Acarix AB (ACARIX) AI Stock Analysis

• Market Cap: kr292.62M
• Dividend Yield: N/A
• Average Volume (3M): 1.57M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.49
• 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: 0.15
• Price to Book (P/B): 7.91
• Price to Sales (P/S): 41.02
• P/FCF Ratio: -6.15
• 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): 0.1
• Revenue Forecast (FY): kr26.90M

• Rating: 48 Neutral
• Price Target: kr0.26 ▼(-8.21% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by weak financial performance: persistent, very large operating losses and cash burn relative to revenue, plus declining equity despite low debt. Technicals are a positive offset with the price above key moving averages and positive MACD, while valuation remains challenged due to ongoing losses and no dividend support.

Positive Factors

Non-invasive diagnostic product

CADScor is an algorithm-based, non-invasive diagnostic for ruling out CAD, addressing a persistent clinical need. This structural product fit supports durable demand from providers seeking lower-risk, outpatient-friendly diagnostics and underpins long-term clinical adoption potential.

Installed-base recurring revenue

The commercial model pairs capital device sales with single-use consumables, creating an installed-base revenue stream. As device deployments grow, recurring per-test consumable sales can scale revenue and improve unit economics, offering a durable pathway to margin expansion.

Low financial leverage

Total debt is effectively zero across recent years, reducing solvency and interest-rate risks. Low leverage provides the company with strategic flexibility and time to scale or pursue partnerships without material fixed debt burdens, a lasting balance-sheet strength.

Negative Factors

Very large operating losses

Operating losses vastly exceed current revenue, reflecting a structural cost-revenue mismatch. Sustained large negative EBIT indicates the business model has yet to reach scale; without material revenue growth or cost reduction, losses will continue to pressure long-term viability.

Declining equity / balance-sheet erosion

Equity has fallen materially over several years, evidencing cumulative losses that erode the capital base. A shrinking equity buffer reduces shock absorption, limits financing options, and increases strategic vulnerability unless profitability or financing sources improve.

Weak cash generation; funding reliance

Operating and free cash flow remain persistently negative and closely track net losses, meaning the company cannot self-fund growth. This structural reliance on external financing creates ongoing dilution risk and constrains long-term strategic independence.

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

Revenue is growing modestly off a small base and gross profit is positive, but operating losses and cash burn remain extremely large versus revenue (e.g., 2025 EBIT about -48.0M vs. revenue about 7.4M; operating cash flow about -48.4M). Low debt reduces leverage risk, yet equity has fallen sharply over time, reflecting continued balance-sheet erosion.

Income Statement

Revenue is growing off a small base (2025 revenue up ~6% after a flat 2024), and gross profit remains positive, indicating product-level viability. However, profitability is the key issue: the company continues to post very large operating and net losses each year (e.g., 2025 EBIT about -48.0M vs. revenue about 7.4M), implying the cost structure is far ahead of the current revenue scale. Overall, improving top-line trend but still far from breakeven.

Balance Sheet

Leverage is low, with total debt effectively at zero in 2023–2025 (and minimal in earlier years), which reduces financial risk. The main weakness is the sharp decline in equity over time (about 100.5M in 2021 to about 38.2M in 2025), consistent with repeated losses and indicating ongoing balance-sheet erosion. Assets have also trended down, suggesting a shrinking capital base to fund operations.

Cash Flow

Cash generation is weak, with consistently negative operating and free cash flow, including a sizable cash burn in 2025 (operating cash flow about -48.4M; free cash flow about -49.1M). While the burn improved versus 2024, it remains large relative to revenue, and free cash flow closely tracks net losses—showing limited ability to self-fund operations at this stage. The trajectory is slightly better year-over-year, but the business still requires external funding to sustain growth.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.36M	6.20M	6.24M	5.82M	3.76M
Gross Profit	2.76M	5.59M	5.30M	4.62M	2.82M
EBITDA	-44.53M	-62.63M	-77.12M	-76.12M	-50.52M
Net Income	-48.09M	-66.19M	-77.84M	-76.98M	-51.80M
Balance Sheet
Total Assets	48.33M	80.76M	62.88M	69.48M	118.60M
Cash, Cash Equivalents and Short-Term Investments	18.27M	53.99M	35.15M	11.31M	15.81M
Total Debt	0.00	0.00	0.00	251.00K	523.00K
Total Liabilities	10.16M	5.06M	11.00M	17.66M	18.06M
Stockholders Equity	38.17M	75.70M	51.88M	51.83M	100.54M
Cash Flow
Free Cash Flow	-49.14M	-64.25M	-81.37M	-75.02M	-48.05M
Operating Cash Flow	-48.38M	-63.33M	-81.37M	-74.87M	-48.01M
Investing Cash Flow	-757.00K	-920.00K	0.00	-151.00K	-43.00K
Financing Cash Flow	11.11M	86.98M	106.23M	69.03M	-164.00K

Acarix AB Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ACARIX, the sentiment is Negative. The current price of 0.28 is below the 20-day moving average (MA) of 0.29, above the 50-day MA of 0.27, and below the 200-day MA of 0.30, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 42.11 is Neutral, neither overbought nor oversold. The STOCH value of 17.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ACARIX.

Acarix AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MNTC	56 Neutral	kr417.67M	-11.49	-32.96%	―	-0.02%	-85.98%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr698.82M	-4.73	-36.55%	―	62.24%	21.16%
ACARIX	48 Neutral	kr292.62M	-6.09	-102.17%	―	21.88%	48.86%
OSSD	47 Neutral	kr662.65M	-12.53	―	―	38.43%	57.76%
BACTI.B	46 Neutral	kr551.94M	-71.33	-6.81%	―	-8.10%	62.08%
BRAIN	45 Neutral	kr204.15M	-3.62	-27.22%	―	16.38%	35.71%