Acutus Medical leads premarket losers after Q3 sales miss

Acutus Medical

12/11/2021 11:14

** Acutus Medical Inc's shares  AFIB.O  slump nearly 25% to
$5.01 in premarket trade - worst percentage decliner across U.S.
exchanges before the bell 
    ** Cardiac-care device maker posts revenue of $4.6 million
in Q3 vs Refinitiv IBES estimates of $5.7 million  urn:newsml:reuters.com:*:nGNX555D5N
    ** Adjusted loss at $26.7 million vs $21.0 million year ago
    ** Cuts revenue forecast to $17 - $17.5 million from $22
-$30.0 million previously, citing uncertainty from COVID-19
    ** Brokerage J.P. Morgan cuts rating to "underweight" from
"neutral" and suspends PT, while another brokerage, Canaccord
Genuity, cuts PT to $10 from $18
    ** J.P Morgan says it continues to view Acutus' technology
as a revolutionary new way of mapping arrhythmias, but
significant challenges from the ongoing pandemic and recent
commercial miss-steps have significantly impaired co
    ** Up to Thursday's close, stock has plunged 77% YTD

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com;))