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Acutus Medical, Inc. reports developments tied to its left-heart access product business and its transition away from electrophysiology mapping and ablation. The company focuses on production of left-heart access products under a distribution agreement with Medtronic, with recurring updates on continuing-operations revenue, manufacturing volume, gross margin, operating expenses, and gains related to business sales.
News also covers corporate restructuring, strategic realignment of resources, discontinued legacy mapping and ablation operations, and changes in financial guidance practices.
Acutus Medical (OTC: AFIB) reported significant growth in its full year 2024 financial results. Revenue from continuing operations surged 181% to $20.2 million, compared to $7.2 million in 2023. The company's operating loss improved substantially to $0.1 million from $11.7 million last year.
Key financial metrics include:
- Gross margin improved to 5% from -44% in 2023
- Operating expenses decreased to $1.1 million from $8.6 million
- Net loss was $4.6 million ($0.16 per share)
- Cash position stood at $14.0 million as of December 31, 2024
The company recorded a $10.8 million gain on sale of business, up 19% year-over-year. Following its strategic realignment to focus on left-heart access distribution and exit from electrophysiology mapping and ablation businesses, Acutus will no longer provide financial guidance.
Acutus Medical (NASDAQ: AFIB) announced a significant operational downsizing, reducing its workforce by approximately 70%. The company will scale down operations to focus solely on manufacturing and distributing left-heart access products for Medtronic, as per their Asset Purchase Agreement and Distribution Agreement from 2022.
The restructuring will incur $1.4-1.8 million in pre-tax charges, including $0.3 million for severance, $1.2 million for retention bonuses, and up to $0.3 million for contract closing costs. Most expenses are expected in Q1 2025. As of September 30, 2024, Acutus had $12.6 million in cash and equivalents. The company will continue receiving revenue from Medtronic product sales and earnout payments until January 2027.
Acutus Medical (OTC: AFIB) reported strong Q3 2024 results with revenue from Continuing Operations reaching $5.3 million, a 156% increase year-over-year. The company achieved operating income of $0.1 million, marking a 119% improvement. Gross margin improved to 7% from -53% last year, driven by higher production volumes in left-heart access manufacturing. The company recorded a $2.4 million gain on sale of business. Net loss narrowed to $0.8 million ($0.03 per share) compared to $1.9 million last year. Cash position stood at $12.6 million as of September 30, 2024.
Acutus Medical (OTC: AFIB) reported strong Q2 2024 results, with revenue from Continuing Operations reaching $4.1 million, a 172% year-over-year increase. Operating expenses for continuing operations decreased by 47% to $2.2 million. The company recorded a $2.9 million gain on sale of business, up 38% from last year. Gross margin improved from -67% to -8%, driven by higher production volumes in left-heart access manufacturing and reduced overhead expenses. Net loss on continuing operations narrowed to $0.4 million, with a loss per share of $0.01. Cash, cash equivalents, marketable securities, and restricted cash stood at $13.3 million as of June 30, 2024. The company has discontinued financial guidance due to its strategic realignment towards the left-heart access distribution business.
Acutus Medical, Inc. reported significant growth in revenue for the first quarter of 2024, with a 192% increase year-over-year. Operating expenses decreased by 38%, and the company recorded a substantial gain on the sale of a business. Cash reserves stood at $20.0 million as of March 31, 2024. However, gross margin remained negative, and the company reported a net loss on continuing operations. Due to strategic changes, Acutus will no longer offer financial guidance.
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