$AFIB
Acutus Medical, Inc.

2020 Q4 Form 10-Q Financial Statement

#000156459020053665 Filed on November 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $2.570M $3.173M $646.0K
YoY Change 391.18%
Cost Of Revenue $4.890M $5.141M $2.267M
YoY Change 126.78%
Gross Profit -$2.320M -$1.968M -$1.621M
YoY Change 21.41%
Gross Profit Margin -90.27% -62.02% -250.93%
Selling, General & Admin $15.16M $15.83M $7.978M
YoY Change 98.46%
% of Gross Profit
Research & Development $8.960M $8.343M $5.865M
YoY Change 42.25%
% of Gross Profit
Depreciation & Amortization $1.140M $800.0K $500.0K
YoY Change -41.84% 60.0%
% of Gross Profit
Operating Expenses $24.13M $24.18M $13.84M
YoY Change 74.64%
Operating Profit -$26.45M -$26.26M -$31.16M
YoY Change -15.73%
Interest Expense -$2.930M $1.366M $1.394M
YoY Change -2.01%
% of Operating Profit
Other Income/Expense, Net $0.00 -$5.026M -$921.0K
YoY Change 445.71%
Pretax Income -$29.38M -$31.29M
YoY Change
Income Tax $20.00K $0.00
% Of Pretax Income
Net Earnings -$29.40M -$31.29M -$32.09M
YoY Change -2.48%
Net Earnings / Revenue -1143.97% -986.07% -4966.72%
Basic Earnings Per Share -$1.95
Diluted Earnings Per Share -$1.049M -$1.95
COMMON SHARES
Basic Shares Outstanding 27.85M 16.08M shares
Diluted Shares Outstanding 16.08M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.1M $158.0M
YoY Change
Cash & Equivalents $25.23M $58.30M $34.35M
Short-Term Investments $105.8M $99.70M
Other Short-Term Assets $5.200M $4.800M
YoY Change
Inventory $12.96M $10.93M
Prepaid Expenses
Receivables $2.160M $1.893M
Other Receivables $0.00 $0.00
Total Short-Term Assets $151.4M $175.7M
YoY Change 83.6%
LONG-TERM ASSETS
Property, Plant & Equipment $12.36M $9.940M
YoY Change 179.11%
Goodwill $12.03M $12.03M
YoY Change 0.0%
Intangibles $5.653M $3.780M
YoY Change 37.54%
Long-Term Investments $8.700M $8.800M
YoY Change
Other Assets $717.0K $482.0K
YoY Change 654.74%
Total Long-Term Assets $41.15M $36.86M
YoY Change 78.91%
TOTAL ASSETS
Total Short-Term Assets $151.4M $175.7M
Total Long-Term Assets $41.15M $36.86M
Total Assets $192.5M $212.5M
YoY Change 82.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.266M $4.723M
YoY Change 112.93%
Accrued Expenses $7.308M $6.500M
YoY Change -27.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.400M $4.000M
YoY Change
Total Short-Term Liabilities $21.91M $16.13M
YoY Change -31.35%
LONG-TERM LIABILITIES
Long-Term Debt $39.01M $38.76M
YoY Change 2.01%
Other Long-Term Liabilities $0.00 $8.000K
YoY Change
Total Long-Term Liabilities $39.01M $38.77M
YoY Change 2.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.91M $16.13M
Total Long-Term Liabilities $39.01M $38.77M
Total Liabilities $65.95M $59.87M
YoY Change -15.35%
SHAREHOLDERS EQUITY
Retained Earnings -$361.0M -$331.6M
YoY Change 39.36%
Common Stock $28.00K $28.00K
YoY Change 2700.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.6M $152.6M
YoY Change
Total Liabilities & Shareholders Equity $192.5M $212.5M
YoY Change 82.58%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$29.40M -$31.29M -$32.09M
YoY Change -2.48%
Depreciation, Depletion And Amortization $1.140M $800.0K $500.0K
YoY Change -41.84% 60.0%
Cash From Operating Activities -$24.13M -$26.28M
YoY Change -48.01%
INVESTING ACTIVITIES
Capital Expenditures -$3.410M -$3.370M
YoY Change 0.89%
Acquisitions
YoY Change
Other Investing Activities -$6.170M -$103.5M
YoY Change -91.79%
Cash From Investing Activities -$9.560M -$106.9M
YoY Change -87.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 430.0K 167.1M
YoY Change -99.66%
NET CHANGE
Cash From Operating Activities -24.13M -26.28M
Cash From Investing Activities -9.560M -106.9M
Cash From Financing Activities 430.0K 167.1M
Net Change In Cash -33.26M 33.93M
YoY Change -2442.25%
FREE CASH FLOW
Cash From Operating Activities -$24.13M -$26.28M
Capital Expenditures -$3.410M -$3.370M
Free Cash Flow -$20.72M -$22.91M
YoY Change -51.85%

Facts In Submission

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us-gaap Amortization Of Financing Costs
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us-gaap Finance Lease Right Of Use Asset Amortization
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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afib Payments To Acquire Research And Development License
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us-gaap Net Cash Provided By Used In Investing Activities
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afib Proceeds From Issuance Of Debt And Warrants
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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afib Issuance Of Series D Convertible Preferred Stock For Rhythm Xience Acquisition
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid
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us-gaap Unrealized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
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us-gaap Unrealized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
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afib Warrants Issued In Conjunction With Orbrimed Debt
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afib Rightofuseassets Exchanged For Operating Lease Liabilities
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afib Accrued Purchase Of Research And Development License
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us-gaap Interest Paid
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afib Issuance Of Series D Convertible Preferred Stock For2018 Convertible Notes And2019 Convertible Notes
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afib Issuance Of Series D Convertible Preferred Stock For Biotroniks Asset Purchase
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afib Unpaid Purchases Of Property Plant And Equipment
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afib Unpaid Purchases Of Property Plant And Equipment
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us-gaap Conversion Of Stock Amount Converted1
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FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates and Assumptions </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and disclosures of contingent assets and liabilities. The most significant estimates and assumptions in the Company&#8217;s condensed consolidated financial statements include, but are not limited to, revenue recognition, useful lives of intangible assets, assessment of impairment of goodwill, provisions for income taxes, measurement of operating lease liabilities, and the fair value of common stock, stock options, warrants, intangible assets, contingent consideration and goodwill. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates. </p>
us-gaap Concentration Risk Credit Risk
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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us-gaap Operating Lease Payments
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CY2020Q3 afib Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2020Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
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CY2020Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
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dei Entity Incorporation Date Of Incorporation
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2011-03-25
us-gaap Stockholders Equity Reverse Stock Split
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CY2019Q4 afib Working Capital Deficit
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us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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CY2020Q3 us-gaap Cash Fdic Insured Amount
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2019Q3 us-gaap Inventory Write Down
InventoryWriteDown
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us-gaap Inventory Write Down
InventoryWriteDown
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us-gaap Inventory Write Down
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CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
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us-gaap Number Of Reporting Units
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CY2020Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2020Q3 us-gaap Depreciation
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CY2019Q4 us-gaap Liabilities Fair Value Disclosure
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CY2020Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2020Q3 us-gaap Available For Sale Securities Debt Securities
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CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2019Q4 us-gaap Available For Sale Securities Debt Securities
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CY2020Q3 us-gaap Inventory Finished Goods Net Of Reserves
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CY2020Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
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CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
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CY2020Q3 afib Office Space Subject To Operating Lease
OfficeSpaceSubjectToOperatingLease
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us-gaap Operating Lease Payments
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CY2020Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
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us-gaap Sales Type Lease Lease Income
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CY2019Q3 us-gaap Sales Type Lease Lease Income
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us-gaap Sales Type Lease Lease Income
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SalesTypeLeaseIncomeComprehensiveIncomeExtensibleList
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us-gaap Sales Type Lease Income Comprehensive Income Extensible List
SalesTypeLeaseIncomeComprehensiveIncomeExtensibleList
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CY2019Q3 us-gaap Depreciation
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FiniteLivedIntangibleAssetsNet
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CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3780000
CY2020Q3 us-gaap Intangible Assets Gross Excluding Goodwill
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4360000
CY2020Q3 afib Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
580000
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
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CY2019Q4 afib Intangible Assets Accumulated Amortization
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CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q3 us-gaap Debt Instrument Carrying Amount
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CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
216000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4869489
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Operating Lease Cost
OperatingLeaseCost
648000
us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2020Q3 us-gaap Variable Lease Cost
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CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
65000
us-gaap Variable Lease Cost
VariableLeaseCost
238000
us-gaap Variable Lease Cost
VariableLeaseCost
169000
CY2020Q3 us-gaap Lease Cost
LeaseCost
289000
CY2019Q3 us-gaap Lease Cost
LeaseCost
281000
us-gaap Lease Cost
LeaseCost
886000
us-gaap Lease Cost
LeaseCost
817000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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253000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2020Q3 us-gaap Operating Lease Liability
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CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
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afib Weighted Average Remaining Contractual Life Of Warrants
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CY2020Q3 us-gaap Common Stock Shares Authorized
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CY2020Q3 us-gaap Temporary Equity Shares Authorized
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.021
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P7Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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0.70
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.80
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.49
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
29100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6374000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
812000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9272000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2174000

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