Acutus Medical Inc. (AFIB) shares declined 20.42% in after-hours on Thursday, November 11, 2021, and closed the daily trading at $5.30.  Even in the regular trading session, AFIB’s stock lost 9.88%. AFIB shares have fallen 72.65% over the last 12 months, and they have moved down 12.83% in the past week. Over the past three months, the stock has lost 42.39%, while over the past six months, it has slid down 51.21%.

Let’s see is there any recent news behind its poor performance on Thursday?

AFIB initiated AcQForce PFA-CE study

On November 11, 2021, Acutus Medical, Inc. (AFIB) initiated AcQForce PFA-CE, a new clinical study that will evaluate the safety and performance of the company’s focal force-sensing Pulsed Field Ablation (PFA) catheter and system in combination with its novel noncontact 3D mapping system in treating patients with atrial fibrillation. The first patients were successfully treated at Na Homolce Hospital in the Czech Republic by Dr Petr Neuzil.

AFIB latest financial results

On November 11, 2021, Acutus Medical, Inc (AFIB) reported results for the third quarter of 2021.

Q3 2021 financial highlights

• AFIB earned total revenue of $4.6 million for the third quarter of 2021, compared to $3.2 million in the third quarter last year.
• The cost of revenue was $8.5 million compared to $5.14 million in Q3 2020.
• Total GAAP operating expenses were $23.2 million in Q3 2021 compared to $24.3 million in Q3 2020.
• It suffered a GAAP net loss of $28.5 million or net loss per share of $0.94 for the third quarter of 2021 compared to a net loss of $31.2 million or a net loss per share of $1.95 in Q3 2020.
• As of September 30, 2021, the company had cash, cash equivalents, marketable securities and restricted cash of $134.7 million.

AFIB new appointment

On August 12, 2021, Acutus Medical (AFIB), appointed Niamh Pellegrini to the Company’s Board of Directors.

Ms Pellegrini has over 20 years of experience in the healthcare industry and, recently served as the Chief Commercial Officer of Nevro, Inc., since July 2019. Ms Pellegrini earned both a B.S. and an M.B.A. from Santa Clara University and she held positions in leadership, global business development, marketing, strategy and commercial with Thoratec Corporation and Johnson & Johnson.

Conclusion

The AFIB stock went down because of its poor Q3 financial performance. Though we had another positive news that did not stop its plummeting on Thursday. We can see it further decline on Friday as well.