Acarix A/S (ST:ACARIX)’s Q1 update shows sales of four systems to March. Revenues were SEK230k with gross profit of SEK158k; a gross margin of 69%. We do not expect any major sales upturn in 2018, as the key factor is German government reimbursement, which is not expected before 2019. There is additional sales potential in other European territories. We do not expect a US launch before 2022, but we have assumed a US trial starts in 2019. The indicative value remains at SEK448m (SEK19.46/share). Additional clinical studies are ongoing.
CAD-score: A clear indicator of low coronary risk
Acarix’s diagnostic device (CADScor) is used to help doctors diagnose suspected coronary artery disease. It uses a highly sensitive microphone linked to a minimalist, self-contained processing module to record a patient’s diastolic heart sounds. There is a single-use consumable patch. The CADScor V3 algorithm calculates a CAD-score rating. A negative test result was correct in 96% of tested patients, Winther et al (2017). The ongoing Dan-NICAD II study will enrol 2,000 patients with suspected stable coronary artery disease to add data and evaluate the test in patients aged 30–39. The planned ‘Seismo’ study with 200 patients aims to explore the use of CADScor for the early diagnosis of heart failure.
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