Acutus Medical, Inc. reported results for the full year of 2024.
Full year 2024 financial results
Revenue from Continuing Operations was $20.2 million for 2024, an increase of 181% compared to $7.2 million in 2023.
Gross margin on a GAAP basis for continuing operations was 5% for 2024 compared to negative 44% for 2023. The improvement was driven by higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses.
Operating expenses for continuing operations on a GAAP basis was $1.1 million for 2024 compared to Operating expenses of $8.6 million last year. The decrease in operating expenses from reduced discretionary spend under this new business model.
Net loss on continuing operations on a GAAP basis was $4.6 million for 2024 and net loss per share was $0.16 on a weighted average basic and diluted outstanding share count of 29.8 million, compared to a net loss of $11.9 million and a net loss per share of $0.4 on a weighted average basic and diluted outstanding share count of 29.1 million for last year.
Cash, cash equivalents, marketable securities and restricted cash were $14.0 million as of December 31, 2024.
Loss on discontinued operations
Loss on discontinued operations was $5.0 million for 2024, compared to $69.7 million last year.
Outlook
Due to the announced plan to realign resources to support the left-heart access distribution business and exit from the electrophysiology mapping and ablation businesses, the Company will no longer provide financial guidance.
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