Acarix (ACARIX) Q4 2024 earnings summary

Executive summary

• CADScor® System provides rapid, non-invasive cardiac diagnostics with 96.2% negative predictive value, FDA approval, and CE mark.

• U.S. market expansion and a consignment-based model drove 333% YoY growth in systems installed and 88% patch revenue growth in Q4 2024.

• Gross margin improved to 88% in Q4 and 90% for the year, reflecting operational efficiencies and higher patch sales.

• Adjusted operating loss improved by 32% in Q4, with a strengthened cash position of SEK 58.6 million at year-end.

• Transitioned to a subscription-based consignment model, driving recurring revenue and reducing adoption barriers.

Financial highlights

• Q4 2024 revenue grew 45% YoY to SEK 1.7 million, with global patch sales up 103% YoY to 1,460 units.

• Q4 gross profit increased to SEK 1,497 thousand (gross margin 88%); full-year gross profit SEK 5,595 thousand (gross margin 90%).

• Adjusted net loss reduced by 32% to SEK 14.9 million in Q4; monthly burn rate down 33% to under SEK 5 million.

• Cash and cash equivalents at year-end: SEK 58.6 million; cash flow for the year: SEK 22.7 million.

• Q4 EPS: SEK -0.01; full-year EPS: SEK -0.07 (no dilution).

Outlook and guidance

• Aims for break-even or profitability before end of Q2 2026, contingent on fixed reimbursement and growth.

• Expects to secure at least one major private payer for fixed in-office reimbursement by Q3 2025.

• Plans to provide formal financial guidance before the Q3 2025 call.

• Management anticipates need for additional financing in 2025 to support growth.

• Ongoing expansion of clinical studies and strategic partnerships to drive adoption.