Acutus Medical, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company generated revenue of $5.3 million for the three months ended September 30, 2024, a substantial increase from $2.1 million in the same period in 2023, marking a 156% rise. For the nine months ended September 30, 2024, revenue reached $13.0 million, compared to $4.8 million in the prior year, reflecting a 170% increase. This growth is attributed to increased sales volume of left-heart access products through a partnership with Medtronic, following a strategic shift in business focus initiated in November 2023.

The company reported a gross profit of $372,000 for the third quarter of 2024, a significant turnaround from a gross loss of $1.1 million in the same quarter of 2023. For the nine-month period, gross profit was $8,000, compared to a gross loss of $3.0 million in the previous year. Operating expenses for the third quarter decreased to $(117,000) from $602,000 in 2023, while for the nine months, they fell to $(216,000) from $6.5 million, indicating a successful reduction in costs due to restructuring efforts.

Despite these improvements, Acutus Medical reported a net loss of $5.6 million for the third quarter of 2024, down from a net loss of $13.2 million in the same period in 2023. For the nine months, the net loss was $8.1 million, significantly reduced from $47.9 million in the prior year. The accumulated deficit increased to $608.1 million as of September 30, 2024, up from $600.0 million at the end of 2023.

The company underwent a major restructuring, winding down its mapping and ablation businesses, which resulted in a workforce reduction of approximately 65%. This restructuring was substantially completed by the end of Q1 2024 and included a $2.5 million restructuring expense related to a settlement with Biotronik.

Acutus Medical's stock was delisted from Nasdaq on May 26, 2024, and now trades on the OTC Pink Market under the symbol "AFIB." As of September 30, 2024, the company had cash and cash equivalents of $12.6 million, down from $29.4 million at the end of 2023. The total stockholders' deficit increased to $(10.3 million) from $(879,000) at the end of the previous fiscal year.

The company continues to focus on its partnership with Medtronic, which includes contingent cash consideration based on product sales, and management believes current resources are sufficient to fund operations for at least the next 12 months.