AveragePenny
5 months ago
$VTAK Catheter Precision, Inc. Completes Enrollment of 75 Patients in LockeT-II Study
https://www.accesswire.com/892490/catheter-precision-inc-completes-enrollment-of-75-patients-in-locket-ii-study
FORT MILL, SC / ACCESSWIRE / July 25, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), a US based innovative medical device company, announced today that it has enrolled 75 patients in its Phase II LockeT Study, which is now expected to conclude in October 2024.
As previously disclosed, the three phases of the LockeT studies began in 2023 and are intended to show the product's safety and benefits. Phase I was completed in 2023 and showed that LockeT works for its intended purpose and that there were no safety events. Product roll-out began in the first half of 2024, while the Company continues Phase II of the product studies.
Phase II compares manual compression, the current standard of care, to LockeT, in a one-to-one randomized study planned to include up to 100 patients and is designed to provide further evaluation of its safety and effectiveness, as well as additional data such as potential pain reduction and cost savings benefits. Enrollment completion is expected in October 2024 when final data analysis will be available for later submission to a peer-reviewed publication.
AveragePenny
5 months ago
$VTAK Catheter Precision, Inc. Announces the Completion of Patient Follow-up for the VIVO European Registry and New Product Evaluations of VIVO
https://www.accesswire.com/889185/catheter-precision-inc-announces-the-completion-of-patient-follow-up-for-the-vivo-european-registry-and-new-product-evaluations-of-vivo
FORT MILL, SC / ACCESSWIRE / July 16, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), a US based innovative medical device company, announced today that the patient follow-up phase for the VIVO European Registry has concluded. The EU registry began in October 2021 and patient enrollment concluded in June 2023.
As previously disclosed, the EU registry enrolled 125 patients with an aim to gather real world data about the use and benefits of VIVO, outside of a rigorous clinical study. The data serves multiple purposes including fulfilling European regulatory requirements for on-going data collection, publication of multi-center data, and future development of studies and improvements to the VIVO technology, including a demonstration of the accuracy and benefits of VIVO for pre-procedure planning of ventricular ablation. The data is expected to become available in Q4 2024. In addition to the conclusion of the EU Registry, Catheter Precision continues the ongoing studies it has previously disclosed as part of its commitment to gathering and publishing clinical data for the company's two product lines, VIVO and LockeT.
The Company also announced additional initial evaluations of VIVO. During July, three new European hospitals are beginning product evaluations including Manchester University NHS, Wythenshawe Hospital (UK), Institute for Clinical and Experimental Medicine (Prague), and Cardinal Massaia Hospital (Italy). In addition, two new US hospitals in California and Washington have been in-serviced and are scheduled to begin VIVO procedures this month as part of such initial evaluations.
AveragePenny
5 months ago
$VTAK Catheter Precision, Inc. Announces Effectiveness of 1-for-10 Reverse Stock Split
https://www.accesswire.com/888642/catheter-precision-inc-announces
FORT MILLS, SC / ACCESSWIRE / July 15, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), a US based innovative medical device company, announced today that its previously announced 1-for-10 reverse stock split of its common stock became effective at 12:01 A.M. Eastern Time, on July 15, 2024. The Company's common stock will continue to be traded on the NYSE American under the symbol "VTAK" and will begin trading on a split-adjusted basis when the market opens on July 15, 2024. The new CUSIP number for the Company's common stock following the reverse stock split will be 74933X 609.
Pursuant to the reverse stock split, every 10 shares of the Company's issued common stock will be converted automatically into one issued share of common stock without any change in the par value per share. Stockholders holding shares through book entry on the Company's records will have their shares automatically adjusted to reflect the 1-for-10 reverse stock split. It is not necessary for stockholders holding shares of the Company's common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares of common stock will be issued in connection with the reverse split. Stockholders of record who otherwise would be entitled to receive fractional shares, will be entitled to receive their pro rata portion of the net proceeds obtained from the aggregation and sale by the exchange agent of the fractional shares resulting from the reverse stock split (reduced by any customary brokerage fees, commissions and other expenses).
The reverse stock split will reduce the number of issued shares of the Company's common stock from 9,012,518 shares to approximately 901,251 shares. Proportional adjustments will be made to the number of shares of the Company's common stock issuable upon exercise or conversion of the Company's equity awards and warrants and other convertible securities, as well as the applicable exercise price, to the extent applicable. Stockholders whose shares are held in brokerage accounts should direct any questions concerning the reverse stock split to their broker. All stockholders of record may direct questions to the Company's transfer agent, Equiniti Trust Company, via email at https://equiniti.com/us/ast-access/individuals and select GET HELP or by telephone at (800) 937-5449 or (718) 921-8124.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on May 16 2024, which is available free of charge at the SEC's website, www.sec.gov, and on the Company's website at https://catheterprecision.com.
"While the reverse stock split is primarily designed to help ensure our continued technical compliance with the NYSE American minimum stock price requirement and allow us to lower our Delaware franchise taxes, we also hope to broaden the base of potential investors in Catheter Precision as we strive for greater efficiencies, increased cash flow and profitable growth. The split also has no direct impact on our market capitalization," said David Jenkins, Chief Executive Officer.
AveragePenny
6 months ago
$VTAK Catheter Precision, Inc. (NYSE American:VTAK) Reports Preliminary Unaudited Revenue for the Second Quarter and Six Months Ended June 30, 2024
https://www.accesswire.com/883834/catheter-precision-inc-nyse-american-vtak-reports-preliminary-unaudited-revenue-for-the-second-quarter-and-six-months-ended-june-30-2024
15% Quarter Over Quarter Growth - Initial Sales of LockeT Recorded
FORT MILL, SC / ACCESSWIRE / July 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 Q2 Revenue for the quarter ending June 30, 2024.
Catheter Precision, Inc. recognized its first sales of LockeT in the quarter ending June 30, 2024 resulting in revenue of $40,500. An additional $54,340 of revenue was recognized in the quarter ending June 30, 2024 for sale of VIVO products. Total revenue for the quarter and six months ended June 30, 2024 was $94,840 and $176,923, respectively.
"We are pleased to announce these preliminary unaudited revenues", said David Jenkins, CEO and Executive Chairman of Catheter Precision. "The very initial results of the onboarding of our new sales team, completed with the hire of Marie Claude Jaques as our new Chief Commercial Officer during May, are showing promise. The pipeline of potential customers is established and growing, giving us good insight for future revenue growth."
AveragePenny
6 months ago
$VTAK Catheter Precision, Inc. Announces Receipt of First Purchase Order for VIVO from Distributor in Middle East
https://www.accesswire.com/879363/catheter-precision-inc-announces-receipt-of-first-purchase-order-for-vivo-from-distributor-in-middle-east
FORT MILL, SC / ACCESSWIRE / June 20, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based innovative medical device company announced that it has received its first purchase order from Qatar. As previously announced, an initial evaluation of the VIVO product was completed earlier this year at Hamad Medical Corporation Heart Hospital in Doha.
"VIVO is a tool that allows physicians to streamline ventricular ablation procedures potentially saving time and reducing patient complications", said Fatih Ayoglu, European Sales Manager. "We look forward to continuing this expansion strategy."
AveragePenny
6 months ago
$VTAK Catheter Precision, Inc. Announces Receipt of LockeT Purchase Order for Eisenhower Medical Center, a Third California Hospital
https://www.accesswire.com/877810/catheter-precision-inc-announces-receipt-of-locket-purchase-order-for-eisenhower-medical-center-a-third-california-hospital
FORT MILL, SC / ACCESSWIRE / June 17, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based innovative medical device company focused on electrophysiology products, announced an additional purchase order for its newest product, LockeT. As previously announced the company has recently expanded its US sales and clinical team in preparation for the national product launch of LockeT.
After a successful evaluation, the newest purchase order comes from Eisenhower Medical Center in Ranchero Mirage, California. This purchase order marks the third new hospital in California to issue a purchase order since the beginning of May, and the second in the United States to move beyond evaluation and approve orders for future use.
"LockeT is a tool that enables physicians to streamline the end of their procedures both in the operating room and in the recovery room, potentially saving time and money", said Marie-Claude Jacques, Chief Commercial Officer. "This forward momentum adds to our confidence that the EP community will continue to increasingly recognize LockeT's value, and our new commercial strategy will succeed."
AveragePenny
7 months ago
$VTAK Catheter Precision, Inc. (NYSE: VTAK) Announces Initial Orders from Ronald Reagan UCLA Medical Center and Rady Children’s Hospital in San Diego for LockeT
https://www.accesswire.com/862316/catheter-precision-inc-nyse-vtak
FORT MILL, SC / ACCESSWIRE / May 13, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based innovative medical device company focused on electrophysiology products, announced additional product evaluations for its newest product, LockeT. As previously announced, the company has recently expanded their US sales and clinical team in preparation for the national product launch of LockeT.
"Since the introduction of the expanded commercial team, we have seen an increase in both scheduled and successful LockeT evaluations as well as purchase orders," said David Jenkins, CEO of Catheter Precision.
"We have eight new representatives that have brought about several new hospitals scheduled to begin LockeT evaluations in the coming weeks," said Marie-Claude Jaques, newly appointed Chief Commercial Officer of Catheter Precision.
AveragePenny
8 months ago
$VTAK Catheter Precision, Inc. (NYSE-American: VTAK) Announces New Chief Commercial Officer
https://www.accesswire.com/858284/catheter-precision-inc-nyse-american-vtak-announces-new-chief-commercial-officer
FORT MILL, SC / ACCESSWIRE / May 1, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), is pleased to announce and welcome Marie-Claude Jacques as Chief Commercial Officer. Marie-Claude will be responsible for the commercialization team including sales and marketing to develop new business opportunities and improve the customer experience.
"As a growing medical device company, we need a sales leader that can facilitate a growth strategy to move us forward," says David Jenkins, CEO of Catheter Precision. "We are excited to welcome Marie-Claude on board to enable and empower the success of our sales team for the future."
Before joining Catheter Precision Inc, Mrs. Jacques worked as Area Vice President, Commercialization & Strategy at Boston Scientific Corporation, a Fortune 500 manufacturer of medical devices used in cardiac rhythm management, peripheral interventions, endoscopy, neuromodulation, and urology/pelvic health. Marie-Claude's role at Boston Scientific followed a very successful 15 years in sales leadership at Baylis Medical where she was responsible for building and scaling the US business. The strategic plans that Marie-Claude put in place at Baylis Medical allowed the company to have high double-digit sales growth for several consecutive years. This, combined with her work in market development, were key to becoming the standard-of-care in left heart access in the US. The company's success led to the acquisition by Boston Scientific for $1.75B USD.
"I am passionate about building high performance teams," says Mrs. Jacques. "My sweet spot is fast-paced, high-growth, small to mid-size organizations entering new markets. I have proven success in scaling organizations to optimize results, most recently with Baylis Medical Company. I am honored to be joining Catheter Precision, Inc. and have no doubt in my mind that the organization has a bright future."
David Jenkins continued, "Over the last two months we have onboarded a great group of salespeople, all of whom are excited to see Marie-Claude coming in as the leader of our revenue team. Her initial conversations with members of the team confirm my confidence in the product pipeline development. I am convinced that Marie-Claude Jacques is an excellent addition to our company."
As an inducement to Mrs. Jacques' employment, she received an award of options to purchase 250,000 shares of Company common stock. The options were granted pursuant to Section 711(a) of the NYSE American listed company manual, which provides that qualifying inducement awards may be made without obtaining shareholder approval. The options have an exercise price of $0.5321 per share, vest annually over five years and have a term of 10 years.
AveragePenny
8 months ago
$VTAK Catheter Precision, Inc. (VTAK) Announces Receipt of First Purchase Order for LockeT from HCA Healthcare Facility
https://www.accesswire.com/855894/catheter-precision-inc-vtak-announces-receipt-of-first-purchase-order-for-locket-from-hca-healthcare-facility
FORT MILL, SC / ACCESSWIRE / April 24, 2024 / Catheter Precision, Inc. (NYSE American:VTAK) ($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."
AveragePenny
9 months ago
$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."
AveragePenny
9 months ago
$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.
AveragePenny
9 months ago
$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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