In the first quarter of 2023 our strategy delivered important results with a breakthrough order from the largest healthcare provider in the US – the US Veterans Health Administration (VA). We continue to expand our US geographic footprint and secure reimbursement payments from major health insurance companies. An important milestone announced at the end of the quarter was the finalization of the first edition of the CADScor System clinical workflow, developed in collaboration with the American College of Cardiology (ACC) to help guide US physicians.

Extract from CEO Helen Ljungdahl Round’s message to the Interim Report.

First quarter of 2023 compared with the same period 2022

• First quarter revenue increased by 47% and amounted to kSEK 1,954 (1,325). Gross profit amounted to kSEK 1,688 (1,054) with a gross margin of 86.3 percent (79.5).
• During the first quarter, 12 (14) CADScor®Systems and 2,535 (2,560) patches were sold.
• Operating expenses amounted to kSEK 18,121 (15,802).
• The loss before tax amounted to TSEK –16,479 (–14,846).
• Net cash flow for the period amounted to kSEK 5,140 (53,170).
• Cash and cash equivalents amounted to kSEK 16,002 (67,744).
• Earnings per share amounted to SEK –0.04 (–0.06).

Events in the first quarter, 2023

• On January 3, 2023, the company announced final outcome of the rights issue. The final outcome in the Rights Issue showed that 90,334,941 units, corresponding to approximately 48 percent of the rights Issue, had been subscribed for by the exercise of unit rights (including subscription undertakings of approximately 4 percent). Additionally, 6,983,825 units were subscribed for without unit rights, corresponding to approximately 4 percent of the rights Issue. The remaining 19,640,149 units, corresponding to approximately 10 percent of the rights issue, were subscribed for by the parties who entered into guarantee commitments. Through the rights issue, the company received proceeds amounting to approximately SEK 32.7 million before deduction of costs attributable to the rights issue.
• On January 11, 2023, The Board of Directors resolved on a directed issue of shares to those guarantors in the rights issue who chose to receive guarantee commission in the form of newly issued shares. The subscription price in the remuneration issue was set at SEK 0.28 per share and payment was made by offsetting the guarantors’ claims on the company.
• On February 7, 2023, the company announced Acarix´s participation in 2023 BIO CEO & Investor Conference in New York City. The BIO CEO & Investor Conference is recognized as a premier event for C-Suite executive leaders, investors and banking communities, focusing on established as well as emerging companies, publicly traded and select private companies delivering innovation in health care.
• On February 14, 2023, the company announced the appointment of two additional members of the Acarix US Commercial team, covering the states of California, Pennsylvania, and New Jersey. These constitute strategically important states with combined 2.8 million chest pain patients per year. Covering these states with experienced sales professionals is an important step in Acarix expansion in the US market and driving sales of CADScor System.
• On February 21, it was announced that the company had received the first order from the US Veterans Health Administration (VA) consisting of 11 CADScor®Systems and 220 single-use patches. This breakthrough order comprises an initial value of SEK 1.0 million with immediate delivery to VA Southeast Louisiana Healthcare System. The Veterans Health Administration is the largest integrated healthcare system in the United States with over 350,000 employees. The VA provides medical care to over 9 million enrolled U.S. veterans each year through 171 hospitals and over 1,000 outpatient clinics.
• On February 14, the company announced the release of a new study in the prestigious scientific journal Heart. The study supports the use of the CADScor®System to exclude coronary artery disease in low-risk patients with chest pain. The results show the potential to reduce the need for additional, unnecessary clinical investigations in this patient group by almost 50%.

Events after March 31, 2023

• On April 3, they announced a new strategic partnership with CompleMed, a nationwide sales organization focused on the US cardiology market. The partnership expands Acarix’s sales organization with 16 additional sales teams covering initially 30 new states in the U.S. market, resulting in a current geographic market coverage of 43 states.
• On April 4, the Company announced that the Board of Directors had resolved to carry out a new issue of 21,057,443 shares at a subscription price of SEK 0.45 per share, corresponding to issue proceeds of approximately SEK 9.5 million before deduction of costs attributable to the transaction. Subscribers in the issue consisted of several existing shareholders and external investors, including Quarterback Capital, Mikael Thorén, Sang-Chul Lee and board member Ulf Rosén.
• On April 11, the company sent out the notice to the Annual General Meeting on Thursday May 11, 2023 at 10.00 a.m. at Baker & McKenzie Advokatbyrå’s premises at Vasagatan 7 in Stockholm.
• On May 9, 2023 the company announced, in collaboration with the American College of Cardiology (ACC), a first edition of a framework for the CADScor System. The framework offers a workflow for the CADScor System as a diagnostic aid in patients with stable chest pain. The ACC recognizes the challenges of risk stratification in patients with chest pain and collaborated with Acarix to assess the utility and role of the CADScor System. Through this collaboration, a framework has been developed for the proposed use of the CADScor System as an early diagnostic aid in the assessment of chest pain.

Link to the report: https://www.acarix.com/for-investors/financial-reports-and-calendar