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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.
AliveCor and Acutus Medical have announced a partnership aimed at improving the treatment and management of cardiac arrhythmias. The collaboration will explore the integration of data collection tools across cardiology care. A pilot study is set to launch in Q3 2021, focusing on utilizing AliveCor's KardiaMobile device for remote monitoring in complex arrhythmias. The KardiaMobile 6L offers comprehensive ECG capabilities and has been FDA cleared for additional functionalities. This partnership aims to enhance clinical decision-making and improve patient outcomes.
Acutus Medical, Inc. (Nasdaq: AFIB) announced the full exercise of the underwriter's option to purchase an additional 825,000 shares at $14.00 per share, increasing total shares sold in the public offering to 6,325,000. The total gross proceeds reached approximately $88.6 million before expenses. The offering closed on July 26, 2021, following the initial closing on July 19, 2021. Goldman Sachs & Co. LLC managed the offering. Acutus focuses on advancing electrophysiology solutions for cardiac arrhythmias.
Acutus Medical, Inc. (Nasdaq: AFIB) announced the pricing of its underwritten public offering of 5,500,000 shares at $14.00 per share, aiming for gross proceeds of $77.0 million. The offering is set to close on July 19, 2021, subject to customary conditions. Goldman Sachs & Co. LLC is the sole book-running manager for this offering. Additionally, Acutus granted underwriters a 30-day option to buy an extra 825,000 shares. The registration statement was effective as of July 14, 2021. The funds will support Acutus' commitment to advancing arrhythmia management.
Acutus Medical, Inc. (Nasdaq: AFIB) has announced a public offering of 5,500,000 shares of common stock, all being offered by the company. Additionally, underwriters may purchase an extra 825,000 shares. Goldman Sachs & Co. LLC is serving as the sole book-running manager for the transaction. The offering's details will be delineated in a prospectus filed with the SEC. Potential risks affecting the offering include market conditions, regulatory approvals, and economic factors. The company is focused on advancing arrhythmia management through its innovative product offerings.
Acutus Medical reported preliminary results for Q2 2021, estimating net sales between $4.6 million and $4.7 million, a growth of over 300% year-over-year and 30% quarter-over-quarter. The installed base of AcQMap consoles increased to 68, with 70 total consoles by June 30. The company received Investigational Device Exemption to study the AcQBlate catheter. Despite robust sales, the loss from operations is projected at $27 million to $29 million, higher than the previous year's $19.5 million. Cash reserves stand at approximately $81 million.
Acutus Medical (Nasdaq: AFIB) has announced FDA approval to initiate its Atrial Fibrillation Investigational Device Exemption (IDE) clinical trial for the AcQBlate Force Sensing Ablation Catheter and System. This trial aims to enroll 350 subjects and evaluate safety and efficacy for treating both paroxysmal and persistent atrial fibrillation, a condition affecting many patients. With AF ablation procedures projected to increase to 375,000 annually by 2025, Acutus aims to expand its market presence and address a significant need in arrhythmia management.
Acutus Medical, a leader in arrhythmia management, will participate in the 41st Annual William Blair Growth Stock Conference on June 3, 2021, at 12:20 p.m. Eastern Time. The event will be accessible through a live webcast on their investor relations website, with a replay available for 30 days post-presentation. Acutus Medical specializes in innovative solutions for the diagnosis and treatment of cardiac arrhythmias, enhancing the efficiency and effectiveness of electrophysiology practices.
Acutus Medical (Nasdaq: AFIB) announced CE Mark Approval for a suite of electrophysiology products aimed at improving cardiac arrhythmia treatment. The newly approved products include the AcQCross™ family of transseptal crossing devices, AcQGuide® MAX and VUE delivery sheaths, and the next-generation AcQMap® mapping catheter. These innovations enhance procedural efficiency and support the growing demand for cardiac ablations, projected to rise from 350,000 annually to 475,000 by 2025 in Europe. These advances underscore Acutus' commitment to improving arrhythmia management.
Acutus Medical (AFIB) reported first-quarter 2021 revenue of $3.6 million, a significant increase from $1.6 million in Q1 2020. Key developments include a rise in the installed base of AcQMap consoles to 62 and the initiation of the US IDE trial for the AcQBlate system. However, the company faced a net loss of $29.2 million with a gross margin of -94% due to inventory write-offs. For 2021, revenue guidance remains between $22 million and $30 million, with Q2 expectations of $3.8 million to $5 million.
Acutus Medical, Inc. (Nasdaq: AFIB) announced it will release its first-quarter 2021 financial results on May 12, 2021. The company will host a conference call at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time to discuss these results and recent highlights. Interested parties can join via telephone or access a live webinar on the Acutus investor relations website. Acutus focuses on improving the diagnosis and treatment of cardiac arrhythmias with a wide range of electrophysiology products, aiming to enhance patient care and physician efficiency.
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