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Acutus Medical, Inc. (Nasdaq: AFIB) is a pioneering company in the field of arrhythmia management, focused on improving the way cardiac arrhythmias are diagnosed and treated. Based in Carlsbad, California, and founded in 2011, Acutus is dedicated to advancing electrophysiology with innovative products and technologies that enable more efficient and effective treatments for complex arrhythmias.
Acutus Medical has attracted some of the most respected experts in electrophysiology and cardiac device manufacturing, creating a strong network of global collaborative partners. Their mission is to provide electrophysiologists with the highest quality suite of tools and exceptional clinical support to better understand and treat complex arrhythmias. This mission is driven by the need for advanced technology in the high-growth electrophysiology market, addressing unmet needs for evidence-based approaches to treating atrial fibrillation, ventricular tachycardia, and other complex arrhythmias.
The company's product portfolio includes the AcQMap® Mapping System, the AcQMap 3D Mapping Catheter, the AcQBlate® Force-Sensing Ablation Catheter, and the AcGuide™ Max 2.0 Steerable Sheath. These products are designed to provide a complete solution for catheter-based treatment of cardiac arrhythmias.
Recently, Acutus announced a strategic realignment to focus exclusively on the production and distribution of left-heart access products for Medtronic, Inc. This shift aims to optimize financial performance and maximize cash flow. As part of this restructuring, Acutus will wind down its electrophysiology mapping and ablation business, significantly reducing its workforce and operational expenses.
Financially, Acutus reported significant growth in revenue from its continuing operations, driven by its partnership with Medtronic. For example, first quarter 2024 revenue was $3.6 million, a 192% increase compared to the same period in 2023. The company has also seen improvements in gross margins and reductions in operating expenses, highlighting the benefits of its strategic focus.
Despite challenges, including the need to manage expenses and cash burn rates, Acutus remains committed to its mission and continues to innovate and support the medical community with advanced solutions for cardiac arrhythmia management.
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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