Acutus Medical Announces Preliminary Unaudited First Quarter 2023 Results
20 Abril 2023 - 9:01AM
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 announced preliminary
unaudited results for the first quarter 2023 in addition to the
release of the RECOVER AF study data (published online in EP
Europace)1.
Preliminary Unaudited First Quarter 2023
ResultsThe Company expects first quarter 2023 revenue in
the range of $4.1-$4.2 million compared to $3.7 million in the
first quarter of 2022. Year-over-year growth was driven by higher
AcQMap™ disposable revenue in markets outside the United States,
increased Service and Other Revenue, and sales through the
Company’s distribution agreement with Medtronic. As expected, the
Company’s results for the first quarter of 2023 were adversely
impacted by supply chain shortages that are expected to be resolved
in the balance of the year. Excluding the cash proceeds from Sale
of Business and ERC Credit, cash burn is expected to decline on a
year-over-year basis by approximately 35%, reflecting ongoing cost
savings, partially offset by inventory replenishment to support
current and future expected demand.
“We are pleased with the overall performance of our business in
the first quarter, despite ongoing supply chain challenges and a
constrained hospital capex spending environment. While we had a
slow start in terms of AcQMap cases, we saw a progressive increase
in procedure volume by quarter end,” said David Roman, President
& CEO of Acutus. “The recently published RECOVER AF study data
demonstrate the profound impact we have on patient care, and we
believe AcQMap’s proven capability to personalize ablation therapy
and improve outcomes sets the business up for growth in 2023 and
beyond.”
The preliminary unaudited revenue results described in this
press release are estimates only and are subject to revision until
we report our full financial results for the first quarter of 2023
on Thursday, May 11, 2023.
References:
- Betts et al. Treatment of
pathophysiologic propagation outside of the pulmonary veins in
retreatment of atrial fibrillation patients: Recover AF study.
Europace. 2023. doi:10.1093/europace/euad097
About Acutus Medical, Inc.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
StatementsThis 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.
Follow Acutus Medical on: Twitter, LinkedIn,
YouTube and Facebook.
Investor ContactCaroline Corner
415-202-5678caroline.corner@westwicke.com
Media ContactRhiannon
Pickus442-232-6094Rhiannon.Pickus@acutus.com
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