Embarking on a new journey with focus on sustainable growth

As the newly appointed CEO of Acarix, I am honored to be on board and share our vision for the future. Our foremost commitment is to conduct a comprehensive analysis across all facets of our operations to drive efficiencies and enhance outcomes. By meticulously examining every aspect of our business, from production processes to market strategies, we aim to optimize performance and deliver greater value to our shareholders. Central to our strategic focus is the U. S. market, recognized as our largest market opportunity. We are dedicated to leveraging this key market by implementing initiatives aimed at driving adoption and capturing a larger share of the market.

Extract from CEO Aamir Mahmood’s message to the Year End Report.

Fourth quarter of 2023 compared with the same period 2022

  • Revenues for the fourth quarter amounted to SEK 1,174 thousand (1,653)
  • Gross profit totaled SEK 1,028 thousand (1,329), resulting in a gross margin of 88% (80%), reflecting a 8% improvement compared to the same period in 2022
  • During the quarter, 5 (13) CADScor® Systems and 2,139 (2,138) patches were sold
  • Operating expenses amounted to SEK 23,027 thousand (23,942)
  • Profit before tax amounted to SEK -22,064 thousand (-22,612)
  • Net cash flow for the period amounted to SEK 27,319 thousand (-18,361)
  • Earnings per share were -0.03 SEK (-0.09).

Full year 2023 compared with same period 2022

  • Revenues for the year amounted to SEK 6,241 thousand (5,822)
  • Gross profit totaled SEK 5,298 thousand (4,621), resulting in a gross margin of 85% (79%), reflecting a 6% improvement compared to the same period in 2022
  • Throughout the year, 41 (61) CADScor® Systems and 9,259 (8,650) patches were sold
  • Operating expenses amounted to SEK 82,851 thousand (81,095)
  • Profit before tax was SEK -77,839 thousand (-76,895)
  • Net cash flow for the period stood at SEK 24,865 thousand (-5,989)
  • Cash and cash equivalents amounted to SEK 35,149 thousand (11,161)
  • Earnings per share amounted to SEK -0.16 (-0.31). No dilution effects occurred
  • The number of shares on the balance date amounted to 737,188,816 (251,972,194).

Events in the fourth quarter, 2023

  • On October 10, the company announced that CEO Helen Ljungdahl Round had been on sick leave for treatment of cancer for an expected period of approximately six months. The Board of Directors appointed Fred Colen as acting CEO with immediate effect during Helen’s sick leave.
  • On October 20, the company announced the final outcome of the issurance of units, consisting of shares and warrants of series. Through the Rights Issue, Acarix will receive a total of approximately SEK 54.3 million before deduction of costs attributable to the Rights Issue.
  • On November 16, the company announced the decision on a directed issue of 12,600,000 shares as guarantee compensation directed to the guarantors who chose renumeration in shares in the Rights Issue for their provided bottom and top guarantee commitments.
  • On November 23, the company announced that the Southeast Louisiana VA Healthcare System reordered CADScor Patches in their Slidell and Baton Rouge locations.
  • On November 30, the company announced an agreement with Carnegie Investment Bank AB (publ) regarding the position as Certified Adviser. The reason for the change was Carnegie Investment Bank AB’s acquisition of Penser Bank AB.
  • On December 13, the company announced a new US sales structure that aims to further strengthen its presence with the CADScor System in the US market.

Events after December 31, 2023

  • On February 1, the company announced that the Board appointed Aamir Mahmood as new CEO with immediate effect. Mr. Mahmood succeeds Acting CEO Fred Colen as well as Helen Ljungdahl Round who has decided not to return to her position later in 2024.
  • On February 1, the company announced that the Board decided to carry out a directed share issue corresponding to proceeds of approximately SEK 33.7 million before deduction of costs related to the transaction. The Directed Share Issue is conditional upon a resolution from the extraordinary general meeting of the Company scheduled to be held on 21 February 2024.
  • On February 1, the company announced that its CADScor System has been added to the US Federal Supply Schedule. The nationwide contract simplifies purchasing and enables Veterans Affairs Healthcare (VA) and other federal agencies to more efficiently source the Acarix CADScor System.

The 2023 annual report is available on the company's website on April 23, 2024
Annual General Meeting 2024 takes place on 14 May 2024

Link to the report: https://www.acarix.com/for-investors/financial-reports-and-calendar

For more information contact:
Aamir Mahmood, CEO, phone +1 918 409 2965, email aamir.mahmood@acarix.com 
Christian Lindholm, CFO, phone +46 705 118333, email christian.lindholm@acarix.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). Carnegie Investment Bank is the Certified Advisor of Acarix. For more information, please visit www.acarix.com

Attachments
Acarix Q4 2023 ENG

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