Acarix, a leader in rapid AI and acoustics-based cardiac diagnostics, today announced its interim financial results for the first quarter of 2025. The report highlights continued growth in the U.S. market and operational improvements, reflecting the company's commitment to expanding the footprint of its CADScor®System.
"Our first quarter results reflect an exciting beginning to 2025 and highlight the strength of our strategic push to expand our presence in the U. S. market," said Aamir Mahmood, President & CEO of Acarix. "I am particularly proud of our collaboration with Geo-Med, a Service-Disabled Veteran-Owned Small Business, which is set to expand the reach of our CADScor®System to veterans across the country. In addition to this important partnership, we are honored to have received the 2025 Digital Innovation Award along with an honorable mention for Innovation in Cardiac Imaging at the Global Cardiovascular Awards in London. These recognitions not only highlight our commitment to delivering cutting-edge, non-invasive diagnostic solutions but also reinforce our promise to reduce unnecessary invasive procedures and improve patient care. Our strong revenue growth, fueled by a marked increase in U. S. system placements and a notable rise in patch sales, reflects our ongoing progress and the confidence the healthcare community has in us. We are committed to implementing our growth strategy, enhancing our operational efficiency, and fortifying partnerships that promote both clinical excellence and commercial success."
Key Q1 2025 highlights:
- Acarix has partnered with Geo-Med, a Service-Disabled Veteran-Owned Small Business, to expand the availability of its CADScor®System for veterans.
- Acarix has received the 2025 Digital Innovation Award, along with an honorable mention for Innovation in Cardiac Imaging, at the Global Cardiovascular Awards in London for its CADScor®System.
First quarter 2025 compared to the same period in 2024:
- Total revenue amounted to SEK 1,729 thousand, reflecting an 11% increase. Revenue from patches sold in the U. S. amounted to SEK 1,026 thousand, a 30% increase year-over-year.
- Totally 20 CADScor Systems were delivered, a 54% increase over the same period in 2024. In the U. S., 19 CADScor Systems were installed, comprising 6 on consignment and 13 sold outright.
- A total of 3,160 patches were sold, marking a 25% rise from the same timeframe in 2024. In the U. S., patch sales increased from 1,040 to 2,210 patches, marking a 104% growth
- Gross profit was SEK 1,405 thousand, slightly down from SEK 1,413 thousand previously, with a gross margin of 81% (a decrease from 91%). Gross margin decreased by 10 percentage points this quarter mainly due to a one-time, strategically priced order for a key customer aimed at driving future high patch utilization.
- Gross margin on patch sales is 93%.
- Operating costs totaled SEK 15,437 thousand, a 6% decrease from SEK 16,340 thousand.
- The reported loss was SEK -14,108 thousand, an improvement from the loss of SEK -14,930 thousand reported in the same timeframe last year.
- Net cash flow for the period was SEK -11,767 thousand, compared to SEK 27,985 thousand during the same period last year.
- Earnings per share were SEK -0.01, compared to SEK -0.02 in the previous year.
- Cash and cash equivalents totaled SEK 45,048 thousand, a decrease from SEK 63,925 thousand on the same date last year, which included the completion of a rights issue amounting to SEK 46,598 thousand.
Webcast presentation of the Q1 interim report is available at 1:00 PM CET on: https://www.acarix.com/investor-presentations/
Link to the Acarix financial reports: https://www.acarix.com/for-investors/financial-reports-and-calendar
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 40,000 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
Macie May, phone +1 405 517 5161, email mmay@saxum.com
