Slide 1: Acarix Q3 2025: Transforming Early Cardiac Diagnostics
Transforming Early Cardiac Diagnostics Acarix Q3 2025 Aamir Mahmood President & CEO 11/06/25
Slide 2: The CADScor System
The CADScor® System Backed by Quickly and easily CE-marked and Headquartered in 15+ years of R&D, risk-stratify FDA De Novo Sweden | R&D and 45 patents, and significant cleared; manufacturing in clinical data from coronary artery designated as a Denmark | Global 6,000+ patients disease with 96.2% Cl
Slide 3: Executive Summary, Q3 Highlights, Q3 Financials
Executive Q3 Q3 Summary Highlights Financials 3
Slide 4: Executive Summary
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Slide 5: Continuous Expansion and Progress in Q3
Continuous Expansion and Progress in Q3 Growth in Global Market Performance ● A total of 39 CADScor Systems were delivered, an increase of 95%. 22 systems were consigned in the US market and 17 systems were sold in the MENA region. ● U.S. revenue totaled SEK 766 thousand, an increase of 17% year-ove
Slide 6: CEO Comments
As we conclude the third quarter of 2025, Acarix delivered another strong performance with 137% revenue growth, driven by our first MENA sales and continued U.S. momentum. We reduced operating costs by 43% and improved net loss by 49%, proving our ability to scale with discipline. Our MENA entry mark
Slide 7: Q3 Highlights
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Slide 8: Acarix Secures HealthChoice Reimbursement, Advancing CADScor Access
Acarix Secures HealthChoice Reimbursement, Advancing CADScor® Access ● In October 2025, Acarix announced that HealthChoice, a self-funded insurance plan administered by the State of Oklahoma, implemented reimbursement coverage for the CADScor® System, effective October 1, 2025. ● The coverage applie
Slide 9: Expansion into MENA Region: First Major Order Secured
Expansion into MENA Region: First Major Order Secured ● In July 2025, Acarix secured first order in the Middle East and North Africa (MENA) region, valued at 1.35M SEK ● Order placed by a leading regional distributor, marking a key milestone in Acarix’s international expansion strategy ● Partnership
Slide 10: Rural Health Transformation Program
Rural Health Transformation Program ● The Rural Health Transformation (RHT) program represents a $50B investment over five years, with $10B disbursed annually to advance rural healthcare access and innovation. ● Encouraged states to submit $10M grant proposal under the (RHT) program to deploy the CAD
Slide 11: Creating a Scalable Pathway for Reimbursement
Creating a Scalable Pathway for Reimbursement ● Secured a second fixed-rate reimbursement of $300 per CADScor® test, expanding coverage across both physician office and emergency department settings. ● Three of the five largest U.S. payors removed the “experimental” label and eliminated prior authoriza
Slide 12: 0716T Private Clinic Reimbursement
0716T Private Clinic Reimbursement Incl. Commercial & MA Cigna, Cigna Connect Commercial, GA, LA, IL, AZ Avg payment Avg payment Avg payment Average Reimbursement $350 $302 $289 $387 Federal Avg payment Avg payment Avg payment $403 $750 $300 As of August 2025, Cigna, Humana and United Healthcare NO
Slide 13: Clinical Health Update
Clinical Health Update ● Systematic review published (July 18, 2025) – “Acoustic-based systems for the evaluation of coronary artery disease: A systematic literature review” ○ Meets a key CPT I requirement ○ Further reinforces clinical validation and credibility of the CADScor® System ● UC Davis Stu
Slide 14: LinkedIn Q3 Highlights
LinkedIn Q3 Highlights 44,070 4,414 2,550 10.55% 5.78% IMPRESSIONS ENGAGEMENTS CLICKS ENGAGEMENT RATE CLICK-THRU RATE ● An engagement rate of 10.55% is extremely healthy as the industry benchmarks for medical devices sits at 2.8% ● A click-through-rate of 5.76% is also extremely healthy against an i
Slide 15: X Q3 Highlights
X Q3 Highlights 6,726 889 414 13.2% 46.57% IMPRESSIONS ENGAGEMENTS CLICKS ENGAGEMENT RATE CLICK-THRU RATE ● Engagement rate held steady at 13%, indicating consistent audience interest among those reached. Industry average on X is 1.3% ● 11.5% of engaged audiences were from the U.S this quarter, a no
Slide 16: Q3 Financials
Q3 Financials 16
Slide 17: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights CADScor Global Operating Systems Patch Costs Delivered 95% Sales 43% YoY Quarterly 80% YoY Quarterly YoY Quarterly Operationally, we continue to execute with discipline and focus. With a gross margin of 85%, we are balancing growth with cost efficiency, and our streamline
Slide 18: Expansion of CADScor Installations Continues to Drive Recurring Patch Sales
Expansion of CADScor® Installations Continues to Drive Recurring Patch Sales U.S. CADScor System Installations U.S. Acoustic Patch Sales 18
Slide 19: Wider Clinical Adoption Across Key Disciplines
Wider Clinical Adoption Across Key Disciplines U.S. CADScor System Installations* Broadening Market Adoption: Growth driven by continued expansion across Primary Care, Cardiology, and Concierge Medicine, with emerging traction in ER/Urgent Care settings. *Numbers are accumulated 19
Slide 20: Q3 Global Revenue
Q3 Global Revenue Revenue 2,350 +137% 993 Q3 2024 Q3 2025 ● The growth is mainly driven by ongoing expansion in the US market, along with the entry into the MENA market through our first sales to a distributor. 20
Slide 21: Q3 Global CADScor Units Installed
Q3 Global CADScor Units Installed CADScor Units 39 95% 20 Q3 2024 Q3 2025 ● A total of 39 systems were sold and consigned during the period. Of these, 17 systems were sold to our new distributor in the MENA market. 21
Slide 22: Q3 Global Patch Sales
Q3 Global Patch Sales Patch Sales (units) 211 80% 117 Q3 2024 Q3 2025 ● Total patch sales reached 211 boxes, compared to 117 boxes in the same period last year, representing an 80% increase. Of these, 133 boxes were sold to our new distributor in the MENA region. 22
Slide 23: Q3 Global Gross Margin
Q3 Global Gross Margin Gross Margin 90% 85% -5 point Q3 2024 Q3 2025 ● The gross margin on sales remained solid at 85%, compared to 90% in Q3 2024, reflecting the strategic shift to a distributor-based model supporting scalable international growth. 23
Slide 24: Q3 U.S. CADScor Units Installed
Q3 U.S. CADScor Units Installed U.S. CADScor Units 22 20 +10% Q3 2024 Q3 2025 ● All systems were consigned and installed at customer sites, reflecting continued deployment strength and clinical engagement. 24
Slide 25: Q3 U.S. Patch Sales
Q3 U.S. Patch Sales U.S. Patch Sales (boxes) 78 +13% 68 Q3 2024 Q3 2025 ● In the U.S., patch sales totaled 78 boxes, an increase of 13% compared to the same quarter in 2024. 25
Slide 26: Continued Cost Saving Initiatives
Continued Cost Saving Initiatives OPEX Reduction kSEK 19,447 11,168 -43% Q3 2024 Q3 2025 ● Operating costs totaled SEK 11,168 thousand, down 43% from SEK 19,447 thousand in Q3 2024, reflecting continued cost-saving initiatives and stronger operational efficiency. 26
Slide 27: Q3 Net Loss
Q3 Net Loss Net Loss kSEK -18,574 -9,445 -49% Q3 2024 Q3 2025 ● Net loss improved 49% to SEK –9,445 thousand, compared to SEK –18,574 thousand in Q3 2024, reflecting disciplined execution and continued operational efficiency. 27
Slide 28: Monthly Burn Rate
Monthly Burn Rate Monthly Burn Rate kSEK -4,330 -2,387 -45% Q3 2024 Q3 2025 ● Q3 2025 monthly burn rate was down 45% vs. Q3 2024. 28
Slide 29: Financing
Financing The Board of Directors and executive management work continuously to secure the company’s long-term financing to ensure the operation of the business. The company’s growth plan is continuously balanced against the financial resources available at any given time. The established growth plan,
Slide 30: Previous Key Go-Forward Objectives
Previous Key Go-Forward Objectives The GEO-MED partnership has created strong opportunities to expand market reach and strengthen distribution across key healthcare networks. Clinical Trials: Systematic review of clinical trials has been published. Requirement for CMS CPT 1 transition. US Performanc
Slide 31: Future Key Go-Forward Objectives
Future Key Go-Forward Objectives ● Reimbursement Strategy ○ Continue robust development and reimbursement initiatives ○ Pursue opportunities such as the Rural Health Grant ● Clinical Trials ○ US Performance Trial: Targeting the addition of two new centers. ■ Requirement for CMS CPT 1 transition. ○ U
Slide 32: Thank You!
Transforming Early Cardiac Diagnostics Thank You! 32