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Home » Acutus Medical picks new CFO from within, announces 2023 guidance

Acutus Medical picks new CFO from within, announces 2023 guidance

January 9, 2023 By Sean Whooley

Takeo Mukai CFO Acutus Medical
Takeo Mukai. [Image from Acutus website]
Acutus Medical (Nasdaq:AFIB) announced today that it promoted Takeo Mukai to senior vice president and chief financial officer (CFO).

Mukai joined Acutus in July 2021 as VP, finance. He expanded his responsibilities over the past 18 months, most recently serving as interim CFO.

“Takeo has led our strategic priority to drive operational excellence at Acutus since taking over as interim CFO in August,” said Acutus President and CEO David Roman. “Takeo’s strategic mindset, operating discipline, and extensive corporate finance experience has made him a key business partner as we drive gross margin improvement initiatives, optimize operating expenses, and ensure prudent cash management.”

Before joining Acutus, he held roles of increasing responsibility over 14 years at Medtronic, with whom Acutus recently executed a major asset sale.

“I am excited to move into the CFO role on a permanent basis,” said Mukai. “We have a tremendous opportunity to transform the field of electrophysiology through our innovative mapping and ablation solutions. I look forward to continuing to execute improved operating and financial results and supporting expanded market adoption of our core technology.”

Acutus shares outlook for 2023, preliminary Q4 results

Carlsbad, California-based Acutus expects revenues to total between $4.7 million and $4.9 million for the fourth quarter. That compares to $4.4 million in the same quarter of 2021. It also edges Wall Street expectations, as analysts projected $4.15 million in sales.

Acutus said growth came from an increase in commercial AcQMap procedures worldwide. It also highlighted the continued adoption of its differentiated mapping. The company also expects to reduce cash burn. Excluding its deal with Medtronic, the company projects a 25%-30% decline in cash burn compared to the third quarter.

Guidance for 2023 comes in a range between $16.1 million and $16.3 million, Acutus said. That compares to $17.3 million in 2021. Acutus expects declines in capital equipment sales and lower stocking orders on new console installations.

“We are very pleased with the progress exiting 2022, as dedicated focus on our differentiated mapping and therapy platform helped us exceed internal expectations and return the business to year-over-year growth in the fourth quarter,” said Roman. “At the same time, we have been able to drive significant improvements in our financial results associated with the proactive measures we took last year, which were further augmented by achieving key milestones in our left-heart access portfolio sale to Medtronic. I am extremely proud of our teams’ accomplishments through a dynamic and challenging year, and we enter 2023 with a strong foundation for future growth.”

AFIB shares dipped more than 8% to $1.23 apiece in morning trading today. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose more than 7%.

Filed Under: Business/Financial News, Cardiovascular, MassDevice Earnings Roundup, News Well, Structural Heart, Wall Street Beat Tagged With: Acutus Medical, Personnel Moves

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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