"Cutting-Edge Medical Innovations Propel Catheter Precision Inc. (NYSE American: VTAK) Forward"

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The medical device sector in the healthcare industry has rapidly advanced in recent years due to its inherent innovation, and Catheter Precision Inc. (NYSE American: VTAK) recently spotlighted in “MedTech Outlook”, stands out as a notable player in the healthcare electrophysiology sector. The company is renowned for its two key products: VIVO™, aiding in ventricular arrhythmia source detection pre-procedure, and LockeT, a closure retention device. Insider Financial Special Feature Read Now!

Innovative Products

VIVO™ deploys highly specialized algorithms to integrate ECG morphology and patient information using the inverse solution to localize ventricular arrhythmias. VIVO™ (View into Ventricular Onset) represents a non-invasive 3D imaging system designed to assist physicians in pinpointing the precise location of cardiac arrhythmias prior to procedures. (See EP Lab Digest Case Study Now) This functionality enhances workflow efficiency and minimizes procedure duration. Additionally, VIVO™ has obtained marketing clearance from the United States Food and Drug Administration and is commercially accessible in the European Union.

LockeT is a suture retention device intended for wound healing by distributing suture tension over a larger area in the patient in conjunction with a figure of eight suture closure and to temporarily secure sutures. LockeT is a Class 1 sterile product registered with the FDA under Device ID D496327. Furthermore, LockeT, helps in accessing site closure with suture retention in a cost-effective way. It is not only compact but highly user-friendly, helps in the simplification of the closure process, and makes it easier to adjust, monitor, and remove as and when necessary.

Business Development Expansion

Catheter Precision, with its two key products, recently bolstered its U.S. sales and clinical teams in preparation for the national rollout of LockeT. On April 4, the company announced the expansion of its business development team by hiring seasoned industry veterans tasked with accelerating sales growth and penetrating markets. Additionally, Catheter Precision strengthened its technical capabilities by bringing on board Madison Spence and David Pollmeier to enhance the team’s expertise. Read more.

The revamped team will concentrate on increasing sales for VIVO™ and LockeT. On May 1, Catheter Precision expanded its business development team by appointing Marie-Claude Jacques as the new Chief Commercial Officer. Previously, Jacques served as the Area Vice President of Commercialization & Strategy at Boston Scientific Corporation. Following her appointment, the company has secured significant clients, including notable hospitals such as UCSD, UCLA, and HCA. Read more.

Major Healthcare News

On May 13, Catheter Precision announced further production evaluations of its LockeT product following initial orders from UCLA Ronald Reagan Medical Center and Rady Children’s Hospital in San Diego, read more. On May 7, the company reported receiving a purchase order for the LockeT product from the UCSD (University of California, San Diego) health system. The company mentioned that the products from this initial order would undergo evaluation before the hospital proceeded with a larger order, read more. Additionally, on April 24, Catheter Precision announced its first purchase order from HCA Healthcare, a major healthcare provider that reported revenues of $64 billion in 2023, read more.

Finance

Catheter Precision Inc. (NYSE American: VTAK) was highlighted in a Ladenburg Thalmann research report on April 5, 2023, with a buy recommendation and a $4 target price for the next year. On April 1, the company reported its Q4 and full fiscal year results for 2023, showing total assets of $30.7 million, a cash balance of $3.6 million, and notable revenue growth compared to the previous year. The company also reduced its net loss in the fourth quarter to $0.7 million from $8.2 million. Additionally, on April 4, Catheter Precision expanded its business development team with industry professionals to drive sales growth and market expansion. See Ladenburg Thalmann Report date April 5, 2024.

The financial results for the fourth quarter of 2023, the company reduced its net loss to $0.7 million from $8.2 million the prior year. Despite a $12.3 million annual decrease in cash reserves, they had a $0.8 million rise at the prior year’s end. Significant progress was noted in fiscal 2023. Catheter Precision’s annual net loss was $70.6 million, mainly from a $60.9 million goodwill impairment. Nonetheless, Q4 revenue hit $128,800, up from zero the previous year, with a gross margin of 94%, and operating expenses climbed to $2.7 million for the quarter and $78.5 million for the year, a substantial increase from $26.8 million the previous year. Read more.

The financial results for the first quarter of 2024 have been released, highlighting various aspects of the company’s fiscal health as of March 31, 2024. The total assets of the company stood at $28 million. As for liquidity, the total cash position was reported at $1.5 million on March 31 and had decreased to $0.5 million by May 6, 2024. The company’s total revenues for the three-month period ending March 31 amounted to $82 thousand, which was entirely generated from the sales of VIVO Positioning Patches, an accessory product. Shareholders’ equity was recorded at $18.5 million. However, the company experienced a net loss of $2.7 million for the quarter. Read more.

Management is also forecasting a $10 million run rate by the end of the year, additionally due to the expansion in sales, management anticipates that esteemed academic hospitals will soon be within reach. Moreover, Catheter Precision anticipates favorable feedback on the product’s merits from prestigious global institutions within the next two quarters. The company highlights that sales growth in H2 2024 will hinge significantly on VIVO’s™‘s commercialization progress in new markets. See The Complete Report Now.