Acutus Medical Reports Full Year 2024 Financial Results
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 Results
Revenue 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 Operations
Loss 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 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
(in thousands, except share and per December 31, December 31,
share amounts) 2024 2023
-------------- ----------------
ASSETS
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 2023
------------ --------------
Revenue $ 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 2023
--------- -----------
Cash 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)
(END) Dow Jones Newswires
March 24, 2025 16:03 ET (20:03 GMT)