Core Viewpoint - Acutus Medical, Inc. reported significant financial improvements for the full year of 2024, including a substantial increase in revenue and a reduction in operating losses, while also announcing a strategic shift in business focus [1][3][7]. Financial Performance - Revenue from Continuing Operations reached 7.2 million in 2023 [3][11]. - Gross margin for continuing operations improved to 5% in 2024 from a negative 44% in 2023, attributed to higher production volumes and reduced manufacturing overhead [3]. - Operating expenses for continuing operations decreased to 8.6 million in the previous year, reflecting a new business model with reduced discretionary spending [4]. - The net loss from continuing operations was 0.16, compared to a net loss of 0.40 in 2023 [5][11]. Discontinued Operations - Loss on discontinued operations was 69.7 million in 2023 [6][16]. Strategic Outlook - The company announced a plan to realign resources to support the left-heart access distribution business and exit the electrophysiology mapping and ablation businesses, leading to the decision to no longer provide financial guidance [7]. Company Overview - Acutus Medical focuses on the production of left-heart access products under a distribution agreement with Medtronic, Inc. The company was founded in 2011 and is based in Carlsbad, California [8].
Acutus Medical Reports Full Year 2024 Financial Results