Slide 1: Acarix Q4 2025
Transforming Early Cardiac Diagnostics Acarix Q4 2025 Aamir Mahmood President & CEO 02/12/26
Slide 2: The CADScor System
The CADScor®System Transforming Early Cardiac Diagnostics with Rapid Assessment A rapid, point of care diagnostic aid that uses highly sensitive acoustics and advanced computational processing to calculate a patient specific CAD risk score Quickly and easily risk-stratify significant coronary artery
Slide 3: Executive Summary, Q4 Highlights, Q4 Financials
Executive Q4 Q4 Summary Highlights Financials 3
Slide 4: Executive Summary
q | Executive Summary
Slide 5: Continuous Expansion and Progress in Q4
Continuous Expansion and Progress in Q4 Q4 Commercial Performance ● Revenue increased 26% year over year to SEK 2,141 thousand, driven by 87% growth in the U.S. ● CADScor System deliveries grew 64% reflecting accelerating adoption. Financial Performance & Cost Discipline ● Gross margin remained stron
Slide 6: Aamir Mahmood
The fourth quarter of 2025 concluded a year of strong execution for Acarix, with revenue up 26% year-over-year, driven by 87% U.S. growth. Operating costs declined 23% and net loss improved 27%, reflecting continued progress in scaling the business with financial discipline. The U.S. remained the key
Slide 7: Q4 Highlights
Q4 Highlights q |
Slide 8: Acarix Secures HealthChoice Reimbursement, Advancing CADScor Access
Acarix Secures HealthChoice Reimbursement, Advancing CADScor® Access ● HealthChoice implemented reimbursement for the CADScor® System effective October 1, 2025, expanding access across physician offices and outpatient/ED settings. ● Coverage extends access to more than 150,000 members, strengthening
Slide 9: CADScor System Receives EU MDR Certification
CADScor® System Receives EU MDR Certification ● EU MDR Certification Achieved for the CADScor® System, confirming CE marking in accordance with Regulation (EU) 2017/745 and demonstrating compliance with applicable EU safety, quality, and clinical performance requirements. ● Strengthens European Commerc
Slide 10: 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 11: 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 12: Q4 Financials
Q4 Financials 12
Slide 13: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights CADScor U.S. Patch Operating Systems Sales Costs Delivered 64% 73% 23% YoY Quarterly YoY Quarterly YoY Quarterly Revenue in the quarter increased 26% year-over-year, driven primarily by 87% growth in the U.S., while operating costs declined by 23% and net loss improved b
Slide 14: U.S. CADScor System Installations Driving Recurring Patch Sales
U.S. CADScor® System Installations Driving Recurring Patch Sales U.S. CADScor System Installations U.S. Acoustic Patch Sales 14
Slide 15: Expanding U.S. Clinical Adoption Across Key Disciplines
Expanding U.S. Clinical Adoption Across Key Disciplines U.S. CADScor System Installations* Broadening Market Adoption: Growth led by continued expansion in Primary Care and Cardiology, with increasing adoption in Concierge Medicine and early traction in ER/Urgent Care. *Numbers are accumulated 15
Slide 16: Q4 Global Revenue
Q4 Global Revenue Revenue 2,141 +26% 1,700 Q4 2024 Q4 2025 ● Total revenue amounted to SEK 2,141 thousand (1,700), an increase of 26% 16
Slide 17: Q4 Global CADScor Units Installed
Q4 Global CADScor Units Installed CADScor Units 23 +64% 14 Q4 2024 Q4 2025 ● A total of 23 systems were sold and consigned during the period. Of these, 4 systems were consigned in the US market. 17
Slide 18: Q4 Global Gross Margin
Q4 Global Gross Margin Gross Margin 88% 83% -5 point Q4 2024 Q4 2025 ● Gross margin was 83%, compared to 88% in Q4 2024, reflecting a greater mix of distributor-led sales as part of our international growth strategy. 18
Slide 19: Q4 U.S. Patch Sales
Q4 U.S. Patch Sales U.S. Patch Sales (boxes) 126 +73% 73 Q4 2024 Q4 2025 ● In the U.S., patch sales amounted 126 boxes (73), an increase of 73% compared to the same quarter in 2024. 19
Slide 20: Continued Cost Saving Initiatives
Continued Cost Saving Initiatives OPEX Reduction kSEK 17,812 13,728 -23% Q4 2024 Q4 2025 ● Operating costs totaled SEK 13,728 thousand, down 23% from SEK 17,812 thousand in Q4 2024, reflecting continued cost-saving initiatives and stronger operational efficiency. 20
Slide 21: Q4 Net Loss
Q4 Net Loss Net Loss kSEK -16,020 -11,673 -27% Q4 2024 Q4 2025 ● Net loss improved 27% to SEK –11,673 thousand, compared to SEK –16,020 thousand in Q4 2024, reflecting disciplined execution. 21
Slide 22: Monthly Burn Rate
Monthly Burn Rate Monthly Burn Rate kSEK -5,546 -3,508 -37% Q4 2024 Q4 2025 22
Slide 23: Key Go-Forward Objectives
Key Go-Forward Objectives ● Clinical Trials: ○ Systematic review of clinical trials has been published. ■ Requirement for CMS CPT 1 transition. ○ US Performance Trial: Targeting the addition of one new center by Q3 2026. ■ Requirement for CMS CPT 1 transition. ○ UC Davis Study: Continued enrollment
Slide 24: Strategic Distribution Partnership Opens Saudi Arabia Market
Strategic Distribution Partnership Opens Saudi Arabia Market ● New Distribution Agreement Signed in Kingdom of Saudi Arabia, with a local partner responsible for regulatory approval of the CADScor® System. ● Commercial commitment following regulatory approval, with forecasted product orders of appro
Slide 25: Clinical Validation, Testimonial
Clinical Validation, Testimonial ● A clinician’s perspective on using the the CADScor® System as an additional data point when evaluating stable, symptomatic patients. CADScor serves as a valuable additional data point for evaluating stable symptomatic patients—particularly when traditional testing
Slide 26: Thank You!
Transforming Early Cardiac Diagnostics Thank You! 26