Published on 8 Nov 2023 on GuruFocus.com via Yahoo Finance
Acutus Medical Inc (AFIB) Reports Substantial Revenue Growth in Q3 2023 Despite Negative Gross ...
Revenue increased by 44% year-over-year to $5.2 million in Q3 2023, primarily driven by the Medtronic distribution agreement.GAAP gross margin improved from negative 91% in Q3 2022 to negative 64% in Q3 2023, reflecting higher production volumes and reduced overhead.Operating expenses decreased significantly, contributing to a reduced net loss of $13.2 million compared to $20.4 million in the same quarter last year.Acutus Medical Inc (NASDAQ:AFIB) will no longer provide financial guidance due to strategic business realignment.
Warning! GuruFocus has detected 6 Warning Signs with AFIB.
On November 8, 2023, Acutus Medical Inc (NASDAQ:AFIB) released its financial results for the third quarter of 2023, showcasing a notable year-over-year revenue increase and improved operational efficiency. The company, which specializes in left-heart access products, reported a revenue of $5.2 million, marking a 44% increase compared to the $3.6 million in the third quarter of 2022. This growth is largely attributed to the company's distribution agreement with Medtronic, higher capital sales, and increases in service, rent, and other revenue.