Catheter Precision Inc (VTAK)

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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.