Acutus Medical Reports Third Quarter and Year-To-Date 2024 Financial Results

Core Insights - Acutus Medical, Inc. reported significant growth in revenue and improvements in operating income for the third quarter of 2024 compared to the same period last year [2][3][4]. Financial Performance - Revenue from Continuing Operations reached $5.3 million, a 156$2.1 million in Q3 2023 [2][3]. - Operating income for continuing operations was $0.1 million, reflecting a 119$0.6 million in the same period last year [4]. - Gross margin on a GAAP basis improved to 7% from negative 53% year-over-year, driven by higher production volumes and reduced manufacturing overhead [3]. Losses and Discontinued Operations - The net loss on continuing operations was $0.8 million, with a net loss per share of$0.03, compared to a net loss of $1.9 million and a net loss per share of$0.07 in Q3 2023 [5][14]. - Loss on discontinued operations decreased to $4.8 million from$13.2 million in the same quarter last year [6]. Cash Position - As of September 30, 2024, the company had cash, cash equivalents, marketable securities, and restricted cash totaling $12.6 million [2][5]. Strategic Outlook - The company announced a plan to realign resources to focus on the left-heart access distribution business and exit from the electrophysiology mapping and ablation businesses, leading to the decision to no longer provide financial guidance [7]. Company Overview - Acutus Medical, Inc. specializes in the production of left-heart access products and operates under a distribution agreement with Medtronic, Inc. The company was founded in 2011 and is based in Carlsbad, California [8].