NEW YORK, Aug. 22, 2024 /PRNewswire/ -- Acarix, a leader in rapid AI and acoustics-based cardiac diagnostics, today reported its financial results for the second quarter of 2024. The company achieved record-breaking patch sales and record-breaking gross profit, driven by the success of its new sales model coupled with key strategic initiatives involving commercial expansion and clinical activities. These results highlight the company's growing market presence and commitment to innovation in the cardiac diagnostics space.

"I'm proud of the significant progress Acarix has made over the last quarter," stated Aamir Mahmood, Acarix President and CEO. "The success we experienced in Q2, including record-breaking patch sales and a substantial increase in gross profit, is a clear indicator of our strategy's effectiveness. This validates our commitment to innovation, operational excellence, and value creation as we continue to strengthen our market position with the CADScor System and expand our impact in cardiac diagnostics."

Key Highlights

Second quarter 2024 compared to the same period in 2023

• Revenue for the second quarter amounted to SEK 1,958 thousand (1,540), an increase of 27% compared to the same period last year. Revenue in the US increased by 34% compared to the same period last year.

• Gross profit increased 38% to SEK 1,788 thousand (1,291), corresponding to a gross margin of 91% (84%) and an improvement of 7% points compared to the same period in 2023. US gross profit increased 59% with a gross margin increase on 9 points to 93%.

• During the quarter a total of 15 (10) CADScor^®Systems were installed at customers (2 sold / 13 on consignment) and 3,530 (2,682) patches were sold. In the US 1,260 patches were sold, an increase of 62% compared to the same period last year.

• Operating costs amounted to SEK 18,368 thousand (23,186). One-time expenses amounting SEK 951 thosand. Excluding one-time expenses, cost reduction initiatives led to a 25% improvement compared to the same period last year.

• Loss before tax amounted to SEK –16,661 thousand (–22,004).

• Cashflow from operating activities amounted to SEK –15,258 thousand (-21,229).

• Earnings per share amounted to SEK –0.02 (–0.05).

First half of 2024 compared to the same period in 2023

• Revenue in the first half of the year amounted to SEK 3,509 thousand (3,495).

• Gross profit amounted to SEK 3,202 thousand (2,978), corresponding to a gross margin of 91% (85%) and an improvement of 6% points compared to the same period in 2023.

• During the first half of the year, 28 (22) CADScor Systems (5 sold / 23 on consignment) and 6,054 (5,217) patches were sold.

• Operating expenses amounted to SEK 34,708 thousand (41,307). Non-recurring costs amounting SEK 1,497 thousand.

• Loss before tax amounted to SEK –31,591 thousand (–38,484).

• Cashflow from operating activities amounted to SEK -33,694 thousand (-41,840).

• Cash and cash equivalents amounted to SEK 48,271 thousand (26,299). General pledging of bank deposits amounted to SEK 4,560 thousand.

• Earnings per share amounted to SEK –0.04 (–0.08). No dilutive effects occurred.

• Number of shares on the balance sheet date amounts to 973,170,178 (452,868,010).