Catheter Precision, Inc. (VTAK) Secures New Distributor for VIVO in Turkey
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Insights
The announcement of Catheter Precision, Inc.'s expansion into the Turkish market with a new distributor for their VIVO technology represents a strategic move to increase the company's presence in Eastern Europe. This decision aligns with the broader trend of medical device companies seeking to tap into emerging markets to diversify their revenue streams and reduce dependence on saturated markets.
Entering the Turkish market could potentially increase the company's total addressable market and provide a foothold for further expansion in the region. However, the success of this venture will depend on the distributor's effectiveness, market acceptance of the VIVO technology and the company's ability to navigate local regulatory environments. The partnership with Ege Artimi, a specialist in cardiology products, suggests a targeted approach to market penetration, leveraging local expertise to enhance clinical support and distribution capabilities.
Given the complexity of medical device regulations, Catheter Precision's strategy to partner with a local distributor experienced in the importation and clinical support of cardiology products is a prudent approach. This partnership could streamline the process of obtaining necessary approvals from the Turkish Medicines and Medical Devices Agency. It is important to note that the regulatory landscape can vary significantly from one country to another and local partnerships can be critical in ensuring compliance with these regulations.
Moreover, the VIVO system's status as a non-invasive 3D localization system may face different regulatory scrutiny compared to invasive devices. The non-invasive nature could potentially lead to a smoother approval process. However, the company must remain vigilant in monitoring any changes in the regulatory environment that could affect the marketability of their product in Turkey.
Investors will be interested in the financial implications of Catheter Precision's expansion into Turkey. The key factors to consider include the size of the Turkish medical device market, the projected growth rate of electrophysiology products in the region and the competitive landscape. While the initial costs associated with market entry and establishing distribution channels are expected, the long-term revenue potential could justify the investment.
It is also worth considering the interim CEO's statement on the company's strategy to expand sales territory without a direct sales force. This approach can be cost-effective, reducing the need for a large capital outlay in establishing a direct presence. However, it also means that Catheter Precision will be reliant on its partners' performance and local market knowledge to drive sales. The financial impact will depend on the distributor's success in market penetration and the subsequent adoption rate of the VIVO technology by healthcare professionals in Turkey.
FORT MILL, SC / ACCESSWIRE / January 25, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based innovative medical device company focused on electrophysiology products, announced that it has signed a new distributor for Turkey for VIVO, a non-invasive 3D localization system. Ege Artimi, located in Izmir, Turkiye (Turkey), was founded in 2014 and specializes in importing and providing clinical support to cardiology products.
European Sales Manager, Fatih Ayoglu, said, "A few months ago we successfully began using VIVO in Croatia. Adding a distributor in Turkey is another step towards expanding our footprint in Eastern Europe. We are excited to bring our VIVO technology to other countries and to give physicians a cost-effective solution for pre-procedure planning."
"Catheter Precision is continuously searching for and adding distribution partners", said David Jenkins, interim CEO. "Finding distribution partners enables us to expand our sales territory without the need for a direct sales force. It also allows us to utilize personnel that are familiar with the local regulations to help navigate local approval processes which is the first step to expanding the VIVO market."
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 is commercially available in the EU.
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
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SOURCE: Catheter Precision, Inc
View the original press release on accesswire.com
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