Catheter Precision Inc (VTAK)

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$VTAK Catheter Precision, Inc. (VTAK) Announces Receipt of First Purchase Order for LockeT from HCA Healthcare Facility


https://www.accesswire.com/855894/catheter-precision-inc-vtak-announces-receipt-of-first-purchase-order-for-locket-from-hca-healthcare-facility

FORT MILL, SC / ACCESSWIRE / April 24, 2024 / Catheter Precision, Inc. (NYSE American:VTAK) ($VTAK), a leading MedTech company specializing in innovative products for cardiac electrophysiology, including its VIVO™ and LockeT products, announces that is has received its first purchase order (PO) for LockeT from an HCA Healthcare facility. With over $64 Billion in revenue in 2023, HCA Healthcare is one of the nation's leading providers of healthcare services, comprised of 186 hospitals with approximately 2,400 sites of care in 20 states and the United Kingdom.

David Jenkins, Catheter Precision's CEO, said, "HCA is known to be very value conscious and to have a product approved within their national healthcare system demonstrates that hospitals and physicians see the value LockeT brings to their procedures. This purchase order comes from one of HCA's regional medical centers that has the potential to use 1,000 devices per year across several medical specialties. Based on my discussions with our new sales team, I believe that this is just the beginning of broad acceptance with well-regarded hospital groups including academic teaching hospitals."

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$VTAK Catheter Precision, Inc. (NYSE-American:VTAK) Expands Sales Team; Expects Corresponding Rise in Revenue Over the Near Term; Anticipates Breakeven by End of Year


https://www.accesswire.com/849953/catheter-precision-inc-nyse-american-vtak-expands-sales-team-expects-corresponding-rise-in-revenue-over-the-near-term-anticipates-breakeven-by-end-of-year

FORT MILL, SC / ACCESSWIRE / April 4, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), a leading MedTech company specializing in innovative products for cardiac electrophysiology, including its VIVO and LockeT products, has announced a major expansion in its business development team. The company is bolstering its sales team with experienced industry veterans to drive growth and market penetration.

David Jenkins, Catheter Precision's CEO, commented on the expansion efforts. "This is a group that I have known for almost twenty years. They are top performers from a company which was acquired by a large medical device company a couple years ago. This group led their prior company, with its unique electrophysiology products, to reach over $100 million of sales and then its acquisition for $1.7 billion. I am confident that their efforts will be repeated here at Catheter Precision."

The new expansion of these veteran sales persons includes five hired on and trained in the first quarter, two more slated to start next week, and one more toward the end of April. In addition to these hires, during the first quarter, the company also brought on technical expertise with Madison Spence, most recently from Acutus, and David Pollmeier in Europe, most recently from Galaxy Medical.

"This new group is expected to focus on both product lines, VIVO and LockeT", continued Mr. Jenkins. "Over the last year, we have been primarily working on getting VIVO into key accounts and accumulating clinical data on LockeT. This expansion demonstrates a new effort toward commercialization of both product lines. With a 90% gross margin on both products, we anticipate that the expected increase in revenue will bring about cash flow break even by the end of this calendar year."

Robert Locke, newly hired in the position of Vice President, also commented. "I previously worked with David at EP MedSystems, where we took it from a start up to its acquisition by St. Jude Medical. Those products became well accepted in the market because of the hard-working team put together by David, and those products today are well integrated into the Abbott line of electrophysiology devices. I am excited that we can look forward to the same team effort here at Catheter Precision. I have been on board for just over one month and already I have over ten hospital accounts that either have agreed to order or agreed to try out the new LockeT product. Each of these hospitals performs hundreds of Afib ablations per year. I expect Locket, with its compelling value proposition, to become widely utilized, not just in the US, but worldwide as well, and not just in EP, but in vascular surgery and interventional radiology."

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$VTAK Catheter Precision, Inc. (NYSE American:VTAK) Releases Operational Performance Report, Q4 and Annual 2023 Financials for Year Ending December 31, 2023

https://www.accesswire.com/848710/catheter-precision-inc-nyse-american-vtak-releases-operational-performance-report-q4-and-annual-2023-financials-for-year-ending-december-31-2023

FORT MILL, SC / ACCESSWIRE / April 1, 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 Q4 and Annual Financials, Operational Report for year ending 2023, showcasing substantial revenue growth rate year over year. Additionally, the company makes strides, achieves milestones, etc., in clinical data and intellectual property advancements in cardiac electrophysiology sector.

2023 Fourth Quarter and Annual Financial Results are as follows:

Total assets as of December 31, 2023 were $30.7 million.
Total cash on hand as of December 31, 2023 was $3.6 million.
Total revenues for the year ended December 31, 2023 were $442 thousand.
Shareholders equity as of December 31, 2023 was $21.2 million.
Net loss for the year ended December 31, 2023 was ($70.6) million. A one-time $60.9 million write off for impairment of goodwill is reflected in the net loss for the year ended December 31, 2023.
Revenue for the fourth quarter of 2023 totaled $128.8 thousand, compared to zero in the prior year fourth quarter. Revenue for the full year 2023 totaled $442 thousand, compared to $14 thousand in 2022.

Gross margin for the fourth quarter and full year 2023 were approximately 94% and 93% of revenue, respectively. Operating expenses in the fourth quarter were $2.7 million. Operating expenses for the full year 2023 were $78.5 million, which includes the one-time write off for impairment of goodwill of $60.9 million, compared to $26.8 million in the prior year.

Net loss for the fourth quarter of 2023 was ($0.7) million, compared to ($8.2) million in the previous year. For the full year 2023, net loss was ($70.6) million, which includes the one-time write off for impairment of goodwill of $60.9million, compared to a net loss of ($26.9) million, which includes the one-time write off for restructuring costs of $4.1 million, in the prior year. Decrease in cash and cash equivalents for the full year 2023 was ($12.3) million compared to an increase for the full year 2022 of $0.8 million.

"We made significant progress in 2023", said David Jenkins, CEO of Catheter Precision. "First, we acquired a private electrophysiology company and realigned our products and operations moving forward to focus on Catheter Precision's historical cardiac electrophysiology business. Secondly, we brought in additional third-party financing to allow us to bring our products out to the market in a limited release. 2023 was a transitional year for us and going into 2024 we believe we are well positioned to fortify our sales efforts. We are now engaging a number of key institutional hospitals as we demonstrate the utility of our products, including their cost effectiveness. We remain quite excited about the growth and opportunities within our field of cardiac electrophysiology.

Clinical Progress

During the year Catheter Precision concluded enrollment of 125 patients in its VIVO European Registry enrollment. The data are positive for demonstration of effectiveness of VIVO, and details of the registry are in the process of being finalized for publication. VIVO is our product for non-invasive localization of ventricular arrhythmias, used to guide ablation procedures in a more effective and timely manner. Likewise, our initial clinical trial for LockeT, our closure device, with over 100 patients, has been concluded, also with positive and competitive data. Details are in a manuscript form and have been submitted for publication. We are well into our second clinical trial for LockeT which we expect to be concluded in mid-year of this year.

Intellectual Property

Over the course of the year, Catheter Precision, Inc. has filed 8 patent applications and received 6 patent issuances. "We continue to be aware of an evolving landscape in MedTech designs and applications, and, as such, will continue to file and prosecute patents throughout the global marketplace", continued David Jenkins.

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$VTAK Catheter Precision, Inc. (NYSE American:VTAK) to Sponsor the Monaco USA Arrhythmia Course

https://www.accesswire.com/844304/catheter-precision-inc-nyse-american-vtak-to-sponsor-the-monaco-usa-arrhythmia-course

FORT MILL, SC / ACCESSWIRE / March 19, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based medical device company focused on electrophysiology products, is honored to be sponsor a session at the upcoming Monaco USA Arrhythmia Course taking place March 21-23 in Monaco.

The course is organized by co-directors, Professor Nadir Saoudi, Professor of Cardiology and Chief of the Cardiology Section at the Princess Grace Medical Centre in Monaco, and Dr. Francis Marchlinski, Professor of Medicine and Director of Electrophysiology at the University of Pennsylvania, Philadelphia, Pennsylvania. They have assembled luminaires in the field of electrophysiology for a three-day educational program focused on new techniques and technologies as well as interesting cases in the treatment of cardiac arrhythmias.

Prof. Tarv Dhanjal, Professor of Cardiology, University Hospital Coventry and Warwickshire, will be presenting on Catheter Precision's VIVO System on Friday, March 23. He is presenting about different strategies related to mapping ventricular arrhythmias and how pre-procedure planning with VIVO allows for increased procedural success and a reduction in mapping and procedure time.

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VTAK..............................https://stockcharts.com/h-sc/ui?s=VTAK&p=W&b=5&g=0&id=p86431144783