Acarix Publishes Year-End Report 2025

“Our performance in the fourth quarter reflects a company increasingly aligned around execution,” said Aamir Mahmood, President & CEO of Acarix. “Fourth quarter revenue grew 26%, system deliveries increased 64%, and U.S. patch sales rose 73%, while operating costs were reduced by 23%, resulting in a 27% improvement in net loss. At the same time, key milestones such as new U.S. reimbursement coverage and EU MDR certification further strengthen our commercial position as we focus on driving utilization and recurring revenue.”

When speaking on the future of Acarix, Mahmood went on to say, “As we enter 2026, our focus is on converting reimbursement momentum and system placements into higher utilization and recurring revenue. With a strengthened balance sheet, a disciplined cost base, and expanding access in Europe and the U.S., we believe Acarix is well positioned to scale sustainably while advancing earlier, more confident cardiac care.”

Key Highlights

• Q4 revenue increased 26% to SEK 2,141 thousand, supported by 87% growth in the U.S. market.
• A total of 23 CADScor® Systems were delivered in Q4, representing a 64% increase compared to 2024.
• Patch sales increased 2% year-over-year, including 73% growth in the U.S.
• Operating costs declined 23% compared to 2024, contributing to a 27% improvement in net loss.

Fourth quarter 2025 compared to the same period in 2024

• Total revenue amounted to SEK 2,141 thousand (1,700), an increase of 26%.
• In the U.S., revenue amounted to SEK 1,792 thousand (962) and an increase by 87%.
• A total of 23 CADScor Systems (14) were delivered, an increase of 64%. 4 systems were consigned and 19 sold in the U.S. market.
• A total of 171 boxes of patches (167) were sold, reflecting a 2% increase (1 box consists of 20 patches).
• In the U.S., patch sales amounted to 126 boxes (73), an increase of 73%.
• Gross margin amounted to 83% (88%).
• Operating costs amounted to SEK 13,728 thousand (17,812), a decrease of 23%.
• Net loss was SEK –11,673 thousand (−16,020), an improvement of 27%.
• Cash flow from operating activities was SEK -16,891 thousand (-16,638).
• Earnings per share were SEK -0.01 (-0.01).

Full year 2025 compared to the same period in 2024

• Total revenue amounted to SEK 7,361 thousand (6,202), an increase of 19%.
• In the U.S., revenue amounted to SEK 4,388 thousand (3,620), an increase of 21%.
• A total of 101 CADScor Systems (62) were delivered, an increase of 63%.
• In the U.S., 83 CADScor Systems (60) were delivered, an increase of 38%.
• A total of 679 boxes of patches (587) were sold, an increase of 16%.
• In the U.S., 380 boxes of patches (257) were sold, an increase of 48%.
• Gross margin amounted to 85% (90%).
• Operating costs amounted to SEK 54,250 thousand (71,968), an improvement of 25%.
• Net loss amounted to SEK -48,091 thousand (-66,187), an improvement of 27%.
• Cash flow from operating activities was SEK -48,383 thousand (-63,325).
• Earnings per share amounted to SEK –0.04 (–0.07).
• Average number of shares amounted to 1,126,768 (920,813).

The 2025 annual report will be available on the company’s website on April 15, 2026.
The 2026 Annual General Meeting will take place on May 13, 2026.

Webcast presentation of the Q4 year-end report will be available on: https://acarix.com/investor-presentations/

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