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Acutus Medical Reports Full Year 2024 Financial Results

1. Acutus Medical's 2024 revenue grew 181% to $20.2 million. 2. Operating loss reduced significantly to $0.1 million from $11.7 million. 3. The company recorded a $10.8 million gain from asset sales, boosting financial stability. 4. Strategic shift to left-heart access products, exiting electrophysiology mapping and ablation. 5. Cash reserves totaled $14.0 million at year-end, indicating potential for future operations.

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$0.045803/24 04:07 PM EDTEvent Start
$0.04203/25 10:34 PM EDTLatest Updated
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Why Bullish?

Acutus Medical's significant revenue growth and reduced losses suggest strong operational recovery. Historical trends show companies with improved financials often experience stock price increases.

How important is it?

Financial improvements and strategic shifts can attract investors and influence stock prices positively, particularly in the healthcare sector.

Why Short Term?

Immediate effects are expected due to positive financial results, but long-term stability depends on ongoing performance and market acceptance.

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March 24, 2025 16:01 ET  | Source: Acutus Medical, Inc. CARLSBAD, Calif., March 24, 2025 (GLOBE NEWSWIRE) -- Acutus Medical, Inc. (“Acutus” or the “Company”) (OTC: AFIB) today reported results for the full year of 2024. Recent Highlights: 2024 Revenue from Continuing Operations of $20.2 million grew 181% year-over-year, from $7.2 million last year.Operating loss for continuing operations was $0.1 million, compared to 11.7 million last year.Recorded $10.8 million in gain on sale of business, an increase of 19% compared to last year.Cash, cash equivalents, marketable securities and restricted cash were $14.0 million as of December 31, 2024. Full Year 2024 Financial ResultsRevenue from Continuing Operations was $20.2 million for 2024, an increase of 181% compared to $7.2 million in 2023. Gross margin on a GAAP basis for continuing operations was 5% for 2024 compared to negative 44% for 2023. The improvement was driven by higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses. Operating expenses for continuing operations on a GAAP basis was $1.1 million for 2024 compared to Operating expenses of $8.6 million 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 $4.6 million for 2024 and net loss per share was $0.16 on a weighted average basic and diluted outstanding share count of 29.8 million, compared to a net loss of $11.9 million and a net loss per share of $0.4 on a weighted average basic and diluted outstanding share count of 29.1 million for last year. Cash, cash equivalents, marketable securities and restricted cash were $14.0 million as of December 31, 2024. Loss on Discontinued OperationsLoss on discontinued operations was $5.0 million for 2024, compared to $69.7 million 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 AcutusAcutus 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 StatementsThis 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. Acutus Medical, Inc.Consolidated Balance Sheets (in thousands, except share and per share amounts)December 31,2024 December 31,2023ASSETS   Current assets:   Cash and cash equivalents$14,019  $19,170 Marketable securities, short-term —   3,233 Restricted cash, short-term —   7,030 Accounts receivable 7,878   11,353 Inventory 1,790   4,278 Prepaid expenses and other current assets 641   678 Current assets of discontinued operations (Note 3) 1,250   510 Total current assets 25,578   46,252     Property and equipment, net 517   825 Right-of-use assets, net 2,459   3,189 Other assets 94   94 Non-current assets of discontinued operations (Note 3) —   3,600 Total assets$28,648  $53,960     LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY   Current liabilities:   Accounts payable 1,276   2,761 Accrued liabilities 3,006   2,887 Operating lease liabilities, short-term 957   718 Long-term debt, current portion 7,005   1,864 Warrant liability 194   409 Current liabilities of discontinued operations (Note 3) —   10,303 Total current liabilities 12,438   18,942     Operating lease liabilities, long-term 2,238   3,243 Long-term debt 25,564   32,654 Total liabilities 40,240   54,839     Commitments and contingencies (Note 12)       Stockholders' (deficit) equity       Preferred stock, $0.001 par value; 5,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 6,666 shares of the preferred stock, designated as Series A Common Equivalent Preferred Stock, are issued and outstanding as of December 31, 2024 and December 31, 2023, respectively —   — Common stock, $0.001 par value; 260,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 29,912,305 and 29,313,667 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 30   29 Additional paid-in capital 598,670   599,935 Accumulated deficit (609,524)  (599,977)Accumulated other comprehensive loss (768)  (866)Total stockholders' deficit (11,592)  (879)Total liabilities and stockholders' deficit$28,648  $53,960          Acutus Medical, Inc.Consolidated Statements of Operations and Comprehensive Loss  Year Ended December 31,(in thousands, except share and per share amounts)2024 2023Revenue$20,157  $7,164 Cost of products sold 19,144   10,301 Gross profit (loss) 1,013   (3,137)    Operating expenses (income):   Research and development —   3,482 Selling, general and administrative 10,436   14,066 Restructuring 1,448   — Change in fair value of contingent consideration —   123 Gain on sale of business (10,814)  (9,080)Total operating expenses 1,070   8,591 Loss from operations (57)  (11,728)    Other income (expense):   Change in fair value of warrant liability 215   2,937 Interest income 763   2,588 Interest expense (5,758)  (5,655)Other revenue 301   — Total other expense, net (4,479)  (130)Loss from continuing operations before income taxes (4,536)  (11,858)Income tax (benefit) expense —   63 Net loss from continuing operations (4,536)  (11,921)Discontinued operations:   Loss from discontinued operations before income taxes (4,999)  (69,530)Income tax expense - discontinued operations 12   212 Loss from discontinued operations (5,011)  (69,742)Net loss$(9,547) $(81,663)    Other comprehensive income (loss):   Unrealized gain on marketable securities —   7 Foreign currency translation adjustment 98   (4)Comprehensive loss$(9,449) $(81,660)    Net loss per share, basic and diluted:   Loss from continuing operations$(0.15) $(0.41)Loss from discontinued operations$(0.17) $(2.40)Net loss per common share, basic$(0.32) $(2.81)    Weighted average number of common shares outstanding, basic and diluted 29,768,208   29,095,294   Acutus Medical, Inc.Consolidated Statements of Cash Flows   (in thousands)2024 2023Cash flows from operating activities   Net loss$(9,547) $(81,663)Less: Loss on discontinued operations 5,011   69,742 Adjustments to reconcile net loss to net cash used in operating activities:   Depreciation expense 297   191 Non-cash stock-based compensation expense 459   3,032 Accretion of discounts on marketable securities, net (28)  (1,428)Amortization of debt issuance costs 931   571 Amortization of operating lease right-of-use assets 730   683 Gain on sale of business, net (10,814)  (9,080)Change in fair value of warrant liability (215)  (2,937)Change in fair value of contingent consideration —   123 Changes in operating assets and liabilities:   Accounts receivable (4,048)  (1,074)Inventory 2,488   (2,484)Employer retention credit receivable —   4,703 Prepaid expenses and other current assets 48   656 Accounts payable (1,485)  288 Accrued liabilities (246)  (700)Operating lease liabilities (766)  (461)Other long-term liabilities —   (12)Net cash used in operating activities - continuing operations (17,185)  (19,850)Net cash used in operating activities - discontinued operations (14,475)  (43,268)Net cash used in operating activities (31,660)  (63,118)    Cash flows from investing activities   Proceeds from sale of business 18,672   17,000 Purchases of available-for-sale marketable securities —   (39,765)Sales of available-for-sale marketable securities 500   750 Maturities of available-for-sale marketable securities 2,750   82,000 Purchases of property and equipment (112)  (219)Net cash provided by investing activities - continuing operations 21,810   59,766 Net cash provided by (used in) investing activities - discontinued operations 339   (1,211)Net cash provided by investing activities 22,149   58,555     Cash flows from financing activities   Repayment of debt (2,625)  — Payment of debt issuance costs —   (490)Proceeds from the exercise of stock options —   4 Proceeds from employee stock purchase plan —   25 Payment of contingent consideration —   (1,923)Net cash used in financing activities - continuing operations (2,850)  (2,384)Net cash used in financing activities - discontinued operations (41)  (280)Net cash used in financing activities (2,891)  (2,664)    Effect of exchange rate changes on cash, cash equivalents and restricted cash 221   2,079     Net change in cash, cash equivalents and restricted cash (12,181)  (5,148)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$14,019  $26,200     Supplemental disclosure of cash flow information:   Cash paid for interest$4,544  $5,012     Supplemental disclosure of noncash investing and financing activities:   Changes between assets and liabilities in discontinued operations$—  $5,445 Accounts receivable from sale of business$1,838  $9,360 Change in unrealized (gain) loss on marketable securities$—  $(7)

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