Financial Data and Key Metrics Changes - Net revenue for Q1 2022 was $3.7 million, a 3% increase from $3.6 million in Q1 2021 [20] - Non-GAAP net loss for Q1 2022 was $28.5 million or $1 per share, compared to a non-GAAP net loss of $27.2 million or $0.97 per share in Q1 2021 [24] - Total cash and cash equivalents at the end of Q1 2022 were $78.8 million [24] Business Line Data and Key Metrics Changes - Disposable revenue increased by 37% year-over-year to $3.2 million, driven by increased procedure volumes and adoption of AcQBlate therapy [21] - Capital equipment revenue was non-existent in Q1 2022, compared to $1 million in Q1 2021 [21] - Service and other revenue rose to $470,000 from $280,000 in Q1 2021, attributed to higher service contracts and console rentals [22] Market Data and Key Metrics Changes - U.S. sales grew by 28% to $2 million, while sales outside the U.S. decreased to $1.7 million from $2 million in Q1 2021, primarily due to a decline in capital revenue [20][21] - Mapping procedures increased by 27% year-over-year, achieving record global procedure volumes in Q1 2022 [21] Company Strategy and Development Direction - The company is focusing on enhancing its mapping platform and integrating therapy, particularly in the electrophysiology (EP) atrial fibrillation (AFib) market [9][10] - A strategic review is underway to maximize customer value, improve operational performance, and manage cash burn [9][10] - The sale of the left heart access portfolio to Medtronic is seen as a transformative step to focus on mapping and therapy solutions [19] Management's Comments on Operating Environment and Future Outlook - Management noted that COVID-related headwinds are moderating, allowing for a return to normal operations [38] - The company expects to see continued pressure on gross margins in 2022 but anticipates improvements in 2023 as operational efficiencies are realized [22][76] - The outlook for 2022 remains flat to slightly up compared to $17.3 million in revenue generated in 2021, with growth in procedure volumes expected to offset declines in capital [29] Other Important Information - The company completed a restructuring that included a reduction in force and is expected to see benefits reflected in Q2 2022 [17][23] - A definitive agreement to sell the left heart access portfolio includes a $50 million payment upon closing and additional contingent considerations [26][27] Q&A Session Summary Question: Revenue progression across capital and disposable over the next few quarters - Management expects capital sales to build throughout the year, with the largest contribution in Q4, while disposable revenue is expected to follow a seasonal pattern [31][33] Question: Impact of COVID on adoption and capital equipment sales - COVID had a significant impact on the business, but related headwinds are fading, allowing for a return to normal operations [36][38] Question: Cash position post-Medtronic agreement - Current cash outlook suggests the company will have cash until the end of 2024, with initiatives underway to extend this runway [40][41] Question: Approval timeline for AcQBlate in the U.S. - The company plans to file for PMA by mid-2022, with approval expected in early 2023 [42][43] Question: Changes to the commercial strategy - The commercial strategy is moving in the right direction, focusing on utilization and procedure volume growth [49][50] Question: Status of left heart access portfolio sales - There will be no disruption in product supply to customers during the transition to Medtronic [60] Question: Gross margin expectations for 2023 - Gross margins are expected to improve throughout 2022, with a break-even point at approximately $8 million in quarterly revenue [76]

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's financial performance was significantly impacted by an asset sale, offsetting operating losses, alongside key balance sheet and debt restructuring changes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$138.3 million** due to goodwill impairment, while stockholders' equity declined reflecting the period's net loss Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Items | June 30, 2022 (unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $46,567 | $24,071 | | Total current assets | $116,050 | $126,290 | | Goodwill | $0 | $12,026 | | **Total assets** | **$138,330** | **$169,792** | | **Liabilities & Equity** | | | | Total current liabilities | $22,729 | $18,510 | | Long-term debt | $34,199 | $40,415 | | **Total liabilities** | **$61,679** | **$64,066** | | **Total stockholders' equity** | **$76,651** | **$105,726** | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) Q2 2022 saw a **$5.7 million** net income due to a significant asset sale gain, despite decreased revenue and ongoing operating losses for the six-month period Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2022 (unaudited) | Q2 2021 (unaudited) | H1 2022 (unaudited) | H1 2021 (unaudited) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $4,076 | $4,709 | $7,757 | $8,300 | | Income (Loss) from Operations | $14,928 | $(27,300) | $(23,702) | $(55,133) | | Gain on sale of business | $43,575 | $0 | $43,575 | $0 | | Goodwill impairment | $0 | $0 | $12,026 | $0 | | Net Income (Loss) | $5,718 | $(28,727) | $(34,299) | $(57,908) | | Diluted Net Income (Loss) per Share | $0.16 | $(1.02) | $(1.22) | $(2.06) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity significantly decreased to **$76.7 million** due to the **$34.3 million** net loss, partially offset by stock-based compensation - The accumulated deficit grew from **$478.7 million** at the end of 2021 to **$513.0 million** as of June 30, 2022, reflecting the ongoing net losses[28](index=28&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$48.2 million**, while investing activities provided **$86.7 million**, primarily from an asset sale, leading to a **$26.5 million** increase in cash Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 (unaudited) | Six Months Ended June 30, 2021 (unaudited) | | :--- | :--- | :--- | | Net cash used in operating activities | $(48,218) | $(49,915) | | Net cash provided by investing activities | $86,680 | $34,022 | | Net cash used in financing activities | $(11,643) | $(2,149) | | **Net change in cash, cash equivalents and restricted cash** | **$26,496** | **$(18,107)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes include the going concern assessment, the **$50 million** Medtronic asset sale, **$12.0 million** goodwill impairment, and a **$35.0 million** debt refinancing with a **$7.9 million** extinguishment loss - Management believes the company's current cash, cash equivalents, and marketable securities are sufficient to fund operations for at least the next **12 months**, following an IPO, a follow-on offering, a **reduction in force (RIF)**, proceeds from the sale of assets to Medtronic, and other cost reduction actions[40](index=40&type=chunk)[258](index=258&type=chunk)[338](index=338&type=chunk) - On June 30, 2022, the company sold its left-heart access portfolio to Medtronic for **$50.0 million**, recognizing a net gain of **$43.6 million**; the deal includes potential future contingent payments[113](index=113&type=chunk)[114](index=114&type=chunk)[117](index=117&type=chunk) - Due to a significant decline in stock price, the company fully impaired its goodwill balance of **$12.0 million** during the six months ended June 30, 2022[134](index=134&type=chunk)[251](index=251&type=chunk)[369](index=369&type=chunk) - On June 30, 2022, the company amended its credit agreement, borrowing **$35.0 million** under a new facility to repay existing debt, resulting in a loss on debt extinguishment of **$7.9 million**[146](index=146&type=chunk)[147](index=147&type=chunk)[223](index=223&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic realignment, including an asset sale and cost reductions, to improve liquidity and address ongoing operating losses despite decreased Q2 2022 revenue [Overview](index=42&type=section&id=Overview_MD%26A) Acutus Medical, an arrhythmia management company, undertook strategic restructuring and an asset sale to Medtronic to reduce expenses and strengthen its financial position - The company's goal is to provide a complete solution for catheter-based treatment of cardiac arrhythmias through internal development, acquisitions, and global partnerships[196](index=196&type=chunk) - In June 2022, the company completed the first closing of the sale of its left-heart access portfolio to Medtronic, continuing to distribute and manufacture the product line for a transitional period[198](index=198&type=chunk) - A corporate restructuring, including a **reduction in force (RIF)**, was announced in January 2022 to reduce operating expenses and sharpen strategic focus[202](index=202&type=chunk) [Results of Operations](index=48&type=section&id=Results%20of%20Operations_MD%26A) Q2 2022 revenue decreased **13%** to **$4.1 million** with negative gross margins, offset by a **$43.6 million** asset sale gain, while H1 2022 included a **$12.0 million** goodwill impairment Revenue by Type (in thousands) | Revenue Type | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | | Disposables | $3,334 | $3,509 | $6,545 | $5,852 | | Systems | $346 | $799 | $346 | $1,768 | | Service/Other | $396 | $401 | $866 | $680 | | **Total Revenue** | **$4,076** | **$4,709** | **$7,757** | **$8,300** | - Q2 2022 cost of products sold increased by **$2.2 million (29%)** year-over-year, primarily due to **$0.9 million** in excess and obsolete inventory and **$0.7 million** for idle console manufacturing capacity[232](index=232&type=chunk) - For H1 2022, the company recorded a full goodwill impairment of **$12.0 million** and restructuring charges of **$0.9 million** related to the RIF[251](index=251&type=chunk)[252](index=252&type=chunk) [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) Despite historical operating losses, **$93.1 million** in liquidity, bolstered by an asset sale and new debt, is deemed sufficient for **12 months**, though future funding is anticipated - As of June 30, 2022, the company held **$93.1 million** in cash, cash equivalents, restricted cash, and marketable securities, down from **$108.0 million** at December 31, 2021[255](index=255&type=chunk)[335](index=335&type=chunk) - Management believes current cash is sufficient for at least the next **12 months**, citing the recent asset sale to Medtronic, a January 2022 **RIF**, and other cost-cutting measures[258](index=258&type=chunk)[338](index=338&type=chunk) - On June 30, 2022, the company entered into a new five-year, **$35.0 million** credit agreement, using proceeds to repay its previous debt facility[265](index=265&type=chunk)[445](index=445&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(48,218) | $(49,915) | | Net cash provided by investing activities | $86,680 | $34,022 | | Net cash used in financing activities | $(11,643) | $(2,149) | [Quantitative and Qualitative Disclosures about Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is omitted as the company qualifies as a "smaller reporting company" under SEC regulations - As a "**smaller reporting company**," Acutus Medical is not required to provide the information for this item[278](index=278&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective with no material changes to internal control over financial reporting - Management, including the **CEO** and **CFO**, concluded that the company's disclosure controls and procedures were effective as of June 30, 2022[280](index=280&type=chunk) - There were no material changes in internal control over financial reporting during the quarter[281](index=281&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company and certain officers are defending two consolidated securities class action lawsuits, with the outcome currently not determinable - The company is defending two consolidated **securities class action lawsuits** alleging violations of the Exchange Act based on statements made between May and November 2021[284](index=284&type=chunk) - The outcome of the litigation is not presently determinable, and any potential loss is neither probable nor reasonably estimable[285](index=285&type=chunk)[455](index=455&type=chunk) [Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - There have been no material changes from the risk factors disclosed in the company's annual report on **Form 10-K** for the year ended December 31, 2021[286](index=286&type=chunk) [Recent Sales of Unregistered Securities](index=59&type=section&id=Item%202.%20Recent%20Sales%20of%20Unregistered%20Securities) On June 30, 2022, the company issued warrants to purchase **3,779,018** common shares at **$1.1114** per share in a private placement related to a new credit agreement - On June 30, 2022, the company issued warrants to purchase **3,779,018** shares of common stock at an exercise price of **$1.1114** per share[287](index=287&type=chunk) - The warrants were issued in a **private placement** to lenders under the 2022 Credit Agreement, exempt from registration under **Section 4(a)(2) of the Securities Act**[289](index=289&type=chunk) [Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including key agreements and CEO/CFO certifications - Key documents filed as exhibits include the **Asset Purchase Agreement** with Medtronic (2.1), the **Amended and Restated Credit Agreement** (10.6), and the **Warrant Purchase Agreement** (10.7)[295](index=295&type=chunk)

Acutus Medical, Inc. (OTCPK:AFIB) Q4 2021 Earnings Conference Call March 30, 2022 4:30 PM ET Company Participants Vince Burgess – President and Chief Executive Officer David Roman – Chief Financial Officer Caroline Corner – Investor Relations Conference Call Participants Robbie Marcus – JP Morgan Phil Murphy – Goldman Sachs Marie Thibault – BTIG Bill Plovanic – Canaccord Genuity Javier Fonseca – Spartan Capital Operator Good day, ladies and gentlemen. And thank you for standing by. Welcome to the Acutus Fou ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-K _________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ____________ Commission File Number 001-39430 ...

Acutus Medical, Inc. (OTCPK:AFIB) Q3 2021 Earnings Conference Call November 11, 2021 4:30 PM ET Company Participants Caroline Corner – Investor Relations Vince Burgess – President and Chief Executive Officer David Roman – Chief Financial Officer Conference Call Participants Robbie Marcus – JP Morgan Margaret Kaczor – William Blair Bill Plovanic – Canaccord Marie Thibault – BTIG Amit Hazan – Goldman Sachs Operator Good day and thank you for standing by. Welcome to the Acutus Medical Incorporated Third Quarte ...

Acutus Medical, Inc. (OTCPK:AFIB) Q2 2021 Earnings Conference Call August 12, 2021 4:30 PM ET Company Participants Caroline Corner - Investor Relations Vince Burgess - President & Chief Executive Officer David Roman - Chief Financial Officer Conference Call Participants Saran Baskar - JPMorgan Brad Bowers - Bank of America Margaret Kaczor - William Blair Bill Plovanic - Canaccord Marie Thibault - BTIG Operator Good day, and thank you for standing by. Welcome to the Acutus Medical Incorporated Second Quarter ...