Acarix (ACARIX) Q2 2025 earnings summary

Executive summary

• CADScor technology provides rapid, non-invasive cardiac diagnostics with high negative predictive value, validated in clinical trials and approved by FDA and CE Mark.

• Strategic focus shifted to the U.S. market, resulting in strong commercial performance and divestment in the EU.

• Achieved first fixed-rate reimbursement in the U.S. at $300 per test, expanding coverage to over 500,000 lives across multiple states.

• Delivered 19 CADScor Systems in the U.S. in Q2, a 27% YoY increase, with patch sales up 11% YoY to 1,400 units.

• Secured first major order in the MENA region, valued at SEK 1.35M, marking international expansion.

Financial highlights

• Q2 2025 revenue was SEK 1,140k, reflecting the impact of EU divestment and U.S. focus.

• Gross margin improved to 94% (up three points YoY), significantly above medtech industry average.

• Operating costs decreased by 24% YoY to SEK 13,915k, and net loss improved by 23% YoY to SEK -12,863k.

• Monthly burn rate reduced by 18% YoY to SEK -4,200.

• Cash and cash equivalents at period end: SEK 32,260k.

Outlook and guidance

• Focus on expanding U.S. reimbursement coverage, scaling operations, and increasing clinical utilization.

• Targeting addition of new centers for U.S. performance trial and securing at least one private payor for fixed in-office reimbursement by Q3 2025.

• Additional financing may be required in 2025 to support growth plans.

• Anticipates increased reorder rates and higher patch utilization as installed base grows.

• Expects profitability as cost controls persist and new revenue streams from global distribution and new product launches materialize.