Catheter Precision, Inc. Announces Initial LockeT Purchase From Montefiore Medical Center

Rhea-AI Summary

Catheter Precision (NYSE American:VTAK) has received its first purchase order for LockeT from Montefiore Medical Center in the Bronx, NY. This development follows the company's recent expansion of its US sales and clinical team for LockeT's national product launch. Montefiore, a premier academic medical center and primary teaching hospital of Albert Einstein College of Medicine, performs over 1,000 electrophysiology and cardiac rhythm procedures annually. The medical center is part of the Montefiore Einstein health network, which encompasses over 300 locations including 13 hospitals.

Positive

• First purchase order received for LockeT product from a major medical center
• Access to large potential market with Montefiore performing 1,000+ relevant procedures annually
• Strategic expansion into NYC market through premier healthcare institution

Negative

• None.

Insights

Medical Device Market Analyst

The initial purchase order from Montefiore Medical Center represents a significant milestone for Catheter Precision's LockeT device commercialization. With Montefiore performing approximately 1,000 EP procedures annually, this partnership could establish a steady revenue stream and serve as a reference site for future sales. The selection by a prestigious academic medical center validates the technology's clinical value proposition.

However, investors should note that while this is a positive development, the initial order size and financial terms are not disclosed, making it difficult to quantify the immediate revenue impact. The true commercial success will depend on adoption rates, reorder patterns and expansion to other Montefiore network facilities. The NYC market entry could accelerate regional penetration, but meaningful revenue generation will require broader market acceptance.

FORT MILL, SC / ACCESSWIRE / November 14, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), a U.S.-based innovative medical device company focused on electrophysiology products, today announced it has received its first purchase order for LockeT from the New York City area.

As previously announced, the company has recently expanded their US sales and clinical team in preparation for the national product launch of LockeT which includes the NYC region.

The most recent purchase order comes from Montefiore Medical Center located in the Bronx, NY. Montefiore is a premiere academic medical center and the primary teaching hospital of the Albert Einstein College of Medicine in New York City. MMC is a part of the Montefiore Einstein health network that has over 300 locations including 13 hospitals, and it is estimated that Montefiore Medical Center performs over 1,000 electrophysiology and cardiac rhythm procedures each year.

Ronald Bowe, Area Sales Director - Eastern US stated, "We are both honored and thrilled to undergo a new venture with Montefiore Health System, one of New York's premier academic health systems. Together we aim to have continued positive impacts on the many patients they treat annually, with the incorporation of our new LockeT device."

About Catheter Precision
Catheter Precision is an innovative U.S.-based medical device company bringing new solutions to market to improve the treatment of cardiac arrhythmias. It is focused on developing groundbreaking technology for electrophysiology procedures by collaborating with physicians and continuously advancing its products.

About LockeT
Catheter Precision's LockeT is a suture retention device intended to assist in hemostasis after percutaneous venous punctures. LockeT is a Class 1 device registered with the FDA.

Additional Information
This release and all other releases from Catheter Precision, Inc. are limited in their entirety by other information filed with the SEC including, but not limited to, our latest 10-K, 10-Q's, and 8-K's, and should be read in conjunction with those filings.

Forward-Looking Statements
This communication contains forward-looking statements. Forward-looking statements can be identified by words such as "believe," "anticipate," "may," "might," "can," "could," "continue," "depends," "expect," "expand," "forecast," "intend," "predict," "plan," "rely," "should," "will," "may," "seek," or the negative of these terms and other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include, but are not limited to, statements regarding the following: the potential for hospitals who have expressed interest in reviewing our products to become customers, headway continuing in both the US and Europe, expectations of Coventry Hospital UK with respect to patient enrollment, expectations regarding ongoing and planned clinical studies, including potential benefits that may be shown, the number of studies and publications that should result over the coming months and the evidence we expect them provide to the medical community of the effectiveness and necessity of both our LockeT and VIVO product lines, anticipated positive sales revenue results in the coming quarters, expected publication of trial results, and anticipated growth of the ventricular market and our contribution to it. The Company's expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks and changes in circumstances, including but not limited to risks and uncertainties included under the caption "Risk Factors" in the Company's 2023 Form 10-K filed with the SEC, and its Form 10-Q for the quarter ended June 30, 2024, and available at www.sec.gov. These risks and uncertainties include, but aren't limited to, that the results of anticipated trials may not turn out as we currently expect and future trials may not occur on the time tables we expect or may be more costly than anticipated, we do not have sufficient liquidity to fund our operations through November 2024 unless we are able to obtain additional financing or enter into a strategic transaction that would provide additional liquidity, we will not be able to reach profitability unless we are able to achieve our product expansion and growth goals, our research and development and commercialization efforts may depend on entering into agreements with corporate collaborators, we have entered into joint marketing agreements with respect to our products, and may enter into additional joint marketing agreements, that will reduce our revenues from product sales, royalty agreements with respect to our LockeT device will reduce any future profits from this product, if we experience significant disruptions in our information technology systems, our business may be adversely affected, litigation and other legal proceedings may adversely affect our business, if we make acquisitions or divestitures, we could encounter difficulties that harm our business, failure to attract and retain sufficient qualified personnel could also impede our growth, failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock, we have determined that our internal controls and disclosure controls were not effective as of December 31, 2023 and September 30, 2024, and as a result, without effective remediation of the material weaknesses that we have identified, we may not be able to accurately report our financial results or prevent fraud, our revenues may depend on our customers' receipt of adequate reimbursement from private insurers and government sponsored healthcare programs, we may be unable to compete successfully with companies in our highly competitive industry, many of whom have substantially greater resources than we do, our future operating results depend upon our ability to obtain components in sufficient quantities on commercially reasonable terms or according to schedules, prices, quality and volumes that are acceptable to us, and suppliers may fail to deliver components, or we may be unable to manage these components effectively or obtain these components on such terms, if hospitals, physicians and patients do not accept our current and future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any, our medical device operations are subject to pervasive and continuing FDA regulatory requirements, our products may be subject to additional recalls, revocations or suspensions after receiving FDA or foreign approval or clearance, which could divert managerial and financial resources, harm our reputation, and adversely affect our business, changes in trade policies among the U.S. and other countries, in particular the imposition of new or higher tariffs, could place pressure on our average selling prices as our customers seek to offset the impact of increased tariffs on their own products, increased tariffs or the imposition of other barriers to international trade could have a material adverse effect on our revenues and operating results. The risks and uncertainties described above may be amplified by the COVID-19 pandemic, which has caused significant economic uncertainty, or other pandemics, supply chain disruptions from the Ukraine war or Israeli-Hamas conflict and otherwise, and ongoing volatility in the stock markets and the U.S. economy in general.

The forward-looking statements included in this communication are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

CONTACTS:
At the Company
David Jenkins
973-691-2000
IR@catheterprecision.com

# # #
Contact Information
Missiaen Huck
COO
mhuck@catheterprecision.com
9736912000

SOURCE: Catheter Precision, Inc.

View the original press release on accesswire.com

FAQ

What is the first medical center to purchase LockeT from Catheter Precision (VTAK)?

Montefiore Medical Center in the Bronx, NY is the first medical center in the NYC area to purchase Catheter Precision's LockeT device.

How many electrophysiology procedures does Montefiore Medical Center perform annually?

Montefiore Medical Center performs over 1,000 electrophysiology and cardiac rhythm procedures each year.

What recent expansion did Catheter Precision (VTAK) announce before the LockeT purchase?

Catheter Precision expanded their US sales and clinical team in preparation for the national product launch of LockeT, which includes the NYC region.