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 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.
Investor Contact:
Chad Hollister
Acutus Medical, Inc.
Acutus Medical, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31,2024
December 31,2023
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
)
