Interim Report, January - March 2018
Malmö, May 23, 2018
CADScor®System
launched in key markets
"Acarix introduced the CADScor®System on the German, Swedish and Danish markets 11 months ago, in June 2017. The introduction was made without general reimbursement, which is one of the key prerequisites and current priorities of the company for sustainable commercial success. During this period, we have sold 14 CADScor®Systems with the potential to significantly improve the diagnostic pathway for patients and non-invasive procedures, ruling out Coronary Artery Disease (CAD) with high accuracy. In general, the technology has been well received and there is broad acceptance for the need for disruption in the current diagnostic pathway."
Extract from interim CEO Christian Lindholm's commentary to the Interim Report.
First quarter (January - March) 2018 compared with same period 2017
- During the quarter 4 CADScor®Systems and 520 patches were sold and generated revenues amounting kSEK 230 (0) with a gross profit of kSEK 158 and gross margin of 69%
- Operational costs amounting kSEK 8,170 (3,933).
- Result before tax amounted to kSEK -7,963 (-3,492)
- Net cash flow from operating activities amounted to kSEK -9,444 (-18,281)
- Total equity amounted to kSEK 122,357 (152,374)
- Cash position amounted to kSEK 94,256 (127,429)
- Basic earnings per share amounted to SEK -0.35 (-0.15). No dilution arose.
Events occurred before March 31, 2018
- Acarix and the CADScor®System was for the second consecutive year presented at the Medtech Showcase in San Fransisco, January 8-10. This provided a great opportunity to meet potential US and international collaborators.
- Acarix was attending at SWEET congress focused on emergency sector at the Swedish hospitals. The CADScor®System was presented to a group of healthcare providers that encounters patients with chest pain on a daily basis.
- Acarix announced the initiation of a multi-center trial of its handheld CADScor®System for ruling out Coronary Artery Disease ("CAD"). The results from the extensive study DanNICAD II are expected to be available early 2020. Acarix believes the device has the potential to both greatly improve triaging of patients and reduce the need for costly further invasive diagnostic investigations.
- On February 23, Christian Lindholm was appointed Interim CEO.
Events occurred after March 31, 2018
- In beginning of April the Acarix CADScor®System was on display and in focus at DGK in Mannheim, a German key scientific symposium.
- Acarix has recruited Per Persson as new Chief Commercial Officer (CCO). Per has a long experience within both Medical Device and Cardiology, including positions as GM for Boston Scientific Nordic Region, Senior Marketing Director EMEAC for St Jude Medical. Per joins from Airsonett AB where he held the position as VP sales and Marketing and for the last 12 months as the CEO. Per brings many years of experience in sales focus and marketing execution and we are happy to welcome him on board.
The complete interim report is available by link below or on www.acarix.com
For further information, please contact: Christian Lindholm, interim CEO, +46 705 118 333, secli@acarix.com
This information is information that Acarix AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on March 23, 2018.
Notes to editors:
Acarix was established in 2009, and since 2010 investors Sunstone Life Science Ventures (DK) and SEED Capital (DK) have supported it towards market introduction. Acarix was listed on Nasdaq First North Premier in 2016 and has attracted a highly-experienced management team.
The Acarix CADScor®System combines ultra-sensitive acoustic detection of turbulent arterial flow and myocardial movement with advanced algorithms in a portable device to provide a patient-specific score to non-invasively assess the risk for Coronary Artery Disease (CAD) in less than 10 minutes. The system has been clinically validated.
See more at www.acarix.com . Press kit: http://www.acarix.com/about-us/press-downloads/ .
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