Acutus Medical Inc. (AFIB) shares plunged 8.50% in after-hours on Monday, July 12, 2021, and closed at $14.10 per share. Earlier in the morning session, AFIB’s stock lost 0.45% to close Monday’s session at $15.41. AFIB shares have moved down 9.19% in the past week. Over the past three months, the stock has gained 23.58%, while over the past six months, it has lost 52.64%.
Let’s discuss its recent news and developments.
Proposed Public Offering of Common Stock
On July 12, 2021, Acutus Medical, Inc commenced an underwritten public offering of 5,500,000 shares of its common stock. All of the shares of common stock are being offered by Acutus. The underwriters can buy additional 825,000 shares of its common stock within 30 days.
Recent Preliminary financial results announcement
On July 12, 2021, Acutus Medical, Inc announced its preliminary unaudited results for the second quarter of 2021.
Q2 2021 financial highlights
- The company is expecting preliminary net sales in the range of $4.6 to $4.7 million in Q2 2021 compared to $1.1 million in the same quarter last year.
- The GAAP-operating loss is expected to be between $27.0 million and $29.0 million for Q2 2021 compared to an operating loss of $19.5 million for the quarter ended June 30, 2020.
- As of June 30, 2021, the Company’s estimate of its cash, cash equivalents, and marketable securities were approximately $81 million.
Green Signal from FDA to Start AcQBlate Atrial Fibrillation Trial
On May 27, 2021, Acutus Medical received FDA approval for the company to initiate its Atrial Fibrillation (AF) Investigational Device Exemption (IDE) clinical trial for the AcQBlate Force Sensing Ablation Catheter and System.
It is expected that the AF ablation procedures total approximately 190,000 per year and are projected to reach 375,000 annually by 2025in the United States.
This trial is expected to enrol 350 subjects in leading centres globally and will evaluate the safety and efficacy of the system in the treatment of both paroxysmal and persistent atrial fibrillation.
Participation in the recent conference
Acutus Medical recently participated in the 41st Annual William Blair Growth Stock Conference which held on Thursday, June 3, 2021, at 12:20 p.m. Eastern Time.
Q1 2021 financial highlights
on May 12, 2021, the company announced its financial results for Q1 2021 which ended on March 31, 2021.
- Acutus Medical reported revenue of $3.6 million in the first quarter of 2021, compared to $1.6 million in Q1 2020.
- On a GAAP basis, the gross margin was negative 94% in Q1 2021 compared to a negative 102% in Q1 2020.
- GAAP-operating expenses were $24.5 million in Q1 2021 compared to $16.0 million in the same quarter last year.
- The company suffered a non-GAAP net loss of $27.3 million, or $0.97 per share in Q1 2021 compared to $19.0 million, or $1.11 per share in Q1 2020.
The AFIB stock plummeted on Monday after the company announced the public offering of its common stock. The AFIB stock price can further slide down in the coming days.