Acutus Medical (Nasdaq:AFIB) this week posted second-quarter results that beat the revenue consensus on Wall Street but missed earnings estimates.
The Carlsbad, California-based company reported profits of $5.7 million, or 16¢ per share, on sales of $4.1 million for the three months ended June 30, for a bottom-line gain of 119.9% on sales loss of 13.44% compared with Q2 2021.
Adjusted to exclude one-time items, earnings per share were -93¢, 17¢ behind The Street, where analysts were looking for sales of $3.97 million.
Acutus Medical said global mapping procedure volumes increased 20% year-over-year, which contributed to its profit growth.
“Our teams continued to execute our strategy in the second quarter, as we intensify focus on utilization and procedure volume as the key drivers of our business,” President and CEO David Roman said in a news release. “We registered another quarter of record procedure volumes with year-over-year growth worldwide. Higher procedure volume was complemented by increased revenue share capture within our accounts, as electrophysiologists increase adoption of the Acutus product portfolio. In addition to positive trends in utilization, we made significant strides to strengthen our financial position, completing the first closing of our left-heart access portfolio sale to Medtronic, refinancing our debt, and implementing further cost reduction initiatives.”
Acutus Medical announced on June 30 that it completed the first of two closings in its left-heart access portfolio sale to Medtronic for $50 million. Acutus is eligible to receive contingent consideration payments of up to $37 million upon completion of certain manufacturing and regulatory milestones.
Shares in AFIB were up 1.93% to $1.69 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.