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Acutus Medical Reports First Quarter 2024 Financial Results

CARLSBAD, Calif., May 09, 2024 (GLOBE NEWSWIRE) -- Acutus Medical, Inc. (“Acutus” or the “Company”) (OTC: AFIB) today reported results for the first quarter of 2024.

Recent Highlights:

  • First quarter revenue from Continuing Operations of $3.6 million grew 192% year-over-year, from $1.2 million in the same quarter last year..
  • Operating expenses for continuing operations were $3.3 million, a reduction of 38% compared to the same period last year.
  • Recorded $2.8 million in gain on sale of business, an increase of 131% compared to the same period last year.
  • Cash, cash equivalents, marketable securities and restricted cash were $20.0 million as of March 31, 2024.

First Quarter 2024 Financial Results
Revenue from Continuing Operations was $3.6 million for the first quarter of 2024, an increase of 192% compared to $1.2 million for the first quarter of 2023.

Gross margin on a GAAP basis for continuing operations was negative 1% for the first quarter of 2024 compared to negative 70% 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 expenses for continuing operations on a GAAP basis were $3.3 million for the first quarter of 2024 compared to $5.4 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 $2.1 million for the first quarter of 2024 and net loss per share was $0.07 on a weighted average basic and diluted outstanding share count of 29.7 million, compared to a net loss of $4.3 million and a net loss per share of $0.15 on a weighted average basic and diluted outstanding share count of 28.8 million for the same period last year.

Cash, cash equivalents, marketable securities and restricted cash were $20.0 million as of March 31, 2024.

Loss on Discontinued Operations
Loss on discontinued operations was $0.4 million for first quarter of 2024, compared to $12.0 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. 
investors@acutus.com 


Acutus Medical, Inc.
Consolidated Balance Sheets
 
 March 31, 
2024
 December 31, 
2023
(in thousands, except share and per share amounts)(unaudited)  
ASSETS   
Current assets:   
Cash and cash equivalents$18,459  $19,170 
Marketable securities, short-term 1,495   3,233 
Restricted cash, short-term    7,030 
Accounts receivable 7,750   11,353 
Inventory 5,888   4,278 
Prepaid expenses and other current assets 572   678 
Current assets of discontinued operations 240   510 
Total current assets 34,404   46,252 
    
Property and equipment, net 844   825 
Right-of-use assets, net 3,011   3,189 
Other assets 94   94 
Noncurrent assets of discontinued operations 3,315   3,600 
Total assets$41,668  $53,960 
    
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY   
Current liabilities:   
Accounts payable 3,165   2,761 
Accrued liabilities 2,063   2,887 
Operating lease liabilities, short-term 835   718 
Long-term debt, current portion 1,819   1,864 
Warrant liability 692   409 
Current liabilities of discontinued operations 1,300   10,303 
Total current liabilities 9,874   18,942 
    
Operating lease liabilities, long-term 3,009   3,243 
Long-term debt 32,805   32,654 
Total liabilities 45,688   54,839 
    
Commitments and contingencies (Note 11)   
    
Stockholders' deficit   
Preferred stock, $0.001 par value; 5,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 5,000,000 shares of the preferred stock, designated as Series A Common Equivalent Preferred Stock, are issued and outstanding as of March 31, 2024 and December 31, 2023     
Common stock, $0.001 par value; 260,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 29,715.962 and 29,313,667 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 30   29 
Additional paid-in capital 598,413   599,935 
Accumulated deficit (601,597)  (599,977)
Accumulated other comprehensive loss (866)  (866)
Total stockholders' deficit (4,020)  (879)
Total liabilities and stockholders' deficit$41,668  $53,960 
        


Acutus Medical, Inc.
Consolidated Statements of Operations and Comprehensive Loss
 
 Three Months Ended March 31,
 2024
 2023
(in thousands, except share and per share amounts)(unaudited)
    
Revenue$3,625  $1,242 
Cost of products sold 3,655   2,111 
Gross loss (30)  (869)
    
Operating (income) expenses:   
Research and development    938 
Selling, general and administrative 3,337   4,472 
Change in fair value of contingent consideration    200 
Gain on sale of business (2,792)  (1,207)
Total operating expenses 545   4,403 
Loss from operations (575)  (5,272)
    
Other income (expense):   
Change in fair value of warrant liability (283)  1,446 
Interest income 281   853 
Interest expense (1,478)  (1,307)
Total other (expense) income, net (1,480)  992 
Loss from continuing operations before income taxes (2,055)  (4,280)
Income tax expense     
Net loss from continuing operations (2,055)  (4,280)
Discontinued operations:   
Income (loss) from discontinued operations before taxes 445   (12,035)
Income tax expense - discontinued operations (10)   
Income (loss) from discontinued operations 435   (12,035)
Net loss (1,620)  (16,315)
    
Other comprehensive income (loss)   
Unrealized gain on marketable securities    12 
Foreign currency translation adjustment    59 
Comprehensive loss$(1,620) $(16,244)
    
Net (loss) earnings per share, basic and diluted   
Net loss - continuing operations$(0.07) $(0.15)
Net income (loss)- discontinued operations$0.01  $(0.42)
Net loss per common share$(0.06) $(0.57)
    
Weighted average number of common shares outstanding, basic and diluted 29,693,926   28,764,444 
        

  

Acutus Medical, Inc.
Consolidated Statements of Cash Flows
  
 Three Months Ended March 31,
 2024
 2023
(in thousands)(unaudited)
Cash flows from operating activities   
Net loss$(1,620) $(16,315)
Less: (Gain) Loss from discontinued operations (435)  12,035 
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation expense 86   93 
Non-cash stock-based compensation expense 202   586 
Accretion of discounts on marketable securities, net (23)  (527)
Amortization of debt issuance costs 87   104 
Amortization of operating lease right-of-use assets 178   164 
Gain on sale of business, net (2,792)  (1,207)
Change in fair value of warrant liability 283   (1,446)
Change in fair value of contingent consideration    200 
Changes in operating assets and liabilities:   
Accounts receivable (819)  (429)
Inventory (1,610)  (234)
Employer retention credit receivable    2,141 
Prepaid expenses and other current assets 117   713 
Other assets     
Accounts payable 404   161 
Accrued liabilities (891)  (1,133)
Operating lease liabilities (117)  (201)
Other long-term liabilities    (1)
Net cash used in operating activities - continuing operations (6,950)  (5,296)
Net cash used in operating activities - discontinued operations (9,979)  (10,432)
Net cash used in operating activities (16,929)  (15,728)
    
Cash flows from investing activities   
Proceeds from sale of business 7,300   17,000 
Purchases of available-for-sale marketable securities    (28,019)
Maturities of available-for-sale marketable securities 1,750   26,500 
Purchases of property and equipment (105)  (25)
Net cash provided by investing activities - continuing operations 8,945   15,456 
Net cash provided by (used in) investing activities - discontinued operations 285   (207)
Net cash provided by investing activities 9,230   15,249 
    
Cash flows from financing activities   
Proceeds from the exercise of stock options    4 
Net cash provided by financing activities - continuing operations    4 
Net cash used in financing activities - discontinued operations (42)  (217)
Net cash used in financing activities (42)  (213)
    
Effect of exchange rate changes on cash, cash equivalents and restricted cash    (779)
    
Net change in cash, cash equivalents and restricted cash (7,741)  (1,471)
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$18,459  $29,877 
    
Supplemental disclosure of cash flow information:   
Cash paid for interest 1,267   1,207 
    
Supplemental disclosure of noncash investing and financing activities:   
Accounts receivable from sale of business 4,904   1,244 
Change in unrealized (gain) loss on marketable securities (70)  (12)
Change in unpaid purchases of property and equipment    (25)

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