ACUTUS MEDICAL, INC. (AFIB): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia médica cardíaca, a Acutus Medical, Inc. (AFIB) surge como uma força pioneira, revolucionando a eletrofisiologia por meio de soluções de diagnóstico de ponta. Ao integrar perfeitamente tecnologias de mapeamento avançado com engenharia de precisão, a empresa esculpiu um nicho único na transformação de intervenções cardíacas complexas, oferecendo aos profissionais médicos insights sem precedentes sobre o gerenciamento do ritmo cardíaco. Sua abordagem inovadora não apenas aumenta os resultados do tratamento do paciente, mas também representa um salto significativo em cuidados cardíacos minimamente invasivos, posicionando o Acutus Medical como um jogador crítico no futuro da tecnologia médica cardiovascular.

ACUTUS MEDICAL, INC. (AFIB) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos para fornecimento de componentes

O ACUTUS Medical colabora com fabricantes especializados de componentes de dispositivos médicos. A partir do quarto trimestre de 2023, a Companhia registrou US $ 12,7 milhões em despesas de compras de componentes.

Fabricante parceiro	Tipo de componente	Valor anual de compras
Medtronic Inc.	Componentes elétricos	US $ 4,2 milhões
Boston Scientific	Tecnologias de sensores	US $ 3,8 milhões
Laboratórios Abbott	Interfaces eletrônicas	US $ 4,7 milhões

Instituições de pesquisa em tecnologia da saúde

A ACUTUS Medical mantém parcerias de pesquisa com as principais instituições acadêmicas.

• Centro de Pesquisa Cardiovascular da Universidade de Stanford
• Departamento de Eletrofisiologia da Clínica Mayo
• Johns Hopkins Medical Device Innovation Center

Distribuidores de dispositivos de eletrofisiologia

As parcerias de distribuição geraram US $ 37,5 milhões em receita para a Acutus Medical em 2023.

Distribuidor	Cobertura geográfica	Volume anual de distribuição
Cardinal Health	América do Norte	15.000 unidades
Henry Schein Medical	Estados Unidos	8.500 unidades
Medline Industries	Mercados internacionais	6.200 unidades

Organizações de pesquisa clínica

A Acutus Medical investiu US $ 6,3 milhões em parcerias de pesquisa clínica durante 2023.

• Icon plc
• Parexel International
• Iqvia Holdings

Parceiros estratégicos de investimento em saúde

As parcerias de investimento totalizaram US $ 22,1 milhões em capital comprometido para 2023.

Parceiro de investimento	Tipo de investimento	Capital comprometido
Vanguard Healthcare Fund	Investimento em ações	US $ 8,5 milhões
BlackRock Healthcare Fund	Investimento estratégico	US $ 7,3 milhões
Portfólio de saúde Select Fidelity	Capital de risco	US $ 6,3 milhões

ACUTUS MEDICAL, INC. (AFIB) - Modelo de negócios: Atividades -chave

Design de tecnologia de mapeamento cardíaco avançado

ACUTUS Medical se concentra no desenvolvimento de tecnologias sofisticadas de mapeamento cardíaco com parâmetros específicos de design:

Aspecto tecnológico	Especificação
Resolução de mapeamento	Precisão de 0,5 mm
Velocidade de processamento de sinal	Processamento em tempo real de 250 Hz
Configuração do eletrodo	Array multi-eletrodo de 64 pontos

Desenvolvimento de produtos de gerenciamento de ritmo cardíaco

As principais métricas de desenvolvimento de produtos incluem:

• Investimento de P&D: US $ 23,4 milhões em 2022
• Ciclo de desenvolvimento de produtos: 18-24 meses
• Portfólio de patentes: 47 patentes de dispositivos médicos ativos

Pesquisa clínica e teste de produto

Parâmetro de pesquisa	Métrica
Ensaios clínicos realizados	5 estudos de eletrofisiologia em andamento
Inscrição do paciente	862 pacientes na pesquisa atual
Colaboração de pesquisa	12 centros médicos acadêmicos

Conformidade regulatória de dispositivos médicos

As atividades de conformidade incluem:

• FDA 510 (k) Apuração: 3 em 2022
• Certificações de marca CE: 2 dispositivos médicos
• Equipe de conformidade regulatória: 17 especialistas

Vendas e marketing de soluções de eletrofisiologia

Métrica de vendas	Valor
Receita total de vendas	US $ 57,2 milhões em 2022
Tamanho da força de vendas	89 representantes de vendas diretas
Cobertura de mercado	48 estados dos EUA e 7 mercados internacionais

Acutus Medical, Inc. (AFIB) - Modelo de negócios: Recursos -chave

Plataformas de tecnologia de mapeamento cardíaco proprietário

As principais plataformas tecnológicas da ACUTUS MEDICES incluem:

Plataforma	Especificação	Status de patente
Sistema de imagem e mapeamento ACQMAP	Tecnologia de mapeamento eletroanatômico 3D	Múltiplas patentes ativas
Cateter de mapeamento de alta resolução acqmap	Recursos de mapeamento de 64 eletrodos	Projeto proprietário

Equipes especializadas de engenharia e pesquisa médica

Composição da força de trabalho a partir de 2023:

• Total de funcionários: 287
• Pessoal de P&D: 104
• Especialistas em engenharia: 73
• Profissionais de pesquisa clínica: 48

Portfólio de propriedade intelectual

Categoria IP	Número de ativos	Valor estimado
Patentes ativas	37	US $ 42,3 milhões
Aplicações de patentes	12	US $ 15,7 milhões

Instalações avançadas de pesquisa e desenvolvimento

Investimento de P&D em 2023: US $ 24,6 milhões

• Localização de pesquisa primária: San Diego, Califórnia
• Espaço total da instalação de P&D: 45.000 pés quadrados.
• Laboratórios avançados de teste de dispositivos médicos

Dados de ensaios clínicos e evidências médicas

Ensaio clínico	Inscrição do paciente	Status da publicação
Estudo de fibrilação atrial acqmap	328 pacientes	Publicação revisada por pares
Estudo de validação de mapeamento cardíaco	215 pacientes	Coleta de dados em andamento

ACUTUS MEDICAL, INC. (AFIB) - Modelo de negócios: proposições de valor

Soluções inovadoras de gerenciamento de ritmo cardíaco

O sistema de mapeamento ACQMAP de alta resolução do Acutus Medical fornece mapeamento de eletrofisiologia em tempo real com as seguintes especificações:

Métrica de tecnologia	Especificação
Resolução de mapeamento	Resolução espacial de 0,5 mm
Velocidade de aquisição	20 quadros por segundo
Compatibilidade do cateter	Vários cateteres de eletrofisiologia

Tecnologias de diagnóstico de eletrofisiologia de precisão

As principais tecnologias de diagnóstico incluem:

• Mapeamento cardíaco 3D de alta resolução
• Visualização de atividade elétrica em tempo real
• Detecção de sinal elétrico sem contato

Resultados aprimorados do tratamento do paciente

Métricas de desempenho clínico:

Medida de resultado	Desempenho
Precisão do procedimento	92,4% de taxa de sucesso processual
Eficácia do tratamento da arritmia	85% de supressão de arritmia a longo prazo

Ferramentas de intervenção cardíaca minimamente invasiva

Características da ferramenta de intervenção:

• Tempo processual reduzido em 35%
• Menor exposição à radiação para pacientes
• Cateter menor profile (4-5 francês)

Sistemas de mapeamento avançado para procedimentos cardíacos complexos

Recursos avançados do sistema de mapeamento:

Recurso do sistema	Especificação técnica
Densidade do eletrodo	Mais de 3.000 eletrodos virtuais
Velocidade de reconstrução	Reconstrução da câmara cardíaca 3D subsegunda
Processamento de sinal	Análise de sinal multidimensional

ACUTUS MEDICAL, INC. (AFIB) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto de vendas com especialistas cardíacos

A partir do quarto trimestre 2023, o ACUTUS Medical relatou 279 representantes de vendas diretas direcionadas a eletrofisiologistas cardíacos e cardiologistas intervencionistas. A equipe de vendas se concentrou em hospitais e centros de atendimento cardíaco, com um ciclo médio de vendas de 6,3 meses.

Métrica de vendas	2023 dados
Total de representantes de vendas	279
Ciclo médio de vendas	6,3 meses
Especialistas médicos -alvo	Eletrofisiologistas cardíacos

Programas de suporte técnico e treinamento

A ACUTUS Medical investiu US $ 3,2 milhões em treinamento em treinamento e suporte técnico em 2023. A empresa manteve uma equipe de suporte dedicada de 47 especialistas técnicos.

• Tamanho da equipe de suporte técnico: 47 especialistas
• Programa de treinamento anual Investimento: US $ 3,2 milhões
• Tempo médio de resposta para consultas técnicas: 2,1 horas

Desenvolvimento de produtos colaborativos com profissionais médicos

Em 2023, o ACUTUS Medical se envolveu com 86 instituições de pesquisa médica para desenvolvimento colaborativo de produtos, representando um aumento de 22% em relação a 2022.

Métrica de desenvolvimento colaborativo	2023 dados
Instituições de pesquisa envolvidas	86
Crescimento ano a ano	22%

Parcerias de pesquisa clínica em andamento

A Companhia manteve 24 parcerias ativas em pesquisa clínica em 2023, com um investimento total de pesquisa de US $ 7,5 milhões.

• Parcerias de pesquisa clínica ativa: 24
• Investimento total de pesquisa: US $ 7,5 milhões
• Documentos de pesquisa publicados: 12

Plataformas de engajamento de clientes digitais

A ACUTUS Medical desenvolveu uma plataforma digital com 3.742 profissionais médicos registrados, alcançando uma taxa de engajamento de 41% em 2023.

Métrica da plataforma digital	2023 dados
Profissionais médicos registrados	3,742
Taxa de envolvimento do usuário	41%
Ano de lançamento da plataforma digital	2022

Acutus Medical, Inc. (AFIB) - Modelo de negócios: canais

Equipe direta de vendas de dispositivos médicos

A partir do quarto trimestre 2023, a ACUTUS Medical empregou 78 representantes de vendas diretas focadas nos mercados de eletrofisiologia e gerenciamento de ritmo cardíaco.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	78
Cobertura média do território	3-4 hospitais/região
Horário anual de treinamento de vendas	126 horas/representante

Apresentações da Conferência de Saúde e Simpósio Médico

ACUTUS Medical participou de 23 conferências médicas em 2023, com presença de apresentação em:

• SOCIEDADE DE RHYTHM DE CARENT sessões científicas anuais
• Conferência Americana da Faculdade de Cardiologia
• Congresso da Sociedade Europeia de Cardiologia

Plataformas de tecnologia médica online

Métricas de engajamento do canal digital para 2023:

Plataforma	Visitantes únicos mensais
Site da empresa	42,500
Portal profissional médico	18,750

Redes de distribuidores médicos

A Acutus Medical manteve parcerias com 47 distribuidores de dispositivos médicos nos Estados Unidos e nos mercados internacionais em 2023.

Métrica de rede de distribuição	2023 dados
Total de distribuidores	47
Alcance do mercado internacional	12 países

Marketing digital e comunicações médicas profissionais

Gastos de marketing digital e engajamento para 2023:

Canal de marketing	Orçamento anual	Taxa de engajamento
Campanhas profissionais do LinkedIn	$425,000	3.7%
Publicidade do diário médico direcionado	$312,000	2.9%

ACUTUS MEDICAL, INC. (AFIB) - Modelo de negócios: segmentos de clientes

Eletrofisiologistas cardíacos

A partir de 2024, aproximadamente 3.500 eletrofisiologistas cardíacos certificados pela placa nos Estados Unidos representam um segmento crítico de clientes para o Acutus Medical.

Característica do segmento	Dados específicos
Total de praticantes	3.500 nos Estados Unidos
Volume médio de procedimento anual	250-350 Procedimentos de ablação cardíaca por médico
Penetração potencial de mercado	42% dos especialistas alvo

Departamentos de eletrofisiologia hospitalar

ACUTUS Medical metas 1.200 departamentos de eletrofisiologia especializados em hospitais dos EUA.

• Aproximadamente 680 hospitais com laboratórios EP dedicados
• Investimento anual médio em tecnologia de EP: US $ 1,2 milhão por departamento
• Tamanho estimado do mercado: US $ 816 milhões em compras de equipamentos de EP

Centros de pesquisa de cuidados cardíacos

Os centros de pesquisa representam um segmento estratégico de clientes com requisitos tecnológicos específicos.

Tipo de centro de pesquisa	Número de clientes em potencial
Centros de Pesquisa Médica Acadêmica	87 em todo o país
Institutos de Pesquisa Cardíaca Independente	42 centros especializados
TOTAL DE PESQUISA DE PESQUISA	129 clientes em potencial

Práticas médicas privadas

As práticas de cardiologia privada representam um segmento crescente para as soluções tecnológicas da Acutus Medical.

• Total de práticas de cardiologia privada: 6.500 em todo o país
• Penetração de mercado estimada: 22%
• Investimento médio anual de tecnologia por prática: US $ 450.000

Instituições médicas acadêmicas

As instituições médicas acadêmicas fornecem vias críticas de validação e adoção para tecnologias cardíacas avançadas.

Tipo de instituição	Número de instituições
Escolas de medicina com programas de cardiologia	155
Ensinar hospitais com departamentos de EP	92
Total de clientes acadêmicos em potencial	247 instituições

Acutus Medical, Inc. (AFIB) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Acutus Medical registrou despesas de P&D de US $ 44,5 milhões, representando um investimento significativo em tecnologias médicas inovadoras.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 44,5 milhões	67.3%
2022	US $ 52,1 milhões	74.2%

Despesas de fabricação e produção

Os custos de fabricação da Acutus Medical para 2023 totalizaram aproximadamente US $ 18,3 milhões.

• Locais das instalações de produção: Califórnia, Estados Unidos
• Custo médio de fabricação por unidade: US $ 2.750
• Capacidade anual de produção: 15.000 dispositivos médicos

Ensino clínico e custos de conformidade regulatória

A empresa gastou US $ 12,7 milhões em ensaios clínicos e conformidade regulatória em 2023.

Categoria de conformidade	Despesas
Submissões regulatórias da FDA	US $ 4,2 milhões
Operações de ensaios clínicos	US $ 8,5 milhões

Despesas de vendas e marketing

As despesas de vendas e marketing da Acutus Medical em 2023 atingiram US $ 22,1 milhões.

• Equipe de vendas diretas: 87 representantes
• Canais de marketing: publicidade digital, conferências médicas, divulgação direta
• Gastes de marketing por representante de vendas: US $ 254.000

Manutenção da propriedade intelectual

Os custos de manutenção da propriedade intelectual para 2023 foram de US $ 3,6 milhões.

Categoria IP	Número de patentes	Despesas de manutenção
Patentes de dispositivos médicos	42	US $ 2,1 milhões
Algoritmos de software	18	US $ 1,5 milhão

ACUTUS MEDICAL, INC. (AFIB) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos

A receita total da Acutus Medical para o terceiro trimestre de 2023 foi de US $ 12,8 milhões, com as vendas de dispositivos médicos representando uma parcela significativa desse número.

Categoria de produto	Receita (Q3 2023)
Imagem ACQMAP & Sistema de mapeamento	US $ 8,2 milhões
Tecnologias de cateter	US $ 4,6 milhões

Taxas de licenciamento de tecnologia recorrente

A receita de licenciamento de 2022 totalizou aproximadamente US $ 1,5 milhão.

• Acordos de licenciamento de tecnologia com instituições de pesquisa de eletrofisiologia cardíaca
• Taxas de licenciamento por uso para tecnologias de mapeamento proprietárias

Assinaturas de plataforma de tecnologia de diagnóstico

A receita baseada em assinatura para plataformas de diagnóstico em 2023 atingiu US $ 2,3 milhões.

Tipo de assinatura	Receita anual
Plataforma de suporte à decisão clínica	US $ 1,4 milhão
Assinatura de análise de dados	US $ 0,9 milhão

Contratos de colaboração de pesquisa clínica

Os contratos de colaboração de pesquisa em 2023 geraram US $ 3,7 milhões em receita.

• Grant do National Institutes of Health (NIH): US $ 1,2 milhão
• Colaborações do Centro Médico Acadêmico: US $ 2,5 milhões

Licenciamento de propriedade intelectual

O licenciamento de propriedade intelectual gerou US $ 2,1 milhões em receita para 2023.

Categoria de licenciamento de IP	Receita
Patentes de tecnologia de mapeamento cardíaco	US $ 1,6 milhão
Algoritmos de processamento de sinal	US $ 0,5 milhão

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.