AFIB - Acutus Medical extends decline after Q3 results guidance cut

With a ~26.4% loss in the pre-market, the shares of Acutus Medical (NASDAQ:AFIB) continue to trade lower in reaction lower than expected financials reported by the company for Q3 2021 on Thursday after the close. While revenue for the quarter rose ~44% YoY to $4.6M, driven by an increase in procedure volumes and the demand for imaging system AcQMap, the gross margin widened to a negative 86% from negative 92% in the previous year’s quarter. Net loss expanded by ~9% YoY to $28.5M, and yet cash, cash equivalents, marketable securities, and restricted cash stood at $134.7M after a secondary equity offering in July generated $82.7M in net proceeds. Despite the softening impact of COVID-19 in recent weeks, the management warns that there remains an ongoing uncertainty that clouds the recovery. For the full year, Acutus (AFIB) has trimmed its sales guidance to $17.0 – $17.5M from $22.0 – $30.0 of revenue, estimated three months

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Acutus Medical extends decline after Q3 results, guidance cut