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AFIB Price Correlated With Financials For Acutus Medical

Free historical financial statements for Acutus Medical, Inc.. See how revenue, income, cash flow, and balance sheet financials have changed over 8 quarters since 2020. Compare with AFIB stock chart to see long term trends.

AFIB Stock Compared to Quarterly

AFIB Income Statement

Revenue, Net:3681000
Revenue Per Share:0.1299
Cost of Goods & Services Sold:6941000
Selling, General & Admin Expense:14385000
Research & Development Expense:8003000
Total Operating Expenses:42311000
Operating Income:-40017000
Income Taxes:0
Net Income:-40017000
Earnings Per Share, Basic:-1.42
Shares Outstanding, Basic Avg:28336285

AFIB Cash Flow

Operating Activities Net Income:
Change in Accounts Receiveable:-655000
Net Cash from Operations:-27609000
Net Cash from Operations Per Share:-0.9743
Net Cash from Financing Activities:-42000
Property, Plant & Equipment Purchases:1088000
Net Cash from Investing Activities:15999000
Net Change in Cash & Equivalents:-11752000

AFIB Balance Sheet

Cash and Cash Equivalents:78600000
Short-Term Investments:null
Accounts Receivable, Net:2978000
Inventories:17620000
Total Current Assets:104423000
Property, Plant & Equipment, Net:12962000
Total Assets:131642000
Accounts Payable:4781000
Total Short-Term Liabilities:17314000
Long Term Debt, Non-Current Portion:40793000
Total Liabilities:62880000
COMPANY PROFILE
Organization and Description of Business Acutus Medical, Inc. (the “Company”) is an arrhythmia management company focused on improving the way cardiac arrhythmias are diagnosed and treated. The Company designs, manufactures and markets a range of tools for catheter-based ablation procedures to treat various arrhythmias. The Company’s product portfolio includes novel access sheaths, transseptal crossing tools, diagnostic and mapping catheters, ablation catheters, mapping and imaging consoles and accessories, as well as supporting algorithms and software programs. The Company was incorporated in the state of Delaware on March 25, 2011, and is located in Carlsbad, California.

Liquidity, Capital Resources and Going Concern

The Company has limited revenue, has incurred significant operating losses and negative cash flows from operations since its inception, and anticipates that it will incur significant losses for at least the next several years. As of March 31, 2022 and December 31, 2021, the Company had cash, cash equivalents and marketable securities of $78.6 million and $107.9 million, respectively. For the three months ended March 31, 2022 and 2021, net losses were $40.0 million and $29.2 million, respectively, and net cash used in operating activities was $27.6 million and $26.3 million respectively. As of March 31, 2022 and December 31, 2021, the Company had an accumulated deficit of $518.7 million and $478.7 million, respectively, and working capital of $87.1 million and $107.8 million, respectively.

Prior to the Company’s initial public offering (“IPO”) in August 2020, operations had been financed primarily by aggregate net proceeds from the sale of convertible preferred stock and principal of converted debt of $253.9 million, as well as other indebtedness. On August 10, 2020, the Company issued 10,147,058 shares of common stock in its IPO, which included 1,323,529 shares of common stock issued upon the exercise in full by the underwriters of an option to purchase additional shares of common stock, at the public offering price less underwriting discounts and commissions. The price to the public was $18.00 per share, for net proceeds of $166.3 million.

In July 2021, the Company issued 6,325,000 shares of common stock in a public offering, which included 825,000 shares of common stock issued upon the underwriter’s exercise in full of an option to purchase additional shares of common stock. The price to the public for each share was $14.00. The Company received gross proceeds of $88.6 million from the offering. Net of underwriting discounts and commission and other offering expenses, the Company received proceeds of $82.7 million from the offering.

With the closing of the Company’s IPO in August 2020, the follow on offering in July 2021 and the reduction in force ("RIF") announced in January 2022, Management believes the Company’s current cash, cash equivalents and marketable securities are sufficient to fund operations for at least the next 12 months. Under Accounting Standard Codification (“ASC”) Subtopic 205-40, Presentation of Financial Statements—Going Concern (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the consolidated financial statements are issued. As required under ASC 205-40, management’s evaluation should initially not take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the consolidated financial statements are issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.

Substantial Doubt Raised

In performing the first step of the evaluation, the Company concluded that the following conditions raised substantial doubt about its ability to continue as a going concern:

Data imported from Acutus Medical, Inc. SEC filings. Check original filings before making any investment decision.