Acutus Medical Announces Preliminary Unaudited Fourth Quarter and Full Year 2022 Results and Appointment of Chief Financial Officer
January 09 2023 - 6:00AM
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 fourth quarter and full year 2022. The
Company also announced the appointment of Takeo Mukai as Senior
Vice President & Chief Financial Officer.
Preliminary Unaudited Fourth Quarter and Full Year 2022
ResultsThe Company expects fourth quarter 2022 revenue of
approximately $4.7-$4.9 million compared to $4.4 million in the
fourth quarter of 2021. Year-over-year growth was driven by an
increase in commercial AcQMap procedures worldwide, continued
adoption of the Company’s differentiated mapping, therapy and
accessory products, and stabilization in capital sales. In addition
to the improved business performance, the Company expects a
significant reduction in cash burn. Excluding the proceeds
associated with milestones from the left-heart access portfolio
sale to Medtronic, the Company expects cash burn to decline 25-30%
compared to the third quarter of 2022 and 35-40% compared to the
fourth quarter of 2021.
For the full year 2022, the Company expects revenue to be in a
range of $16.1-16.3 million compared to $17.3 million in 2021.
Growth in commercial AcQMap procedure volumes and associated
disposable products was offset by expected declines in capital
equipment sales and lower stocking orders on new console
installations. This transition is aligned with the Company’s
intentional strategic shift to drive console utilization and
optimize its installed base. Foreign exchange headwinds also
accounted for about half of the year-over-year decline in reported
revenue.
“We are very pleased with the progress exiting 2022, as
dedicated focus on our differentiated mapping and therapy platform
helped us exceed internal expectations and return the business to
year-over-year growth in the fourth quarter,” said David Roman,
President & CEO of Acutus. “At the same time, we have been able
to drive significant improvements in our financial results
associated with the proactive measures we took last year, which
were further augmented by achieving key milestones in our
left-heart access portfolio sale to Medtronic. I am extremely proud
of our teams’ accomplishments through a dynamic and challenging
year, and we enter 2023 with a strong foundation for future
growth.”
The preliminary unaudited revenue results described in this
press release are estimates only and subject to revision until we
report our full financial results for the fourth quarter and full
year of 2022 during our earnings announcement planned for
March.
Appointment of Chief Financial Officer In
addition, the Company announced the appointment of Takeo Mukai as
Senior Vice President and Chief Financial Officer (CFO), effective
January 9, 2023. Mr. Mukai joined Acutus in July of 2021 as Vice
President, Finance, and has progressively expanded his
responsibilities over the past 18 months, most recently serving as
interim Chief Financial Officer. Prior to joining Acutus, Mr. Mukai
held roles of increasing responsibility over a 14-year career at
Medtronic.
“Takeo has led our strategic priority to drive operational
excellence at Acutus since taking over as interim CFO in August,”
said Mr. Roman. “Takeo’s strategic mindset, operating discipline,
and extensive corporate finance experience has made him a key
business partner as we drive gross margin improvement initiatives,
optimize operating expenses, and ensure prudent cash
management.”
“I am excited to move into the CFO role on a permanent basis,”
said Mr. Mukai. “We have a tremendous opportunity to transform the
field of electrophysiology through our innovative mapping and
ablation solutions. I look forward to continuing to execute
improved operating and financial results and supporting expanded
market adoption of our core technology.”
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.
Investor Contact: |
Media Contact: |
Caroline Corner |
Peter Neems |
Westwicke ICR |
(442) 232-6094 |
(415) 202-5678 |
peter.neems@acutus.com |
caroline.corner@westwicke.com |
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