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Acarix

Hearing the beat of 2018

Outlook | Pharmaceutical & healthcare | 06 Feb 2018

Acarix has laid the groundwork in 2017 for sales development in 2018. The main subset of the key Dan-NICAD study was published in November 2017 and should boost medical awareness. As initial sales were slower than expected, sales forecasts have been adjusted although, with only two quarters’ sales data, these will be revised regularly. Good sales growth in Europe is expected from 2019. With no US trial announced our expected launch date is moved to 2022 from 2021. The indicative value is now SEK448m (formerly SEK728m), implying a fair value of SEK19.46/share (formerly SEK31.62/share). A new CEO will be appointed in 2018.

Acarix

Updated financial position

Update | Pharmaceutical & healthcare | 08 May 2018

Acarix’s annual report confirms reported 2017 revenues of SEK638k. Gross profit was SEK430k, with a gross margin rise to 75% in Q4. We do not expect any major sales upturn in 2018, as the key factor is German government reimbursement – this is not expected before 2019. There is additional sales potential in other European territories. We do not expect a US launch before 2022, but we have assumed a US trial starts in 2019. The indicative value remains at SEK448m (SEK19.46/share). Mr Lindholm is the interim CEO. Additional clinical studies are ongoing.

Acarix

Sales volume growth in Q3

Update | Pharmaceutical & healthcare | 28 Nov 2018

Acarix’s Q3 results showed a marked upturn in the number of systems sold: seven in Q3 vs eight in H1. Disposable patch sales in Q3 were 680 vs 800 in H1. These sales generated Q3 revenues of SEK351k. We have adjusted our sales forecast upwards to SEK1.3m for the full year 2018. Feedback from German and Swedish customers has been very positive. German public reimbursement might occur in 2019. We do not expect a US launch before 2022 and we assume a US trial starts in 2019 to enable this. Per Persson, formerly commercial officer, has been appointed as CEO. The indicative value remains SEK448m (SEK19.46/share).

Acarix

Sales consistent in H1

Update | Pharmaceutical & healthcare | 17 Sep 2018

Acarix’s H1 results show steady sales with eight systems and 800 disposable patches sold to June. These generated H1 revenues of SEK465k with gross profit of SEK349k, a 75% average margin. We now expect sales of just over SEK1m for the full year 2018 before hoped-for German reimbursement in 2019. A new commercial officer, Per Persson, has joined. We do not expect a US launch before 2022 and we assume a US trial starts in 2019. The indicative value remains SEK448m (SEK19.46/share). Additional clinical studies are ongoing.

Acarix

Sales steady in Q1

Update | Pharmaceutical & healthcare | 30 May 2018

Acarix’s Q1 update shows sales of four systems to March. Revenues were SEK230k with gross profit of SEK158k; a gross margin of 69%. We do not expect any major sales upturn in 2018, as the key factor is German government reimbursement, which is not expected before 2019. There is additional sales potential in other European territories. We do not expect a US launch before 2022, but we have assumed a US trial starts in 2019. The indicative value remains at SEK448m (SEK19.46/share). Additional clinical studies are ongoing.

Acarix

First German sales

Update | Pharmaceutical & healthcare | 13 Jul 2017

Acarix has made its first sale in the crucial German market to a private cardiology clinic in Berlin. This follows the first sale in Denmark. Germany has a strong private healthcare insurance sector (about 10% of people covered), which might adopt quickly given that there are stated to be over one million hospital cardiac assessments each year, mostly unnecessary. Major German and EU sales will, however, have to wait for public reimbursement probably from 2019 onwards. US marketing will probably require a US clinical study, with sales from 2021 possible. The unchanged indicative value remains at SEK728m, equal to SEK31.62/share.

Acarix

Preparing for commercialisation

Update | Pharmaceutical & healthcare | 15 May 2017

Following the successful SEK140m IPO in December 2016, Acarix is commercialising its novel CE-marked CADScor System in Germany. CADScor is used as a frontline test by doctors to help assess a patient's risk of coronary artery disease (CAD) by “listening” to the blood flow in the coronary arteries. This can enable CAD to be ruled out, so avoiding expensive further testing. Full EU reimbursement may start in 2019. US marketing will probably require a US clinical study, with sales from 2021 possible. The unchanged indicative value remains at SEK728m, equal to SEK31.62/share.

Acarix

Cash raised to fuel European marketing

Initiation | Pharmaceutical & healthcare | 21 Dec 2016

Acarix has developed the CE-marked CADScor System to ‘hear’ and detect partially blocked coronary arteries. CADScor is designed to be used by doctors to help assess patients’ risk of coronary artery disease (CAD). This could enable about half of the patients to be ruled out from further, expensive testing. Acarix aims to sell CADScor from 2017 in Germany and Scandinavia. Full EU reimbursement may start in 2019. US marketing will probably require a US clinical study with sales from 2021 possible. The IPO at SEK17.60/share completed at a value of SEK405m in December 2016, raising SEK140m gross, SEK125m net. The indicative value is SEK31.62/share based on an indicative value of SEK728m.