8-K
filed November 8, 2023, 6:59 PM ET
CIK 0001522860
other material
confidence high
sentiment negative
materiality 0.85
Acutus Medical, Inc.: restructuring charge — Acutus Medical to exit mapping/ablation, cut 65% workforce, CEO to step down, focus on Medtronic left-heart access
Acutus Medical, Inc.
- Workforce reduction of ~160 employees (~65% of total) expected to be completed by Q1 2024.
- Estimated $21M-$32M pre-tax restructuring charges; majority non-cash impairment in Q4 2023, cash charges in Q1 2024.
- President & CEO David Roman to depart Jan 7, 2024; CFO Takeo Mukai appointed CEO effective Jan 8, 2024.
- Q3 2023 revenue $5.2M (+44% YoY); GAAP net loss $13.2M ($0.45 loss per share).
- Company will wind down mapping/ablation products and focus solely on left-heart access distribution for Medtronic.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Acutus Medical, Inc. reported the third quarter of 2023 results: revenue $5.2 million, net income $13.2 million, EPS $0.45.
- Period
- the third quarter of 2023
- Revenue
- $5.2 million
- Net income
- $13.2 million
- EPS
- $0.45
- Result
- reported results
Exact text from the filing
Revenue was $5.2 million for the third quarter of 2023, an increase of 44% compared to $3.6 million for the third quarter of 2022. The improvement over the same quarter last year was primarily driven by sales through the Company’s distribution agreement with Medtronic, higher capital sales, and increases in service, rent and other revenue. Gross margin on a GAAP basis was negative 64% for the third quarter of 2023 compared to negative 91% for the same quarter last year. Non-GAAP gross margin was negative 60% for the third quarter of 2023 compared to negative 109% for the same quarter last year. The improvement on both a GAAP and non-GAAP basis was driven by higher production volumes primarily related to left-heart access manufacturing, lower manufacturing variances, and reduced manufacturing overhead expenses. Operating expenses, consisting of research and development and selling, general and administrative expenses on a GAAP basis were $12.2 million for the third quarter of 2023 compa
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Tom Sohn departed as Chief Administrative Officer, General Counsel and Secretary at Acutus Medical, Inc..
- Action
- expected to separate
- Role
- Chief Administrative Officer, General Counsel and Secretary
Exact text from the filing
Tom Sohn, the Company’s Chief Administrative Officer, General Counsel and Secretary, is expected to separate from the Company, effective February 6, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
David Roman departed as President and Chief Executive Officer at Acutus Medical, Inc..
- Action
- expected to separate
- Role
- President and Chief Executive Officer
Exact text from the filing
David Roman, the Company’s President and Chief Executive Officer, and Kevin Mathews, the Company’s Senior Vice President, Commercial, are expected to separate from the Company, effective January 7, 2024
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Kevin Mathews departed as Senior Vice President, Commercial at Acutus Medical, Inc..
- Action
- expected to separate
- Role
- Senior Vice President, Commercial
Exact text from the filing
David Roman, the Company’s President and Chief Executive Officer, and Kevin Mathews, the Company’s Senior Vice President, Commercial, are expected to separate from the Company, effective January 7, 2024
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Takeo Mukai was appointed as Chief Executive Officer at Acutus Medical, Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
the Board approved the appointment of Takeo Mukai as the Company’s Chief Executive Officer, effective January 8, 2024, subject to the completion of the Restructuring, including the transition of executive management as described above.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Acutus Medical, Inc. announced a restructuring with charges of $21 million to $32 million affecting mapping and ablation businesses (approximately 160 employees).
- Type
- restructuring
- Charge
- $21 million to $32 million
- Affected area
- mapping and ablation businesses
- Headcount
- approximately 160 employees
Exact text from the filing
The Company estimates it will incur approximately $21 million to $32 million of pre-tax restructuring and exit-related charges, of which $2 million to $3 million represents future cash expenditures for the payment of severance and related benefit costs, $3 million to $4 million represents future cash expenditures for the payment of retention bonuses to certain employees that will assist with the Restructuring, $2 million to $5 million represents future cash expenditures for other restructuring costs, and approximately $14 million to $20 million represents non-cash pre-tax impairment charges in connection with the disposition of certain assets, including inventory, fixed assets and intangibles.
View on SEC.gov
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