(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104.0 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Acutus Medical, Inc. | ||||||||
Date: March 30, 2022 | By: | /s/ Vince Burgess | ||||||
Vince Burgess | ||||||||
President and Chief Executive Officer |
Exhibit 99.1 | |||||
Press Release |
Press Release |
Press Release |
Investor Contact: | Media Contact: | ||||
Caroline Corner | Holly Windler | ||||
Westwicke ICR | M: 619-929-1275 | ||||
D: 415-202-5678 | media@acutusmedical.com | ||||
caroline.corner@westwicke.com |
Press Release |
(in thousands, except per share amounts) | December 31, 2021 | December 31, 2020 | |||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 24,071 | $ | 25,234 | |||||||
Marketable securities, short-term | 76,702 | 105,839 | |||||||||
Restricted cash | 150 | 150 | |||||||||
Accounts receivable | 3,633 | 2,160 | |||||||||
Inventory | 16,408 | 12,958 | |||||||||
Prepaid expenses and other current assets | 5,326 | 5,047 | |||||||||
Total current assets | 126,290 | 151,388 | |||||||||
Marketable securities, long-term | 7,120 | 8,726 | |||||||||
Property and equipment, net | 13,670 | 12,356 | |||||||||
Right-of-use assets, net | 4,521 | 1,669 | |||||||||
Intangible assets, net | 5,013 | 5,653 | |||||||||
Goodwill | 12,026 | 12,026 | |||||||||
Other assets | 1,152 | 717 | |||||||||
Total assets | $ | 169,792 | $ | 192,535 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 7,519 | $ | 8,266 | |||||||
Accrued liabilities | 9,096 | 7,308 | |||||||||
Contingent consideration, short-term | 1,500 | 5,400 | |||||||||
Operating lease liabilities, short-term | 395 | 933 | |||||||||
Total current liabilities | 18,510 | 21,907 | |||||||||
Operating lease liabilities, long-term | 4,591 | 1,134 | |||||||||
Long-term debt | 40,415 | 39,011 | |||||||||
Contingent consideration, long-term | 500 | 3,900 | |||||||||
Other long-term liabilities | 50 | — | |||||||||
Total liabilities | 64,066 | 65,952 | |||||||||
Stockholders' equity | |||||||||||
Preferred stock, $0.001 par value | — | — | |||||||||
Common stock, $0.001 par value | 28 | 28 | |||||||||
Additional paid-in capital | 584,613 | 487,290 | |||||||||
Accumulated deficit | (478,698) | (361,015) | |||||||||
Accumulated other comprehensive (loss) income | (217) | 280 | |||||||||
Total stockholders' equity | 105,726 | 126,583 | |||||||||
Total liabilities and stockholders' equity | $ | 169,792 | $ | 192,535 |
Press Release |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
(in thousands, except share and per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Revenue | $ | 4,362 | $ | 2,574 | $ | 17,263 | $ | 8,464 | |||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
Cost of products sold | 9,939 | 4,891 | 32,925 | 15,889 | |||||||||||||||||||
Research and development | 8,840 | 8,962 | 36,683 | 33,454 | |||||||||||||||||||
Selling, general and administrative | 15,865 | 15,164 | 63,523 | 50,357 | |||||||||||||||||||
Change in fair value of contingent consideration | (382) | 1,563 | (3,746) | 97 | |||||||||||||||||||
Total costs and operating expenses | 34,262 | 30,580 | 129,385 | 99,797 | |||||||||||||||||||
Loss from operations | (29,900) | (28,006) | (112,122) | (91,333) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Change in fair value of warrant liability | — | — | — | (5,555) | |||||||||||||||||||
Interest income | 28 | 43 | 116 | 436 | |||||||||||||||||||
Interest expense | (1,392) | (1,416) | (5,677) | (5,506) | |||||||||||||||||||
Total other expense, net | (1,364) | (1,373) | (5,561) | (10,625) | |||||||||||||||||||
Loss before income taxes | (31,264) | (29,379) | (117,683) | (101,958) | |||||||||||||||||||
Income tax expense | — | 23 | — | 23 | |||||||||||||||||||
Net loss | $ | (31,264) | $ | (29,402) | $ | (117,683) | $ | (101,981) | |||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Unrealized loss on marketable securities | (34) | (3) | (37) | (53) | |||||||||||||||||||
Foreign currency translation adjustment | (143) | 216 | (460) | 363 | |||||||||||||||||||
Comprehensive loss | $ | (31,441) | $ | (29,189) | $ | (118,180) | $ | (101,671) | |||||||||||||||
Net loss per common share, basic and diluted | $ | (1.12) | $ | (1.05) | $ | (4.11) | $ | (8.94) | |||||||||||||||
Weighted average shares outstanding, basic and diluted | 27,953,803 | 27,897,224 | 28,654,313 | 11,407,542 |
Press Release |
Year Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Cash flows from operating activities | (unaudited) | ||||||||||
Net loss | $ | (117,683) | $ | (101,981) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation expense | 5,754 | 2,763 | |||||||||
AcQMap Systems converted to sales | 2,182 | — | |||||||||
Sales-type lease loss | 28 | — | |||||||||
Amortization of intangible assets | 640 | 457 | |||||||||
Non-cash stock-based compensation expense | 13,754 | 12,103 | |||||||||
Amortization of premiums/(accretion of discounts) on marketable securities, net | 1,277 | 484 | |||||||||
Amortization of debt issuance costs | 1,404 | 767 | |||||||||
Amortization of right-of-use assets | 496 | 684 | |||||||||
Change in fair value of warrant liability | — | 5,555 | |||||||||
Change in fair value of contingent consideration | (3,746) | 97 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (1,473) | (1,897) | |||||||||
Inventory | (3,872) | (3,891) | |||||||||
Prepaid expenses and other current assets | 1,133 | (3,383) | |||||||||
Other assets | 304 | (622) | |||||||||
Accounts payable | (871) | 2,283 | |||||||||
Accrued liabilities | 1,549 | 2,232 | |||||||||
Operating lease liabilities | (608) | (820) | |||||||||
Other long-term liabilities | 50 | — | |||||||||
Net cash used in operating activities | (99,682) | (85,169) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of available-for-sale marketable securities | (87,258) | (114,694) | |||||||||
Sales of available-for-sale marketable securities | 8,590 | 17,095 | |||||||||
Maturities of available-for-sale marketable securities | 107,707 | 45,000 | |||||||||
Purchases of property and equipment | (9,973) | (11,225) | |||||||||
Net cash provided by (used in) investing activities | 19,066 | (63,824) | |||||||||
Cash flows from financing activities | |||||||||||
Payment of deferred offering costs | (580) | — | |||||||||
Payment of contingent consideration | (3,435) | (2,500) | |||||||||
Payment of contingent consideration into escrow | (224) | — | |||||||||
Proceeds from warrant exercise | — | 13 | |||||||||
Proceeds from the issuance of common stock, net of issuance costs | 82,657 | 166,286 | |||||||||
Proceeds from stock options exercises | 711 | 634 | |||||||||
Proceeds from Employee Stock Purchase Plan | 440 | — | |||||||||
Net cash provided by financing activities | 79,569 | 164,433 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (116) | 342 | |||||||||
Net change in cash, cash equivalents and restricted cash | (1,163) | 15,782 | |||||||||
Cash, cash equivalents and restricted cash, at the beginning of the period | 25,384 | 9,602 | |||||||||
Cash, cash equivalents and restricted cash, at the end of the period | $ | 24,221 | $ | 25,384 |
Press Release |
Three Months Ended December 31, 2021 | Cost of products sold | Research and development | Selling, general and administrative | Loss from operations | Other expenses, net | Net loss | Basic and diluted EPS | ||||||||||||||||||||||||||||||||||
Reported | $ | 9,939 | $ | 8,840 | $ | 15,865 | $ | (29,900) | $ | (1,364) | $ | (31,264) | $ | (1.12) | |||||||||||||||||||||||||||
Amortization of acquired intangibles | (155) | — | (5) | 160 | — | 160 | 0.01 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (241) | (543) | (2,710) | 3,494 | — | 3,494 | 0.12 | ||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | (382) | — | (382) | (0.01) | ||||||||||||||||||||||||||||||||||
Adjusted | $ | 9,543 | $ | 8,297 | $ | 13,150 | $ | (26,628) | $ | (1,364) | $ | (27,992) | $ | (1.00) |
Three Months Ended December 31, 2020 | Cost of products sold | Research and development | Selling, general and administrative | Loss from operations | Other expenses, net | Net loss | Basic and diluted EPS | ||||||||||||||||||||||||||||||||||
Reported | $ | 4,891 | $ | 8,962 | $ | 15,164 | $ | (28,006) | $ | (1,373) | $ | (29,402) | $ | (1.05) | |||||||||||||||||||||||||||
Income tax expense | — | — | — | — | 23 | 23 | — | ||||||||||||||||||||||||||||||||||
Amortization of acquired intangibles | — | — | (127) | 127 | — | 127 | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (147) | (305) | (2,379) | 2,831 | — | 2,831 | 0.10 | ||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | 1,563 | — | 1,563 | 0.06 | ||||||||||||||||||||||||||||||||||
Adjusted | $ | 4,744 | $ | 8,657 | $ | 12,658 | $ | (23,485) | $ | (1,350) | $ | (24,858) | $ | (0.89) |
Year Ended December 31, 2021 | Cost of products sold | Research and development | Selling, general and administrative | Loss from operations | Other expenses, net | Net loss | Basic and diluted EPS | ||||||||||||||||||||||||||||||||||
Reported | $ | 32,925 | $ | 36,683 | $ | 63,523 | $ | (112,122) | $ | (5,561) | $ | (117,683) | $ | (4.11) | |||||||||||||||||||||||||||
Amortization of acquired intangibles | (310) | — | (330) | 640 | — | 640 | 0.02 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (864) | (2,181) | (10,709) | 13,754 | — | 13,754 | 0.48 | ||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | (3,746) | — | (3,746) | (0.13) | ||||||||||||||||||||||||||||||||||
Adjusted | $ | 31,751 | $ | 34,502 | $ | 52,484 | $ | (101,474) | $ | (5,561) | $ | (107,035) | $ | (3.74) |
Year Ended December 31, 2020 | Cost of products sold | Research and development | Selling, general and administrative | Loss from operations | Other expenses, net | Net loss | Basic and diluted EPS | ||||||||||||||||||||||||||||||||||
Reported | $ | 15,889 | $ | 33,454 | $ | 50,357 | $ | (91,333) | $ | (10,625) | $ | (101,981) | $ | (8.94) | |||||||||||||||||||||||||||
Adjustment for assumed conversion of convertible preferred stock | — | — | — | — | — | — | 4.18 | ||||||||||||||||||||||||||||||||||
Income tax expense | — | — | — | — | 23 | 23 | — | ||||||||||||||||||||||||||||||||||
Amortization of acquired intangibles | — | — | (457) | 457 | — | 457 | 0.02 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (440) | (873) | (10,790) | 12,103 | — | 12,103 | 0.57 | ||||||||||||||||||||||||||||||||||
Change in fair value of warrant liability | — | — | — | 5,555 | — | 5,555 | 0.26 | ||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | 97 | — | 97 | — | ||||||||||||||||||||||||||||||||||
Adjusted | $ | 15,449 | $ | 32,581 | $ | 39,110 | $ | (73,121) | $ | (10,602) | $ | (83,746) | $ | (3.91) |
Press Release |
Three Months Ended | Year Ended | ||||||||||||||||||||||
December 31, | December 31 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted average shares of common stock outstanding used in GAAP per share calculations | 27,953,803 | 27,897,224 | 28,654,313 | 11,407,542 | |||||||||||||||||||
Adjustments to reflect the assumed conversion of convertible preferred stock (1) | — | — | — | 10,011,751 | |||||||||||||||||||
Shares used in non-GAAP per share calculations | 27,953,803 | 27,897,224 | 28,654,313 | 21,419,293 |
Press Release |
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Key Business Metrics | |||||||||||||||||||||||||||||||||||||||||||||||
Installed base (2) | 62 | 31 | 70 | 38 | 71 | 49 | 77 | 58 | |||||||||||||||||||||||||||||||||||||||
Procedure volumes | 367 | 177 | 401 | 150 | 377 | 256 | 425 | 347 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Disposables | $ | 3,249 | $ | 2,353 | $ | 11,938 | $ | 6,713 | ||||||||||||||||||
Systems | 761 | 175 | 4,058 | 1,660 | ||||||||||||||||||||||
Service/Other | 352 | 46 | 1,267 | 91 | ||||||||||||||||||||||
Total revenue | $ | 4,362 | $ | 2,574 | $ | 17,263 | $ | 8,464 | ||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
United States | $ | 2,069 | $ | 1,578 | $ | 8,325 | $ | 4,854 | ||||||||||||||||||
Outside the United States | 2,293 | 996 | 8,938 | 3,610 | ||||||||||||||||||||||
Total revenue | $ | 4,362 | $ | 2,574 | $ | 17,263 | $ | 8,464 | ||||||||||||||||||
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Cover |
Mar. 30, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 30, 2022 |
Entity Registrant Name | Acutus Medical, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39430 |
Entity Tax Identification Number | 45-1306615 |
Entity Address, Address Line One | 2210 Faraday Ave. |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Carlsbad |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92008 |
City Area Code | 442 |
Local Phone Number | 232-6080 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 |
Trading Symbol | AFIB |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001522860 |
Amendment Flag | false |
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