Acarix (ACARIX) Q3 2024 earnings summary

Executive summary

• U.S. patch sales grew 116% quarter-over-quarter, with 1,380 patches sold and an 89% increase in U.S. patch revenue.

• 20 CADScor systems placed in the U.S., a 100% increase quarter-over-quarter.

• Secured fixed CMS reimbursement for CADScor in the U.S. outpatient setting, expected to accelerate growth.

• Opened new revenue verticals, including concierge medicine and cash-pay sectors, driving diversified growth.

• FILTER-SCAD trial validated CADScor’s clinical value, reducing unnecessary diagnostic tests and confirming high negative predictive value.

Financial highlights

• Patch sales in the U.S. grew 89% quarter-over-quarter; patches sold increased 116%.

• Gross margin improved by 8 points quarter-over-quarter, reaching 90%.

• Adjusted operating costs reduced by 12% quarter-over-quarter; adjusted net loss improved by 10%.

• Adjusted U.S. revenue up 8% quarter-over-quarter, despite a 37% group revenue decline due to business model transition.

• Cash position at period end: SEK 48,744 thousand.

Outlook and guidance

• Expect continued revenue growth as fixed reimbursement and private payer adoption expand.

• Anticipate further CMS code reassignment and higher reimbursement in 2025, supported by increased claim submissions.

• Launching a new 900-patient U.S. clinical trial to support further reimbursement and market expansion.

• Ongoing cost-saving program to further reduce expenses, with full impact expected in Q1 2025.