Acutus Medical (Nasdaq:AFIB) released second-quarter results this week that topped the revenue consensus on Wall Street but missed earnings estimates.
The Carlsbad, Calif.-based company reported earnings of $5.7 million, or 16¢ per share, on sales of $4.1 million for the three months ended June 30, for a net gain of 119.9% on a loss of sales of 13.44% compared to the second quarter. 2021.
Adjusted to exclude one-time items, earnings per share were -93¢, 17¢ behind The Street, where analysts had expected sales of $3.97 million.
Acutus Medical said global volumes for mapping procedures were up 20% year-over-year, which helped its earnings growth.
“Our teams continued to execute on our strategy in the second quarter as we focus more on process utilization and volume as key drivers of our business,” President and CEO David Roman said in a statement. A press release. “We recorded another quarter of record case volumes with year-over-year growth worldwide. The increase in procedure volume has been complemented by an increase in revenue share in our accounts, as electrophysiologists increase adoption of the Acutus product portfolio. In addition to the positive utilization trends, we made significant progress in strengthening our financial position, completing the first sale of our left heart access portfolio to Medtronic, refinancing our debt and implementing new cost reduction initiatives.
Acutus Medical announced on June 30 that it has completed the first of two closings on the sale of its left heart access portfolio to Medtronic for $50 million. Acutus is eligible to receive contingent consideration payments of up to $37 million upon completion of certain manufacturing and regulatory milestones.
AFIB shares rose 1.93% to $1.69 apiece by mid-morning. MassDevice’s MedTech 100 Index – which includes shares of the world’s largest medical device companies – edged higher.