Acutus Medical, Inc. (“Acutus” or the “Company”) (Nasdaq: AFIB), an
arrhythmia management company focused on improving the way cardiac
arrhythmias are diagnosed and treated, today reported results for
the fourth quarter and full year ended December 31, 2022.
Financial statements and other information presented for 2022 is
unaudited.
Recent Highlights:
- Reported revenue of $5.0 million for
the fourth quarter of 2022, a 14% increase compared to $4.4 million
for the same quarter last year
- Reported revenue of $16.4 million for
the full year of 2022, a 5% decrease compared to $17.3 million for
the full year of 2021
- Global mapping procedure volumes
increased 19% for the full year of 2022, compared to the full year
of 2021
- Achieved key milestones under the asset
purchase agreement with Medtronic of its left-heart access
portfolio ahead of schedule, and received $20 million in earn-out
payments in December 2022 and an additional $17 million in January
2023
“Our fourth quarter results demonstrated significant progress on
our strategic and financial objectives, as we achieved our highest
level of quarterly sales on record while also registering our
lowest level of cash burn and operating expenses since IPO,” said
David Roman, President & CEO of Acutus. “As we enter 2023, our
focus turns from stabilization to growth through increased adoption
of our differentiated mapping and therapy platform, and geographic
expansion as well as continued improvement in our financial
profile.”
Fourth Quarter
2022 Financial Results
Revenue was $5.0 million for the fourth quarter of 2022, an
increase of 14% compared to $4.4 million for the fourth quarter of
2021. The improvement over the same quarter last year was driven by
an increase in commercial AcQMap procedures worldwide, by continued
adoption of the Company's differentiated mapping, by an increase in
sales of therapy and accessory products and a stabilization in
capital sales. Gross margin on a GAAP basis was a negative 68% for
the fourth quarter of 2022, compared with negative 128% for the
same quarter last year. The improvement was primarily driven by a
higher production volume, lower manufacturing variances and a
positive impact from restructuring actions taken earlier in the
year. The Company will continue to deploy significant resources and
focus in improving its gross margin in 2023.
Operating expenses consisting of research & development and
selling, general & administrative expenses on a GAAP basis were
$15.7 million for the fourth quarter of 2022 compared with $24.7
million for the same quarter last year. Additionally, a one-time
gain on the sale of a portion of our business of $35.9 million was
responsible for providing a positive bottom line for the fourth
quarter of 2022.
Non-GAAP operating expenses were $13.9 million for the fourth
quarter of 2022 compared with $21.4 million in the prior year. The
decrease of $7.5 million was primarily driven by the reduction in
headcount due to restructuring, as well as a reduction in
discretionary spend on certain research and development
programs.
Net income on a GAAP basis was $15.1 million for the fourth
quarter of 2022 and basic net income per share was $0.53 on a
weighted average basic outstanding share count of 28.5 million.
Diluted net income per share was $0.41 on a weighted average
diluted outstanding share count of 37.2 million. For the fourth
quarter 2021, net loss was $31.3 million with a basic and diluted
net loss per share of $1.12 on a weighted average basic and diluted
outstanding share count of 28.0 million.
Excluding income tax expense, amortization of acquired
intangibles, non-cash stock-based compensation expense,
restructuring charges, change in fair value of warrant liability,
change in the fair value of contingent consideration and gain on
sale of business, the Company’s non-GAAP net loss for the fourth
quarter of 2022 was $17.9 million, or $0.63 per share, compared to
a net loss of $28.0 million, or $1.00 per share, for the fourth
quarter of 2021.
Full Year 2022
Financial Results
Revenue was $16.4 million for the full year of 2022, a decrease
of 5% compared to $17.3 million in the prior year. Disposable,
service and other grew 12% driven by an increase in AcQMap
procedures and console utilization, absorbing supply chain
disruptions and foreign exchange headwinds of approximately $0.4
million. This growth was offset with Capital sales down $2.3
million compared to the prior year.
Gross margin on a GAAP basis was negative 95% for the full year
of 2022, compared with negative 91% in the prior year, driven by
unfavorable manufacturing variances carried into 2022 from the
prior year, idle capacity, and the write-off of excess and obsolete
inventory, offset by a partial reduction in manufacturing overhead
from the restructuring actions taken in the first half of 2022.
Operating expenses consisting of research & development and
selling, general & administrative expenses on a GAAP basis were
$75.8 million for the full year of 2022 compared with $100.2
million in the prior year. Non-GAAP operating expenses were $71.5
million for the full year of 2022 compared with $87.0 million in
the prior year. The decrease of $15.4 million was a result of
realizing the benefits of our cost savings initiatives enacted
earlier this year and a reduction in research and development
related to the program prioritization.
Net loss on a GAAP basis was $39.6 million for the full year of
2022 and net loss per share was $1.40 on a weighted average basic
and diluted outstanding share count of 28.3 million, compared to
$117.7 million and a net loss per share of $4.11 on a weighted
average basic and diluted outstanding share count of 28.7 million
in the prior year.
Excluding income tax expense, amortization of acquired
intangibles, non-cash stock-based compensation expense, employee
retention credit, goodwill impairment, restructuring charges,
changes in the fair value of contingent consideration, gain on sale
of business, loss on debt extinguishment and change in fair value
of warrant liability, the Company’s non-GAAP net loss for the full
year of 2022 was $92.6 million, or $3.27 per share, compared to
$107.0 million, or $3.74 per share, for 2021.
Cash, cash equivalents, marketable securities and restricted
cash were $76.2 million as of December 31, 2022.
2023 Outlook
The company expects full year 2023 revenue to be in a range from
$18.0-$21.0 million.
Non-GAAP Financial Measures
This press release includes references to non-GAAP net loss and
non-GAAP basic and diluted net loss per share, which are non-GAAP
financial measures, to provide information that may assist
investors in understanding the Company’s financial results and
assessing its prospects for future performance. The Company
believes these non-GAAP financial measures are important indicators
of its operating performance because they exclude items that are
primarily non-cash accounting line items unrelated to, and may not
be indicative of, the Company’s core operating results. These
non-GAAP financial measures, as Acutus calculates them, may not
necessarily be comparable to similarly titled measures of other
companies and may not be appropriate measures for comparing the
performance of other companies relative to the Company. These
non-GAAP financial results are not intended to represent and should
not be considered to be more meaningful measures than, or
alternatives to, measures of operating performance as determined in
accordance with GAAP. Non-GAAP net loss is defined as net loss
before income taxes, adjusted for stock-based compensation,
amortization of acquisition-related intangibles, employee retention
credit, goodwill impairment, restructuring charges, changes in the
fair value of contingent consideration, gain on sale of business,
loss on debt extinguishment and change in fair value of warrant
liability and other adjustments. To the extent such non-GAAP
financial measures are used in the future, the Company expects to
calculate them using a consistent method from period to period. A
reconciliation of the most directly comparable GAAP financial
measure to the non-GAAP financial measure has been provided under
the heading “Reconciliation of GAAP Results to Non-GAAP Results” in
the financial statement tables attached to this press release.
Webcast and Conference Call Information
Acutus will host a conference call to discuss the fourth quarter
and full year 2022 financial results after market close on Thursday
March 16, 2023 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time.
To access the live call via telephone, please register in advance
using the following link:
https://register.vevent.com/register/BI99cd3a13a2514da19eb8ed750c11370d.
Upon registering, each participant will receive an email
confirmation with dial-in numbers and a unique personal PIN that
can be used to join the call. The live webinar of the call may be
accessed by visiting the Events section of the Acutus investor
relations website at ir.acutusmedical.com. A replay of the webinar
will be available shortly after the conclusion of the call and will
be archived on the company’s website.
About Acutus
Acutus is an arrhythmia management company focused on improving
the way cardiac arrhythmias are diagnosed and treated. Acutus is
committed to advancing the field of electrophysiology with a unique
array of products and technologies which will enable more
physicians to treat more patients more efficiently and effectively.
Through internal product development, acquisitions and global
partnerships, Acutus has established a global sales presence
delivering a broad portfolio of highly differentiated
electrophysiology products that provide its customers with a
complete solution for catheter-based treatment of cardiac
arrhythmias. Founded in 2011, Acutus is based in Carlsbad,
California.
Caution Regarding Forward-Looking
Statements
This press release includes statements that may constitute
“forward-looking” statements, usually containing the words
“believe,” “estimate,” “project,” “expect” or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to, the
Company’s ability to continue to manage expenses and cash burn rate
at sustainable levels, continued acceptance of its products in the
marketplace, the effect of global economic conditions on the
ability and willingness of customers to purchase the Company’s
systems and the timing of such purchases, competitive factors,
changes resulting from healthcare policy in the United States and
globally including changes in government reimbursement of
procedures, dependence upon third-party vendors and distributors,
timing of regulatory approvals, the impact of the coronavirus
(COVID-19) pandemic and Acutus’ response to it and other risks
discussed in the Company’s periodic and other filings with the
Securities and Exchange Commission. By making these forward-looking
statements, Acutus undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Investor Contact: |
Media Contact: |
Caroline Corner |
Peter Neems |
Westwicke ICR |
Acutus Medical, Inc. |
D: 415-202-5678 |
M: 442-232-6094 |
caroline.corner@westwicke.com |
media@acutusmedical.com |
ACUTUS MEDICAL,
INC.Consolidated Balance Sheets(in
thousands, except per share amounts)
|
December 31, 2022 |
|
December 31, 2021 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
25,584 |
|
|
$ |
24,071 |
|
Marketable securities, short-term |
|
44,863 |
|
|
|
76,702 |
|
Restricted cash |
|
5,764 |
|
|
|
150 |
|
Accounts receivable |
|
21,085 |
|
|
|
3,633 |
|
Inventory |
|
13,327 |
|
|
|
16,408 |
|
Employer retention credit receivable |
|
4,703 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
2,541 |
|
|
|
5,326 |
|
Total current assets |
|
117,867 |
|
|
|
126,290 |
|
|
|
|
|
Marketable securities,
long-term |
|
— |
|
|
|
7,120 |
|
Property and equipment,
net |
|
9,221 |
|
|
|
13,670 |
|
Right-of-use asset, net |
|
3,872 |
|
|
|
4,521 |
|
Intangible assets, net |
|
1,583 |
|
|
|
5,013 |
|
Goodwill |
|
— |
|
|
|
12,026 |
|
Other assets |
|
897 |
|
|
|
1,152 |
|
Total
assets |
$ |
133,440 |
|
|
$ |
169,792 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
4,721 |
|
|
$ |
7,519 |
|
Accrued liabilities |
|
9,686 |
|
|
|
9,096 |
|
Contingent consideration, short-term |
|
1,800 |
|
|
|
1,500 |
|
Operating lease liabilities, short-term |
|
319 |
|
|
|
395 |
|
Warrant liability |
|
3,346 |
|
|
|
— |
|
Total current liabilities |
|
19,872 |
|
|
|
18,510 |
|
|
|
|
|
Operating lease liabilities,
long-term |
|
4,103 |
|
|
|
4,591 |
|
Long-term debt |
|
34,434 |
|
|
|
40,415 |
|
Contingent consideration,
long-term |
|
— |
|
|
|
500 |
|
Other long-term
liabilities |
|
12 |
|
|
|
50 |
|
Total liabilities |
|
58,421 |
|
|
|
64,066 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
Preferred stock: Series A
Common Equivalent Preferred Stock, 0.001 par value; 5,000,000
shares authorized, and 6,666 shares issued and outstanding |
|
— |
|
|
|
— |
|
Common stock: 0.001 par value;
260,000,000 shares authorized, 28,554,656 and 27,957,223 issued and
outstanding at December 31, 2022 and 2021, respectively |
|
29 |
|
|
|
28 |
|
Additional paid-in
capital |
|
594,173 |
|
|
|
584,613 |
|
Accumulated deficit |
|
(518,314 |
) |
|
|
(478,698 |
) |
Accumulated other
comprehensive loss |
|
(869 |
) |
|
|
(217 |
) |
Total stockholders'
equity |
|
75,019 |
|
|
|
105,726 |
|
Total liabilities and
stockholders' equity |
$ |
133,440 |
|
|
$ |
169,792 |
|
ACUTUS MEDICAL,
INC.Consolidated Statements of Operations and
Comprehensive Income (Loss)(in thousands, except per share
amounts)
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
Revenue |
$ |
4,962 |
|
|
$ |
4,362 |
|
|
$ |
16,363 |
|
|
$ |
17,263 |
|
|
|
|
|
|
|
|
|
Costs and operating expenses (income): |
|
|
|
|
|
|
|
Cost of products sold |
|
8,321 |
|
|
|
9,939 |
|
|
|
31,910 |
|
|
|
32,925 |
|
Research and development |
|
6,269 |
|
|
|
8,840 |
|
|
|
28,153 |
|
|
|
36,683 |
|
Selling, general and administrative |
|
9,447 |
|
|
|
15,865 |
|
|
|
47,654 |
|
|
|
63,523 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
12,026 |
|
|
|
— |
|
Restructuring |
|
91 |
|
|
|
— |
|
|
|
2,371 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
(100 |
) |
|
|
(382 |
) |
|
|
1,053 |
|
|
|
(3,746 |
) |
Gain on sale of business |
|
(35,890 |
) |
|
|
— |
|
|
|
(79,465 |
) |
|
|
— |
|
Total
costs and operating (income) expenses |
|
(11,862 |
) |
|
|
34,262 |
|
|
|
43,702 |
|
|
|
129,385 |
|
Income (loss) from operations |
|
16,824 |
|
|
|
(29,900 |
) |
|
|
(27,339 |
) |
|
|
(112,122 |
) |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
(7,947 |
) |
|
|
— |
|
Change in fair value of warrant liability |
|
(871 |
) |
|
|
— |
|
|
|
33 |
|
|
|
— |
|
Interest income |
|
576 |
|
|
|
28 |
|
|
|
868 |
|
|
|
116 |
|
Interest expense |
|
(1,339 |
) |
|
|
(1,392 |
) |
|
|
(5,149 |
) |
|
|
(5,677 |
) |
Total
other expense, net |
|
(1,634 |
) |
|
|
(1,364 |
) |
|
|
(12,195 |
) |
|
|
(5,561 |
) |
Income (loss) before income taxes |
|
15,190 |
|
|
|
(31,264 |
) |
|
|
(39,534 |
) |
|
|
(117,683 |
) |
Income tax expense |
|
82 |
|
|
|
— |
|
|
|
82 |
|
|
|
— |
|
Net income (loss) |
$ |
15,108 |
|
|
$ |
(31,264 |
) |
|
$ |
(39,616 |
) |
|
$ |
(117,683 |
) |
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
Unrealized gain (loss) on marketable securities |
|
39 |
|
|
|
(34 |
) |
|
|
39 |
|
|
|
(37 |
) |
Foreign currency translation adjustment |
|
213 |
|
|
|
(143 |
) |
|
|
(691 |
) |
|
|
(460 |
) |
Comprehensive income (loss) |
$ |
15,360 |
|
|
$ |
(31,441 |
) |
|
$ |
(40,268 |
) |
|
$ |
(118,180 |
) |
|
|
|
|
|
|
|
|
Basic
net income (loss) per common share |
$ |
0.53 |
|
|
$ |
(1.12 |
) |
|
$ |
(1.40 |
) |
|
$ |
(4.11 |
) |
Diluted net income (loss) per common share |
$ |
0.41 |
|
|
$ |
(1.12 |
) |
|
$ |
(1.40 |
) |
|
$ |
(4.11 |
) |
|
|
|
|
|
|
|
|
Basic
weighted average shares outstanding |
|
28,471,389 |
|
|
|
27,953,803 |
|
|
|
28,322,753 |
|
|
|
28,654,313 |
|
Diluted weighted average shares outstanding |
|
37,236,064 |
|
|
|
27,953,803 |
|
|
|
28,322,753 |
|
|
|
28,654,313 |
|
ACUTUS MEDICAL,
INC.Consolidated Statements of Cash
Flows(in thousands)
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
|
|
Cash flows from operating activities |
|
|
|
Net
loss |
$ |
(39,616 |
) |
|
$ |
(117,683 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation expense |
|
6,060 |
|
|
|
5,754 |
|
AcQMap Systems converted to sales |
|
605 |
|
|
|
2,182 |
|
Sales-type lease gain |
|
(87 |
) |
|
|
28 |
|
Amortization of intangible assets |
|
420 |
|
|
|
640 |
|
Non-cash stock-based compensation expense |
|
9,391 |
|
|
|
13,754 |
|
Amortization of premiums/(accretion of discounts) on marketable
securities, net |
|
(24 |
) |
|
|
1,277 |
|
Amortization of debt issuance cost |
|
850 |
|
|
|
1,404 |
|
Amortization of operating lease right-of-use assets |
|
649 |
|
|
|
496 |
|
Goodwill impairment |
|
12,026 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
7,947 |
|
|
|
— |
|
Gain on sale of business, net |
|
(79,465 |
) |
|
|
— |
|
Direct costs paid for sale of business |
|
(4,027 |
) |
|
|
— |
|
Change in fair value of warrant liability |
|
(33 |
) |
|
|
— |
|
Loss on disposal of fixed assets |
|
825 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
1,053 |
|
|
|
(3,746 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(452 |
) |
|
|
(1,473 |
) |
Inventory |
|
3,081 |
|
|
|
(3,872 |
) |
Employer retention credit receivable |
|
(4,703 |
) |
|
|
— |
|
Prepaid expenses and other current assets |
|
2,804 |
|
|
|
1,133 |
|
Other assets |
|
475 |
|
|
|
304 |
|
Accounts payable |
|
(2,852 |
) |
|
|
(871 |
) |
Accrued liabilities |
|
605 |
|
|
|
1,549 |
|
Operating lease liabilities |
|
(526 |
) |
|
|
(608 |
) |
Other long-term liabilities |
|
(38 |
) |
|
|
50 |
|
Net cash
used in operating activities |
|
(85,032 |
) |
|
|
(99,682 |
) |
|
|
|
|
Cash flows from investing activities |
|
|
|
Proceeds from sale of business |
|
70,000 |
|
|
|
— |
|
Purchases of available-for-sale marketable securities |
|
(54,508 |
) |
|
|
(87,258 |
) |
Sales of available-for-sale marketable securities |
|
18,599 |
|
|
|
8,590 |
|
Maturities of available-for-sale marketable securities |
|
74,642 |
|
|
|
107,707 |
|
Purchases of fixed assets |
|
(3,983 |
) |
|
|
(9,973 |
) |
Net cash
provided by investing activities |
|
104,750 |
|
|
|
19,066 |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
Proceeds from issuance of common stock, net of issuance costs |
|
— |
|
|
|
82,657 |
|
Proceeds from the exercise of stock options |
|
67 |
|
|
|
711 |
|
Repurchase of common shares to pay employee withholding taxes |
|
(111 |
) |
|
|
— |
|
Proceeds from employee stock purchase plan |
|
214 |
|
|
|
440 |
|
Payment of contingent consideration |
|
(872 |
) |
|
|
(3,435 |
) |
Payment of deferred offering costs |
|
— |
|
|
|
(580 |
) |
Payment of contingent consideration into escrow |
|
— |
|
|
|
(224 |
) |
Repayment of old term loan |
|
(44,550 |
) |
|
|
— |
|
Prepayment penalty fees |
|
(1,063 |
) |
|
|
— |
|
Borrowing under new term loan |
|
34,825 |
|
|
|
— |
|
Payment of debt issuance costs for new loan |
|
(626 |
) |
|
|
— |
|
Net cash
(used in) provided by financing activities |
|
(12,116 |
) |
|
|
79,569 |
|
|
|
|
|
Effect
of exchange rate changes on cash, cash equivalents and restricted
cash |
|
(475 |
) |
|
|
(116 |
) |
|
|
|
|
Net
change in cash, cash equivalents and restricted cash |
|
7,127 |
|
|
|
(1,163 |
) |
Cash,
cash equivalents and restricted cash, at the beginning of the
period |
|
24,221 |
|
|
|
25,384 |
|
Cash, cash equivalents and restricted cash, at the end of
the period |
$ |
31,348 |
|
|
$ |
24,221 |
|
ACUTUS MEDICAL,
INC.Reconciliation of GAAP Results to Non-GAAP
Results(in thousands)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2022 |
|
Cost of Products Sold |
|
Research and Development |
|
Selling, General and Administrative |
|
Loss from Operations |
|
Other Expense, Net |
|
Net Income (loss) |
|
Basic EPS |
|
Diluted EPS |
Reported |
|
$ |
8,321 |
|
|
$ |
6,269 |
|
|
$ |
9,447 |
|
|
$ |
16,824 |
|
|
$ |
(1,634 |
) |
|
$ |
15,108 |
|
|
$0.53 |
|
|
$0.41 |
|
Amortization of acquired intangibles |
|
|
(50 |
) |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
|
$0.00 |
|
|
$0.00 |
|
Stock-based compensation |
|
|
(125 |
) |
|
|
(319 |
) |
|
|
(1,450 |
) |
|
|
1,894 |
|
|
|
— |
|
|
|
1,894 |
|
|
$0.07 |
|
|
$0.05 |
|
Restructuring charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
91 |
|
|
|
— |
|
|
|
91 |
|
|
$0.00 |
|
|
$0.00 |
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
871 |
|
|
|
871 |
|
|
$0.03 |
|
|
$0.02 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(100 |
) |
|
|
— |
|
|
|
(100 |
) |
|
$0.00 |
|
|
$0.00 |
|
Gain on sale of business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35,890 |
) |
|
|
— |
|
|
|
(35,890 |
) |
|
$(1.26 |
) |
|
$(0.96 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
82 |
|
|
$0.00 |
|
|
$0.00 |
|
Adjusted |
|
$ |
8,146 |
|
|
$ |
5,950 |
|
|
$ |
7,997 |
|
|
$ |
(17,131 |
) |
|
$ |
(763 |
) |
|
$ |
(17,894 |
) |
|
$(0.63 |
) |
|
$(0.48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2021 |
|
Cost of Products Sold |
|
Research and Development |
|
Selling, General and Administrative |
|
Loss from Operations |
|
Other Expense, Net |
|
Net Loss |
|
Basic and Diluted EPS |
|
|
Reported |
|
$ |
9,939 |
|
|
$ |
8,840 |
|
|
$ |
15,865 |
|
|
$ |
(29,900 |
) |
|
$ |
(1,364 |
) |
|
$ |
(31,264 |
) |
|
$(1.12 |
) |
|
|
Amortization of acquired intangibles |
|
|
(155 |
) |
|
|
— |
|
|
|
(5 |
) |
|
|
160 |
|
|
|
— |
|
|
|
160 |
|
|
$0.01 |
|
|
|
Stock-based compensation |
|
|
(241 |
) |
|
|
(543 |
) |
|
|
(2,710 |
) |
|
|
3,494 |
|
|
|
— |
|
|
|
3,494 |
|
|
$0.12 |
|
|
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(382 |
) |
|
|
— |
|
|
|
(382 |
) |
|
$(0.01 |
) |
|
|
Adjusted |
|
$ |
9,543 |
|
|
$ |
8,297 |
|
|
$ |
13,150 |
|
|
$ |
(26,628 |
) |
|
$ |
(1,364 |
) |
|
$ |
(27,992 |
) |
|
$(1.00 |
) |
|
|
Twelve Months Ended
December 31, 2022 |
|
Cost of Products Sold |
|
Research and Development |
|
Selling, General and Administrative |
|
Loss from Operations |
|
Other Expense, Net |
|
Net Loss |
|
Basic and Diluted EPS |
Reported |
|
$ |
31,910 |
|
|
$ |
28,153 |
|
|
$ |
47,654 |
|
|
$ |
(27,339 |
) |
|
$ |
(12,195 |
) |
|
$ |
(39,616 |
) |
|
$(1.40 |
) |
Amortization of acquired intangibles |
|
|
(410 |
) |
|
|
— |
|
|
|
(10 |
) |
|
|
420 |
|
|
|
— |
|
|
|
420 |
|
|
$0.01 |
|
Stock-based compensation |
|
|
(669 |
) |
|
|
(1,736 |
) |
|
|
(6,986 |
) |
|
|
9,391 |
|
|
|
— |
|
|
|
9,391 |
|
|
$0.33 |
|
Goodwill impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,026 |
|
|
|
— |
|
|
|
12,026 |
|
|
$0.42 |
|
Restructuring charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,371 |
|
|
|
— |
|
|
|
2,371 |
|
|
$0.08 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,053 |
|
|
|
— |
|
|
|
1,053 |
|
|
$0.04 |
|
Gain on sale of business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(79,465 |
) |
|
|
— |
|
|
|
(79,465 |
) |
|
$(2.79 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,947 |
|
|
|
7,947 |
|
|
$0.28 |
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(33 |
) |
|
|
(33 |
) |
|
$0.00 |
|
Employee retention credit |
|
|
2,316 |
|
|
|
1,808 |
|
|
|
2,661 |
|
|
|
(6,785 |
) |
|
|
— |
|
|
|
(6,785 |
) |
|
$(0.24 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
82 |
|
|
$0.00 |
|
Adjusted |
|
$ |
33,147 |
|
|
$ |
28,225 |
|
|
$ |
43,319 |
|
|
$ |
(88,328 |
) |
|
$ |
(4,281 |
) |
|
$ |
(92,609 |
) |
|
$(3.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, 2021 |
|
Cost of Products Sold |
|
Research and Development |
|
Selling, General and Administrative |
|
Loss from Operations |
|
Other Expense, Net |
|
Net Loss |
|
Basic and Diluted EPS |
Reported |
|
$ |
32,925 |
|
|
$ |
36,683 |
|
|
$ |
63,523 |
|
|
$ |
(112,122 |
) |
|
$ |
(5,561 |
) |
|
$ |
(117,683 |
) |
|
$(4.11 |
) |
Amortization of acquired intangibles |
|
|
(310 |
) |
|
|
— |
|
|
|
(330 |
) |
|
|
640 |
|
|
|
— |
|
|
|
640 |
|
|
$0.02 |
|
Stock-based compensation |
|
|
(864 |
) |
|
|
(2,181 |
) |
|
|
(10,709 |
) |
|
|
13,754 |
|
|
|
— |
|
|
|
13,754 |
|
|
$0.48 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,746 |
) |
|
|
— |
|
|
|
(3,746 |
) |
|
$(0.13 |
) |
Adjusted |
|
$ |
31,751 |
|
|
$ |
34,502 |
|
|
$ |
52,484 |
|
|
$ |
(101,474 |
) |
|
$ |
(5,561 |
) |
|
$ |
(107,035 |
) |
|
$(3.74 |
) |
ACUTUS MEDICAL, INC.Key
Business Metrics(unaudited)
Installed Base & Procedure
Volumes
Procedure volumes for the three months and twelve months ended
December 31, 2022 and 2021 are as follows:
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Procedure volumes |
472 |
|
425 |
|
1,861 |
|
1,570 |
The total installed base which includes AcQMap Systems as of
December 31, 2022 and 2021 was 76 and 77, respectively.
Revenue
The following table sets forth the Company’s revenue for
disposables, systems and service/other for both the three months
and the twelve months ended December 31, 2022 and 2021 (in
thousands):
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Disposables |
$ |
3,520 |
|
$ |
3,249 |
|
$ |
12,922 |
|
$ |
11,938 |
Systems |
|
927 |
|
|
761 |
|
|
1,750 |
|
|
4,058 |
Service / other |
|
515 |
|
|
352 |
|
|
1,691 |
|
|
1,267 |
Total revenue |
|
4,962 |
|
|
4,362 |
|
|
16,363 |
|
|
17,263 |
The following table provides revenue by geographic location for
both the three months and the twelve months ended December 31,
2022 and 2021 (in thousands):
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
United States |
$ |
2,722 |
|
$ |
2,069 |
|
$ |
8,707 |
|
$ |
8,325 |
Outside the United States |
|
2,240 |
|
|
2,293 |
|
|
7,656 |
|
|
8,938 |
Total revenue |
$ |
4,962 |
|
$ |
4,362 |
|
$ |
16,363 |
|
$ |
17,263 |
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