Catheter Precision, Inc. (NYSE American: VTAK) Reports First Purchase Order for LockeT in the Pacific Northwest Territory

Rhea-AI Summary

Catheter Precision, Inc. (NYSE American: VTAK), a US-based medical device company specializing in cardiac electrophysiology, has announced its first purchase order for LockeT from the Pacific Northwest territory. The order comes from the MultiCare Health System, which operates 300 specialty care locations and twelve hospitals across Washington State, Idaho, and Oregon.

This development follows the company's recent expansion of its US sales and clinical team in preparation for the national product launch of LockeT. CEO David Jenkins expressed satisfaction with the continued growth from new hospitals and territories throughout the US, attributing it to the new sales, marketing, and growth strategy implemented earlier this year for LockeT.

Positive

• First purchase order for LockeT from the Pacific Northwest territory
• Order received from MultiCare Health System, a large healthcare provider with 300 locations and 12 hospitals
• Expansion of US sales and clinical team to support national product launch
• Positive impact and traction observed from newly implemented sales and marketing strategies

Negative

• None.

Insights

Medical Device Sales Expert

The first purchase order for LockeT in the Pacific Northwest marks a significant milestone for Catheter Precision. Securing a deal with MultiCare Health System, a network of 300 specialty care locations and 12 hospitals, demonstrates strong market acceptance. This expansion aligns with the company's recent growth in sales and clinical teams, suggesting a well-executed national product launch strategy.

However, it's important to note that a single purchase order, while promising, doesn't guarantee sustained success. Investors should monitor future orders and adoption rates across MultiCare's extensive network. The true test will be in LockeT's performance, potential reorders and expansion to other healthcare systems. While this news is positive, it's just the beginning of what needs to be a consistent growth trajectory.

Healthcare Industry Analyst

This development signifies Catheter Precision's strategic market penetration in the cardiac electrophysiology field. The Pacific Northwest, particularly with MultiCare's extensive presence, represents a lucrative market. However, investors should consider several factors:

• The size and value of the purchase order are not disclosed, limiting our ability to gauge its financial impact.
• The cardiac electrophysiology market is highly competitive, with established players. Catheter Precision's ability to differentiate LockeT will be crucial.
• The company's recent expansion of its sales and clinical team suggests increased operational costs. It's essential to monitor if revenue growth outpaces these expenses.

While this order is a positive sign, sustained growth and profitability will depend on Catheter Precision's ability to scale operations and secure more substantial contracts.

FORT MILL, SC / ACCESSWIRE / September 11, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), a US based innovative medical device company in the growing field of cardiac electrophysiology, announced its first purchase order from the pacific northwest territory.

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

The newest purchase order comes from the MultiCare Health System. The MultiCare Health System includes of 300 specialty care locations and twelve hospitals throughout Washington State, Idaho and Oregon.

"We continue to see continued growth from new hospitals and new territories throughout the US", said David Jenkins, CEO of Catheter Precision. "Early this year we committed to a new sales, marketing and growth strategy for LockeT and we are seeing the positive impact and traction from the newly implemented strategies."

About LockeT

Catheter Precision's LockeT is a suture retention device which assists in hemostasis after percutaneous venous punctures. 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 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.

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," 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 product evaluations at the hospital, and that the purchase order indicates that the hospital and its staff see the value and benefits that LockeT can bring and expectations regarding LockeT evaluations in the coming weeks. 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 do not have sufficient liquidity to fund our operations through May 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 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 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

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SOURCE: Catheter Precision

View the original press release on accesswire.com

FAQ

What is the significance of Catheter Precision's first purchase order for LockeT in the Pacific Northwest?

The first purchase order for LockeT in the Pacific Northwest signifies Catheter Precision's (VTAK) expansion into a new territory and demonstrates growing market acceptance of their product, potentially leading to increased revenue and market share.

Who placed the first purchase order for LockeT in the Pacific Northwest?

The MultiCare Health System, which includes 300 specialty care locations and twelve hospitals throughout Washington State, Idaho, and Oregon, placed the first purchase order for LockeT in the Pacific Northwest territory.

How has Catheter Precision (VTAK) prepared for the national product launch of LockeT?

Catheter Precision (VTAK) has recently expanded its US sales and clinical team in preparation for the national product launch of LockeT, implementing new sales, marketing, and growth strategies to support the product's rollout.

What impact has Catheter Precision's new strategy had on LockeT sales?

According to CEO David Jenkins, Catheter Precision (VTAK) is seeing positive impact and traction from the newly implemented strategies, resulting in continued growth from new hospitals and territories throughout the US.