The company will wind down the electrophysiology (EP) mapping and ablation business, including the AcQMap Mapping System, the AcQMap 3D Mapping Catheter, the AcQBlate Force-Sensing Ablation Catheter, the AcGuide Max 2.0 steerable sheath, and associated accessories. 

The company will support AcQMap procedures with a small group of therapy managers through November 30, 2023.

Acutus Medical will solely support the manufacturing and distribution of Medtronic's left-heart access products and capture the value associated with potential earnout payments from Medtronic Plc (NYSE:MDT).

The corporate restructuring will reduce the company's workforce by approximately 65% and is expected to be completed in the first quarter of 2024.

Going forward, the company's exclusive sources of revenue will come from the sale of left-heart access products at transfer prices specified in Acutus' existing distribution agreement with Medtronic and any fee-bearing transition services.

As of September 30, 2023, the company had $45.5 million in cash, cash equivalents, marketable securities, and restricted cash. 

Acutus Medical reported a Q3 EPS loss of $(0.52), down from $(0.70) a year ago and beating the consensus of $(0.61).

The company reported Q3 sales of $5.24 million, up 44% Y/Y, beating the consensus of $4.83 million.

Price Action: AFIB shares are up 6.85% at $0.50 during the premarket session on the last check Thursday.