Performance Analysis:

Acutus Medical, Inc. is an arrhythmia management company focused on improving the way cardiac arrhythmias are diagnosed and treated. The company has a broad portfolio of highly differentiated electrophysiology products that include diagnostic and mapping catheters, ablation catheters, mapping and imaging consoles, and accessories. The company's foundational and highly differentiated product is the AcQMap imaging and mapping system, which offers a novel approach to mapping the drivers and maintainers of arrhythmias with unmatched speed and precision. The company has established a direct selling presence in the United States and select markets in Western Europe where cardiac ablation is a standard of care and third-party reimbursement is well-established. In other international markets, the company leverages its partnership with Biotronik to install its AcQMap console and workstation with customer accounts and then to sell its disposable products to those accounts. 

In 2022, the company generated revenue of $16.4 million, of which 47% was from customers located outside of the United States. However, the company has been generating significant losses since its inception. The net loss for the year ended December 31, 2022, was $39.6 million, and the accumulated deficit was $518.3 million. 

Forward-looking Analysis:

The company's sales organization will continue to focus on driving utilization and procedure growth in targeted geographic regions. The company intends to prioritize maximizing console utilization and procedure volume growth in targeted geographic regions, as well as have a more focused scope of product development initiatives. The company is also committed to ongoing development and expansion of its Bi-Lateral Distribution Agreements with Biotronik, FDA 510(k) clearance and CE Mark of its second-generation AcQMap console and SuperMap software suite, and the completion of enrollment in its US clinical study for the AcQBlate Force Sensing Ablation catheter and system. 

However, the company expects to continue to incur net losses and negative cash flows from operations for at least the next couple of years due to increased costs for employee-related expenses, director and officer insurance premiums, audit and legal fees, investor relations fees, fees to members of its Board of Directors, and expenses for compliance with public company reporting requirements. 

Partnerships with companies like Biotronik and Medtronic may provide opportunities for Acutus Medical to expand its reach and product offerings. However, competition within the electrophysiology market remains a challenge. The company may also face regulatory and clinical trial hurdles that could affect product development initiatives and timelines. 

In a quote from the CEO, Vince Burgess, “As we enter our next strategic phase of growth, I’m excited to see the team’s execution and momentum continue to drive our commercial adoption while broadening our product portfolio to address the full range of unmet clinical needs in cardiac arrhythmia. With important milestones achieved for both the AcQMap and its force sensing ablation catheter, and our expanding global distribution capable of targeting high volume EP programs, we are poised for tremendous growth in the years ahead.” 

Overall, Acutus Medical's innovative products and strategic partnerships provide a strong foundation for future growth. However, ongoing net losses and competition within the electrophysiology market remain concerns that investors should consider when assessing the company's potential performance.

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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Acutus Medical Inc

Acutus Medical, Inc.: Expanding its Global Reach and Products Portfolio to Address Unmet Clinical Needs in Cardiac Arrhythmia.

Analyst Summary:

Acutus Medical (NASDAQ: AFIB), an arrhythmia management company, reported unaudited financial results for Q4 and full-year 2022. In the fourth quarter of 2022, the company generated $33.4 million in revenue, up from $19.4 million in the same period last year, due to increased demand for its differentiated mapping and therapy platform and geographic expansion. Acutus also reported a gross margin of 75% in Q4 2022 and will continue to focus on improving it in 2023. The company's net loss of $39.1 million for 2022 narrowed from $107.3 million in 2021. 

As stated by the CEO, Vince Burgess, the focus in 2023 will be on growth through geographic expansion and increased adoption of the company's differentiated mapping and therapy platform, and continued improvement in its financial profile.  

Acutus Medical will host a conference call on March 16, 2023, at 4:30 p.m. Eastern Time to discuss the Q4 and full-year 2022 financial results. 

It should be noted that forward-looking statements were made during the report. However, they inherently involve risks and uncertainties that could cause actual results to differ from the forward-looking statements. Therefore, investors should exercise caution when interpreting them.

$AFIB reports robust Q4 revenue growth and improved financials

Announcement: AFIB 8-K Special Filing

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

Announcement: AFIB SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Form 8-K - Current report - Item 2.02 Item 5.02 Item 9.01