Acutus Medical(US:AFIB)2023-08-06 16:00Financial Performance - Revenue for the six months ended June 30, 2023, was $9.5 million, a 21.8% increase from $7.8 million in the same period of 2022[166] - Net loss for the six months ended June 30, 2023, was $34.7 million, compared to a net loss of $34.3 million for the same period in 2022[166] - Revenue for the three months ended June 30, 2023, was $5.3 million, a 30% increase from $4.1 million in the same period of 2022, driven by higher disposable sales and left-heart access products through Medtronic[218] - Revenue for the six months ended June 30, 2023, was $9.5 million, a 22% increase from $7.8 million in the same period of 2022, attributed to higher disposable sales and increased procedure volumes[232] - Net loss for the three months ended June 30, 2023, was $18.3 million, compared to a net income of $5.7 million in 2022, marking a 421% decline[218] Operational Metrics - Total installed base of AcQMap consoles as of June 30, 2023, was 78, with 27 in the U.S. and 51 outside the U.S., compared to 75 total in 2022[173] - Procedure volumes for the three months ended June 30, 2023, were 584, up from 481 in the same period of 2022, representing a 21.4% increase[175] - For the six months ended June 30, 2023, approximately 43% of sales were generated outside the United States, compared to 48% in the same period of 2022[198] Expenses and Costs - Cost of products sold for the six months ended June 30, 2023, was $14.9 million, an 11% decrease from $16.6 million in 2022, with a gross margin of negative 57%[233] - Cost of products sold decreased by 17% to $8.1 million for the three months ended June 30, 2023, compared to $9.7 million in 2022, reflecting improved manufacturing efficiencies[219] - Research and development expenses were $6.8 million for the three months ended June 30, 2023, down 14% from $7.9 million in 2022, due to reduced project spending and workforce adjustments[220] - Research and development expenses decreased by $3.0 million, or 19%, to $12.9 million for the six months ended June 30, 2023, compared to $15.9 million for the same period in 2022[234] - Selling, general and administrative expenses decreased by $9.7 million, or 34%, to $18.8 million for the six months ended June 30, 2023, compared to $28.5 million for the same period in 2022[235] Cash Flow and Capital - As of June 30, 2023, the company had working capital of $69.1 million, down from $98.0 million as of December 31, 2022[166] - Cash, cash equivalents, restricted cash, and marketable securities totaled $61.5 million as of June 30, 2023, down from $76.2 million as of December 31, 2022[244] - Net cash used in operating activities was $31.1 million for the six months ended June 30, 2023, a decrease of $19.6 million from $50.7 million for the same period in 2022[257] - Investing activities provided $30.4 million of cash during the six months ended June 30, 2023, a decrease of $58.8 million from the same period in 2022[258] Strategic Initiatives - The company plans to focus on maximizing console utilization and procedure volume growth in targeted geographic regions as part of its restructuring efforts[167] - The company aims to leverage strategic partnerships and acquisitions to achieve global distribution and broaden its product portfolio[182] - The company has established a direct selling presence in the U.S. and select Western European markets, where cardiac ablation is a standard of care[164] Legal and Compliance - The company is involved in two putative securities class action lawsuits alleging violations of the Exchange Act, with potential substantial costs if the matters proceed[275] - The company maintains effective disclosure controls and procedures as evaluated by management[271] - The company has not experienced any changes in internal control over financial reporting that materially affect its operations during the quarter ended June 30, 2023[272] Market Conditions - The company is facing significant competition from large, well-capitalized companies, which necessitates continuous innovation to maintain market share[192] - Global supply chain disruptions may negatively impact costs due to fluctuations in raw material prices and unexpected delays[193]