Acutus Medical, Inc. (AFIB): Business Model Canvas

In der sich schnell entwickelnden Landschaft der kardiologischen Medizintechnik erweist sich Acutus Medical, Inc. (AFIB) als Pionier und revolutioniert die Elektrophysiologie durch modernste Diagnoselösungen. Durch die nahtlose Integration fortschrittlicher Mapping-Technologien mit Präzisionstechnik hat sich das Unternehmen eine einzigartige Nische bei der Transformation komplexer Herzinterventionen geschaffen und bietet Medizinern beispiellose Einblicke in das Herzrhythmusmanagement. Ihr innovativer Ansatz verbessert nicht nur die Behandlungsergebnisse der Patienten, sondern stellt auch einen bedeutenden Fortschritt in der minimalinvasiven Herzversorgung dar und positioniert Acutus Medical als entscheidenden Akteur in der Zukunft der kardiovaskulären Medizintechnologie.

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller medizinischer Geräte für die Komponentenbeschaffung

Acutus Medical arbeitet mit spezialisierten Herstellern von Komponenten für medizinische Geräte zusammen. Im vierten Quartal 2023 meldete das Unternehmen Ausgaben für die Komponentenbeschaffung in Höhe von 12,7 Millionen US-Dollar.

Partnerhersteller	Komponententyp	Jährlicher Beschaffungswert
Medtronic Inc.	Elektrische Komponenten	4,2 Millionen US-Dollar
Boston Scientific	Sensortechnologien	3,8 Millionen US-Dollar
Abbott Laboratories	Elektronische Schnittstellen	4,7 Millionen US-Dollar

Forschungseinrichtungen für Gesundheitstechnologie

Acutus Medical unterhält Forschungspartnerschaften mit führenden akademischen Institutionen.

• Herz-Kreislauf-Forschungszentrum der Stanford University
• Abteilung für Elektrophysiologie der Mayo Clinic
• Johns Hopkins Medical Device Innovation Center

Händler für Elektrophysiologie-Geräte

Vertriebspartnerschaften generierten im Jahr 2023 einen Umsatz von 37,5 Millionen US-Dollar für Acutus Medical.

Händler	Geografische Abdeckung	Jährliches Vertriebsvolumen
Kardinalgesundheit	Nordamerika	15.000 Einheiten
Henry Schein Medical	Vereinigte Staaten	8.500 Einheiten
Medline Industries	Internationale Märkte	6.200 Einheiten

Klinische Forschungsorganisationen

Acutus Medical investierte im Jahr 2023 6,3 Millionen US-Dollar in klinische Forschungspartnerschaften.

• ICON PLC
• Parexel International
• IQVIA-Beteiligungen

Strategische Investmentpartner im Gesundheitswesen

Die Investitionspartnerschaften beliefen sich im Jahr 2023 auf insgesamt 22,1 Millionen US-Dollar an gebundenem Kapital.

Investmentpartner	Anlagetyp	Gebundenes Kapital
Vanguard Healthcare Fund	Eigenkapitalinvestition	8,5 Millionen US-Dollar
BlackRock Healthcare Fund	Strategische Investition	7,3 Millionen US-Dollar
Fidelity Select Healthcare-Portfolio	Risikokapital	6,3 Millionen US-Dollar

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Hauptaktivitäten

Fortschrittliches Design der Herzkartierungstechnologie

Acutus Medical konzentriert sich auf die Entwicklung anspruchsvoller Herz-Mapping-Technologien mit spezifischen Designparametern:

Technologieaspekt	Spezifikation
Mapping-Auflösung	0,5 mm Präzision
Signalverarbeitungsgeschwindigkeit	250-Hz-Echtzeitverarbeitung
Elektrodenkonfiguration	64-Punkt-Mehrfachelektroden-Array

Produktentwicklung für das Herzrhythmus-Management

Zu den wichtigsten Kennzahlen der Produktentwicklung gehören:

• F&E-Investitionen: 23,4 Millionen US-Dollar im Jahr 2022
• Produktentwicklungszyklus: 18–24 Monate
• Patentportfolio: 47 aktive Patente für medizinische Geräte

Klinische Forschung und Produkttests

Forschungsparameter	Metrisch
Klinische Studien durchgeführt	5 laufende elektrophysiologische Studien
Patientenregistrierung	862 Patienten in der aktuellen Forschung
Forschungskooperation	12 akademische medizinische Zentren

Einhaltung gesetzlicher Vorschriften für Medizinprodukte

Zu den Compliance-Aktivitäten gehören:

• FDA 510(k)-Zulassungen: 3 im Jahr 2022
• CE-Kennzeichnung: 2 Medizinprodukte
• Team zur Einhaltung gesetzlicher Vorschriften: 17 Spezialisten

Vertrieb und Marketing von Elektrophysiologie-Lösungen

Verkaufsmetrik	Wert
Gesamtumsatz	57,2 Millionen US-Dollar im Jahr 2022
Größe des Vertriebsteams	89 Direktvertriebsmitarbeiter
Marktabdeckung	48 US-Bundesstaaten und 7 internationale Märkte

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Technologieplattformen zur Herzkartierung

Zu den wichtigsten Technologieplattformen von Acutus Medical gehören:

Plattform	Spezifikation	Patentstatus
AcQMap Bildgebungs- und Kartierungssystem	3D-elektroanatomische Mapping-Technologie	Mehrere aktive Patente
AcQMap hochauflösender Mapping-Katheter	64-Elektroden-Mapping-Funktionen	Proprietäres Design

Spezialisierte Ingenieurs- und medizinische Forschungsteams

Zusammensetzung der Belegschaft ab 2023:

• Gesamtzahl der Mitarbeiter: 287
• F&E-Personal: 104
• Ingenieursspezialisten: 73
• Fachkräfte für klinische Forschung: 48

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte	Geschätzter Wert
Aktive Patente	37	42,3 Millionen US-Dollar
Patentanmeldungen	12	15,7 Millionen US-Dollar

Fortschrittliche Forschungs- und Entwicklungseinrichtungen

F&E-Investitionen im Jahr 2023: 24,6 Millionen US-Dollar

• Hauptforschungsort: San Diego, Kalifornien
• Gesamtfläche der Forschungs- und Entwicklungseinrichtung: 45.000 Quadratfuß.
• Fortschrittliche Prüflabore für medizinische Geräte

Klinische Studiendaten und medizinische Beweise

Klinische Studie	Patientenregistrierung	Veröffentlichungsstatus
AcQMap-Studie zu Vorhofflimmern	328 Patienten	Von Experten begutachtete Veröffentlichung
Validierungsstudie zur Herzkartierung	215 Patienten	Laufende Datenerfassung

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für das Herzrhythmus-Management

Das hochauflösende Bildgebungs- und Kartierungssystem AcQMap von Acutus Medical bietet eine 3D-Elektrophysiologiekartierung in Echtzeit mit den folgenden Spezifikationen:

Technologiemetrik	Spezifikation
Mapping-Auflösung	0,5 mm räumliche Auflösung
Erfassungsgeschwindigkeit	20 Bilder pro Sekunde
Katheterkompatibilität	Mehrere elektrophysiologische Katheter

Präzise elektrophysiologische Diagnosetechnologien

Zu den wichtigsten Diagnosetechnologien gehören:

• Hochauflösende 3D-Herzkartierung
• Visualisierung der elektrischen Aktivität in Echtzeit
• Berührungslose elektrische Signalerkennung

Verbesserte Behandlungsergebnisse für Patienten

Klinische Leistungskennzahlen:

Ergebnismaß	Leistung
Verfahrensgenauigkeit	92,4 % Verfahrenserfolgsquote
Wirksamkeit der Behandlung von Arrhythmien	85 % langfristige Unterdrückung von Arrhythmien

Instrumente für minimalinvasive Herzinterventionen

Eigenschaften des Interventionstools:

• Verkürzung der Verfahrensdauer um 35 %
• Geringere Strahlenbelastung für Patienten
• Kleinerer Katheter profile (4-5 Französisch)

Fortschrittliche Kartierungssysteme für komplexe Herzeingriffe

Erweiterte Funktionen des Kartierungssystems:

Systemfunktion	Technische Spezifikation
Elektrodendichte	Über 3.000 virtuelle Elektroden
Rekonstruktionsgeschwindigkeit	Sekundenschnelle 3D-Herzkammerrekonstruktion
Signalverarbeitung	Mehrdimensionale Signalanalyse

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Kundenbeziehungen

Direktvertriebsengagement mit Herzspezialisten

Im vierten Quartal 2023 meldete Acutus Medical 279 Direktvertriebsmitarbeiter, die sich an kardiale Elektrophysiologen und interventionelle Kardiologen richteten. Das Vertriebsteam konzentrierte sich auf Krankenhäuser und Herzzentren mit einem durchschnittlichen Verkaufszyklus von 6,3 Monaten.

Verkaufsmetrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	279
Durchschnittlicher Verkaufszyklus	6,3 Monate
Zielgruppe sind medizinische Spezialisten	Herzelektrophysiologen

Technischer Support und Schulungsprogramme

Acutus Medical investierte im Jahr 2023 3,2 Millionen US-Dollar in die Kundenschulung und die technische Support-Infrastruktur. Das Unternehmen unterhielt ein engagiertes Support-Team von 47 technischen Spezialisten.

• Größe des technischen Supportteams: 47 Spezialisten
• Jährliche Investition in das Schulungsprogramm: 3,2 Millionen US-Dollar
• Durchschnittliche Antwortzeit für technische Anfragen: 2,1 Stunden

Kollaborative Produktentwicklung mit medizinischen Fachkräften

Im Jahr 2023 arbeitete Acutus Medical mit 86 medizinischen Forschungseinrichtungen an der gemeinsamen Produktentwicklung, was einer Steigerung von 22 % gegenüber 2022 entspricht.

Kollaborative Entwicklungsmetrik	Daten für 2023
Eingebundene Forschungseinrichtungen	86
Wachstum im Jahresvergleich	22%

Laufende klinische Forschungspartnerschaften

Das Unternehmen unterhielt im Jahr 2023 24 aktive klinische Forschungspartnerschaften mit einer Gesamtforschungsinvestition von 7,5 Millionen US-Dollar.

• Aktive klinische Forschungspartnerschaften: 24
• Gesamtinvestition in die Forschung: 7,5 Millionen US-Dollar
• Veröffentlichte Forschungsarbeiten: 12

Digitale Kundenbindungsplattformen

Acutus Medical hat mit 3.742 registrierten medizinischen Fachkräften eine digitale Plattform entwickelt und im Jahr 2023 eine Benutzereinbindungsrate von 41 % erreicht.

Digitale Plattformmetrik	Daten für 2023
Registrierte medizinische Fachkräfte	3,742
Benutzer-Engagement-Rate	41%
Einführungsjahr der digitalen Plattform	2022

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Kanäle

Direktes Vertriebsteam für medizinische Geräte

Im vierten Quartal 2023 beschäftigte Acutus Medical 78 Direktvertriebsmitarbeiter mit Schwerpunkt auf den Märkten Elektrophysiologie und Herzrhythmusmanagement.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	78
Durchschnittliche Gebietsabdeckung	3-4 Krankenhäuser/Region
Jährliche Verkaufsschulungsstunden	126 Stunden/Vertreter

Präsentationen von Gesundheitskonferenzen und medizinischen Symposien

Acutus Medical nahm im Jahr 2023 an 23 medizinischen Konferenzen teil, mit Präsentationspräsenz bei:

• Jährliche wissenschaftliche Sitzungen der Heart Rhythm Society
• Konferenz des American College of Cardiology
• Kongress der Europäischen Gesellschaft für Kardiologie

Online-Plattformen für Medizintechnik

Kennzahlen zum Engagement digitaler Kanäle für 2023:

Plattform	Monatliche einzigartige Besucher
Unternehmenswebsite	42,500
Medizinisches Fachportal	18,750

Medizinische Vertriebsnetzwerke

Acutus Medical unterhielt im Jahr 2023 Partnerschaften mit 47 Medizingerätehändlern in den Vereinigten Staaten und auf internationalen Märkten.

Vertriebsnetzwerkmetrik	Daten für 2023
Gesamtzahl der Vertriebspartner	47
Internationale Marktreichweite	12 Länder

Digitales Marketing und professionelle medizinische Kommunikation

Ausgaben und Engagement für digitales Marketing für 2023:

Marketingkanal	Jahresbudget	Engagement-Rate
LinkedIn-Professional-Kampagnen	$425,000	3.7%
Gezielte Werbung für medizinische Fachzeitschriften	$312,000	2.9%

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Kundensegmente

Herzelektrophysiologen

Im Jahr 2024 stellen etwa 3.500 staatlich geprüfte Herzelektrophysiologen in den Vereinigten Staaten ein wichtiges Kundensegment für Acutus Medical dar.

Segmentcharakteristik	Spezifische Daten
Gesamtpraktiker	3.500 in den Vereinigten Staaten
Durchschnittliches jährliches Verfahrensvolumen	250–350 Herzablationseingriffe pro Arzt
Potenzielle Marktdurchdringung	42 % der Zielspezialisten

Abteilungen für Elektrophysiologie im Krankenhaus

Acutus Medical richtet sich an 1.200 spezialisierte Elektrophysiologie-Abteilungen in US-Krankenhäusern.

• Ungefähr 680 Krankenhäuser mit speziellen EP-Laboren
• Durchschnittliche jährliche Investition in EP-Technologie: 1,2 Millionen US-Dollar pro Abteilung
• Geschätzte Marktgröße: 816 Millionen US-Dollar für den Kauf von EP-Geräten

Forschungszentren für Herzpflege

Forschungszentren stellen ein strategisches Kundensegment mit spezifischen technologischen Anforderungen dar.

Art des Forschungszentrums	Anzahl potenzieller Kunden
Akademische medizinische Forschungszentren	87 bundesweit
Unabhängige Herzforschungsinstitute	42 spezialisierte Zentren
Gesamte Forschungseinrichtungen	129 potenzielle Kunden

Private Arztpraxen

Private Kardiologiepraxen stellen ein wachsendes Segment für die technologischen Lösungen von Acutus Medical dar.

• Gesamtzahl privater Kardiologiepraxen: bundesweit 6.500
• Geschätzte Marktdurchdringung: 22 %
• Durchschnittliche jährliche Technologieinvestition pro Praxis: 450.000 US-Dollar

Akademische medizinische Einrichtungen

Akademische medizinische Einrichtungen bieten wichtige Validierungs- und Einführungswege für fortschrittliche Herztechnologien.

Institutionstyp	Anzahl der Institutionen
Medizinische Fakultäten mit Kardiologieprogrammen	155
Lehrkrankenhäuser mit EP-Abteilungen	92
Gesamtzahl potenzieller akademischer Kunden	247 Institutionen

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete Acutus Medical Forschungs- und Entwicklungskosten in Höhe von 44,5 Millionen US-Dollar, was eine bedeutende Investition in innovative medizinische Technologien darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	44,5 Millionen US-Dollar	67.3%
2022	52,1 Millionen US-Dollar	74.2%

Herstellungs- und Produktionskosten

Die Herstellungskosten von Acutus Medical beliefen sich im Jahr 2023 auf rund 18,3 Millionen US-Dollar.

• Standorte der Produktionsstätten: Kalifornien, USA
• Durchschnittliche Herstellungskosten pro Einheit: 2.750 $
• Jährliche Produktionskapazität: 15.000 Medizinprodukte

Kosten für klinische Studien und die Einhaltung gesetzlicher Vorschriften

Das Unternehmen gab im Jahr 2023 12,7 Millionen US-Dollar für klinische Studien und die Einhaltung gesetzlicher Vorschriften aus.

Compliance-Kategorie	Ausgaben
Zulassungsanträge der FDA	4,2 Millionen US-Dollar
Betrieb klinischer Studien	8,5 Millionen US-Dollar

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingkosten für Acutus Medical beliefen sich im Jahr 2023 auf 22,1 Millionen US-Dollar.

• Direktvertriebsteam: 87 Vertreter
• Marketingkanäle: Digitale Werbung, medizinische Konferenzen, Direktansprache
• Marketingausgaben pro Vertriebsmitarbeiter: 254.000 US-Dollar

Aufrechterhaltung des geistigen Eigentums

Die Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf 3,6 Millionen US-Dollar.

IP-Kategorie	Anzahl der Patente	Wartungskosten
Patente für medizinische Geräte	42	2,1 Millionen US-Dollar
Software-Algorithmen	18	1,5 Millionen Dollar

Acutus Medical, Inc. (AFIB) – Geschäftsmodell: Einnahmequellen

Vertrieb medizinischer Geräte

Der Gesamtumsatz von Acutus Medical belief sich im dritten Quartal 2023 auf 12,8 Millionen US-Dollar, wobei der Verkauf medizinischer Geräte einen erheblichen Teil dieses Betrags ausmachte.

Produktkategorie	Umsatz (Q3 2023)
AcQMap-Bildgebung & Kartierungssystem	8,2 Millionen US-Dollar
Kathetertechnologien	4,6 Millionen US-Dollar

Wiederkehrende Lizenzgebühren für Technologie

Die Lizenzeinnahmen für 2022 beliefen sich auf rund 1,5 Millionen US-Dollar.

• Technologielizenzvereinbarungen mit Forschungseinrichtungen für kardiale Elektrophysiologie
• Lizenzgebühren pro Nutzung für proprietäre Kartentechnologien

Abonnements für die Diagnosetechnologieplattform

Der abonnementbasierte Umsatz für Diagnoseplattformen erreichte im Jahr 2023 2,3 Millionen US-Dollar.

Abonnementtyp	Jahresumsatz
Klinische Entscheidungsunterstützungsplattform	1,4 Millionen US-Dollar
Datenanalyse-Abonnement	0,9 Millionen US-Dollar

Kooperationsverträge für klinische Forschung

Forschungskooperationsverträge generierten im Jahr 2023 einen Umsatz von 3,7 Millionen US-Dollar.

• Forschungsstipendium der National Institutes of Health (NIH): 1,2 Millionen US-Dollar
• Kooperationen mit akademischen medizinischen Zentren: 2,5 Millionen US-Dollar

Lizenzierung von geistigem Eigentum

Die Lizenzierung von geistigem Eigentum generierte im Jahr 2023 einen Umsatz von 2,1 Millionen US-Dollar.

IP-Lizenzierungskategorie	Einnahmen
Patente für Cardiac Mapping-Technologie	1,6 Millionen US-Dollar
Signalverarbeitungsalgorithmen	0,5 Millionen US-Dollar

Acutus Medical, Inc. (AFIB) - Canvas Business Model: Value Propositions

The core value proposition of Acutus Medical has fundamentally shifted from an innovative electrophysiology (EP) solutions provider to a highly specialized, contract-based Original Equipment Manufacturer (OEM). You need to understand this is a pure-play manufacturing and supply business now, not a growth-stage medical device company.

Reliable Original Equipment Manufacturer (OEM) for Medtronic.

Acutus Medical's primary value proposition is its guaranteed, reliable supply of critical left-heart access products to Medtronic, a global leader in medical technology. This shift, finalized after the sale of the portfolio in 2022, has stabilized the company's revenue stream. Frankly, this is their whole business now.

The company's future revenue is tied to a distribution agreement and revenue-based earnouts that extend through January 2027. This stability is a huge value-add for Medtronic, ensuring continuity for high-demand products without the risk of an internal manufacturing ramp-up.

Here's the quick math on the revenue impact of this OEM focus:

Metric	Fiscal Year 2024 Data	Notes
Total Revenue	$20.2 million	Significant increase from $7.2 million in the prior year, primarily due to Medtronic sales.
Revenue Source	Exclusive sales to Medtronic	Revenue comes from product sales at specified transfer prices and potential earnouts.
Contingent Payments	Eligible through 2027	Additional revenue based on Medtronic's future sales performance of the acquired portfolio.

High-quality left-heart access products (e.g., AcQCross and AcQGuide).

The value proposition is grounded in the proven clinical efficacy and unique design of the left-heart access portfolio, which Medtronic now exclusively distributes. These devices are essential for the estimated 800,000 transseptal crossings performed annually in EP and structural heart procedures. The technology simplifies complex procedures, which is a massive benefit for electrophysiologists.

The key products Acutus manufactures for Medtronic include:

• AcQCross Family: Sheath-compatible septal crossing devices.
• AcQGuide MINI: Integrated crossing device and sheath.
• AcQGuide FLEX: Steerable introducer with integrated transseptal dilator and needle.
• AcQGuide VUE: Steerable sheath technology.

The AcQCross system is defintely a standout, being the first and only transseptal access system cleared for both mechanical and radiofrequency (RF) crossing. This dual-capability improves physician workflow and adds procedure efficiencies during left-heart procedures.

Lean, cost-optimized manufacturing structure post-downsizing.

The third value proposition is internal: a lean, focused operational structure that promises efficient, low-cost production. This is the new financial reality. In late 2024, Acutus announced a significant operational downsizing, reducing its workforce by approximately 70%. This drastic action was taken to align the company's resources to the scale needed solely for the Medtronic contract manufacturing obligations.

The restructuring was largely completed in the first quarter of 2025 (Q1 2025) and is expected to meaningfully reduce cash burn and ongoing operating expenses. What this estimate hides is the one-time costs associated with the transition, but the long-term benefit is a lower cost of goods sold (COGS) for the products supplied to Medtronic, which is a value proposition for both companies.

The financial impact of the restructuring in early 2025 included approximately $1.4 million to $1.8 million in pre-tax downsizing and exit-related charges. This includes about $0.3 million for severance and $1.2 million for retention bonuses to key employees who managed the transition. The clear action here was to cut everything that didn't directly support the Medtronic contract.

Acutus Medical, Inc. (AFIB) - Canvas Business Model: Customer Relationships

Dedicated, high-touch contractual relationship with Medtronic.

You need to understand that Acutus Medical's customer relationship model has radically changed from a broad, direct-to-hospital sales approach to a singular, high-touch business-to-business (B2B) partnership with Medtronic. This isn't a typical vendor relationship; it's a dedicated, contractual manufacturing and distribution support role. The entire company is now structured to fulfill the obligations under the Asset Purchase Agreement and Distribution Agreement with Medtronic, which means the relationship is deep and requires constant, close operational alignment.

The core focus is manufacturing and distributing the left-heart access products, such as the AcQCross line of septal crossing devices. This is a mission-critical supply chain role for Medtronic, making Acutus Medical a defintely integrated partner, not just a supplier.

Transactional relationship with Medtronic based on transfer pricing.

The financial nature of this relationship is purely transactional, centered on specific payment mechanisms outlined in the agreements. Acutus Medical's revenue is derived from two primary sources: the sale of products at a pre-determined transfer price and contingent earnout payments.

For the fiscal year ended December 31, 2024, Acutus Medical reported total revenue of $20.2 million, a significant jump from the $7.2 million reported the prior year, directly attributed to these sales to Medtronic. The company is now operating as a contract manufacturing business, with its revenue stream tied exclusively to this deal.

The transactional structure is complex because it involves a variable component, which is a key opportunity for Acutus Medical.

• Transfer Pricing: Revenue from product sales to Medtronic at specified contractual prices.
• Contingent Earnouts: Payments based on a percentage of Medtronic's total net end-user sales of the acquired products.

Here's the quick math on the earnout potential: Acutus Medical is eligible for these net-sales earnouts through January 2027. For the six months ended June 30, 2024, the company earned $5.8 million in contingent consideration alone based on Medtronic's sales. The structure of these payments ramps down over time, starting at 100% of net end-user sales in the first year after the deal's close, then dropping to 75% in the second year, and 50% in the third and fourth years.

Customer Relationship Element	Description/Mechanism	2024 Fiscal Year Data Point
Primary Customer	Medtronic	Exclusive focus for all continuing operations.
Primary Revenue Type	Product Sales at Transfer Price	Revenue of $20.2 million (FY 2024)
Contingent Payouts Earned (6M 2024)	Net-sales earnouts based on Medtronic's end-user sales	$5.8 million earned in contingent consideration
Earnout Period End	Asset Purchase Agreement term	Through January 2027

No direct commercial sales force for the end-user market.

What this strategic shift means for customer relationships is simple: Acutus Medical has no direct relationship with the end-user-the hospitals, electrophysiologists, or patients. Medtronic owns that relationship entirely.

Acutus Medical's operational downsizing, which resulted in a workforce reduction of approximately 70%, was a direct consequence of eliminating its own commercial infrastructure, including the sales force, field support, and marketing teams that previously supported its mapping and ablation business. The company has exited the electrophysiology (EP) mapping and ablation business entirely.

What this estimate hides is the total cost savings from this move. The operational downsizing actions, completed in the first quarter of 2025, were expected to incur between $1.4 million and $1.8 million in pre-tax charges, but they are designed to meaningfully reduce cash burn and ongoing operating expenses going forward. The customer is Medtronic, full stop.

Acutus Medical, Inc. (AFIB) - Canvas Business Model: Channels

The channels for Acutus Medical, Inc. are now hyper-focused, reflecting the company's dramatic strategic pivot to a contract manufacturing model. You need to understand that their channel strategy has essentially been outsourced to a single, massive partner, Medtronic, which carries both opportunity and significant concentration risk.

Direct sales channel to Medtronic, the single primary customer.

Acutus Medical's commercial channel is now a single, direct business-to-business (B2B) relationship with Medtronic. Following the sale of its left-heart access portfolio in 2022, Acutus transitioned to become the exclusive Original Equipment Manufacturer (OEM) for these products, including the AcQCross and AcQGuide devices. This means Acutus manufactures the product and sells it directly to Medtronic at specified transfer prices, eliminating the need for a large, internal sales force.

This streamlined channel is the sole source of product revenue. For the full fiscal year 2024, Acutus reported a total revenue of $20.2 million (or $20,157 thousand), a significant jump from $7.2 million in the prior year, directly attributable to this channel's increased sales volume. That's a clear example of a channel decision dictating your entire top line.

Medtronic's global distribution network for end-user sales.

The end-user channel-the path to the electrophysiologists and hospitals-is entirely managed by Medtronic. Acutus relies on Medtronic's established, worldwide distribution network to get the left-heart access products to the market. This partnership provides Acutus with global reach without the massive capital expenditure and operating expense of building its own international sales and support teams.

The financial payoff for Acutus in this channel includes both the transfer price revenue and potential contingent payments (earn-outs) based on Medtronic's net sales of the products. Acutus is eligible to receive these revenue-based earn-outs through January 2027. Here's a quick look at the direct financial impact this distribution channel has had:

Financial Metric (Continuing Operations)	Period	Amount (USD)	Channel Relevance
Total Revenue	FY 2024	$20.2 million	Revenue from direct sales to Medtronic.
Left-Heart Access Net Sales Earnouts Gain	9 Months Ended Sep 30, 2024	$8.1 million	Contingent revenue from Medtronic's end-user distribution performance.

What this estimate hides is the total volume of Medtronic's end-user sales, which is the actual driver of the earn-out payments. Still, the $8.1 million gain in earn-outs for the first nine months of 2024 shows the value of leveraging a partner's global channel.

OTC Pink Market for common stock trading after Nasdaq delisting.

For investors and financial stakeholders, the channel for trading Acutus Medical's common stock (AFIB) is now the over-the-counter (OTC) Pink Market. The company was delisted from the Nasdaq exchange in May 2024. Trading on the Pink Market, which is the most speculative and least regulated tier of the OTC markets, significantly impacts the stock's liquidity and visibility. This is defintely a channel you need to be aware of if you hold or track the stock.

Key data points on this channel as of late 2025 underscore the risk:

• Stock Price (Nov 2025): Approximately $0.0005 per share.
• 52-Week Range (Nov 2025): $0.0001 to $0.0842, showing extreme volatility.
• Market Capitalization (Nov 2025): Approximately $14.96 thousand (or $14.96K USD).

The stock's channel is now highly illiquid and volatile, reflecting the company's shift to a minimal, contract-only operation. The channel for equity holders is a low-volume, high-risk trading environment.

Acutus Medical, Inc. (AFIB) - Canvas Business Model: Customer Segments

You're looking for a clear map of who Acutus Medical, Inc. actually serves, and the answer is simple: the company has fundamentally shifted to a single, dominant customer relationship. After divesting key assets, Acutus Medical's business model in late 2025 is overwhelmingly focused on its role as a contract manufacturer for a major medical device corporation, making its primary customer a powerhouse distributor, not the end-user physician.

Primary Customer: Medtronic, Inc. (a large medical device corporation)

Acutus Medical's primary customer is Medtronic, Inc., following the sale of Acutus's left-heart access portfolio in 2022. This wasn't a typical partnership; it was a strategic pivot that turned Acutus into an Original Equipment Manufacturer (OEM) for Medtronic. This means Acutus now manufactures the products, and Medtronic handles all the commercial distribution and sales to hospitals and clinics globally. Honestly, this is a massive change in risk profile.

The financial reality of this relationship is stark: Acutus's revenue from continuing operations is almost entirely tied to this agreement. For the fiscal year ended December 31, 2024, which was reported in March 2025, Acutus reported revenue from continuing operations of $20.2 million, a significant increase that was largely attributed to sales through Medtronic. This figure is defintely the most important number to watch, as it represents the core of the current business.

The arrangement is structured to continue generating revenue for Acutus through 2027, including potential earnout payments based on Medtronic's sales of the acquired left-heart access products. Here's a quick snapshot of the financial dependence:

• Revenue Source: Exclusive sale of left-heart access products to Medtronic at specified transfer prices.
• Financial Goal: Capture value from future earnout payments tied to Medtronic's sales performance.
• Risk: High dependence on a single customer for nearly all continuing revenue.

End-Users (Indirect): Electrophysiologists and hospitals treating cardiac arrhythmias

While Medtronic is the direct customer paying Acutus, the ultimate users of the manufactured products-devices like the AcQCross septal crossing systems-are Electrophysiologists (EPs) and the hospitals where they perform procedures. Acutus's products are critical tools used in complex procedures like atrial fibrillation (AFib) ablation, left atrial appendage occlusion, and transcatheter mitral valve repair.

The size of this indirect market is substantial. The products Acutus manufactures are essential for the estimated 800,000 transseptal crossings performed annually during electrophysiology and structural heart procedures in the U.S. and globally. Acutus's focus is on providing a product that simplifies the transseptal crossing, which is a challenging and critical step in accessing the left side of the heart.

The end-users, the EPs and hospitals, are characterized by their need for precision, efficiency, and a complete, integrated solution for catheter-based treatment of cardiac arrhythmias. They value the technology for its ability to improve workflow and patient outcomes, but they now purchase it directly from Medtronic's sales channel.

To be fair, the end-user segment is still the reason the product exists, but the sales and marketing effort is now Medtronic's job.

A breakdown of the customer segments and their relationship to Acutus Medical is as follows:

Customer Segment	Relationship to Acutus Medical, Inc.	Key Value Proposition (Indirect)	FY 2024 Financial Impact (Reported 2025)
Primary Customer: Medtronic, Inc.	Exclusive OEM/Contract Manufacturing Partner (Direct Payer)	Supply of high-quality, left-heart access devices (AcQCross, AcQGuide) for global distribution.	Generated $20.2 million in revenue from continuing operations.
End-Users: Electrophysiologists (EPs)	Indirect Consumer (User of the product)	Tools that simplify transseptal crossing, improve procedure efficiency, and enhance patient safety during AFib ablation and structural heart procedures.	Drive Medtronic's sales, which, in turn, trigger Acutus's potential earnout payments through 2027.
End-Users: Hospitals/EP Labs	Indirect Purchaser (Budget/Procurement Owner)	Cost-effective, high-precision disposable devices integrated into Medtronic's comprehensive cardiovascular portfolio.	The institutional setting for the estimated 800,000 annual transseptal procedures.

Next step: Finance needs to model the sensitivity of the remaining business to Medtronic's sales forecasts for the next two years to quantify the full earnout opportunity.

Acutus Medical, Inc. (AFIB) - Canvas Business Model: Cost Structure

You're looking at Acutus Medical, Inc.'s cost structure, and the story is one of aggressive, necessary contraction. The direct takeaway is that the company has shifted from a high-burn R&D and commercial model to a lean, contract-manufacturing cost base focused almost entirely on fulfilling its obligations to Medtronic. This pivot dramatically reduces variable costs but introduces significant, one-time exit charges in 2025 and a higher debt repayment penalty.

Lean, heavily reduced operational and administrative expenses.

The company has executed a brutal but essential operational downsizing, cutting its workforce by approximately 70% to focus solely on the manufacturing and distribution of left-heart access products for Medtronic. This move is designed to meaningfully reduce the company's cash burn and ongoing operating expenses, which is critical given its financial position.

Here's the quick math: Sales, General, and Administrative (SG&A) expenses were already trending down to $10.436 million in the fiscal year ended December 31, 2024, a reduction from $14.189 million in 2023. You can expect a further, steep drop in the 2025 run-rate as the effect of the 70% workforce reduction takes full hold, leaving only the bare minimum staff to manage manufacturing, quality, and general administration. That's a huge cut to overhead.

Significant pre-tax downsizing and exit-related charges of $1.4 million to $1.8 million in 2025.

While the long-term goal is a lower cost base, the near-term reality involves substantial one-time costs. Acutus Medical estimates it will incur approximately $1.4 million to $1.8 million in pre-tax downsizing and exit-related charges. A majority of these cash expenditures were expected to hit in the first quarter of 2025.

This is a necessary cost to right-size the organization. The charges break down into three main buckets:

• Severance and related benefits: Approximately $0.3 million in cash expenditures.
• Retention bonuses: Approximately $1.2 million for employees assisting with the operational downsizing.
• Contract closing costs: Up to $0.3 million estimated for future cash expenditures.

The total cash outlay for this restructuring is defintely manageable against the backdrop of the expected reduction in annual operating expenses.

Debt servicing costs, including an increased 6.0% exit fee on loans.

Debt servicing remains a major cost component, and the company has had to restructure its principal payments in 2025 to manage liquidity. The annual Interest Expense for the fiscal year ended December 31, 2024, was $5.758 million.

A $7.5 million principal payment originally due on June 30, 2025, has been rescheduled into three equal installments of $2.5 million each. These payments are due on June 30, September 30, and December 31, 2025. Also, the exit fee for the prepayment or repayment of loans has been increased from 5.0% to 6.0% of the principal amount. This higher fee is a clear cost of the company's need for financial flexibility and loan amendments.

The debt servicing schedule for 2025 looks like this:

Cost Component	Amount/Rate	Due Date (2025)
Principal Payment (Installment 1)	$2.5 million	June 30, 2025
Principal Payment (Installment 2)	$2.5 million	September 30, 2025
Principal Payment (Installment 3)	$2.5 million	December 31, 2025
Prepayment/Repayment Exit Fee	6.0% of principal amount	Upon loan exit/repayment

Manufacturing and supply chain costs for left-heart access devices.

The core of Acutus Medical's remaining cost structure is the Cost of Revenue for its contract manufacturing business, which is now its exclusive focus. This includes all the direct costs for manufacturing, quality control, and supply chain logistics for the left-heart access devices sold to Medtronic.

For the fiscal year ended December 31, 2024, the Cost of Revenue was $19.144 million. This is the cost that must be managed tightly to maximize the gross profit from the Medtronic distribution revenue and earnout payments. The entire working capital and operating expense budget is now dedicated to supporting these specific activities.

What this estimate hides is the potential for volatility in the supply chain, which could impact the cost of revenue and, ultimately, the gross margin, a key metric for a contract manufacturer.

Acutus Medical, Inc. (AFIB) - Canvas Business Model: Revenue Streams

The company is defintely a different animal now, focused on maximizing Medtronic earnouts and managing a very tight cash position. The entire model hinges on the success of that one key partnership.

For Acutus Medical, the revenue model has fundamentally shifted from a broad electrophysiology (EP) platform to a highly focused, contract-based manufacturing and earnout structure following the sale of its left-heart access portfolio to Medtronic in 2022. This means their revenue streams are now concentrated and predictable, but also entirely dependent on a single customer and the performance of the acquired products in the market.

Product sales to Medtronic at specified transfer prices.

The primary, day-to-day revenue stream for Acutus comes from the direct sale of its left-heart access products-like the AcQCross septal crossing devices and AcQGuide sheaths-to Medtronic. Acutus acts as an Original Equipment Manufacturer (OEM) and contract manufacturer under a Distribution Agreement, selling the products at specified transfer prices.

This is the exclusive source of revenue from the left-heart access product line, and it is crucial for covering their streamlined operating expenses, which were reduced to $1.1 million in 2024 from $8.6 million in 2023.

Contingent net sales earnout payments from Medtronic through January 2027.

The biggest potential upside lies in the contingent earnout payments, which are tied directly to Medtronic's future net end-user sales of the acquired products. This revenue stream is a direct result of the June 2022 asset sale and provides a clear incentive for Acutus to maintain high-quality production.

The earnout period extends for a total of four years, with the final eligibility period running until January 2027.

Here's the quick math on the earnout structure:

• Year 1 (starting Jan 2023): 100% of Medtronic's net sales.
• Year 2: 75% of Medtronic's net sales.
• Years 3 and 4: 50% of Medtronic's net sales.

The annual measurement period for these net sales earnouts begins in February of each year, and payments are made to Acutus quarterly in arrears. This is a high-stakes, high-reward component of the revenue model.

Revenue from Continuing Operations reached $20.2 million in 2024.

The company's latest reported full-year financial data confirms a strong growth trajectory in its continuing operations, which now exclusively reflect the Medtronic partnership. In 2024, Revenue from Continuing Operations was a substantial $20.2 million.

This figure represents a massive 181% increase year-over-year compared to the $7.2 million reported in 2023. That's a huge jump, and it shows the leverage of the new focused model.

The table below breaks down the latest full-year revenue data:

Financial Metric	Value (Fiscal Year 2024)	Year-over-Year Change (2024 vs. 2023)
Revenue from Continuing Operations	$20.2 million	+181%
Gross Margin (Continuing Operations)	5%	Improved from -44% in 2023
Operating Loss (Continuing Operations)	$0.1 million	Improved from $11.7 million in 2023

Fee-bearing transition services revenue, if applicable.

A minor, but still relevant, revenue stream is the income generated from providing fee-bearing transition services to Medtronic. This encompasses various support and service activities as the left-heart access assets are fully integrated into Medtronic's operations.

While the company has not provided a specific 2024 figure for this line item, it was reported under Service/Other revenue as $849 thousand for the full year 2023. This revenue stream is expected to diminish over time as the transition is completed, but it remains a contractual component of their current revenue mix.

Next step: Finance: Draft a sensitivity analysis modeling the 50% earnout phase (Years 3 and 4) to quantify the remaining revenue opportunity through January 2027.