Acarix AB (publ)

ACARIX.ST

Medical - Devices · Healthcare

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Acarix is a Swedish medical device company that makes a tool to help doctors check if a patient might have blocked heart arteries. Its main product is the CADScanner, a small device that picks up sounds from the heart and uses software to analyze them. The device is designed for use in clinics and hospitals, giving doctors a quick, non-invasive way to rule out coronary artery disease without immediately sending patients for more expensive tests.

The company earns money by selling its CADScanner devices and related single-use sensors to healthcare providers, primarily in Europe. Acarix is a small company, and its deeply negative operating margin shows it is spending far more than it earns right now. The biggest challenge it faces is convincing hospitals and insurers to adopt and reimburse a newer diagnostic tool in a market where established imaging tests already exist.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+102.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+31.6% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

64.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 months

kr 29M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Acarix AB (publ) grew revenue 102% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

40.3%

Healthy — 40.3% gross margin

Profit after running costs

Operating Margin

-403.7%

Losing money on operations — -403.7%

Return on the money invested

ROCE

-88.9%

Weak — -88.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+65.8%

Fast-growing sales (+65.8% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-520.5%

Burning cash (-520.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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