share of kr0.40 next year compared to a net loss per share of kr0.34 last year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chairman of the Board Philip Siberg was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 18
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: kr0.34 loss per share (up from kr0.51 loss in FY 2020). Net loss: kr51.7m (loss widened 25% from FY 2020). Revenue missed analyst estimates by 37%. Earnings per share (EPS) exceeded analyst estimates by 23%. Over the next year, revenue is forecast to grow 246%, compared to a 123% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2021 earnings released: kr0.076 loss per share (vs kr0.11 loss in 3Q 2020) Third quarter 2021 results: Net loss: kr10.7m (loss widened 20% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 21
Second quarter 2021 earnings released: kr0.093 loss per share (vs kr0.20 loss in 2Q 2020) Second quarter 2021 results: Net loss: kr13.1m (loss widened 26% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Executive Departure • May 20
Director has left the company On the 11th of May, Paolo Raffaelli's tenure as Director ended after 2.0 years in the role. We don't have any record of a personal shareholding under Paolo's name. A total of 4 executives have left over the last 12 months. Executive Departure • May 20
Director has left the company On the 11th of May, Johanne Braendgaard's tenure in the role of Director ended. We don't have any record of a personal shareholding under Johanne's name. A total of 4 executives have left over the last 12 months. 
