Core Insights - Acutus Medical reported a significant revenue increase of 172% year-over-year for Q2 2024, reaching $4.1 million compared to $1.5 million in Q2 2023 [2][3] - The company achieved a reduction in operating expenses by 47%, totaling $2.2 million for Q2 2024, down from $4.2 million in the same period last year [2][3] - Acutus recorded a gain of $2.9 million from the sale of a business, marking a 38% increase compared to the previous year [2] Financial Performance - Revenue from Continuing Operations for Q2 2024 was $4.1 million, a 172% increase from $1.5 million in Q2 2023 [3] - Gross margin improved to negative 8% for Q2 2024 from negative 67% in Q2 2023, attributed to higher production volumes and reduced manufacturing overhead [3] - Net loss from continuing operations was $0.4 million for Q2 2024, with a net loss per share of $0.01, compared to a net loss of $4.2 million and a net loss per share of $0.15 in Q2 2023 [4] Discontinued Operations - Loss on discontinued operations decreased significantly to $0.6 million in Q2 2024 from $26.1 million in the same quarter last year [5] Cash Position - As of June 30, 2024, the company had cash, cash equivalents, marketable securities, and restricted cash totaling $13.3 million [4][10] Strategic Outlook - The company announced a plan to realign resources to focus on the left-heart access distribution business and will no longer provide financial guidance [6]
Acutus Medical Reports Second Quarter and Year-To-Date 2024 Financial Results