Acutus Medical Reports Second Quarter and Year-To-Date 2024 Financial Results
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 (OTC: AFIB) ha riportato risultati forti per il secondo trimestre del 2024, con un fatturato dalle Operazioni Continuative che ha raggiunto $4,1 milioni, un aumento del 172% rispetto all’anno precedente. Le spese operative per le operazioni continuative sono diminuite del 47% raggiungendo i $2,2 milioni. L’azienda ha registrato un , in aumento del 38% rispetto all'anno scorso. Il margine lordo è migliorato dal -67% all' -8%, grazie al maggiore volume di produzione nella manifattura di accessi per il cuore sinistro e alla riduzione delle spese generali. La perdita netta delle operazioni continuative si è ridotta a $0,4 milioni, con una perdita per azione di $0,01. Liquidità, equivalenti di cassa, titoli negoziabili e cassa vincolata ammontavano a $13,3 milioni al 30 giugno 2024. L'azienda ha interrotto le previsioni finanziarie a causa della sua riallocazione strategica verso il settore della distribuzione degli accessi per il cuore sinistro.
Acutus Medical (OTC: AFIB) informó resultados sólidos para el segundo trimestre de 2024, con ingresos de las Operaciones Continuas alcanzando $4.1 millones, un aumento del 172% interanual. Los gastos operativos para las operaciones continuas disminuyeron en un 47% a $2.2 millones. La compañía registró una ganancia de $2.9 millones por la venta de negocios, un aumento del 38% en comparación con el año pasado. El margen bruto mejoró de -67% a -8%, impulsado por mayores volúmenes de producción en la fabricación de accesos al corazón izquierdo y la reducción de gastos generales. La pérdida neta de las operaciones continuas se redujo a $0.4 millones, con una pérdida por acción de $0.01. El efectivo, equivalentes de efectivo, valores negociables y efectivo restringido llegaron a $13.3 millones al 30 de junio de 2024. La empresa ha discontinuado la orientación financiera debido a su reorientación estratégica hacia el negocio de distribución de accesos al corazón izquierdo.
Acutus Medical (OTC: AFIB)은 2024년 2분기 강력한 실적을 보고했으며, 지속적인 운영에서의 수익은 $4.1백만에 이르렀고, 이는 전년 대비 172% 증가한 것입니다. 지속적인 운영의 운영 비용은 47% 감소하여 $2.2백만이 되었습니다. 회사는 업체 매각으로 인한 $2.9백만의 이익을 기록했으며, 이는 지난해보다 38% 증가한 수치입니다. 총 마진은 -67%에서 -8%로 개선되었으며, 이는 좌심방 접근 제조에서의 생산량 증가와 간접비 감소에 의해 주도되었습니다. 지속적인 운영의 순손실은 $0.4백만으로 줄어들었으며, 주당 손실은 $0.01입니다. 2024년 6월 30일 기준으로 현금, 현금성 자산, 유가증권 및 제한된 현금은 $13.3백만에 달했습니다. 회사는 좌심방 접근 유통 사업으로의 전략적 재조정으로 인해 재무 가이던스를 중단하였습니다.
Acutus Medical (OTC: AFIB) a annoncé des résultats solides pour le deuxième trimestre 2024, avec des revenus des opérations continues atteignant 4,1 millions $, ce qui représente une augmentation de 172% par rapport à l'année précédente. Les dépenses d'exploitation pour les opérations continues ont diminué de 47% pour atteindre 2,2 millions $. La société a enregistré un bénéfice de 2,9 millions $ provenant de la vente d'une activité, en hausse de 38 % par rapport à l'année dernière. La marge brute s'est améliorée de -67 % à -8 %, grâce à des volumes de production plus élevés dans la fabrication d'accès au cœur gauche et à la réduction des frais généraux. La perte nette des opérations continues s'est réduite à 0,4 millions $, avec une perte par action de 0,01 $. Les liquidités, équivalents de liquidités, titres négociables et liquidités restreintes s'élevaient à 13,3 millions $ au 30 juin 2024. La société a interrompu ses prévisions financières en raison de sa réorganisation stratégique vers le secteur de la distribution d'accès au cœur gauche.
Acutus Medical (OTC: AFIB) hat starke Ergebnisse für das zweite Quartal 2024 berichtet, mit Einnahmen aus fortgesetzten Betrieben von 4,1 Millionen $, was einem 172%-igen Anstieg im Vergleich zum Vorjahr entspricht. Die Betriebskosten für fortgesetzte Betriebe sanken um 47% auf 2,2 Millionen $. Das Unternehmen verzeichnete einen Gewinn von 2,9 Millionen $ aus dem Verkauf eines Geschäfts, ein Anstieg von 38% im Vergleich zum Vorjahr. Die Bruttomarge verbesserte sich von -67% auf -8%, getrieben durch höhere Produktionsvolumina in der Herstellung von Zugängen zum linken Herzen und reduzierten Gemeinkosten. Der Nettoverlust aus fortgesetzten Betrieben verringerte sich auf 0,4 Millionen $, mit einem Verlust von 0,01 $ pro Aktie. Der Cash-Bestand, gleichwertige Zahlungsmittel, handelbare Wertpapiere und eingeschränkte Zahlungsmittel beliefen sich zum 30. Juni 2024 auf 13,3 Millionen $. Das Unternehmen hat die finanzielle Prognose aufgrund der strategischen Neuausrichtung auf das Geschäft mit dem Vertrieb von Zugängen zum linken Herzen eingestellt.
- Revenue from Continuing Operations grew 172% year-over-year to $4.1 million
- Operating expenses for continuing operations reduced by 47% compared to last year
- Gain on sale of business increased by 38% to $2.9 million
- Gross margin improved from -67% to -8% year-over-year
- Net loss on continuing operations decreased from $4.2 million to $0.4 million
- Gross margin remains negative at -8%
- Company discontinued providing financial guidance
- Loss on discontinued operations of $0.6 million
CARLSBAD, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Acutus Medical, Inc. (“Acutus” or the “Company”) (OTC: AFIB) today reported results for the second quarter and year-to-date of 2024.
Recent Highlights:
- Second quarter revenue from Continuing Operations of
$4.1 million grew172% year-over-year, from$1.5 million in the same quarter last year. - Operating expenses for continuing operations were
$2.2 million , a reduction of47% compared to the same period last year. - Recorded
$2.9 million in gain on sale of business, an increase of38% compared to the same period last year. - Cash, cash equivalents, marketable securities and restricted cash were
$13.3 million as of June 30, 2024.
Second Quarter 2024 Financial Results
Revenue from Continuing Operations was
Gross margin on a GAAP basis for continuing operations was negative
Operating expenses for continuing operations on a GAAP basis were
Net loss on continuing operations on a GAAP basis was
Cash, cash equivalents, marketable securities and restricted cash were
Loss on Discontinued Operations
Loss on discontinued operations was
Outlook
Due to the announced plan to realign resources to support the left-heart access distribution business and exit from the electrophysiology mapping and ablation businesses, the Company will no longer provide financial guidance.
About Acutus
Acutus is focused on the production of left-heart access products under its distribution agreement with Medtronic, Inc. Founded in 2011, Acutus is based in Carlsbad, California.
Caution Regarding Forward-Looking Statements
This press release includes statements that may constitute “forward-looking” statements, usually containing the words 'believe", "estimate", "project", "expect" or similar expressions. Forward looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the Company’s ability to continue to manage expenses and cash burn rate at sustainable levels, successful completion of the Company’s restructuring plan, continued acceptance of the Company’s left-heart access products in the marketplace, the effect of global economic conditions on the ability and willingness of Medtronic to purchase the Company’s left-heart access products and the timing of such purchases, competitive factors, changes resulting from healthcare policy in the United States and globally including changes in government reimbursement of procedures, dependence upon third-party vendors and distributors, timing of regulatory approvals, the Company’s ability to maintain its listing on Nasdaq, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, Acutus undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contact:
Chad Hollister
Acutus Medical, Inc.
investors@acutus.com
| Acutus Medical, Inc. | |||||||
| Consolidated Balance Sheets | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| (in thousands, except share and per share amounts) | (unaudited) | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 13,327 | $ | 19,170 | |||
| Marketable securities, short-term | — | 3,233 | |||||
| Restricted cash, short-term | — | 7,030 | |||||
| Accounts receivable | 9,235 | 11,353 | |||||
| Inventory | 5,213 | 4,278 | |||||
| Prepaid expenses and other current assets | 507 | 678 | |||||
| Current assets of discontinued operations (Note 3) | 175 | 510 | |||||
| Total current assets | 28,457 | 46,252 | |||||
| Property and equipment, net | 808 | 825 | |||||
| Right-of-use assets, net | 2,831 | 3,189 | |||||
| Other assets | 94 | 94 | |||||
| Non-current assets of discontinued operations (Note 3) | 3,284 | 3,600 | |||||
| Total assets | $ | 35,474 | $ | 53,960 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | 1,683 | 2,761 | |||||
| Accrued liabilities | 1,609 | 2,887 | |||||
| Operating lease liabilities, short-term | 886 | 718 | |||||
| Long-term debt, current portion | 7,055 | 1,864 | |||||
| Warrant liability | 128 | 409 | |||||
| Current liabilities of discontinued operations (Note 3) | 1,017 | 10,303 | |||||
| Total current liabilities | 12,378 | 18,942 | |||||
| Operating lease liabilities, long-term | 2,771 | 3,243 | |||||
| Long-term debt | 25,130 | 32,654 | |||||
| Total liabilities | 40,279 | 54,839 | |||||
| Commitments and contingencies (Note 11) | |||||||
| Stockholders' deficit | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 30 | 29 | |||||
| Additional paid-in capital | 598,542 | 599,935 | |||||
| Accumulated deficit | (602,511 | ) | (599,977 | ) | |||
| Accumulated other comprehensive loss | (866 | ) | (866 | ) | |||
| Total stockholders' deficit | (4,805 | ) | (879 | ) | |||
| Total liabilities and stockholders' deficit | $ | 35,474 | $ | 53,960 | |||
| Acutus Medical, Inc. | |||||||||||||||
| Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands, except share and per share amounts) | (unaudited) | ||||||||||||||
| Revenue | $ | 4,127 | $ | 1,515 | $ | 7,752 | $ | 2,757 | |||||||
| Cost of products sold | 4,470 | 2,527 | 8,125 | 4,638 | |||||||||||
| Gross profit (loss) | (343 | ) | (1,012 | ) | (373 | ) | (1,881 | ) | |||||||
| Operating expenses (income): | |||||||||||||||
| Research and development | — | 917 | — | 1,855 | |||||||||||
| Selling, general and administrative | 2,225 | 3,280 | 5,562 | 7,752 | |||||||||||
| Change in fair value of contingent consideration | — | (77 | ) | — | 123 | ||||||||||
| Gain on sale of business | (2,869 | ) | (2,072 | ) | (5,661 | ) | (3,279 | ) | |||||||
| Total operating expenses (income) | (644 | ) | 2,048 | (99 | ) | 6,451 | |||||||||
| Gain (loss) from operations | 301 | (3,060 | ) | (274 | ) | (8,332 | ) | ||||||||
| Other income (expense): | |||||||||||||||
| Change in fair value of warrant liability | 564 | (604 | ) | 281 | 842 | ||||||||||
| Interest income | 207 | 824 | 488 | 1,676 | |||||||||||
| Interest expense | (1,510 | ) | (1,395 | ) | (2,988 | ) | (2,701 | ) | |||||||
| Other revenue | 76 | — | 76 | — | |||||||||||
| Total other expense, net | (663 | ) | (1,175 | ) | (2,143 | ) | (183 | ) | |||||||
| Loss from continuing operations before income taxes | (362 | ) | (4,235 | ) | (2,417 | ) | (8,515 | ) | |||||||
| Net loss from continuing operations | (362 | ) | (4,235 | ) | (2,417 | ) | (8,515 | ) | |||||||
| Discontinued operations: | |||||||||||||||
| Loss from discontinued operations before taxes | (552 | ) | (14,111 | ) | (107 | ) | (26,146 | ) | |||||||
| Income tax expense - discontinued operations | — | — | (10 | ) | — | ||||||||||
| Net loss from discontinued operations | (552 | ) | (14,111 | ) | (117 | ) | (26,146 | ) | |||||||
| Net loss | $ | (914 | ) | $ | (18,346 | ) | $ | (2,534 | ) | $ | (34,661 | ) | |||
| Other comprehensive loss | |||||||||||||||
| Unrealized loss (gain) on marketable securities | — | (8 | ) | — | 4 | ||||||||||
| Foreign currency translation adjustment | — | (85 | ) | — | (26 | ) | |||||||||
| Comprehensive loss | $ | (914 | ) | $ | (18,439 | ) | $ | (2,534 | ) | $ | (34,683 | ) | |||
| Net loss earnings per share, basic & diluted: | |||||||||||||||
| Loss from continuing operations | $ | (0.01 | ) | $ | (0.15 | ) | $ | (0.08 | ) | $ | (0.29 | ) | |||
| Loss from discontinued operations | $ | (0.02 | ) | $ | (0.49 | ) | $ | — | $ | (0.90 | ) | ||||
| Net loss per common share | $ | (0.03 | ) | $ | (0.63 | ) | $ | (0.09 | ) | $ | (1.20 | ) | |||
| Weighted average shares outstanding, basic and diluted | 29,721,542 | 29,039,732 | 29,727,872 | 28,902,808 | |||||||||||
| Acutus Medical, Inc. | |||||||
| Consolidated Statements of Cash Flows | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| (in thousands) | (unaudited) | ||||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (2,534 | ) | $ | (34,661 | ) | |
| Less: (Gain) loss from discontinued operations | 117 | 26,146 | |||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation expense | 162 | 231 | |||||
| Non-cash stock-based compensation expense | 331 | 1,022 | |||||
| Accretion of discounts on marketable securities, net | (28 | ) | (1,037 | ) | |||
| Amortization of debt issuance costs | 292 | 212 | |||||
| Amortization of operating lease right-of-use assets | 358 | 339 | |||||
| Gain on sale of business, net | (5,661 | ) | (3,279 | ) | |||
| Change in fair value of warrant liability | (281 | ) | (842 | ) | |||
| Loss on disposal of property and equipment | — | 515 | |||||
| Change in fair value of contingent consideration | — | 123 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (2,322 | ) | (1,046 | ) | |||
| Inventory | (935 | ) | (1,474 | ) | |||
| Employer retention credit receivable | — | 4,703 | |||||
| Prepaid expenses and other current assets | 182 | 126 | |||||
| Accounts payable | (1,078 | ) | (210 | ) | |||
| Accrued liabilities | (1,453 | ) | (1,629 | ) | |||
| Operating lease liabilities | (304 | ) | (277 | ) | |||
| Other long-term liabilities | — | 8 | |||||
| Net cash used in operating activities - continuing operations | (13,154 | ) | (11,030 | ) | |||
| Net cash used in operating activities - discontinued operations | (10,750 | ) | (20,067 | ) | |||
| Net cash used in operating activities | (23,904 | ) | (31,097 | ) | |||
| Cash flows from investing activities | |||||||
| Proceeds from sale of business | 10,276 | 17,000 | |||||
| Purchases of available-for-sale marketable securities | — | (33,880 | ) | ||||
| Sales of available-for-sale marketable securities | 500 | — | |||||
| Maturities of available-for-sale marketable securities | 2,750 | 48,250 | |||||
| Purchases of property and equipment | (143 | ) | (777 | ) | |||
| Net cash provided by investing activities - continuing operations | 13,383 | 30,593 | |||||
| Net cash provided by (used in) investing activities - discontinued operations | 316 | (207 | ) | ||||
| Net cash provided by investing activities | 13,699 | 30,386 | |||||
| Cash flows from financing activities | |||||||
| Repayment of debt | (2,625 | ) | — | ||||
| Proceeds from the exercise of stock options | — | 4 | |||||
| Repurchase of common shares to pay employee withholding taxes | — | (23 | ) | ||||
| Proceeds from employee stock purchase plan | — | 25 | |||||
| Net cash provided by financing activities - continuing operations | (2,625 | ) | 6 | ||||
| Net cash used in financing activities - discontinued operations | (41 | ) | (240 | ) | |||
| Net cash used in financing activities | (2,666 | ) | (234 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2 | ) | (346 | ) | |||
| Net change in cash, cash equivalents and restricted cash | (12,873 | ) | (1,291 | ) | |||
| Cash, cash equivalents and restricted cash, at the beginning of the period | 26,200 | 31,348 | |||||
| Cash, cash equivalents and restricted cash, at the end of the period | $ | 13,327 | $ | 30,057 | |||
| Supplemental disclosure of cash flow information: | |||||||
| Cash paid for interest | 2,561 | 2,458 | |||||
| Supplemental disclosure of noncash investing and financing activities: | |||||||
| Accounts receivable from sale of business | $ | (5,836 | ) | $ | 3,381 | ||
| Change in unrealized (gain) loss on marketable securities | $ | — | $ | (4 | ) | ||
| Change in unpaid purchases of property and equipment | $ | — | $ | (54 | ) | ||
FAQ
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