“The fourth quarter and 2024 as a whole was a transformative year, and I am proud to announce Acarix's remarkable achievements marked by significant growth, innovation and leadership in AI-integrated, non-invasive cardiovascular diagnostics,” said Aamir Mahmood, Acarix President and CEO. “Our U.S. market presence expanded substantially, driven by a 333% increase in system placements and an 88% surge in patch sale revenue, reflecting the trust we've garnered in the medical community. The new strategic partnership with Geo-Med, LLC will expand our CADScor System's reach to more U.S. Veterans. Additionally, the recent CMS decision for fixed reimbursement of our CADScor System in outpatient settings is pivotal for broader accessibility. Strategic partnerships, clinical studies, and a 27% reduction in operating costs have bolstered our sustainability and financial strength.”

When speaking on the future of Acarix, Mahmood went on to say, “As we look to 2025, Acarix is strategically positioned for continued success, with plans for geographic expansion and increased focus on clinical studies. I extend my gratitude to our dedicated team and stakeholders; your support is invaluable and our trajectory for 2025 looks exceedingly promising. Supported by a robust balance sheet and guided by a clear strategic plan, we are equipped to scale our operations, explore new markets, and continue our growth momentum.”

Key Highlights

• Sales of CADScor Systems and patches accelerated in Q4 compared to this time last year with a total of 13 systems installed to customers, 9 on consignment and 4 systems sold (a 333% growth), 103% growth in patches sold, and an 88% increase in revenue from patch sales.
• Favorable CMS ruling allowing standalone fixed reimbursement for the CADScor System in outpatient settings positioning the company for significant U.S. growth in 2025.
• The company announced notable growth and partnerships with current and new customers, including an order of 4 additional CADScor Systems for expanded diagnostic tool availability, the sale of 9 systems and 500 patches to a healthcare provider across 7 U.S. states, and a new agreement to support a clinical study with the largest Oklahoma-owned health system.

Fourth quarter 2024 compared to the same period in 2023

• Total revenue for the fourth quarter was SEK 1,700 thousand, an increase of 45% compared to the same period as last year.
• A total of 3,340 patches were sold, representing a 56% increase over the same period in 2023. U. S. revenue for patches was SEK 873 thousand, an increase of 88% in the U. S. compared to the same period as last year
• Gross profit was SEK 1,497 thousand (1,028), with a gross margin of 88% (87%), 1 point improvement from the same period in 2023.
• A total of 14 CADScor Systems were delivered, an increase of 180% compared to the same period in 2023. In the U.S., a total of 13 CADScor Systems were installed at customers, of which 9 were delivered on consignment and 4 were sold. This represents a growth of 333% in the U.S. over the same period as last year.
• Operating costs were SEK 17,812 thousand (23,027), including SEK 1,095 thousand in non-recurring costs. Operating costs, adjusted for non-recurring costs, decreased by 27% from last year.
• Loss was SEK -16,020 thousand (-22,064). Adjusted from non-recurring costs, loss was SEK -14,925 thousand, a 32% improvement from last year.
• Net cash flow for the period was SEK 9,096 thousand (27,304), with SEK 25,960 (50,169) thousand received from directed issue and warrant program.
• Earnings per share were SEK -0.01 (-0.03).

Full year 2024 compared to the same period in 2023

• Revenue for the year amounted to SEK 6,202 thousand (6,242). The new consignment-based business model launched in the U.S. market in 2024 does not include revenue recognition for CADScor units placed on consignment, resulting in year-over-year revenue not being fully comparable to the previous year.
• A total of 11,734 patches were sold during the year, resulting in a 27% increase compared to the previous year. In the U.S., 5,140 patches were sold, representing a 98% increase compared to the previous year. DACH region sold 6,594 patches, in line with the previous year.
• Gross margin amounted to 90%, an improvement of 5 percentage points compared to the same period in 2023.
• A total of 62 CADScor Systems were delivered during the year, an increase of 51% from 41 systems delivered the previous year. In the U.S., 60 systems were delivered, with 52 on consignment and 8 sold, marking an increase of 82% in that market.
• Operating costs were SEK 71,968 thousand (82,850), including SEK 5,671 thousand in non-recurring costs. Adjusted operating costs decreased by 20% from last year.
• Loss before tax was SEK -66,187 thousand (-77,839). Adjusted from non-recurring costs, loss was SEK -60,516 thousand, a 22% improvement from last year.
• Net cash flow for the year was SEK 22,735 thousand (24,865), with net SEK 86,980 (106,443) thousand received from new share issues.
• Cash and cash equivalents amounted to SEK 58,615 thousand (35,149). General pledging of bank deposits amounted to SEK 4,620 thousand.
• Earnings per share amounted to SEK –0.07 (–0.16). No dilutive effects occurred.
• Number of shares on the balance sheet date amounts to 1,123,320,142 (737,188,816).

The 2024 annual report will be available on the company’s website on April 15, 2025. The 2025 Annual General Meeting will take place on May 13, 2025.

Webcast presentation of the Q4 interim report is available on: www.acarix.com/investor-presentations/

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