Acutus Medical today announced it will be cutting its workforce by 65% as part of a corporate restructuring to move the company into a contract manufacturing business. The shift, Scott Huennekens, Chairman of Acutus, said, came after an extensive review by the companys board of directors in an effort to streamline operations.
With the change, the new business model will solely support the manufacturing and distribution of Medtronics left-heart access products to capitalize on potential earnout payments from the company. Acutus sold its left-heart access portfolio to Medtronic in 2022 for $50 million and has since brought in tens of millions in milestone payments from the deal. According to the Asset Purchase Agreement, the company is eli…
Read the full article at: https://www.mddionline.com/business/acutus-medical-lay-65-report-corporate-restructuring