Interim report, January - September 2017: CADScor®System launched in additional key markets
Press release
Malmö, November 14, 2017
Interim report, January - September 2017: CADScor®System launched in additional key markets
"Dear shareholder, during the third quarter of 2017, we have made important progress in the commercial roll-out of the Danish Design Award winning CADScor®System."
Extract from CEO Søren Rysholt Christiansen's comment to the report.
Third quarter (July-September) 2017 compared with same period 2016
- Cardiology Department at Skåne University Hospital in Lund is the first Swedish Clinic using CADScor®System for non-invasive, non-radiation acoustic rule-out of Coronary Artery Disease (CAD)
- During the quarter 3 CADScor®Systems and 520 patches were sold and generated revenues amounting kSEK 215 (0) with a gross profit of kSEK 140 and gross margin of 65%
- Increased commercial activities, new employments and ceased capitalization of development costs resulted in higher operational costs amounting kSEK 7,717 (6,994)
- Result before tax amounted to kSEK -7,513 (-30,331)
- Cash position amounted to kSEK 109,552 (1,910)
- Net cash flow from operating activities amounted to kSEK -7,413 (-3,951)
- Total equity amounted to kSEK 140,669 (12,720)
- Basic earnings per share amounted to SEK -0.31 (-2.36)
First nine months (January-September) 2017 compared with same period 2016
- Since the commercialization of CADScor®System during second quarter, a total of 6 CADScor®Systems and 880 patches have been sold and generated totally kSEK 408 in revenue
- Operating costs amounted to kSEK 18,760 (11,747)
- Result before tax amounted to kSEK -18,469 (-35,634)
- Net cash flow from operating activities amounted to kSEK -34,254 (-6,993)
- Basic earnings per share amounted to SEK -0.74 (-2.83)
Events occurred after September 30, 2017
- A new publication of the data from the Dan-NICAD study has been accepted. Data show that patients suspected of coronary artery disease can be send home after CADScor®System measurement with high certainty of not having significant coronary artery disease (above 96% negative predictive value), thus not needing further clinical evaluation.
- CEO Søren Rysholt Christiansen has resigned on 6 November 2017, with the effect to leave the company at the end of February 2018 latest. The Board has begun a search for Mr. Christiansen's successor.
Contacts:
Acarix
Søren Rysholt Christiansen, CEO, E-mail: dksrc@acarix.com, Phone: +45 2777 1112
Christian Lindholm, CFO, E-mail: secli@acarix.com, Phone: +46 705 118333
This information is information that Acarix AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on November 14, 2017.
Notes to editors:
Acarix, CADScor®System and cardiac sound measurement Acarix was established in 2009, and since 2010 investors SEED Capital (DK) and Sunstone Life Science Ventures (DK) have supported it towards market introduction. Acarix was listed on Nasdaq First North Premier in 2016 and has attracted a highly-experienced management team having held senior positions in international medical device companies.
Acarix's CADScor®System is based on engineering excellence in sound recording and signal processing. It has long been known that both cardiac contraction movement and turbulent flow can generate sound. Contraction related sounds are in lower frequency, whereas turbulent sounds in the streaming blood caused by partial obstruction (stenosis) in the coronary arteries are of higher frequencies. The detection of these murmurs is delicate, since the energy of the murmurs is very weak. Detecting and recording the coronary murmurs requires not only an advanced sensor but also means for proper attachment to the skin above the heart to optimize the recorded signal and to avoid external noise.
The Acarix CADScor®System has been designed to be an all-in-one system in the sense that the heart signal will be recorded, processed, and displayed as a patient specific score, the CAD-score, on the device screen. The CADScor®System contains the necessary electronics to instruct professionals during use and to guide through the recording periods. The system also contains a docking station for daily qualification of the sensor. Further the system integrates with an adhesive patch for locking the sensor to a fixed position above the heart during the recording.
See more at www.acarix.com. Press photos: http://www.acarix.com/about-us/pressdownloads/press-photos/
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Acarix AB via Globenewswire
