Acutus Medical slumps as revenue outlook disappoints, Q4 loss widens

Acutus Medical

31/03/2022 12:00

** Shares of cardiac-care device maker  AFIB.O  plunge ~18%
to $1.58 before the bell 
    ** Stock among top pct. decliners across U.S. exchanges
premarket 
    ** AFIB sees Q1 revenue between $3.2 mln and $3.5 mln,
missing analysts' expectations of $4.5 mln - Refinitiv data
    ** Co also posts wider-than-expected Q4 loss of $1/shr
 urn:newsml:reuters.com:*:nGNX1JB39H  
    ** COVID-related headwinds continued in Q4, early 2022;
actively working to mitigate potential shortages for critical
materials - AFIB 
    ** Canaccord Genuity cuts PT to $2 from $3 on concerns over
stock dilution, given AFIB's need for future capital, high cash
burn rate 
    ** Brokerage estimates AFIB will require additional capital
in early 2023, factoring in 2021-end cash and ~$23-$25 mln in
savings from restructuring announced in January 
    ** Up to Wednesday's close, AFIB down 43.4% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))