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Acutus Medical, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenue of $13.0 million for the nine months ended September 30, 2024, up from $4.8 million in the same period the previous year. This increase is primarily attributed to higher sales volume of left-heart access products to Medtronic (MDT+1.06%).
Cost of products sold increased to $13.0 million from $7.8 million in the previous year, with the rise mainly due to increased sales volumes. However, gross margin improved to 0% from negative 63% in the prior year due to manufacturing efficiencies.
Research and development expenses were eliminated following a business model shift to focus solely on manufacturing for Medtronic, compared to $2.8 million in the previous year.
Selling, general, and administrative expenses decreased to $7.9 million from $9.5 million, reflecting reduced workforce and insurance costs.
A gain of $8.1 million was recorded from Medtronic's left-heart access net sales earnouts, an increase from $5.9 million in the previous year.
Interest income decreased to $0.6 million from $2.2 million, while interest expense increased slightly to $4.4 million from $4.1 million, reflecting changes in cash balances and interest rates.
Net loss from continuing operations was $3.2 million, an improvement from a loss of $9.9 million the previous year. Discontinued operations generated a net loss of $4.9 million, compared to a loss of $38.0 million in the previous year.
Cash used in operating activities from continuing operations was $15.9 million, compared to $5.8 million in the prior year. Cash provided by investing activities was $16.3 million, down from $47.5 million.
The company completed a strategic restructuring, focusing on manufacturing and distributing left-heart access products for Medtronic, resulting in a reduction of workforce and operating expenses.
Acutus Medical's common stock was delisted from Nasdaq (NDAQ+0.56%) and began trading on the OTC Pink Market under the symbol 'AFIB' as of May 9, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Acutus Medical Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.