Catheter Precision, Inc. (NYSE American: VTAK) Reports Q2 2024 Highlights and Operational Performance Report

Rhea-AI Summary

Catheter Precision, Inc. (NYSE American: VTAK) has released its Q2 2024 financial results and operational report. Key highlights include:

• First commercial sales of LockeT in the US
• 14 new sales and clinical hires
• 23 hospitals scheduled for LockeT evaluations, 10 for VIVO
• VIVO evaluation started at a large volume center in Italy
• Total assets of $26 million as of June 30, 2024
• Total revenues of $93,000 for Q2 and $175,000 for H1 2024
• Net loss of $4.2 million for Q2 and $6.9 million for H1 2024
• LockeT sales of $38,000 for both Q2 and H1 2024

CEO David Jenkins emphasized the company's focus on acquiring talent to support their new sales strategy under the new Chief Commercial Officer.

Positive

• First commercial sales of LockeT in the US market
• 14 new sales and clinical hires added to the team
• 23 hospitals scheduled for LockeT evaluations, exceeding projections
• VIVO product evaluation started at a large volume center in Italy
• New LockeT publication in the Journal of Cardiovascular Electrophysiology

Negative

• Net loss of $4.2 million for Q2 2024
• Low cash position of $16,000 as of June 30, 2024
• revenue of $93,000 for Q2 2024
• LockeT sales of only $38,000 for both Q2 and H1 2024

Financial Analyst

Catheter Precision's Q2 2024 results reveal a concerning financial position. With only $16,000 in cash at quarter-end and a net loss of $4.2 million, the company's burn rate is alarming. The recent cash increase to $330,000 post-quarter end is still inadequate for long-term operations. Revenue of $93,000 for Q2 is extremely low compared to the net loss, indicating a significant cash flow problem. The $14.3 million in shareholders' equity suggests potential for raising capital, but this may lead to dilution. The company's financial sustainability is questionable without a dramatic increase in sales or substantial new funding.

Medical Device Market Analyst

Catheter Precision's operational highlights show promising market traction for their products. The first commercial LockeT sales in the US and scheduled evaluations at 33 hospitals (23 for LockeT, 10 for VIVO) indicate growing interest. The expansion of the sales team with 14 new hires suggests a strategic focus on market penetration. The new LockeT publication adds credibility to the product. However, the low sales figures ($38,000 for LockeT) don't align with the reported interest, indicating potential challenges in converting evaluations to sales. The company needs to significantly accelerate revenue growth to justify its operational expansion and achieve financial stability.

Cardiovascular Electrophysiology Expert

The operational progress of Catheter Precision in Q2 2024 shows positive momentum in the cardiac electrophysiology field. The initiation of VIVO product evaluation at a high-volume center in Italy and the completion of the VIVO EU Registry are significant milestones. These developments, coupled with the new LockeT publication, enhance the clinical credibility of their products. The scheduled evaluations at multiple hospitals indicate growing physician interest. However, the low sales figures suggest that the technology, while promising, may face adoption hurdles or competition. The company needs to focus on clinical data generation and user feedback to drive wider acceptance and translate interest into substantial sales.

FORT MILL, SC / ACCESSWIRE / August 14, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), a MedTech company pioneering products in the growing field of cardiac electrophysiology, including its VIVO™ and LockeT product(s), releases Q2 Financials and Operational Report.

Operational highlights include the following:

• First commercial sales of LockeT in the US

• 14 new sales and clinical hires at various stages of training completion

• Larger number of US hospitals than projected have confirmed product interest and have scheduled evaluations

  • 23 hospitals for LockeT

  • 10 hospitals for VIVO

• VIVO product evaluation started at large volume center in Italy

• New LockeT publication in the Journal of Cardiovascular Electrophysiology

• Catheter Precision is attending the Kansas City Heart Rhythm Society Conference (KCHRS) in Kansas City August 17 and 18, 2024

• Completion of the VIVO EU Registry in June 2024

2024 Second Quarter Financial Results are as follows:

• Total assets at June 30, 2024, were $26 million

• Total cash on position at June 30, 2024 was $16 thousand, and $330 thousand at August 12, 2024

• Total revenues for the three and six months ended June 30, 2024, were $93 thousand and $175 thousand, respectively

• Shareholders' equity as of June 30, 2024, was $14.3 million

• Net loss for the three and six months ended June 30, 2024, was ($4.2) million and ($6.9) million, respectively

• LockeT sales for the three and six months ended June 30, 2024, were $38 thousand for both periods.

David Jenkins, CEO, commented: "During the second quarter of 2024, we focused on acquiring additional talent for the US to support our new sales strategy under the new Chief Commercial Officer, Marie-Claude Jacques. During this time, we also recognized initial revenue for LockeT and continued marketing VIVO in new US 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 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.

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 statement. 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, the following: statements regarding our new sales strategy and the marketing of VIVO in new US territories. 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 we do not have sufficient liquidity to fund our operations through August 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 June 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 were Catheter Precision's (VTAK) Q2 2024 revenue figures?

Catheter Precision (VTAK) reported total revenues of $93,000 for Q2 2024 and $175,000 for the first half of 2024.

How many hospitals have scheduled evaluations for Catheter Precision's (VTAK) products?

As of Q2 2024, 23 hospitals have scheduled evaluations for Catheter Precision's LockeT product, while 10 hospitals have scheduled evaluations for VIVO.

What was Catheter Precision's (VTAK) net loss for Q2 2024?

Catheter Precision (VTAK) reported a net loss of $4.2 million for Q2 2024 and $6.9 million for the first half of 2024.

How much were Catheter Precision's (VTAK) LockeT sales in Q2 2024?

Catheter Precision's (VTAK) LockeT sales for Q2 2024 were $38,000, which was the same amount reported for the first half of 2024.