Financial Data and Key Metrics Changes - The company generated sales of $3.6 million in Q1 2021, up from $1.6 million in Q1 2020 and $2.6 million in Q4 2020, driven by higher procedure volumes and increased capital equipment sales [18][24]. - Non-GAAP gross margin was negative 89% for Q1 2021, an improvement from negative 95% in Q1 2020, with excess and obsolete inventory charges impacting gross margin significantly [25][26]. - The total cash balance at the end of Q1 2021 was $106.9 million, indicating a strong liquidity position [28]. Business Line Data and Key Metrics Changes - Direct business sales increased nearly 60% to $2.4 million in Q1 2021 from $1.5 million in Q1 2020, with disposal, utilization, and service contract revenue advancing 77% [24]. - The installed base of second-generation AcQMap consoles grew to 62 by the end of Q1 2021, up from 58 at the end of Q4 2020 [18]. Market Data and Key Metrics Changes - In the U.S., utilization per system per month improved significantly, with March utilization rates about 50% above those in January, as COVID-related impacts on procedure volumes moderated [19]. - In Europe, only half of the consoles were consistently active due to COVID restrictions, but within active centers, procedure volumes and console utilization doubled compared to the prior year [20][21]. Company Strategy and Development Direction - The company focuses on three strategic priorities: technology and innovation leadership, commercial execution, and operational excellence [6][10]. - The launch of new products, including the AcQBlate Force-Sensing Ablation Catheter and AcQCross family of transseptal crossing devices, is expected to drive future performance [15][12]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a return to normalcy in the U.S. by the second half of the year, with expectations for improved procedure volumes and capital sales [36][38]. - The company anticipates full-year revenue to be in the range of $22 million to $30 million, heavily weighted towards the back half of the year [32]. Other Important Information - The company is making progress in demand planning and cost improvement initiatives, which are expected to enhance gross margins starting in Q2 [26][30]. - The partnership with Biotronik continues to deliver strong results, with expectations for improved performance as COVID-related delays ease [22]. Q&A Session Summary Question: Guidance for the rest of the year and confidence in sales acceleration - Management expects an environment approaching normalcy in the U.S. and a return to normalcy in Europe by September, which supports confidence in sales acceleration [36][38]. Question: How to think about expenses ramping through the year - Management does not expect a meaningful expense ramp to follow revenue increases, as R&D investments are stabilizing and transitionary expenses from Q1 will not recur [42][46]. Question: Utilization within accounts and guidance assumptions - Utilization rates are expected to improve, with guidance assuming continued sequential progression in utilization across different regions [50][55]. Question: Feedback from AcQBlate users and rollout cadence - The AcQBlate system is performing well in Europe, with positive feedback from users, and the company is focused on a robust rollout without delays [71][72].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) For Q1 2021, the company reported 127% revenue growth to $3.6 million but a net loss of $29.2 million Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2021 (unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $8,631 | $25,234 | | Marketable securities | $98,113 | $114,565 | | Total current assets | $116,107 | $151,388 | | Total assets | $161,946 | $192,535 | | **Liabilities & Equity** | | | | Total current liabilities | $18,471 | $21,907 | | Long-term debt | $39,339 | $39,011 | | Total liabilities | $61,685 | $65,952 | | Total stockholders' equity | $100,261 | $126,583 | Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended March 31, 2021 (unaudited) | Three Months Ended March 31, 2020 (unaudited) | | :--- | :--- | :--- | | Revenue | $3,591 | $1,583 | | Cost of products sold | $6,955 | $3,194 | | Loss from operations | $(27,833) | $(17,600) | | Net loss | $(29,181) | $(18,098) | | Net loss per share, basic and diluted | $(1.04) | $(25.84) | Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 (unaudited) | Three Months Ended March 31, 2020 (unaudited) | | :--- | :--- | :--- | | Net cash used in operating activities | $(26,273) | $(17,558) | | Net cash provided by investing activities | $12,172 | $31,717 | | Net cash used in financing activities | $(2,378) | $(2,584) | | Net change in cash, cash equivalents and restricted cash | $(16,603) | $11,548 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business, accounting policies, history of losses, and the impact of COVID-19 - The company is an arrhythmia management company focused on tools for catheter-based ablation procedures[19](index=19&type=chunk) - Despite a successful IPO, the company has a history of operating losses (**$390.2M accumulated deficit**) and expects to incur significant future losses[20](index=20&type=chunk) - The **COVID-19 pandemic** has negatively impacted business by restricting hospital access and reducing elective procedures[21](index=21&type=chunk) Revenue Breakdown by Type (in thousands) | Revenue Type | Q1 2021 (unaudited) | Q1 2020 | | :--- | :--- | :--- | | Acutus Direct - Disposables | $1,783 | $1,017 | | Acutus Direct - Systems | $613 | $520 | | Acutus Direct - Service/Other | $35 | $10 | | **Total Acutus Direct** | **$2,431** | **$1,547** | | Distribution Agreements | $1,160 | $36 | | **Total Revenue** | **$3,591** | **$1,583** | Revenue Breakdown by Geography (in thousands) | Geography | Q1 2021 (unaudited) | Q1 2020 | | :--- | :--- | :--- | | **Acutus Direct** | | | | United States | $1,468 | $770 | | Europe | $963 | $777 | | **Distribution Agreements** | | | | United States | $113 | $0 | | Europe | $1,047 | $36 | | **Total Revenue** | **$3,591** | **$1,583** | - All convertible preferred stock was automatically converted into common stock following the **August 2020 IPO**[119](index=119&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 127% revenue growth in Q1 2021 driven by an expanded installed base, alongside a widening net loss - The company's business model focuses on a global sales presence to provide a complete solution for cardiac arrhythmia treatment[152](index=152&type=chunk) Total Installed Base of AcQMap Systems | Region | As of March 31, 2021 (unaudited) | As of March 31, 2020 | | :--- | :--- | :--- | | Acutus Direct - US | 39 | 13 | | Acutus Direct - Europe | 16 | 18 | | **Total Acutus Direct** | **55** | **31** | | Biotronik | 7 | 0 | | **Total Installed Base** | **62** | **31** | - Key performance factors include **AcQMap System market acceptance**, commercial organization effectiveness, and the COVID-19 impact[165](index=165&type=chunk)[166](index=166&type=chunk) Comparison of Results of Operations (in thousands) | Line Item | Q1 2021 (unaudited) | Q1 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $3,591 | $1,583 | $2,008 | 127% | | Cost of products sold | $6,955 | $3,194 | $3,761 | 118% | | Research and development | $9,370 | $7,973 | $1,397 | 18% | | Selling, general and administrative | $16,252 | $10,235 | $6,017 | 59% | | Loss from operations | $(27,833) | $(17,600) | $(10,233) | 58% | | Net loss | $(29,181) | $(18,098) | $(11,083) | 61% | - Cash and marketable securities totaled **$106.7 million** as of March 31, 2021, sufficient for the next 12 months of operations[192](index=192&type=chunk)[196](index=196&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Acutus Medical is not required to provide information for this item - The company is not required to provide these disclosures as it qualifies as a **"smaller reporting company"** under SEC regulations[209](index=209&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021 - The CEO and CFO concluded that the company's **disclosure controls and procedures are effective** as of March 31, 2021[211](index=211&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter[212](index=212&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is not a party to any litigation expected to have a **material adverse effect** on its business or financial condition[214](index=214&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Form 10-K - There have been **no material changes** from the risk factors disclosed in the company's annual report for the year ended December 31, 2020[215](index=215&type=chunk) [Item 2. Recent Sales of Unregistered Securities](index=41&type=section&id=Item%202.%20Recent%20Sales%20of%20Unregistered%20Securities) The company reported no recent sales of unregistered securities during the period - No unregistered securities were sold during the reporting period[215](index=215&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required certifications and iXBRL data - The report includes required **CEO and CFO certifications** and financial statements formatted in Inline Extensible Business Reporting Language (iXBRL)[218](index=218&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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. (Exact name of Registrant as specified in its Charter) Delaware 45-1306615 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 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. (Exact name of registrant as specifie ...

Table of Contents Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission Fil ...

Acutus Medical, Inc. (OTCPK:AFIB) Q2 2020 Earnings Conference Call September 17, 2020 4:30 PM ET Company Participants Caroline Corner - Investor Relations Vince Burgess - President and Chief Executive Officer Gary Doherty - Chief Financial Officer Conference Call Participants Robbie Marcus - JPMorgan Bob Hopkins - Bank of America Bill Plovanic - Canaccord Marie Thibault - BTIG Margaret Kaczor - William Blair Operator Ladies and gentlemen, thank you for standing by. And welcome to the Acutus Medical Inc. Sec ...