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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 announced on September 1, 2022, the approval of an equity award under its 2022 Inducement Equity Incentive Plan. This award was granted to a new employee as a material inducement for employment. The employee will receive 2,000 restricted stock units (RSUs), with 25% vesting annually over four years, contingent upon continued employment. Acutus, based in Carlsbad, California, focuses on enhancing cardiac arrhythmia diagnosis and treatment through innovative technologies and partnerships.
Acutus Medical, Inc. (AFIB) reported Q2 2022 revenue of $4.1 million, a 13% decrease from $4.7 million in Q2 2021, attributed to a drop in capital and disposable revenue. Global mapping procedures increased by 20% year-over-year. The company completed a portfolio sale to Medtronic and debt refinancing to strengthen financials. While GAAP net income improved to $5.7 million from a loss of $28.7 million last year, non-GAAP net loss was $26.2 million. Cash resources stood at $93.1 million as of June 30, 2022.
Acutus Medical (Nasdaq: AFIB), a company focused on arrhythmia management, announced the grant of 17,500 restricted stock units (RSUs) to five new employees as part of its 2022 Inducement Equity Incentive Plan. The awards, approved by the company's Compensation Committee, serve as a material inducement for employment and will vest over four years, contingent on continued employment. This initiative aligns with Acutus' commitment to enhancing the diagnosis and treatment of cardiac arrhythmias, supported by its innovative product portfolio and global partnerships.
Acutus Medical (Nasdaq: AFIB) plans to release its Q2 2022 financial results on August 11, 2022.
A conference call and webcast will follow at 1:30 p.m. Pacific Time to discuss the results and recent highlights. Participants can register in advance for the call and will receive dial-in numbers and a unique PIN via email.
Acutus focuses on improving cardiac arrhythmias diagnosis and treatment through innovative products and technologies, contributing to more efficient patient care.
Acutus Medical announced the approval of its AcQMap High Resolution Imaging and Mapping System and AcQMap 3D Imaging and Mapping Catheter for use in Japan, a key growth market. The electrophysiology (EP) mapping and ablation market in Japan is projected to exceed $1.4 billion in 2022, with expectations to grow to $1.8 billion by 2025. Acutus, in partnership with BIOTRONIK, is set to enhance arrhythmia diagnosis and treatment through its innovative, non-contact technology.
Acutus Medical, Inc. (Nasdaq: AFIB) announced the appointment of David Roman as President and CEO, effective immediately. Roman, previously interim CEO and CFO, aims to enhance operational strategies and financial performance. The company reported preliminary second quarter revenues of approximately $4.0-$4.1 million, compared to $4.7 million in Q2 2021. Notably, there was a significant cash burn decline compared to Q1 2022. The full financial results will be disclosed in August, along with updates on operational improvements.
On July 1, 2022, Acutus Medical (Nasdaq: AFIB) granted a total of 6,000 restricted stock units (RSUs) to two new employees as part of its 2022 Inducement Equity Incentive Plan. This award is intended to incentivize their employment and will vest yearly over four years, contingent upon continued employment. Acutus, based in Carlsbad, California, specializes in arrhythmia management, aiming to enhance diagnosis and treatment of cardiac arrhythmias with a comprehensive array of electrophysiology products and technologies.
Acutus Medical completed the first closing of its left-heart access portfolio sale to Medtronic for $50 million on June 30, 2022. This includes the AcQCross™ and AcQGuide® product lines, with potential contingent payments of up to $37 million based on regulatory milestones. Additionally, the company secured a $35 million debt facility from Deerfield Management to refinance existing debts, maturing in June 2027. Acutus aims to enhance its financial position, enabling investments in product development and market strategies.
Acutus Medical has launched the AcQCross™ Qx system, an integrated transseptal access product that streamlines procedures in cardiac arrhythmia treatments. This innovative system reduces the need for multiple exchanges of wires and needles, enhancing safety and efficiency during left-atrial appendage closure procedures, projected to exceed 50,000 in 2022. AcQCross provides compatibility with leading delivery systems, making it versatile for various left-heart access procedures. The entire product line is now available in the U.S.
On June 1, 2022, Acutus Medical, Inc. (Nasdaq: AFIB) granted a total of 10,000 restricted stock units (RSUs) to three new employees as part of its 2022 Inducement Equity Incentive Plan. The RSUs will vest annually over four years, contingent upon these employees maintaining their positions. This decision aligns with Nasdaq Listing Rule 5635(c)(4) and highlights Acutus's commitment to attracting talent in the electrophysiology field.
Acutus is dedicated to enhancing arrhythmia diagnosis and treatment through innovative technologies and a strong global sales presence.
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