Acarix (ACARIX) Q4 2025 earnings summary

Executive summary

• Achieved 26% revenue growth in Q4 2025, led by 87% growth in the U.S. market and increased CADScor system deliveries and patch sales.

• Secured major U.S. reimbursement milestones, including HealthChoice coverage and removal of investigational status by key payors, expanding access to over 500,000 covered lives and 3,000+ facilities.

• CADScor device deliveries increased 64% worldwide, with strong adoption in both consignment and direct sales models.

• Patch sales, a key recurring revenue driver, grew 73% year-over-year in the U.S.

• Secured EU MDR certification for the CADScor System, enabling expanded European market access.

Financial highlights

• Q4 global revenue rose 26% to SEK 2.1 million from SEK 1.7 million year-over-year.

• Q4 gross margin was 83%, down from 88% year-over-year.

• Operating costs declined 23% in Q4, from SEK 17.8 million to SEK 13.7 million.

• Net loss improved by 27% in Q4, from SEK 16 million to SEK 11.6 million.

• Monthly cash burn reduced by 37% year-over-year.

Outlook and guidance

• Focus remains on expanding U.S. reimbursement, targeting inclusion with top payers and CMS, and converting system placements into higher utilization and recurring revenue.

• Anticipates further international expansion, especially in the MENA region and Saudi Arabia, with a forecast of SEK 9.8 million in potential orders upon regulatory approval.

• Ongoing efforts to secure CPT-1 transition and present to CMS by end of Q3 or early Q4 2026, supported by clinical trials and studies.