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.
Acarix Logo (PRNewsfoto/Acarix)
"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.
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.
