Executive Summary

Q3 revenue from continuing operations was $5.3M, up 156% YoY, with gross margin turning positive to 7% and operating income of $0.1M; continuing-ops EPS was $(0.03) .
Sequential execution momentum: revenue increased versus Q2’s $4.1M, with margin improvement driven by higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses .
Cash, cash equivalents, marketable securities and restricted cash were $12.6M at 9/30/24, down from $13.3M at 6/30/24 and $20.0M at 3/31/24 .
The company will no longer provide financial guidance as it realigns resources to support its left-heart access distribution business and exits electrophysiology mapping/ablation—policy reiterated again in Q3; no S&P Global consensus estimates were available for AFIB to benchmark the quarter .

What Went Well and What Went Wrong

What Went Well
- Revenue growth and mix: continuing-ops revenue rose 156% YoY to $5.3M; management delivered the first positive gross margin (7%) under the current model, citing “higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses.”
- Profitability inflection at the operating line: operating income from continuing operations was $0.1M in Q3 (vs prior-year operating expenses), reflecting disciplined cost control under the new business model .
- Consistent strategic focus: the company reiterated its concentration on producing left-heart access products under its Medtronic distribution agreement, aligning operations with this narrower, more capital-light scope .
What Went Wrong
- GAAP bottom line still negative: net loss from continuing operations was $0.8M (EPS $(0.03)), highlighting that interest expense ($1.4M in Q3) and other items continue to weigh on net results despite operating gains .
- Discontinued operations drag persists: loss from discontinued operations was $4.8M in Q3, adding to the consolidated net loss of $5.6M .
- Liquidity trending lower: quarter-end cash and equivalents were $12.6M, down from $13.3M (Q2) and $20.0M (Q1), as operating and discontinued operations used cash year-to-date .

Financial Results

Metric	Q1 2024	Q2 2024	Q3 2024
Revenue – Continuing Ops ($USD Millions)	$3.6	$4.1	$5.3
Gross Margin – Continuing Ops (%)	-1%	-8%	7%
Operating Income (Loss) – Continuing Ops ($USD Millions)	$(0.58)	$0.30	$0.10
Net Loss – Continuing Ops ($USD Millions)	$(2.1)	$(0.4)	$(0.8)
Diluted EPS – Continuing Ops ($)	$(0.07)	$(0.01)	$(0.03)
YoY Revenue Growth – Continuing Ops (%)	192%	172%	156%
Gain on Sale of Business ($USD Millions)	$2.79	$2.87	$2.44

Segment breakdown: Not applicable; continuing operations are focused on left-heart access products under the Medtronic distribution agreement .

KPIs and Balance Sheet Highlights

Metric	Q1 2024	Q2 2024	Q3 2024
Cash, Cash Equivalents, Marketable Securities & Restricted Cash ($USD Millions)	$20.0	$13.3	$12.6
Accounts Receivable ($USD Millions)	$7.75	$9.24	$9.97
Inventory ($USD Millions)	$5.89	$5.21	$4.19
Long-term Debt, Current Portion ($USD Millions)	$1.82	$7.06	$7.08
Long-term Debt ($USD Millions)	$32.81	$25.13	$25.27
Warrant Liability ($USD Millions)	$0.69	$0.13	$0.30
Stockholders’ Deficit ($USD Millions)	$(4.02)	$(4.81)	$(10.30)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial Guidance (All metrics)	FY 2024+	None provided under new business model	Company “will no longer provide financial guidance”	Maintained (no guidance)

Earnings Call Themes & Trends

Note: No Q3 2024 earnings call transcript was available in the document set; themes reflect disclosures from Q1–Q3 press releases and Q3 8-K.

Topic	Previous Mentions (Q1 & Q2 2024)	Current Period (Q3 2024)	Trend
Strategic Focus (Left-heart access; Medtronic distribution)	Company focused on producing left-heart access products under its Medtronic distribution agreement	Reiterated same focus	Stable focus
Gross Margin Drivers	Improvement tied to higher production volumes and reduced manufacturing overhead expenses	Achieved positive GM of 7% with same drivers	Improving
Operating Discipline / Expenses	Opex reduction YoY (Q1: $3.3M; Q2: $2.2M) as model shifts	Delivered operating income of $0.1M; continued opex discipline	Improving
Guidance Policy	No financial guidance provided	Will no longer provide guidance	Unchanged

Management Commentary

“Gross margin on a GAAP basis for continuing operations was 7%… The improvement was driven by higher production volumes related to left-heart access manufacturing and reduced manufacturing overhead expenses.”
“Operating income for continuing operations on a GAAP basis was $0.1 million for the third quarter of 2024…”
“Due to the announced plan to realign resources to support the left-heart access distribution business and exit from the electrophysiology mapping and ablation businesses, the Company will no longer provide financial guidance.”
“Acutus is focused on the production of left-heart access products under its distribution agreement with Medtronic, Inc.”

Q&A Highlights

No Q3 2024 earnings call transcript was available; no Q&A details could be reviewed. Analysis is based on the press release and 8‑K filing –.

Estimates Context

Wall Street consensus (S&P Global/Capital IQ) for AFIB was unavailable; as a result, no comparisons vs consensus EPS or revenue estimates are presented. Management provided no financial guidance for Q3 or FY24+ .

Key Takeaways for Investors

The core left‑heart access business is scaling: revenue rose to $5.3M (+156% YoY) and gross margin turned positive to 7%, reflecting volume leverage and lower manufacturing overhead .
Profitability trajectory improved: operating income from continuing operations reached $0.1M, while net loss from continuing ops narrowed to $0.8M (EPS $(0.03)) .
Balance sheet watch items: cash ended Q3 at $12.6M and total debt remains significant (current portion $7.08M; long-term $25.27M), with interest expense of $1.4M in Q3 weighing on net income .
Discontinued operations continue to obscure reported results: Q3 loss from discontinued ops was $4.8M, contributing to total net loss of $5.6M .
Communication stance unchanged: no financial guidance as the company continues to realign around the Medtronic distribution business, limiting visibility for modeling near-term .
Near-term trading setup: the combination of positive gross margin and operating income is a credible execution milestone; investor focus likely concentrates on sustainability of gross margin improvement, cash runway, and any updates on the magnitude/timing of Medtronic-related volumes .
Medium-term thesis: execution on a leaner, focused manufacturing/distribution model could support continued margin progress; key risks remain leverage/interest burden and residual discontinued operations variability .

Sources: Q3 2024 press release and consolidated financials –, Q3 2024 8‑K (Item 2.02 and exhibits) –, Q2 2024 press release and 8‑K – –, Q1 2024 8‑K and press release –.

Acutus Medical, Inc. (AFIB)·Q3 2024 Earnings Summary