Catheter Precision, Inc. Announces Receipt of LockeT Purchase Order for Eisenhower Medical Center, a Third California Hospital
Catheter Precision announced a new purchase order for its medical device, LockeT, from Eisenhower Medical Center in Rancho Mirage, California. This marks the third hospital in California and the second in the U.S. to move beyond evaluation and approve orders for future use. The company has expanded its U.S. sales and clinical team to prepare for LockeT's national launch. LockeT aims to streamline procedures in operating and recovery rooms, potentially saving time and money. Chief Commercial Officer, Marie-Claude Jacques, expressed confidence in LockeT's growing recognition and the success of their commercial strategy.
- Third hospital in California to order LockeT since May.
- Second hospital in the U.S. to approve LockeT for future use.
- Expansion of U.S. sales and clinical team for LockeT's national launch.
- Potential time and cost savings in operating and recovery rooms with LockeT.
- Positive evaluation results from Eisenhower Medical Center.
- No financial details or order quantities disclosed.
- information on LockeT's performance metrics.
Insights
The recent announcement by Catheter Precision, Inc. regarding the purchase order for their newest product, LockeT, from Eisenhower Medical Center is a promising development. This marks the third hospital in California and the second in the United States to move beyond the evaluation phase, which suggests growing acceptance and adoption of LockeT. From a financial perspective, this could potentially translate into increased revenues and market share for the company. However, investors should consider the company's ability to scale production and manage supply chain logistics effectively to meet the anticipated rise in demand. Additionally, it is important to track the company's gross margins on LockeT to understand the profitability of this product.
The LockeT device by Catheter Precision is designed to streamline procedures in both the operating and recovery rooms, thus saving time and potentially reducing healthcare costs. This efficiency can be highly attractive to hospitals looking to optimize their operations. However, the real test will be the clinical performance and outcomes associated with LockeT. If the device can consistently demonstrate improved patient outcomes and operational efficiencies, it could see widespread adoption. Moreover, ongoing feedback from these initial hospitals will be critical in refining the product and addressing any early issues that arise.
FORT MILL, SC / ACCESSWIRE / June 17, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based innovative medical device company focused on electrophysiology products, announced an additional purchase order for its newest product, LockeT. As previously announced the company has recently expanded its US sales and clinical team in preparation for the national product launch of LockeT.
After a successful evaluation, the newest purchase order comes from Eisenhower Medical Center in Ranchero Mirage, California. This purchase order marks the third new hospital in California to issue a purchase order since the beginning of May, and the second in the United States to move beyond evaluation and approve orders for future use.
"LockeT is a tool that enables physicians to streamline the end of their procedures both in the operating room and in the recovery room, potentially saving time and money", said Marie-Claude Jacques, Chief Commercial Officer. "This forward momentum adds to our confidence that the EP community will continue to increasingly recognize LockeT's value, and our new commercial strategy will succeed."
About LockeT
Catheter Precision's LockeT is a suture retention device intended to assist in hemostasis after percutaneous catheter access. LockeT is a Class 1 device registered with the FDA.
About Catheter Precision
Catheter Precision is an innovative U.S.-based medical device company bringing new solutions to market to provide hospitals and physicians with the tools they need to push the standard of care. It is focused on developing groundbreaking technology by collaborating with physicians and continuously advancing its products.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to substantial risk and uncertainties. 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," "would," "forward," or the negative of these terms and other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements include, but are not limited to, statements regarding our expectations that physicians and hospitals would see the value of LockeT, the EP community will recognize LockeT's value, and our new commercial strategy will succeed. They also include any implied statements, regarding the future success of our sales buildout and the traction we believe we are gaining in California and elsewhere, and that purchase orders by hospitals in the evaluation phase will lead to approval for future use and widespread adoption of LockeT. 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 the risk that members of the EP community and other doctors and hospitals will fail to recognize LockeT's value or for other reasons will prefer other methodologies and/or products, including the products of our current competitors as well as possible new and emerging competing products of which we are not yet aware; the risk that new customers, including Eisenhower Medical Center, which has not entered into a long term purchasing contract with us, may change their minds and stop purchasing LockeT; and other risks and uncertainties attendant to our business included under the caption "Risk Factors" in the Company's Form 10-K and other SEC filings available at www.sec.gov. These additional risks and uncertainties include, but aren't limited to, risks that our cash needs will continue to exceed our 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 March 31, 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 and finished product 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 finished product, or we may be unable to manage these components or product procurement effectively or obtain these components or products 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 potential product liability risks as well as 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
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SOURCE: Catheter Precision, Inc
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