--- schema_version: "secwatch.filing_event.v1" accession: "0000950103-23-016107" form_type: "8-K" ticker: null cik: "0001522860" company_name: "Acutus Medical, Inc." filed_at: "2023-11-08T23:59:59+00:00" generated_at: "2026-06-08T09:17:49.538139+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # Acutus Medical to exit mapping/ablation, cut 65% workforce, CEO to step down, focus on Medtronic left-heart access ## Summary - 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. ## SEC filing metadata - accession: 0000950103-23-016107 - form_type: 8-K - cik: 0001522860 - company_name: Acutus Medical, Inc. - filed_at: 2023-11-08T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 2.02, 2.05, 2.06, 5.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1522860/000095010323016107/0000950103-23-016107-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1522860/000095010323016107/dp202619_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000950103-23-016107 - JSON: https://secwatch.observer/filing/0000950103-23-016107.json - Plain text: https://secwatch.observer/filing/0000950103-23-016107.txt ## Key facts - Earnings Releases 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1522860/000095010323016107/0000950103-23-016107-index.htm - Executive change 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 source text: Tom Sohn, the Company’s Chief Administrative Officer, General Counsel and Secretary, is expected to separate from the Company, effective February 6, 2024. evidence_url: https://www.sec.gov/Archives/edgar/data/1522860/000095010323016107/0000950103-23-016107-index.htm - Executive change David Roman departed as President and Chief Executive Officer at Acutus Medical, Inc.. - Action: expected to separate - Role: President and Chief Executive Officer source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1522860/000095010323016107/0000950103-23-016107-index.htm - Executive change Kevin Mathews departed as Senior Vice President, Commercial at Acutus Medical, Inc.. - Action: expected to separate - Role: Senior Vice President, Commercial source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1522860/000095010323016107/0000950103-23-016107-index.htm - Executive change Takeo Mukai was appointed as Chief Executive Officer at Acutus Medical, Inc.. - Action: appointed - Role: Chief Executive Officer source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1522860/000095010323016107/0000950103-23-016107-index.htm - Restructurings & Charges 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1522860/000095010323016107/0000950103-23-016107-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.