CARLSBAD, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Acutus Medical, Inc. ("Acutus” or the "Company”) (OTC: AFIB) today reported results for the third quarter and year-to-date of 2024.
Recent Highlights:
- Third quarter revenue from Continuing Operations of $5.3 million grew 156% year-over-year, from $2.1 million in the same quarter last year.
- Operating income for continuing operations was $0.1 million, an improvement of 119% compared to the same period last year.
- Recorded $2.4 million in gain on sale of business, a decrease of 8% compared to the same period last year.
- Cash, cash equivalents, marketable securities and restricted cash were $12.6 million as of September 30, 2024.
Revenue from Continuing Operations was $5.3 million for the third quarter of 2024, an increase of 156% compared to $2.1 million for the third quarter of 2023.
Gross margin on a GAAP basis for continuing operations was 7% for the third quarter of 2024 compared to negative 53% for the same quarter last year. The improvement was driven by higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses.
Operating income for continuing operations on a GAAP basis was $0.1 million for the third quarter of 2024 compared to Operating expenses of $0.6 million for the same period last year. The decrease in operating expenses from reduced discretionary spend under this new business model.
Net loss on continuing operations on a GAAP basis was $0.8 million for the third quarter of 2024 and net loss per share was $0.03 on a weighted average basic and diluted outstanding share count of 29.8 million, compared to a net loss of $1.9 million and a net loss per share of $0.7 on a weighted average basic and diluted outstanding share count of 29.3 million for the same period last year.
Cash, cash equivalents, marketable securities and restricted cash were $12.6 million as of September 30, 2024.
Loss on Discontinued Operations
Loss on discontinued operations was $4.8 million for third quarter of 2024, compared to $13.2 million for the same period last year.
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.
| Acutus Medical, Inc.
Consolidated Balance Sheets | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| (in thousands, except share and per share amounts) | (unaudited) | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 12,595 | $ | 19,170 | |||
| Marketable securities, short-term | - | 3,233 | |||||
| Restricted cash, short-term | - | 7,030 | |||||
| Accounts receivable | 9,970 | 11,353 | |||||
| Inventory | 4,191 | 4,278 | |||||
| Prepaid expenses and other current assets | 403 | 678 | |||||
| Current assets of discontinued operations (Note 3) | - | 510 | |||||
| Total current assets | 27,159 | 46,252 | |||||
| Property and equipment, net | 736 | 825 | |||||
| Right-of-use assets, net | 2,647 | 3,189 | |||||
| Other assets | 94 | 94 | |||||
| Non-current assets of discontinued operations (Note 3) | 1,531 | 3,600 | |||||
| Total assets | $ | 32,167 | $ | 53,960 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | 1,711 | 2,761 | |||||
| Accrued liabilities | 1,702 | 2,887 | |||||
| Operating lease liabilities, short-term | 897 | 718 | |||||
| Long-term debt, current portion | 7,084 | 1,864 | |||||
| Warrant liability | 302 | 409 | |||||
| Current liabilities of discontinued operations (Note 3) | 2,969 | 10,303 | |||||
| Total current liabilities | 14,665 | 18,942 | |||||
| Operating lease liabilities, long-term | 2,532 | 3,243 | |||||
| Long-term debt | 25,269 | 32,654 | |||||
| Total liabilities | 42,466 | 54,839 | |||||
| Commitments and contingencies (Note 11) | |||||||
| Stockholders' deficit | |||||||
| Preferred stock, $0.001 par value; 5,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 6,666 shares of preferred stock, designated as Series A Common Equivalent Preferred Stock, are issued and outstanding as of September 30, 2024 and December 31, 2023 | - | - | |||||
| Common stock, $0.001 par value; 260,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 29,912,305 and 29,313,667 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 30 | 29 | |||||
| Additional paid-in capital | 598,670 | 599,935 | |||||
| Accumulated deficit | (608,118 | ) | (599,977 | ) | |||
| Accumulated other comprehensive loss | (881 | ) | (866 | ) | |||
| Total stockholders' deficit | (10,299 | ) | (879 | ) | |||
| Total liabilities and stockholders' deficit | $ | 32,167 | $ | 53,960 | |||
| Acutus Medical, Inc. Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands, except share and per share amounts) | (unaudited) | ||||||||||||||
| Revenue | $ | 5,266 | $ | 2,060 | $ | 13,027 | $ | 4,816 | |||||||
| Cost of products sold | 4,894 | 3,150 | 13,019 | 7,835 | |||||||||||
| Gross profit (loss) | 372 | (1,090 | ) | 8 | (3,019 | ) | |||||||||
| Operating expenses (income): | |||||||||||||||
| Research and development | - | 896 | - | 2,752 | |||||||||||
| Selling, general and administrative | 2,318 | 2,354 | 7,880 | 9,502 | |||||||||||
| Change in fair value of contingent consideration | - | - | - | 123 | |||||||||||
| Gain on sale of business | (2,435 | ) | (2,648 | ) | (8,096 | ) | (5,927 | ) | |||||||
| Total operating expenses (income) | (117 | ) | 602 | (216 | ) | 6,450 | |||||||||
| Gain (loss) from operations | 489 | (1,692 | ) | 224 | (9,469 | ) | |||||||||
| Other income (expense): | |||||||||||||||
| Change in fair value of warrant liability | (174 | ) | 636 | 107 | 1,478 | ||||||||||
| Interest income | 153 | 547 |
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