AFIB - Acutus Medical gives prelim Q1 reports

2023-04-20 10:42:53 ET

• Arrhythmia management company, Acutus Medical ( NASDAQ: AFIB ) expects Q1 2023 revenue in the range of $4.1M-$4.2M vs. $3.7M in Q1 2022. ( consensus $3.87M )

• Year-over-year growth was driven by higher AcQMap disposable revenue in markets outside the US, increased service and other revenue, and sales through the company’s distribution agreement with Medtronic.

• Excluding the cash proceeds from sale of business and ERC Credit, cash burn is expected to decline on a Y/Y basis by ~35%, reflecting ongoing cost savings, partially offset by inventory replenishment to support current and future expected demand.

• “We are pleased with the overall performance of our business in the first quarter, despite ongoing supply chain challenges and a constrained hospital capex spending environment. While we had a slow start in terms of AcQMap cases, we saw a progressive increase in procedure volume by quarter end,” said David Roman, President & CEO.

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