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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.
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.
Acutus Medical (Nasdaq: AFIB) has completed patient enrollment in its AcQForce Flutter IDE clinical trial, totaling 110 participants across 21 sites globally. The trial evaluates the safety and efficacy of the AcQBlate FORCE sensing ablation catheter for treating right atrial typical flutter. Catheter ablation for this condition is expected to reach 200,000 procedures annually in the US by 2025. The system, approved in Europe, aims for PMA submission in Q3 2022.
Acutus Medical, Inc. (AFIB) reported Q1 2022 revenue of $3.7 million, a slight increase from $3.6 million last year. Global mapping procedure volumes surged 27% year-over-year, marking record levels. The company completed enrollment in its PMA study for AcQBlate in right atrial flutter. Vince Burgess transitioned from CEO to advisor, with David Roman appointed as Interim CEO. Operating expenses rose to $35.4 million, driven by a $12 million goodwill impairment. GAAP net loss was $40 million, compared to a loss of $29.2 million last year. Cash reserves totaled $78.8 million.
Acutus Medical, Inc. (Nasdaq: AFIB) will announce its first quarter 2022 financial results on May 12, 2022, and will conduct a conference call at 1:30 p.m. PT to discuss these results. The call will also cover recent highlights in the company's approach to diagnosing and treating cardiac arrhythmias. Interested parties can participate via telephone or by accessing the live webinar on their investor relations website. Acutus focuses on advancing electrophysiology with a range of differentiated products aimed at enhancing treatment efficiency for arrhythmias.
Acutus Medical (AFIB) announced a strategic recapitalization through a commitment letter for debt refinancing with Deerfield Management Company and an agreement to sell its left-heart access portfolio to Medtronic. The refinancing extends the maturity of existing debt and includes a new $35 million credit facility. The sale will provide an upfront cash payment of $50 million, contingent on regulatory approvals. This move aims to bolster Acutus’ focus on electrophysiology solutions and improve financial performance.
Acutus Medical, Inc. (Nasdaq: AFIB), an arrhythmia management company, announced its participation in the 21st Annual Needham Virtual Healthcare Conference on April 12, 2022, at 3:45 p.m. Eastern Time. The management team will present insights on improving cardiac arrhythmias diagnosis and treatment. A live webcast of the presentation will be accessible at ir.acutusmedical.com, with a replay available for 90 days post-event. Acutus aims to enhance electrophysiology through a diverse product range and global partnerships.
Acutus Medical reported Q4 2021 revenue of $4.4 million, a 69% increase from Q4 2020, and full-year revenue of $17.3 million, up 104% from 2020. Global procedure volumes rose nearly 70% year-over-year. Despite revenue growth, Q4 gross margin was negative 128%, worsened from negative 90% in the prior year, driven by high operational costs. The net loss was $31.3 million, or $1.12 per share. The company faces ongoing challenges due to COVID-19 and anticipates Q1 2022 revenues between $3.2 to $3.5 million.
Acutus Medical (Nasdaq: AFIB) has rescheduled the release of its fourth quarter and full year 2021 financial results to March 30, 2022, due to ongoing audits. Management reports no disagreements with independent auditors and expects to meet SEC filing requirements. A conference call will take place on the same day at 1:30 p.m. PT to discuss the financial results.
Acutus specializes in arrhythmia management, aiming to enhance diagnosis and treatment methods. The company has a diverse portfolio of electrophysiology products facilitating catheter-based treatments.
Acutus Medical (Nasdaq: AFIB) will announce its Q4 and full-year 2021 financial results on March 17, 2022. The announcement will be followed by a conference call at 1:30 PM PT to discuss the results and recent highlights. Interested parties can join via telephone or live webinar. Acutus, based in Carlsbad, California, is committed to improving the diagnosis and treatment of cardiac arrhythmias through innovative products and technologies.
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