Acutus Medical rises after restructuring plans

Acutus Medical

09/11/2023 13:11

** Shares of medical device maker Acutus Medical  AFIB.O 
rise 2.5% to 47 cents premarket
    ** Co says it will cut workforce by ~65% to realign
resources to support heart device distribution business with
Medtronic  MDT.N   
    ** Acutus says post restructuring, it will become a contract
manufacturing business 
    ** Restructuring actions are expected to be completed in Q1
2024 -AFIB 
    ** Acutus says it has $45.5 million in cash, cash
equivalents, marketable securities, and restricted cash, as of
Sept. 30, 2023
    ** AFIB posted Q3 revenue of $5.2 million vs estimate of
$4.83 mln- LSEG 
    ** Up to last close, stock down ~59% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))