Acarix AB (ACARIX) AI Stock Analysis

• Market Cap: kr292.06M
• Dividend Yield: N/A
• Average Volume (3M): 1.57M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.71
• Revenue Growth: 21.88%
• EPS Growth: 48.86%
• Country: SE
• Employees: 8
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): >-0.01
• Shares Outstanding: 1,123,320,200
• 10 Day Avg. Volume: 1,780,482
• 30 Day Avg. Volume: 1,572,056
• PEG Ratio: 0.06
• Price to Book (P/B): 3.05
• Price to Sales (P/S): 37.27
• P/FCF Ratio: -3.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: kr0.23 ▼(-18.57% Downside)

The score is held down primarily by heavy ongoing losses and significant cash burn, despite strong revenue growth and very high gross margins. Technicals also point to a weak trend with negative momentum. Valuation signals are limited due to negative earnings and no dividend data.

Positive Factors

Revenue Growth & Unit Economics

Sustained ~24% TTM revenue growth plus ~86% gross margin indicate attractive unit economics for the CADScor system. Durable high margins imply revenue expansion can flow to the bottom line as fixed costs are absorbed and installed base scale increases over the next several months.

Recurring Consumable Revenue Model

Device-plus-consumables creates an installed-base with recurring, per-test revenue. This structural revenue mix supports predictable lifetime value per device, incentivizes customer retention and can generate durable margin leverage as testing volumes and installed base grow.

Low Financial Leverage

A near-zero debt profile materially reduces default and interest-rate risk, preserving financial optionality. Over a multi-month horizon this supports continued investment in commercialization or clinical validation without immediate debt-servicing constraints.

Negative Factors

Severe Cash Burn

Very large negative operating and free cash flow (~-48M to -49M TTM) creates persistent funding needs. Without material margin or revenue inflection, the company will likely require additional capital, which can dilute shareholders and constrain long-term commercialization investments.

Deep Losses & Eroding Equity

Extremely negative net margin and ~-95% ROE reflect operating losses far exceeding current revenues. This persistent unprofitability erodes the equity base, undermines returns and raises execution risk for scaling commercial operations over the coming months.

Dependence on Clinical Adoption & Reimbursement

Market success hinges on durable factors like clinical adoption, reimbursement and hospital budgets. These structural hurdles can slow deployment cycles and recurring consumable revenue growth, delaying breakeven and extending the company’s need for external funding.

Acarix AB Business Overview & Revenue Model

Company Description

Acarix AB (publ), a medical technology company, develops and commercializes diagnostic tests for cardiovascular diseases in Germany, Sweden, the Middle East, Switzerland, Austria, and internationally. The company offers CADScor System, a non-invasive and ultra-sensitive analytical device for the diagnosis of coronary artery disease. Acarix AB (publ) was founded in 2009 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Acarix AB generates revenue primarily through the sale of its CADScor System devices and related services. The company sells these diagnostic devices to healthcare providers, clinics, and hospitals, which use them to assess patients for coronary artery disease. Acarix may also generate income through service agreements or maintenance contracts linked to the ongoing use of its technology. Partnerships with healthcare institutions and collaborations with research entities can also play a role in expanding its market reach and enhancing its revenue streams.

Acarix AB Financial Statement Overview

Summary

Strong TTM revenue growth (+24.4%) and very high gross margin (~86%) support long-term potential, but results are dominated by extremely large losses (net margin ~-758%) and heavy negative operating/FCF (about -48M to -49M). No meaningful debt reduces leverage risk, yet equity erosion and weak ROE (about -95%) indicate ongoing funding and execution risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue is growing strongly (+24.4%), and gross margin remains very high (~86%), suggesting good unit economics. However, the company is still deeply loss-making: net margin is roughly -758% in TTM (and similarly negative in prior annual periods), with EBIT/EBITDA also heavily negative—indicating operating costs remain far ahead of the current revenue base. Overall, improving top-line trajectory but profitability is not yet in sight.

Balance Sheet

The balance sheet is conservatively levered with effectively no debt (debt-to-equity at ~0 in TTM and recent annual periods), which reduces financial risk. The key weakness is ongoing losses driving very poor returns on equity (about -95% in TTM) and a notable equity decline versus prior years (equity down meaningfully from 2021 to TTM), consistent with dilution/burn over time. Net: strong leverage profile, but weakening capital base due to sustained losses.

Cash Flow

Cash generation remains the primary pressure point: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both deeply negative (about -48M to -49M), and free cash flow deterioration is evident versus the last annual period (TTM growth ~-11%). While free cash flow broadly tracks reported losses (free cash flow to net income ~1.02 in TTM), the business is still consuming substantial cash to operate, implying continued funding needs unless revenues scale materially.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.92M	6.20M	6.24M	5.82M	3.76M	2.17M
Gross Profit	5.96M	5.59M	5.30M	4.62M	2.82M	1.59M
EBITDA	-47.81M	-62.63M	-77.12M	-76.12M	-50.52M	-40.29M
Net Income	-52.44M	-66.19M	-77.84M	-76.98M	-51.80M	-41.55M
Balance Sheet
Total Assets	42.10M	80.76M	62.88M	69.48M	118.60M	89.95M
Cash, Cash Equivalents and Short-Term Investments	24.41M	53.99M	35.15M	11.31M	15.81M	64.06M
Total Debt	0.00	0.00	0.00	251.00K	523.00K	1.37M
Total Liabilities	3.62M	5.06M	11.00M	17.66M	18.06M	7.81M
Stockholders Equity	38.48M	75.70M	51.88M	51.83M	100.54M	82.14M
Cash Flow
Free Cash Flow	-49.06M	-64.25M	-81.37M	-75.02M	-48.05M	-36.69M
Operating Cash Flow	-48.13M	-63.33M	-81.37M	-74.87M	-48.01M	-36.69M
Investing Cash Flow	-925.00K	-920.00K	0.00	-151.00K	-43.00K	0.00
Financing Cash Flow	25.96M	86.98M	106.23M	69.03M	-164.00K	47.35M

Acarix AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ACARIX, the sentiment is Neutral. The current price of 0.28 is above the 20-day moving average (MA) of 0.25, above the 50-day MA of 0.28, and below the 200-day MA of 0.29, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 50.72 is Neutral, neither overbought nor oversold. The STOCH value of 54.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:ACARIX.

Acarix AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BRAIN	48 Neutral	kr148.66M	-3.13	-27.22%	―	16.38%	35.71%
MNTC	48 Neutral	kr372.67M	-7.91	-32.96%	―	-0.02%	-85.98%
OSSD	47 Neutral	kr761.11M	-14.39	―	―	38.43%	57.76%
BACTI.B	46 Neutral	kr520.40M	-24.46	-6.81%	―	-8.10%	62.08%
SEZI	43 Neutral	kr740.48M	-5.43	-36.55%	―	62.24%	21.16%
ACARIX	41 Neutral	kr292.06M	-5.51	-102.17%	―	21.88%	48.86%