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Acutus Medical Inc. (AFIB0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's strategic shift to focus solely on manufacturing and distributing left-heart access products for Medtronic. This decision follows the sale of Acutus's left-heart access portfolio to Medtronic in June 2022.
Acutus reported revenue of $20.2 million for the year, a significant increase from $7.2 million in the previous year, attributed to increased sales through Medtronic.
The company recorded a net loss of $9.5 million, with a loss of $4.5 million from continuing operations and $5.0 million from discontinued operations.
Acutus's restructuring efforts included a workforce reduction and a realignment of resources, with a focus on reducing costs and optimizing cash flow.
The company completed the first closing of the asset sale to Medtronic in June 2022, receiving $50 million, with additional contingent payments based on future sales performance.
Acutus's cash and cash equivalents as of December 31, 2024, were $14.0 million, down from $29.4 million the previous year, reflecting ongoing operational expenses and restructuring costs.
The filing also notes that Acutus's common stock was delisted from Nasdaq in May 2024 and now trades on the OTC Pink Market.
Acutus's future strategy involves continuing to manufacture products for Medtronic and potentially earning additional contingent payments through 2027.
The company has identified risks associated with its dependence on Medtronic for revenue, potential product liability claims, and compliance with regulatory requirements.
Acutus's board of directors has implemented a compensation recoupment policy and maintains an anti-hedging policy for its employees and directors.
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. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.