Catheter Precision, Inc. (NYSE American:VTAK) Announces the First use of VIVO in Qatar
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The recent utilization of VIVO, Catheter Precision, Inc.'s electrophysiology product, in Qatar's Hamad Medical Corporation Heart Hospital marks a significant milestone for the company's expansion into the Middle Eastern market. This event is noteworthy because it represents the initial penetration of a medical technology into a new geographical region, which can signal future revenue growth and market share increase for Catheter Precision.
From a medical device industry perspective, the adoption of new technologies like VIVO in high-profile healthcare institutions can serve as a catalyst for broader market acceptance. If the device demonstrates superior outcomes or efficiency, it can lead to increased demand, which may positively influence the company's stock performance. It's crucial to monitor the post-procedural outcomes and any subsequent adoption rate within the region, as these metrics will provide more concrete data on VIVO's market potential and its impact on the company's financial health.
Entering the Middle Eastern healthcare market, particularly in a country like Qatar that has been investing heavily in its healthcare infrastructure, presents a strategic growth opportunity for Catheter Precision, Inc. The Middle East is often seen as an emerging market for medical devices, with a growing demand for advanced healthcare solutions. The successful procedures in Qatar could pave the way for similar adoption across the region, leading to a domino effect in sales and market presence.
It's important to analyze the competitive landscape in the region to understand Catheter Precision's potential market share. Factors such as local regulations, pricing strategies and the presence of competing products will play a significant role in the company's success. Additionally, partnerships with local healthcare providers, as well as training and support for their technologies, will be key elements to consider when forecasting the company's performance in this new market.
The market's response to Catheter Precision, Inc.'s announcement may be reflected in the company's stock price and investor confidence. As the company establishes its presence in a new market, investors will be looking for signs of long-term profitability and market adoption. Factors such as the size of the investment, speed of market penetration and sales growth will be critical in evaluating the financial implications of this expansion.
Furthermore, the cost implications of entering a new market, potential revenue from the region and how this aligns with the company's overall financial strategy should be closely scrutinized. The company's ability to scale its operations and manage supply chain logistics in the Middle East will also be vital in maintaining profitability while expanding its reach. Investors should pay attention to the company's forthcoming financial statements for any indications of the financial impact of this international expansion.
FORT MILL, SC / ACCESSWIRE / March 14, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based medical device company focused on innovative electrophysiology products, announced that VIVO was used in five procedures for the first time in Qatar at Hamad Medical Corporation Heart Hospital in Doha. Hamad Medical Corporation (HMC) is the main provider of secondary and tertiary healthcare in Qatar and one of the leading hospital providers in the Middle East. HMC manages 12 hospitals - nine specialist hospitals and three community hospitals.
"VIVO was recently used for five patients at Doha Heart Hospital in Qatar.", said David Jenkins, CEO of Catheter Precision. He continued, "The physicians were impressed with the accuracy of VIVO and we look forward to expanding our footprint in the middle east and continuing to show the benefits of VIVO in new territories."
About VIVO
Catheter Precision's VIVO™ (View Into Ventricular Onset), is a non-invasive 3D imaging system that enables physicians to identify the origin of ventricular arrhythmias pre-procedure, thereby streamlining workflow and reducing procedure time. VIVO has received marketing clearance from the U.S. FDA and has the CE mark.
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. Reincorporated as Ra Medical Systems, Inc. in Delaware in 2018, the Company changed its name to Catheter Precision, Inc. on August 17, 2023.
Cautionary Note Regarding 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. 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 Form 10-K filed with the SEC and available at www.sec.gov. These risks and uncertainties include, but aren't limited to, that 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, if our internal controls are not effective, 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. In addition, our auditor's finalization of the accounting for the merger requires complex calculations and the input of outside advisors, and as a result, the final results of these calculations could differ from our current expectations. 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 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
SOURCE: Catheter Precision, Inc.
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