Spotlight: Healthcare and Tech: VTAK, ORGO, CDIO, LAZR, VLCN

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This week, several companies are under the spotlight due to specific developments. This feature will offer an in-depth look at five such companies.

On May 13, Catheter Precision Inc. (NYSE American: VTAK) announced that Ronald Reagan UCLA Medical Center and Rady Children’s Hospital in San Diego had made initial purchases of their LockeT product. Following the expansion of its sales and clinical teams across the United States, the company observed a rise in both completed and upcoming LockeT evaluations and purchase orders, with other major hospitals also recently placing orders.

Catheter Precision, the medical device company has recently achieved milestones, particularly with the rapid expansion of its LockeT product. On May 7, the company secured a purchase order for LockeT from the University of California San Diego (UCSD) health system. Additionally, on April 24, the company announced its first LockeT purchase from HCA Healthcare a leading provider of healthcare services in the United States, generating over $64 billion in revenue in 2023. It operates 186 hospitals and approximately 2,400 care sites across 20 states and the United Kingdom. The potential inclusion of additional prestigious academic institutions in the near to mid-term should not be unexpected. Other products include their cardiac electrophysiology-related product offered by Catheter Precision Inc. is VIVO™.

Organogenesis Holdings Inc. (NASDAQ: ORGO), a leader in regenerative medicine, develops and commercializes products for advanced wound care and surgical and sports medicine. On May 9, the company announced its Q1 2024 financial results, ending March 31, with net revenues reaching $110 million, up from $107.6 million the previous year. The net loss decreased to $2.1 million from $3 million. The release highlighted that Organogenesis started 2024 strongly, exceeding revenue forecasts and maintaining momentum despite challenging market conditions.

Cardio Diagnostics (NASDAQ: CDIO), an AI-supported cardiovascular precision medicine company, focuses on improving cardiovascular disease prevention and early detection. On May 7, the firm announced findings from a budget impact model study of its key product, PrecisionCHD, an integrated genetic-epigenetic test for coronary heart disease (CHD). The peer-reviewed study, titled “The Use of Precision Epigenetic Methods for the Diagnosis and Care of Stable Coronary Heart Disease Reduces Healthcare Costs,” demonstrated that the test could reduce healthcare costs irrespective of insurance plan types or patient demographics, with consistent results across plans including Medicare.

Luminar Technologies (NASDAQ: LAZR) The company, which manufactures lidar sensors meant for self-driving cars, was in focus on May 8 following a key announcement. Luminar Technologies revealed that in the first fiscal quarter, Tesla, Inc. (NASDAQ: TSLA) was its biggest customer and made up 10% of its revenues of $21 million for the quarter. It was a significant announcement since Tesla Chief Executive Officer Elon Musk is fully committed to the success of self-driving cars. In August, Tesla aims to launch a robotaxi. In the first quarter, Luminar Technologies reported a loss of $10.46 million.

Volcon Inc. (NASDAQ: VLCN), the pioneer in off-road all-electric powersports, released its fiscal year results on March 28, 2024, for the period ending December 31, 2023. The company reported Q4 revenues of $1.1 million, a $0.6 million increase from both Q3 and Q2 of 2023. The net loss for Q4 was significantly reduced to $3.4 million from $11.3 million in Q3 and $23 million in Q2. This figure includes $2.1 million in costs related to terminating a manufacturing contract with Torrot for Volcon Youth motorcycles.