Acutus Medical will reduce its workforce by 70% as it continues its contract manufacturing agreement with Medtronic.
In a WARN notice filed Dec. 3, the Carlsbad, Calif.-based company announced plans to lay off 57 employees by Feb. 1. On Dec. 4, an Acutus news release said the downsizing is "expected to meaningfully reduce cash burn" and operating expenses.
The company said it "will reduce operations to a scale designed solely to support the manufacturing and distribution of Medtronic's left-heart access products" to fulfill deals Acutus and Medtronic made in 2022.