Acarix Publishes Year-End Report 2024
MWN-AI** Summary
Acarix, a pioneering company in AI-driven cardiac diagnostics, has announced its 2024 year-end financial results, showcasing impressive growth and strategic advancements. The company's sales of the CADScor System and associated patches surged significantly throughout the year, particularly in the U.S. market. Acarix President and CEO Aamir Mahmood noted a transformative year, with system placements increasing by 333% and patch sales revenue climbing by 88%. This growth is attributed to the company's expanding market footprint, strategic partnerships, and favorable reimbursement updates from CMS that enhance the accessibility of its diagnostic tools.
In the fourth quarter alone, Acarix installed 13 CADScor Systems—a notable increase compared to the previous year—while recording a total revenue of SEK 1,700 thousand, reflecting 45% growth from the prior year. The U.S. revenue for patches witnessed a remarkable 88% rise, with gross profit margins improving slightly to 88%. Operating costs also saw a reduction of 27% once adjusted for non-recurring expenses, leading to a 32% improvement in loss metrics compared to the previous year.
Acarix's commitment to innovation is underscored by its new strategic partnership with Geo-Med, LLC, aimed at extending the reach of the CADScor System to U.S. veterans. As the company looks toward 2025, Mahmood emphasized ambitions for further geographic expansion and clinical studies, bolstered by a sound financial position and a clear operational strategy.
The annual report will be available on the company’s website on April 15, 2025, with the Annual General Meeting scheduled for May 13, 2025. Acarix remains listed on the Nasdaq First North Premier Growth Market, reflecting its status as a leader in non-invasive cardiovascular diagnostics.
MWN-AI** Analysis
Acarix's year-end report for 2024 highlights significant advancements in the company, especially within the U.S. market, where its sales of the CADScor System have seen unprecedented growth. With a staggering 333% increase in system placements and an 88% surge in patch sale revenue, Acarix is well positioned for further expansion, particularly due to the favorable decision from CMS for the fixed reimbursement of their CADScor System in outpatient settings.
Investors should pay close attention to these developments as they suggest a robust trajectory for 2025. The strategic partnership with Geo-Med indicates a focus on supporting U.S. Veterans, an important segment that could enhance the company’s market share and customer base. The 2024 results reflect strong operational performance; however, investors should also note the loss figures, which, despite improvement, indicate that Acarix is still navigating through phases of investment and scaling up their operations.
Operating costs have decreased significantly, by 27% when adjusted for non-recurring expenses, revealing the company's commitment to financial efficiency. With a gross margin of 88%, the company maintains a healthy profitability profile, essential for long-term sustainability.
As the market for innovative medical devices continues to grow, Acarix's emphasis on geographic and clinical study expansion aligns well with industry trends favoring non-invasive diagnostics. This can serve as a catalyst for stock performance in the coming year. Given the positive outlook provided by management and the strategic initiatives outlined in the report, Acarix is worth considering for those looking to invest in the growing cardiac diagnostics sector.
Overall, investors should monitor Acarix closely as it poised to leverage its innovations and market strategies to solidify its position in the cardiac diagnostics landscape.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
Sales and revenue for the CADScor System and patches are surging amid ongoing U.S. expansion efforts
OKLAHOMA CITY , Feb. 13, 2025 /PRNewswire/ -- Acarix, a leader in rapid AI and acoustics-based cardiac diagnostics, today reported its 2024 year-end financial results. "The company continues to demonstrate exceptional progress in its pursuit of operational excellence and sustainable growth, fueled by U.S. market expansion in sales and strategic partnerships, continued positive progress with CMS reimbursement, and strong Q4 and 2024 overall financial performance," said Acarix's leadership team in a joint statement. This advancement underscores the company's expanding market footprint and dedication to pioneering innovation within the cardiac diagnostics industry.
"The fourth quarter and 2024 as a whole was a transformative year, and I am proud to announce Acarix's remarkable achievements marked by significant growth, innovation and leadership in AI-integrated, non-invasive cardiovascular diagnostics," said Aamir Mahmood , Acarix President and CEO. "Our U.S. market presence expanded substantially, driven by a 333% increase in system placements and an 88% surge in patch sale revenue, reflecting the trust we've garnered in the medical community. The new strategic partnership with Geo-Med, LLC will expand our CADScor System's reach to more U.S. Veterans. Additionally, the recent CMS decision for fixed reimbursement of our CADScor System in outpatient settings is pivotal for broader accessibility. Strategic partnerships, clinical studies, and a 27% reduction in operating costs have bolstered our sustainability and financial strength."
When speaking on the future of Acarix, Mahmood went on to say, "As we look to 2025, Acarix is strategically positioned for continued success, with plans for geographic expansion and increased focus on clinical studies. I extend my gratitude to our dedicated team and stakeholders; your support is invaluable and our trajectory for 2025 looks exceedingly promising. Supported by a robust balance sheet and guided by a clear strategic plan, we are equipped to scale our operations, explore new markets, and continue our growth momentum."
Key Highlights
- Sales of CADScor Systems and patches accelerated in Q4 compared to this time last year with a total of 13 systems installed to customers, 9 on consignment and 4 systems sold (a 333% growth), 103% growth in patches sold, and an 88% increase in revenue from patch sales.
- Favorable CMS ruling allowing standalone fixed reimbursement for the CADScor System in outpatient settings positioning the company for significant U.S. growth in 2025.
- The company announced notable growth and partnerships with current and new customers, including an order of 4 additional CADScor Systems for expanded diagnostic tool availability, the sale of 9 systems and 500 patches to a healthcare provider across 7 U.S. states, and a new agreement to support a clinical study with the largest Oklahoma -owned health system.
Fourth quarter 2024 compared to the same period in 2023
- Total revenue for the fourth quarter was SEK 1,700 thousand , an increase of 45% compared to the same period as last year.
- U.S. revenue for patches was SEK 873 thousand , an increase of 88% compared to the same period as last year.
- Gross profit was SEK 1,497 thousand (1,028), with a gross margin of 88% (87%), 1% improvement from the same period in 2023.
- In the U.S., a total of 13 CADScor Systems were installed at customers, 9 on consignment and 4 systems sold. This represents a growth of 333% over the same period as last year. Furthermore, 1,460 patches were sold, representing 103% growth compared to the same quarter last year.
- Operating costs were SEK 17,812 thousand (23,027), including SEK 1,095 thousand in non-recurring costs. Operating costs, adjusted for non-recurring costs, decreased by 27% from last year.
- Loss was SEK -16,020 thousand (-22,064). Adjusted from non-recurring costs, the loss was SEK -14,925 thousand , a 32% improvement from last year.
- Net cash flow for the period was SEK 9,096 thousand (27,304), with SEK 25,960 (50,169) thousand received from directed issue and warrant program.
- Earnings per share were SEK -0.01 (-0.03).
Full year 2024 compared to the same period in 2023
- Revenue for the year amounted to SEK 6,202 thousand (6,242). The new consignment- based business model launched in the U.S. market in 2024 does not include revenue recognition for CADScor units placed on consignment, resulting in year-over-year revenue not being fully comparable to the previous year.
- A total of 11,734 patches were sold during the year, resulting in a 27% increase compared to the previous year. In the U.S., 5,140 patches were sold, representing a 98% increase compared to the previous year. DACH region sold 6,594 patches, in line with the previous year.
- Gross profit reached SEK 5,595 thousand (up from 5,298 thousand), resulting in a gross margin of 90% (up from 85%), reflecting an improvement of 5 percentage points compared to the same period in 2023.
- A total of 62 CADScor systems were delivered during the year, an increase of 51% from 41 systems delivered the previous year. In the U.S., 60 systems were delivered, with 52 on consignment and 8 sold, marking an increase of 82% in that market.
- Operating costs were SEK 71.968 thousand (82,850), including SEK 5,671 thousand in non-recurring costs. Adjusted operating costs decreased by 20% from last year.
- Loss before tax was SEK -66,187 thousand (-77,839). Adjusted from non-recurring costs, the loss was SEK -60,516 thousand , a 22% improvement from last year.
- Net cash flow for the year was SEK 22,735 thousand (24,865), with net SEK 86,980 (106,443) thousand received from new share issues.
- Cash and cash equivalents amounted to SEK 58,615 (35,149). General pledging of bank deposits amounted to SEK 4,620 thousand .
- Earnings per share amounted to SEK -0.07 (-0.16). No dilutive effects occurred.
- Number of shares on the balance sheet date amounts to 1,123,320,142 (737,188,816).
The 2024 annual report will be available on the company's website on April 15, 2025 . The 2025 Annual General Meeting will take place on May 13, 2025 .
Webcast presentation of the Q4 interim report is available on: https://www.acarix.com/events/
Link to the Acarix financial reports: https://www.acarix.com/for-investors/financial-reports-and-calendar
For more information, contact:
Ashley Wilson
+1 405 413 5201
awilson@saxum.com
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 U.S. (ticker: ACIXF). Carnegie Investment Bank is the Certified Advisor of Acarix. For more information, please visit www.acarix.com .
SOURCE Acarix
FAQ**
What specific strategies contributed to Acarix ACIXF's 333% increase in CADScor System placements during 2024, and how do these strategies align with the company's long-term growth objectives?
How does the recent favorable CMS ruling for fixed reimbursement impact Acarix ACIXF's market penetration and overall revenue growth in the U.S.?
Can you elaborate on the significance of the new strategic partnership with Geo-Med, LLC for Acarix ACIXF, especially regarding its efforts to reach a broader veteran population?
With a 27% reduction in operating costs, what measures did Acarix ACIXF implement to achieve this improvement, and how might these measures impact future profitability?
**MWN-AI FAQ is based on asking OpenAI questions about Acarix (OTC: ACIXF).
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