Acutus Medical(AFIB) - 2024 Q3 - Quarterly Results

Financial Performance - Third quarter revenue from Continuing Operations was $5.3 million, a 156% increase year-over-year from $2.1 million in the same quarter last year[2] - Operating income for continuing operations was $0.1 million, an improvement of 119% compared to the same period last year[3] - Gross margin on a GAAP basis for continuing operations improved to 7% for the third quarter of 2024 from negative 53% for the same quarter last year[4] - Net loss for the third quarter of 2024 was $5.6 million, compared to a net loss of $13.2 million for the same period last year[13] - Net loss for 2024 was $8,141, significantly improved from a loss of $47,898 in 2023[14] Discontinued Operations - Loss on discontinued operations was $4.8 million for the third quarter of 2024, compared to $13.2 million for the same period last year[7] Cash and Assets - Cash, cash equivalents, marketable securities, and restricted cash totaled $12.6 million as of September 30, 2024[3] - Total current assets decreased to $27.2 million in 2024 from $46.3 million in 2023[10] - Cash, cash equivalents, and restricted cash at the end of the period were $12,595, down from $31,115 in 2023[14] - Accounts receivable from the sale of business was $4,478, compared to $6,111 in 2023[15] Liabilities - Total liabilities decreased to $42.5 million in 2024 from $54.8 million in 2023[11] Cash Flow - Net cash used in operating activities totaled $27,602, a decrease from $45,105 in the previous year[14] - Cash provided by investing activities was $16,676, compared to $47,335 in 2023[14] - Proceeds from the sale of business amounted to $13,235, down from $17,000 in the previous year[14] Expenses - Depreciation expense for 2024 was $235, down from $384 in 2023[14] - Non-cash stock-based compensation expense decreased to $459 from $1,272 in the previous year[14] Other Financial Metrics - The company reported a change in fair value of warrant liability of $(107), an improvement from $(1,478) in 2023[14] - The effect of exchange rate changes on cash was $(13), compared to $(294) in the previous year[14] Guidance - The company will no longer provide financial guidance due to the announced plan to realign resources to support the left-heart access distribution business[8]