Nanologica

Episurf Medical

Scibase Holding

Spago Nanomedical

Alzinova

Redsense Medical

AroCell

Acarix

* Currently generates no profits and negative cash flow, which may require additional funding and dilute shareholder value.
* Limited information on geographic market expansion success, potentially indicating challenges in scaling across diverse locations.
* Lack of data on competitive advantage sustainability and pricing power, raising questions about long-term market position.
* Insufficient information on revenue diversification and operational stability, potentially exposing the company to concentration risks.

* Major portion of existing revenues is recurring, enhancing business stability and predictability.
* Able to scale up without expensive reinvestment, leveraging high gross profit margins and low CAPEX to sales ratio.
* Expected to grow five-fold within a decade, indicating strong market opportunities and product pipeline.
* Core product (CADScor System) addresses a significant medical need, potentially contributing to the greater good.

* Inconsistent delivery on sales targets and timelines, falling short of past ambitious promises.
* Lack of structured incentives tied to multi-year business goals for fostering long-term shareholder value.
* Absence of sustainability-related performance incentives in executive compensation plans.
* Low insider ownership, with no significant stakes held by management or board members.
* Recent CEO appointment limits assessment of long-term performance alignment and capital allocation skills.

* Strong leadership vision focused on saving lives through innovative coronary artery disease diagnostics, with a CEO experienced in the medical device industry.
* Commitment to innovation evidenced by significant R&D expenditure and a clear mission to transform early cardiac diagnostics.
* Transparent and timely business updates, with communication focused on long-term value creation.
* Board composition includes diverse expertise aligned with business strategy, promoting effective governance and value creation.
* Female representation in both management and board, indicating a commitment to gender diversity in leadership.

<p>We consider yesterday&#8217;s news as further validation of the CADScor System and the flexibility of Acarix&#8217;s product. While this project is in an early phase of development, we consider it an exciting possibility of moving forward for Acarix. We are waiting for the final analysis&#8217;s full results to gain more solid knowledge of the project moving forward; the results are expected to be submitted for publication during the second quarter of 2021.</p>
<p>The Seismo-study included 199 patients in two sites in Denmark, and it recruited the last patient in June of 2020. The study concluded that the modified CADscor system used in the study was effective and reliable as an exclusion method for patients referred to the evaluation for heart failure at an outpatient clinic.</p>
