Acutus Medical Reports Preliminary, Unaudited Fourth Quarter and Full Year 2020 Results
January 13 2021 - 8:00AM
Acutus Medical, Inc. (“Acutus”) (Nasdaq: AFIB), an arrhythmia
management company focused on improving the way cardiac arrhythmias
are diagnosed and treated, today reported preliminary unaudited
revenue results for the quarter and full year ended December 31,
2020.
Preliminary Fourth Quarter and Full Year
Results:
- Preliminary unaudited revenue is expected to be in the range of
$2.4 million to $2.6 million for the fourth quarter of 2020, a 259%
to 289% increase over the same quarter last year.
- Preliminary revenue for the full year 2020 is expected to be in
the range of $8.3 million to $8.5 million, a 193% to 200% increase
over full year 2019 revenue.
- Worldwide installed base of second generation AcQMap consoles
increased to 51 as of December 31, 2020, up from 37 at the end of
the prior quarter – bringing the total installed base of AcQMap
consoles to 58 as of December 31, 2020.
- Mapping procedural growth of over 35% versus prior quarter, in
spite of COVID-19 impacts.
“During the fourth quarter we made important progress across
virtually all aspects of our business. This included the expected
continued installed base build; rapid release of key enhancements
on many elements of our product line; our first approval to
initiate an IDE indication trial as negotiated with the FDA;
continued strong momentum with our global marketing partnership
with Biotronik; and significant regulatory approvals allowing us to
market our novel left heart access products and our
state-of-the-art force sensing ablation system into CE Mark
governed geographies,” said Vince Burgess, President & CEO of
Acutus. “As a result, we are well positioned to deliver on our
strategy of providing the large and fast growing EP market with a
truly comprehensive and highly differentiated EP product line. As
with many procedurally-based medtech companies, during the quarter
we experienced significant business disruptions at many hospitals
due to renewed pandemic concerns and procedural slowdowns/shutdowns
in all of our key geographies. Based on the trends we are seeing,
we expect these COVID-related headwinds to continue at least into
the first half of 2021. During these challenging times, our efforts
remain focused on continuing to build our installed base and
driving positive customer experiences, which we believe will
position the company for rapid share growth and revenue expansion
when pandemic headwinds soften.”
Acutus Medical to Present at J.P. Morgan Healthcare
ConferenceVince Burgess, President & CEO of Acutus
Medical, will present at the J.P. Morgan Healthcare Conference on
Wednesday, January 13, 2021 at 10:00 AM Eastern Time / 7:00 AM
Pacific Time. A live webcast of this event, as well as an archived
recording, will be available in the Investors section of Acutus’
website at www.acutusmedical.com.
About Acutus Medical Acutus Medical 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 finalization of our financial statements and the
related audit by our independent accounting firm for our year ended
December 31, 2020, the Company's ability to continue to manage
expenses and cash burn rate at sustainable levels, continued
acceptance of the Company's products in the marketplace, the effect
of global economic conditions on the ability and willingness of
customers to purchase its systems and the timing of such purchases,
competitive factors, changes resulting from healthcare policy in
the United States, including changes in government reimbursement of
procedures, dependence upon third-party vendors and distributors,
timing of regulatory approvals, the impact and duration of the
coronavirus (COVID-19) pandemic and our 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, the Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Investor Contact:Caroline CornerWestwicke ICRD:
415-202-5678caroline.corner@westwicke.com
Holly WindlerM: 619-929-1275media@acutusmedical.com
Acutus Medical (NASDAQ:AFIB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Acutus Medical (NASDAQ:AFIB)
Historical Stock Chart
From Apr 2023 to Apr 2024