Catheter Precision Inc (VTAK)

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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."