Acutus Medical, Inc. reported significant financial changes in its latest 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenue of $20.2 million, a substantial increase from $7.2 million in the previous year, primarily driven by increased sales of left-heart access products through its partnership with Medtronic. The net loss from continuing operations was $4.5 million, a notable improvement compared to a loss of $11.9 million in 2023. However, the company continued to face challenges, with an accumulated deficit of $609.5 million as of December 31, 2024.
The filing also highlighted the company's strategic restructuring efforts, which included winding down its mapping and ablation businesses to focus solely on manufacturing and distributing products for Medtronic. This restructuring led to a workforce reduction of approximately 65% in 2023 and an additional 70% in 2024, resulting in a total employee count of 85 as of December 31, 2024. The operational downsizing is expected to be completed by the first quarter of 2025, with the company aiming to minimize costs while fulfilling its obligations to Medtronic.
Acutus Medical's operational metrics indicate a shift in focus, with all revenue now derived from the Distribution Agreement with Medtronic. The company has become eligible for earnout payments based on Medtronic's sales of the left-heart access product portfolio, with $11.1 million earned in 2024. The company also reported a gain of $10.8 million related to the sale of its business to Medtronic, reflecting the successful transition to its new business model.
Looking ahead, Acutus Medical's management expressed cautious optimism regarding future performance, contingent on Medtronic's ability to successfully market and sell the products. The company has also taken steps to deregister its common stock with the SEC, which will reduce its reporting obligations and associated costs. However, this "going dark" strategy may impact the liquidity and marketability of its shares, which are now traded on the OTC Pink Market under the symbol "AFIB."
In summary, Acutus Medical's recent 10-K filing reveals a company in transition, with a focus on operational efficiency and strategic partnerships. While the financial performance has shown improvement, the company remains vigilant about market conditions and the execution of its business strategy to ensure long-term viability.
About Acutus Medical, Inc.
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