Acutus Medical, Inc.

Q2 net revenue was $5.3 million versus $4.1 million in Q2 2022, a 30% year-over-year increase. Disposables revenue was $3.9 million, capital revenue was $0.7 million, and service/rent/other revenue was $0.7 million. Non-GAAP gross margin was negative 49%, improved from negative 129% a year ago and negative 60% in Q1. Non-GAAP operating expenses were about $14.5 million, down 26% year over year. Non-GAAP net loss was $17.6 million, or $0.60 per share, versus a loss of $26.2 million, or $0.93 per share, in Q2 2022. Cash and cash equivalents including restricted cash were $61.5 million, and cash burn was $15.2 million, down 41% year over year. For 2023, management raised/confirmed revenue guidance to $20 million to $22 million, and said they expect supply dynamics to normalize by year-end, with AcQBlate U.S. approval targeted by the end of the year and only modest Q4 contribution assumed in guidance.

David Roman emphasized that the quarter showed broad execution across procedure volume, utilization, and product development. He highlighted record procedures, the highest number of global users, the highest console utilization, and the highest installed base, and said software releases have made the platform more relevant for routine complex AF cases rather than only the most extreme redo cases. His tone was upbeat and confident, especially around AcQMap 9, AcQBlate, and AcQMap 10 as catalysts for 2024 growth.

Takeo Mukai focused on the financial recovery trend: revenue of $5.3 million, non-GAAP gross margin of negative 49%, operating expenses of about $14.5 million, and cash burn of $15.2 million. He said $1 million of incremental inventory purchases were made to support demand and long-lead items, and that the company expects at least a year of cash runway. He also said 2023 non-GAAP expenses should decline meaningfully year over year and that management expects gross margin to keep improving toward positive gross margin in Q1 2024.

Analysts pressed on what is embedded in guidance, especially whether Q2’s gains are sustainable given supply constraints, back orders, seasonality in Europe, and possible variability in capital revenue. Management said Q3 would still face supply-chain headwinds, some back orders would likely roll into Q4, and Europe should be seasonally softer in Q3, but trends should look broadly similar to the back half of 2022. They also said AcQBlate approval in Q4 would contribute only modestly this year, with more meaningful impact in 2024. On PFA, management said AcQMap is not being displaced outright and can actually complement PFA, with early commercial cases and a study in Brussels suggesting incremental case volume rather than a simple substitution effect.