Acutus Medical Reports Third Quarter 2023 Financial Results
09 November 2023 - 8:01AM
Acutus Medical, Inc. (“Acutus” or the “Company”) (Nasdaq: AFIB)
today reported results for the third quarter of 2023.
Recent Highlights:
- Third quarter revenue of $5.2 million
grew 44% year-over-year, led by strong growth in distribution
revenue from sales of left-heart access products to Medtronic
- Registered significant year-over-year
reductions in both GAAP and non-GAAP operating expenses and cash
burn, resulting from disciplined focus on expense management
- Announced strategic realignment of
resources and corporate restructuring with the objective of
optimizing financial position and maximizing free cash flow
Third Quarter
2023 Financial ResultsRevenue was
$5.2 million for the third quarter of 2023, an increase of 44%
compared to $3.6 million for the third quarter of 2022. The
improvement over the same quarter last year was primarily driven by
sales through the Company’s distribution agreement with Medtronic,
higher capital sales, and increases in service, rent and other
revenue.
Gross margin on a GAAP basis was negative 64% for the third
quarter of 2023 compared to negative 91% for the same quarter last
year. Non-GAAP gross margin was negative 60% for the third quarter
of 2023 compared to negative 109% for the same quarter last year.
The improvement on both a GAAP and non-GAAP basis was driven by
higher production volumes primarily related to left-heart access
manufacturing, lower manufacturing variances, and reduced
manufacturing overhead expenses.
Operating expenses, consisting of research and development and
selling, general and administrative expenses on a GAAP basis were
$12.2 million for the third quarter of 2023 compared to $15.6
million for the same quarter last year. Non-GAAP operating expenses
were $11.1 million for the third quarter of 2023 compared to $15.2
million for the same quarter last year. The decrease in operating
expenses on both a GAAP and Non-GAAP basis resulted from reduced
discretionary spend, and the reprioritization of certain research
and development programs.
Net loss on a GAAP basis was $13.2 million for the third quarter
of 2023 and net loss per share was $0.45 on a weighted average
basic and diluted outstanding share count of 29.3 million, compared
to a net loss of $20.4 million and a net loss per share of $0.72 on
a weighted average basic and diluted outstanding share count of
28.4 million for the same quarter last year. Non-GAAP net loss for
the third quarter of 2023 was $15.2 million, or $0.52 per share,
compared to non-GAAP net loss of $20.0 million, or $0.70 per share,
for the third quarter of 2022.
Cash, cash equivalents, marketable securities and restricted
cash were $45.5 million as of September 30, 2023.
OutlookDue 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.
Non-GAAP Financial MeasuresThis press release
includes references to non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP net loss and non-GAAP basic and diluted net loss
per share, which are non-GAAP financial measures, to provide
information that may assist investors in understanding the
Company’s financial results and assessing its prospects for future
performance. The Company believes these non-GAAP financial measures
are important indicators of its operating performance because they
exclude items that are primarily non-cash accounting line items
unrelated to, and may not be indicative of, the Company’s core
operating results. These non-GAAP financial measures, as Acutus
calculates them, may not necessarily be comparable to similarly
titled measures of other companies and may not be appropriate
measures for comparing the performance of other companies relative
to the Company. These non-GAAP financial results are not intended
to represent and should not be considered to be more meaningful
measures than, or alternatives to, measures of operating
performance as determined in accordance with GAAP. Non-GAAP net
loss is defined as net loss before income taxes, and all non-GAAP
figures provided herein adjust for stock-based compensation,
amortization of acquisition-related intangibles, employee retention
credit, restructuring charges, changes in the fair value of
contingent consideration, gain on sale of business, and change in
fair value of warrant liability (as applicable). To the extent such
non-GAAP financial measures are used in the future, the Company
expects to calculate them using a consistent method from period to
period. A reconciliation of the most directly comparable GAAP
financial measure to the non-GAAP financial measure has been
provided under the heading “Reconciliation of GAAP Results to
Non-GAAP Results” in the financial statement tables attached to
this press release.
About AcutusAcutus is focused on the production
of left-heart access products under its distribution agreement with
Medtronic, Inc. 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, successful completion of
the Company’s restructuring plan, continued acceptance of the
Company’s left-heart access products in the marketplace, the effect
of global economic conditions on the ability and willingness of
Medtronic to purchase the Company’s left-heart access products 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 Company’s ability to maintain its listing
on Nasdaq, 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:Chad Hollister Acutus Medical,
Inc. investors@acutus.com
|
ACUTUS MEDICAL, INC. |
|
Condensed Consolidated Balance Sheets |
|
(in thousands, except per share amounts) |
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
24,100 |
|
|
$ |
25,584 |
|
|
Marketable securities, short-term |
|
14,375 |
|
|
|
44,863 |
|
|
Restricted cash, short-term |
|
7,015 |
|
|
|
5,764 |
|
|
Accounts receivable |
|
8,952 |
|
|
|
21,085 |
|
|
Inventory |
|
15,728 |
|
|
|
13,327 |
|
|
Employer retention credit receivable |
|
— |
|
|
|
4,703 |
|
|
Prepaid expenses and other current assets |
|
2,467 |
|
|
|
2,541 |
|
|
Total current assets |
|
72,637 |
|
|
|
117,867 |
|
|
|
|
|
|
|
Property and equipment, net |
|
6,611 |
|
|
|
9,221 |
|
|
Right-of-use asset, net |
|
3,359 |
|
|
|
3,872 |
|
|
Intangible assets, net |
|
1,433 |
|
|
|
1,583 |
|
|
Other assets |
|
688 |
|
|
|
897 |
|
|
Total assets |
$ |
84,728 |
|
|
$ |
133,440 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
4,754 |
|
|
$ |
4,721 |
|
|
Accrued liabilities |
|
7,438 |
|
|
|
9,686 |
|
|
Contingent consideration, short-term |
|
— |
|
|
|
1,800 |
|
|
Operating lease liabilities, short-term |
|
707 |
|
|
|
319 |
|
|
Warrant liability |
|
1,868 |
|
|
|
3,346 |
|
|
Total current liabilities |
|
14,767 |
|
|
|
19,872 |
|
|
|
|
|
|
|
Operating lease liabilities, long-term |
|
3,462 |
|
|
|
4,103 |
|
|
Long-term debt |
|
34,761 |
|
|
|
34,434 |
|
|
Other long-term liabilities |
|
32 |
|
|
|
12 |
|
|
Total liabilities |
|
53,022 |
|
|
|
58,421 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
Preferred stock, $0.001 par value; 5,000,000 shares authorized as
of September 30, 2023 and December 31, 2022; 6,666 shares
of the preferred stock, designated as Series A Common Equivalent
Preferred Stock, are issued and outstanding as of
September 30, 2023 and December 31, 2022 |
|
— |
|
|
|
— |
|
|
Common stock, $0.001 par value; 260,000,000 shares authorized as of
September 30, 2023 and December 31, 2022; 29,289,934 and
28,554,656 shares issued and outstanding as of September 30,
2023 and December 31, 2022, respectively |
|
29 |
|
|
|
29 |
|
|
Additional paid-in capital |
|
598,842 |
|
|
|
594,173 |
|
|
Accumulated deficit |
|
(566,212 |
) |
|
|
(518,314 |
) |
|
Accumulated other comprehensive loss |
|
(953 |
) |
|
|
(869 |
) |
|
Total stockholders' equity |
|
31,706 |
|
|
|
75,019 |
|
|
Total liabilities and stockholders' equity |
$ |
84,728 |
|
|
$ |
133,440 |
|
|
ACUTUS MEDICAL, INC. |
|
Condensed Consolidated Statements of Operations and
Comprehensive Loss |
|
(in thousands, except per share amounts) |
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
Revenue |
$ |
5,238 |
|
|
$ |
3,644 |
|
|
$ |
14,696 |
|
|
$ |
11,401 |
|
|
Cost of products sold |
|
8,595 |
|
|
|
6,951 |
|
|
|
23,447 |
|
|
|
23,589 |
|
|
Gross profit |
|
(3,357 |
) |
|
|
(3,307 |
) |
|
|
(8,751 |
) |
|
|
(12,188 |
) |
|
|
|
|
|
|
|
|
|
|
Operating expenses (income): |
|
|
|
|
|
|
|
|
Research and development |
|
4,795 |
|
|
|
5,946 |
|
|
|
17,712 |
|
|
|
21,884 |
|
|
Selling, general and administrative |
|
7,432 |
|
|
|
9,679 |
|
|
|
26,280 |
|
|
|
38,207 |
|
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,026 |
|
|
Restructuring |
|
— |
|
|
|
1,331 |
|
|
|
475 |
|
|
|
2,280 |
|
|
Change in fair value of contingent consideration |
|
— |
|
|
|
198 |
|
|
|
123 |
|
|
|
1,153 |
|
|
Gain on sale of business |
|
(2,648 |
) |
|
|
— |
|
|
|
(5,927 |
) |
|
|
(43,575 |
) |
|
Total operating expenses |
|
9,579 |
|
|
|
17,154 |
|
|
|
38,663 |
|
|
|
31,975 |
|
|
Loss from operations |
|
(12,936 |
) |
|
|
(20,461 |
) |
|
|
(47,414 |
) |
|
|
(44,163 |
) |
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,947 |
) |
|
Change in fair value of warrant liability |
|
636 |
|
|
|
904 |
|
|
|
1,478 |
|
|
|
904 |
|
|
Interest income |
|
547 |
|
|
|
241 |
|
|
|
2,223 |
|
|
|
292 |
|
|
Interest expense |
|
(1,409 |
) |
|
|
(1,109 |
) |
|
|
(4,110 |
) |
|
|
(3,810 |
) |
|
Total other income (expense), net |
|
(226 |
) |
|
|
36 |
|
|
|
(409 |
) |
|
|
(10,561 |
) |
|
Loss before income taxes |
|
(13,162 |
) |
|
|
(20,425 |
) |
|
|
(47,823 |
) |
|
|
(54,724 |
) |
|
Income tax expense |
|
75 |
|
|
|
— |
|
|
|
75 |
|
|
|
— |
|
|
Net loss |
$ |
(13,237 |
) |
|
$ |
(20,425 |
) |
|
$ |
(47,898 |
) |
|
$ |
(54,724 |
) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Unrealized gain on marketable securities |
|
4 |
|
|
|
39 |
|
|
|
7 |
|
|
|
— |
|
|
Foreign currency translation adjustment |
|
(66 |
) |
|
|
(351 |
) |
|
|
(91 |
) |
|
|
(904 |
) |
|
Comprehensive loss |
$ |
(13,299 |
) |
|
$ |
(20,737 |
) |
|
$ |
(47,982 |
) |
|
$ |
(55,628 |
) |
|
|
|
|
|
|
|
|
|
| Net
loss per common share, basic and diluted |
$ |
(0.45 |
) |
|
$ |
(0.72 |
) |
|
$ |
(1.65 |
) |
|
$ |
(1.93 |
) |
|
Weighted average shares outstanding, basic and diluted |
|
29,262,768 |
|
|
|
28,359,516 |
|
|
|
29,024,353 |
|
|
|
28,273,207 |
|
|
ACUTUS MEDICAL, INC. |
|
Condensed Consolidated Statements of Cash
Flows |
|
(in thousands) |
|
|
|
|
Nine Months EndedSeptember
30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
Cash flows from operating activities |
|
|
|
| Net
loss |
$ |
(47,898 |
) |
|
$ |
(54,724 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation expense |
|
3,498 |
|
|
|
4,653 |
|
|
AcQMap Systems converted to sales |
|
238 |
|
|
|
266 |
|
|
Sales-type lease gain |
|
(310 |
) |
|
|
(87 |
) |
|
Amortization of intangible assets |
|
150 |
|
|
|
370 |
|
|
Non-cash stock-based compensation expense |
|
4,915 |
|
|
|
7,497 |
|
|
(Accretion of discounts) amortization of premiums on marketable
securities, net |
|
(1,318 |
) |
|
|
237 |
|
|
Amortization of debt issuance cost |
|
325 |
|
|
|
741 |
|
|
Amortization of operating lease right-of-use assets |
|
513 |
|
|
|
480 |
|
|
Loss on debt extinguishment |
|
— |
|
|
|
7,947 |
|
|
Goodwill impairment |
|
— |
|
|
|
12,026 |
|
|
Gain on sale of business, net |
|
(5,927 |
) |
|
|
(43,575 |
) |
|
Direct costs paid related to sale of business |
|
— |
|
|
|
(2,917 |
) |
|
Change in fair value of warrant liability |
|
(1,478 |
) |
|
|
(904 |
) |
|
Loss on disposal of property and equipment |
|
268 |
|
|
|
— |
|
|
Change in fair value of contingent consideration |
|
123 |
|
|
|
1,153 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
1,244 |
|
|
|
420 |
|
|
Inventory |
|
(2,401 |
) |
|
|
1,812 |
|
|
Employer retention credit receivable |
|
4,703 |
|
|
|
— |
|
|
Prepaid expenses and other current assets |
|
420 |
|
|
|
(4,296 |
) |
|
Other assets |
|
495 |
|
|
|
386 |
|
|
Accounts payable |
|
(2 |
) |
|
|
(2,929 |
) |
|
Accrued liabilities |
|
(2,430 |
) |
|
|
(179 |
) |
|
Operating lease liabilities |
|
(253 |
) |
|
|
(390 |
) |
|
Other long-term liabilities |
|
20 |
|
|
|
(40 |
) |
| Net
cash used in operating activities |
|
(45,105 |
) |
|
|
(72,053 |
) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Proceeds from sale of business |
|
17,000 |
|
|
|
50,000 |
|
|
Purchases of available-for-sale marketable securities |
|
(38,521 |
) |
|
|
(33,235 |
) |
|
Sales of available-for-sale marketable securities |
|
— |
|
|
|
18,599 |
|
|
Maturities of available-for-sale marketable securities |
|
70,250 |
|
|
|
59,642 |
|
|
Purchases of property and equipment |
|
(1,394 |
) |
|
|
(2,473 |
) |
| Net
cash provided by investing activities |
|
47,335 |
|
|
|
92,533 |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Repayment of debt |
|
— |
|
|
|
(44,550 |
) |
|
Penalty fees paid for early prepayment of debt |
|
— |
|
|
|
(1,063 |
) |
|
Borrowing under new debt |
|
— |
|
|
|
34,825 |
|
|
Payment of debt issuance costs |
|
— |
|
|
|
(626 |
) |
|
Proceeds from the exercise of stock options |
|
4 |
|
|
|
66 |
|
|
Repurchase of common shares to pay employee withholding taxes |
|
(275 |
) |
|
|
(62 |
) |
|
Proceeds from employee stock purchase plan |
|
25 |
|
|
|
182 |
|
|
Payment of contingent consideration |
|
(1,923 |
) |
|
|
(873 |
) |
| Net
cash used in financing activities |
|
(2,169 |
) |
|
|
(12,101 |
) |
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
(294 |
) |
|
|
(447 |
) |
|
|
|
|
|
| Net
change in cash, cash equivalents and restricted cash |
|
(233 |
) |
|
|
7,932 |
|
|
Cash, cash equivalents and restricted cash, at the beginning of the
period |
|
31,348 |
|
|
|
24,221 |
|
|
Cash, cash equivalents and restricted cash, at the end of
the period |
$ |
31,115 |
|
|
$ |
32,153 |
|
|
|
|
|
|
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
Cash paid for interest |
$ |
3,731 |
|
|
$ |
3,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months EndedSeptember
30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
Supplemental disclosure of noncash investing and financing
activities: |
|
|
|
|
Accounts receivable from sale of business |
$ |
6,111 |
|
|
$ |
— |
|
|
Change in unrealized (gain) loss on marketable securities |
$ |
(7 |
) |
|
$ |
— |
|
|
Change in unpaid purchases of property and equipment |
$ |
35 |
|
|
$ |
48 |
|
|
Contingent consideration escrow release |
$ |
— |
|
|
$ |
380 |
|
| Net
book value on AcQMap system sales-type leases |
$ |
238 |
|
|
$ |
244 |
|
|
Amount of debt proceeds allocated to warrant liability |
$ |
— |
|
|
$ |
3,379 |
|
|
ACUTUS MEDICAL, INC. |
|
Reconciliation of GAAP Results to Non-GAAP
Results |
|
(in thousands) |
|
(unaudited) |
|
|
|
Three Months Ended September 30, 2023 |
|
Cost of Products Sold |
|
Research and Development |
|
Selling, General and Administrative |
|
Loss from Operations |
|
Other Expense, Net |
|
Net Loss |
|
Basic and Diluted EPS |
|
Reported |
|
$ |
8,595 |
|
|
$ |
4,795 |
|
|
$ |
7,432 |
|
|
$ |
(12,936 |
) |
|
$ |
(226 |
) |
|
$ |
(13,237 |
) |
|
$ |
(0.45 |
) |
|
Amortization of acquired intangibles |
|
|
(50 |
) |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
Stock-based compensation |
|
|
(146 |
) |
|
|
(317 |
) |
|
|
(815 |
) |
|
|
1,278 |
|
|
|
— |
|
|
|
1,278 |
|
|
|
0.04 |
|
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(636 |
) |
|
|
(636 |
) |
|
|
(0.02 |
) |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.00 |
|
|
Gain on sale of business |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,648 |
) |
|
|
— |
|
|
|
(2,648 |
) |
|
|
(0.09 |
) |
|
Adjusted |
|
$ |
8,399 |
|
|
$ |
4,478 |
|
|
$ |
6,617 |
|
|
$ |
(14,256 |
) |
|
$ |
(862 |
) |
|
$ |
(15,193 |
) |
|
$ |
(0.52 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
|
Cost of Products Sold |
|
Research and Development |
|
Selling, General and Administrative |
|
Loss from Operations |
|
Other Income (Expense), Net |
|
Net Loss |
|
Basic and Diluted EPS |
|
Reported |
|
$ |
6,951 |
|
|
$ |
5,946 |
|
|
$ |
9,679 |
|
|
$ |
(20,461 |
) |
|
$ |
36 |
|
|
$ |
(20,425 |
) |
|
$ |
(0.72 |
) |
|
Amortization of acquired intangibles |
|
|
(50 |
) |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
Stock-based compensation |
|
|
(93 |
) |
|
|
(349 |
) |
|
|
(1,442 |
) |
|
|
1,884 |
|
|
|
— |
|
|
|
1,884 |
|
|
|
0.07 |
|
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(904 |
) |
|
|
(904 |
) |
|
|
(0.03 |
) |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
198 |
|
|
|
— |
|
|
|
198 |
|
|
|
0.01 |
|
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,331 |
|
|
|
— |
|
|
|
1,331 |
|
|
|
0.05 |
|
|
Employee retention credit |
|
|
813 |
|
|
|
414 |
|
|
|
919 |
|
|
|
(2,146 |
) |
|
|
— |
|
|
|
(2,146 |
) |
|
|
(0.08 |
) |
|
Adjusted |
|
$ |
7,621 |
|
|
$ |
6,011 |
|
|
$ |
9,156 |
|
|
$ |
(19,144 |
) |
|
$ |
(868 |
) |
|
$ |
(20,012 |
) |
|
$ |
(0.70 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTUS MEDICAL, INC.Key
Business Metrics(unaudited)
Installed Base and Procedure Volumes
The total installed base which includes AcQMap Systems as of
September 30, 2023 and 2022 are as follows:
|
|
As of September 30, |
|
|
2023 |
|
2022 |
|
Acutus |
|
|
|
|
U.S. |
26 |
|
32 |
|
Outside the U.S. |
56 |
|
42 |
|
Total Acutus net system placements |
82 |
|
74 |
|
|
|
|
|
Procedure volumes for the three and nine months ended
September 30, 2023 and 2022 are as follows:
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Procedure volumes |
531 |
|
441 |
|
1,566 |
|
1,389 |
|
|
|
|
|
|
|
|
|
Revenue
The following table sets forth the Company’s revenue for
disposables, systems and service/other for the three and nine
months ended September 30, 2023 and 2022 (in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Disposables |
$ |
4,069 |
|
$ |
2,857 |
|
$ |
11,409 |
|
$ |
9,402 |
|
Systems |
|
563 |
|
|
476 |
|
|
1,254 |
|
|
823 |
|
Service / other |
|
606 |
|
|
311 |
|
|
2,033 |
|
|
1,176 |
|
Total revenue |
$ |
5,238 |
|
$ |
3,644 |
|
$ |
14,696 |
|
$ |
11,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents revenue by geographic location for
the three and nine months ended September 30, 2023 and 2022
(in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
United States |
$ |
3,347 |
|
$ |
1,925 |
|
$ |
8,720 |
|
$ |
5,985 |
|
Outside the United States |
|
1,891 |
|
|
1,719 |
|
|
5,976 |
|
|
5,416 |
|
Total revenue |
$ |
5,238 |
|
$ |
3,644 |
|
$ |
14,696 |
|
$ |
11,401 |
Acutus Medical (NASDAQ:AFIB)
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