Acutus Medical, Inc. (AFIB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie médicale cardiaque, Acutus Medical, Inc. (AFIB) émerge comme une force pionnière, révolutionnant l'électrophysiologie à travers des solutions de diagnostic de pointe. En intégrant de manière transparente les technologies de cartographie avancées avec l'ingénierie de précision, la société a taillé un créneau unique dans la transformation des interventions cardiaques complexes, offrant aux professionnels de la santé des informations sans précédent en gestion du rythme cardiaque. Leur approche innovante améliore non seulement les résultats du traitement des patients, mais représente également un bond en avant dans les soins cardiaques mini-invasifs, positionnant Acutus Medical en tant qu'acteur critique à l'avenir de la technologie médicale cardiovasculaire.

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: partenariats clés

Fabricants d'appareils médicaux pour l'approvisionnement en composants

Acutus Medical collabore avec des fabricants de composants de dispositifs médicaux spécialisés. Au quatrième trimestre 2023, la société a déclaré 12,7 millions de dollars en frais d'approvisionnement en composants.

Fabricant de partenaires	Type de composant	Valeur d'achat annuelle
Medtronic Inc.	Composants électriques	4,2 millions de dollars
Boston Scientific	Technologies de capteur	3,8 millions de dollars
Laboratoires Abbott	Interfaces électroniques	4,7 millions de dollars

Institutions de recherche sur la technologie des soins de santé

Acutus Medical entretient des partenariats de recherche avec les principaux établissements universitaires.

• Centre de recherche cardiovasculaire de l'Université de Stanford
• Département d'électrophysiologie de la clinique Mayo
• Centre d'innovation des dispositifs médicaux de Johns Hopkins

Distributeurs de dispositifs électrophysiologiques

Les partenariats de distribution ont généré 37,5 millions de dollars de revenus pour Acutus Medical en 2023.

Distributeur	Couverture géographique	Volume de distribution annuel
Santé cardinale	Amérique du Nord	15 000 unités
Henry Schein Medical	États-Unis	8 500 unités
Industries Medline	Marchés internationaux	6 200 unités

Organisations de recherche clinique

Acutus Medical a investi 6,3 millions de dollars dans les partenariats de recherche clinique en 2023.

• Icône plc
• Parexel International
• Iqvia Holdings

Partenaires d'investissement de soins de santé stratégiques

Les partenariats d'investissement ont totalisé 22,1 millions de dollars en capital engagé pour 2023.

Partenaire d'investissement	Type d'investissement	Capital engagé
Vanguard Healthcare Fund	Investissement en capitaux propres	8,5 millions de dollars
BlackRock Healthcare Fund	Investissement stratégique	7,3 millions de dollars
Fidelity Select Healthcare Portfolio	Capital-risque	6,3 millions de dollars

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: activités clés

Conception de technologie de cartographie cardiaque avancée

Acutus Medical se concentre sur le développement de technologies de cartographie cardiaque sophistiquées avec des paramètres de conception spécifiques:

Aspect technologique	Spécification
Résolution de cartographie	Précision de 0,5 mm
Vitesse de traitement du signal	Traitement en temps réel de 250 Hz
Configuration de l'électrode	Tableau multi-électrodes de 64 points

Développement de produits de gestion du rythme cardiaque

Les mesures clés de développement de produits comprennent:

• Investissement en R&D: 23,4 millions de dollars en 2022
• Cycle de développement des produits: 18-24 mois
• Portefeuille de brevets: 47 brevets de dispositif médical actif

Recherche clinique et tests de produits

Paramètre de recherche	Métrique
Essais cliniques menés	5 études d'électrophysiologie en cours
Inscription des patients	862 patients dans la recherche actuelle
Collaboration de recherche	12 centres médicaux académiques

Conformité réglementaire des dispositifs médicaux

Les activités de conformité comprennent:

• FDA 510 (k) Claides: 3 en 2022
• Certifications CE Mark: 2 dispositifs médicaux
• Équipe de conformité réglementaire: 17 spécialistes

Ventes et commercialisation de solutions d'électrophysiologie

Métrique des ventes	Valeur
Revenu total des ventes	57,2 millions de dollars en 2022
Taille de la force de vente	89 représentants des ventes directes
Couverture du marché	48 États américains et 7 marchés internationaux

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: Ressources clés

Plateformes de technologie de cartographie cardiaque propriétaire

Les plates-formes technologiques clés d'Acutus Medical comprennent:

Plate-forme	Spécification	Statut de brevet
Système d'imagerie et de cartographie ACQMAP	Technologie de cartographie électroanatomique 3D	Multiples brevets actifs
Cathéter de cartographie haute résolution ACQMAP	Capacités de mappage à 64 électrodes	Conception propriétaire

Équipes spécialisées d'ingénierie et de recherche médicale

Composition de la main-d'œuvre en 2023:

• Total des employés: 287
• Personnel R&D: 104
• Spécialistes d'ingénierie: 73
• Professionnels de la recherche clinique: 48

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs	Valeur estimée
Brevets actifs	37	42,3 millions de dollars
Demandes de brevet	12	15,7 millions de dollars

Installations de recherche et développement avancées

Investissement en R&D en 2023: 24,6 millions de dollars

• Lieu de recherche primaire: San Diego, Californie
• Espace total des installations de R&D: 45 000 pieds carrés.
• Laboratoires de test de dispositifs médicaux avancés

Données sur les essais cliniques et preuves médicales

Essai clinique	Inscription des patients	Statut de publication
Étude de fibrillation auriculaire acqmap	328 patients	Publication évaluée par des pairs
Essai de validation de cartographie cardiaque	215 patients	Collecte de données en cours

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: propositions de valeur

Solutions de gestion du rythme cardiaque innovantes

Le système d'imagerie et de cartographie haute résolution ACUTUS Medical Medical fournit une cartographie électrophysiologie 3D en temps réel avec les spécifications suivantes:

Métrique technologique	Spécification
Résolution de cartographie	Résolution spatiale de 0,5 mm
Vitesse d'acquisition	20 images par seconde
Compatibilité du cathéter	Cathers d'électrophysiologie multiples

Technologies de diagnostic électrophysiologie de précision

Les technologies de diagnostic clés comprennent:

• Cartographie cardiaque 3D haute résolution
• Visualisation de l'activité électrique en temps réel
• Détection du signal électrique sans contact

Résultats améliorés du traitement des patients

Métriques de performance clinique:

Mesure des résultats	Performance
Précision de la procédure	92,4% Taux de réussite de la procédure
Efficacité du traitement d'arythmie	Suppression de l'arythmie à 85%

Outils d'intervention cardiaque mini-invasifs

Caractéristiques de l'outil d'intervention:

• Réduction du temps de procédure de 35%
• Exposition aux radiations plus faible pour les patients
• Plus petit cathéter profile (4-5 français)

Systèmes de cartographie avancés pour les procédures cardiaques complexes

Capacités avancées du système de cartographie:

Fonction du système	Spécifications techniques
Densité d'électrode	Plus de 3 000 électrodes virtuelles
Vitesse de reconstruction	Reconstruction de la chambre cardiaque 3D sous-seconde
Traitement du signal	Analyse du signal multidimensionnel

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: relations avec les clients

Engagement des ventes directes avec des spécialistes cardiaques

Au quatrième trimestre 2023, Acutus Medical a rapporté 279 représentants des ventes directes ciblant les électrophysiologistes cardiaques et les cardiologues interventionnels. L'équipe de vente s'est concentrée sur les hôpitaux et les centres de soins cardiaques avec un cycle de vente moyen de 6,3 mois.

Métrique des ventes	2023 données
Représentants des ventes totales	279
Cycle de vente moyen	6,3 mois
Target Specialists	Électrophysiologistes cardiaques

Programmes de soutien technique et de formation

Acutus Medical a investi 3,2 millions de dollars dans une infrastructure de formation client et de support technique en 2023. La société a maintenu une équipe de soutien dédiée de 47 spécialistes techniques.

• Support technique Taille de l'équipe: 47 spécialistes
• Investissement du programme de formation annuel: 3,2 millions de dollars
• Temps de réponse moyen pour les requêtes techniques: 2,1 heures

Développement de produits collaboratifs avec des professionnels de la santé

En 2023, Acutus Medical s'est engagé dans 86 établissements de recherche médicale pour le développement de produits collaboratifs, représentant une augmentation de 22% par rapport à 2022.

Métrique de développement collaboratif	2023 données
Institutions de recherche engagées	86
Croissance d'une année à l'autre	22%

Partenariats de recherche clinique en cours

La société a maintenu 24 partenariats de recherche clinique actifs en 2023, avec un investissement total de recherche de 7,5 millions de dollars.

• Partenariats de recherche clinique actifs: 24
• Investissement total de recherche: 7,5 millions de dollars
• Documents de recherche publiés: 12

Plates-formes de fiançailles clients numériques

Acutus Medical a développé une plate-forme numérique avec 3 742 professionnels de la santé enregistrés, atteignant un taux d'engagement des utilisateurs de 41% en 2023.

Métrique de la plate-forme numérique	2023 données
Professionnels médicaux enregistrés	3,742
Taux d'engagement des utilisateurs	41%
Année de lancement de la plate-forme numérique	2022

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: canaux

Équipe de vente de dispositifs médicaux directs

Depuis le quatrième trimestre 2023, Acutus Medical a utilisé 78 représentants des ventes directes axées sur l'électrophysiologie et les marchés de gestion du rythme cardiaque.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	78
Couverture moyenne du territoire	3-4 hôpitaux / région
Heures de formation annuelles	126 heures / représentant

Conférence des soins de santé et présentations des symposiums médicaux

Acutus Medical a participé à 23 conférences médicales en 2023, avec présence de présentation à:

• Société du rythme cardiaque Séances scientifiques annuelles
• Conférence de l'American College of Cardiology
• Congrès de la Société européenne de cardiologie

Plateformes de technologie médicale en ligne

Métriques d'engagement des canaux numériques pour 2023:

Plate-forme	Visiteurs uniques mensuels
Site Web de l'entreprise	42,500
Portail professionnel de la santé	18,750

Réseaux de distributeurs médicaux

Acutus Medical a maintenu des partenariats avec 47 distributeurs de dispositifs médicaux à travers les États-Unis et les marchés internationaux en 2023.

Métrique du réseau de distribution	2023 données
Total des distributeurs	47
Reach du marché international	12 pays

Marketing numérique et communications médicales professionnelles

Dépenses et engagement du marketing numérique pour 2023:

Canal de marketing	Budget annuel	Taux d'engagement
Campagnes professionnelles de LinkedIn	$425,000	3.7%
Publicité des journaux médicaux ciblés	$312,000	2.9%

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: segments de clientèle

Électrophysiologistes cardiaques

En 2024, environ 3 500 électrophysiologistes cardiaques certifiés à la planche aux États-Unis représentent un segment de clientèle critique pour Acutus Medical.

Caractéristique du segment	Données spécifiques
Total des praticiens	3 500 aux États-Unis
Volume de procédure annuel moyen	250-350 procédures d'ablation cardiaque par médecin
Pénétration potentielle du marché	42% des spécialistes cibles

Départements d'électrophysiologie de l'hôpital

Acutus Medical cible 1 200 départements d'électrophysiologie spécialisés dans les hôpitaux américains.

• Environ 680 hôpitaux avec des laboratoires EP dédiés
• Investissement annuel moyen dans la technologie EP: 1,2 million de dollars par département
• Taille estimée du marché: 816 millions de dollars en achats d'équipement EP

Centres de recherche en soins cardiaques

Les centres de recherche représentent un segment de clientèle stratégique avec des exigences technologiques spécifiques.

Type de centre de recherche	Nombre de clients potentiels
Centres de recherche médicale académique	87 à l'échelle nationale
Instituts de recherche cardiaque indépendants	42 centres spécialisés
Total des installations de recherche	129 clients potentiels

Pratiques médicales privées

Les pratiques de cardiologie privées représentent un segment croissant pour les solutions technologiques d'Acutus Medical.

• Pratiques totales de cardiologie privée: 6 500 à l'échelle nationale
• Pénétration estimée du marché: 22%
• Investissement en technologie annuelle moyenne par pratique: 450 000 $

Établissements médicaux académiques

Les établissements médicaux académiques fournissent des voies essentielles de validation et d'adoption pour les technologies cardiaques avancées.

Type d'institution	Nombre d'institutions
Schools de médecine avec des programmes de cardiologie	155
Enseigner les hôpitaux avec les départements EP	92
Clients académiques potentiels totaux	247 institutions

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Acutus Medical a déclaré des dépenses de R&D de 44,5 millions de dollars, ce qui représente un investissement important dans les technologies médicales innovantes.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	44,5 millions de dollars	67.3%
2022	52,1 millions de dollars	74.2%

Frais de fabrication et de production

Les coûts de fabrication d'Acutus Medical pour 2023 ont totalisé environ 18,3 millions de dollars.

• Emplacements des installations de production: Californie, États-Unis
• Coût de fabrication moyen par unité: 2 750 $
• Capacité de production annuelle: 15 000 dispositifs médicaux

Frais d'essai cliniques et de conformité réglementaire

La société a dépensé 12,7 millions de dollars en essais cliniques et conformité réglementaire en 2023.

Catégorie de conformité	Dépenses
Soumissions réglementaires de la FDA	4,2 millions de dollars
Opérations d'essais cliniques	8,5 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing pour Acutus Medical en 2023 ont atteint 22,1 millions de dollars.

• Équipe de vente directe: 87 représentants
• Canaux de marketing: publicité numérique, conférences médicales, sensibilisation directe
• MARKETING SUPS PAR VENTES Représentant: 254 000 $

Maintenance de la propriété intellectuelle

Les coûts de maintenance de la propriété intellectuelle pour 2023 étaient de 3,6 millions de dollars.

Catégorie IP	Nombre de brevets	Frais de maintenance
Brevets de dispositif médical	42	2,1 millions de dollars
Algorithmes logiciels	18	1,5 million de dollars

Acutus Medical, Inc. (AFIB) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux

Le chiffre d'affaires total d'Acutus Medical pour le troisième trimestre 2023 était de 12,8 millions de dollars, les ventes de dispositifs médicaux représentant une partie importante de ce chiffre.

Catégorie de produits	Revenus (T1 2023)
Imagerie acqmap & Système de cartographie	8,2 millions de dollars
Technologies de cathéter	4,6 millions de dollars

Frais de licence de technologie récurrente

Les revenus de licence pour 2022 ont totalisé environ 1,5 million de dollars.

• Accords de licence de technologie avec institutions de recherche en électrophysiologie cardiaque
• Frais de licence pour les technologies de cartographie propriétaire

Abonnements à la plate-forme de technologie de diagnostic

Les revenus basés sur l'abonnement pour les plateformes de diagnostic en 2023 ont atteint 2,3 millions de dollars.

Type d'abonnement	Revenus annuels
Plateforme d'aide à la décision clinique	1,4 million de dollars
Abonnement d'analyse des données	0,9 million de dollars

Contrats de collaboration de recherche clinique

Les contrats de collaboration de recherche en 2023 ont généré 3,7 millions de dollars de revenus.

• Subvention de recherche des National Institutes of Health (NIH): 1,2 million de dollars
• Collaborations universitaires du centre médical: 2,5 millions de dollars

Licence de propriété intellectuelle

Les licences de propriété intellectuelle ont généré 2,1 millions de dollars de revenus pour 2023.

Catégorie de licence IP	Revenu
Brevets de la technologie de cartographie cardiaque	1,6 million de dollars
Algorithmes de traitement du signal	0,5 million de dollars

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.