Acutus Medical (AFIB) Receives a Hold from Canaccord Genuity

By Jason Carr

Canaccord Genuity analyst William Plovanic maintained a Hold rating on Acutus Medical (AFIBResearch Report) yesterday and set a price target of $30.00. The company’s shares closed last Wednesday at $28.51.

According to TipRanks.com, Plovanic is a 4-star analyst with an average return of 5.5% and a 54.1% success rate. Plovanic covers the Healthcare sector, focusing on stocks such as Staar Surgical Company, Merit Medical Systems, and Edwards Lifesciences.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Acutus Medical with a $35.00 average price target.

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Based on Acutus Medical’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $3.17 million and GAAP net loss of $31.29 million. In comparison, last year the company earned revenue of $646K and had a GAAP net loss of $32.09 million.

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Acutus Medical Inc is an arrhythmia management company focused on improving the way cardiac arrhythmias are diagnosed and treated. The company designs, manufactures and markets a range of tools for catheter-based ablation procedures to treat various arrhythmias. Its product portfolio includes novel access sheaths, transseptal crossing tools, diagnostic and mapping catheters, ablation catheters, mapping and imaging consoles and accessories, as well as supporting algorithms and software programs. It markets and sells its electrophysiology products worldwide to hospitals and electrophysiologists that treat patients with arrhythmias. Its operates in United States and Europe with majority of the revenue generating from Europe.