Catheter Precision, Inc. (NYSE American: VTAK) Reports Q1 2024 Highlights and Operational Performance Report

FORT MILL, SC / ACCESSWIRE / May 6, 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 Q1 Financials, Operational Report for the quarter ending March 31, 2024.

Operational highlights of the first quarter and early second quarter 2024 include the following:

• Submission of LockeT for CE Mark approval, which is expected in Q3 2024.
• First published data on initial LockeT clinical study of over 100 patients presented at Western Atrial Fibrillation Symposium. Data included:
  • 100% immediate hemostasis.
  • Allows for same day discharge.
  • Effective at wound closure up to 27F which includes cardiac catheters and products such as left atrial appendage devices and leadless pacemakers.
  • Reduction in the need for multiple closure devices.
• Attendance at the European Heart Rhythm Association (EHRA) conference
• Attendance at Monaco USA Arrhythmia Conference (MUAC) at which positive interim study data related to VIVO was presented on the accuracy of VIVO when used for ventricular ablation on infarcted hearts by Professor Tarv Dhanjal from University Hospital of Coventry and Warwickshire.
• First VIVO procedure in Spain at Hospital Universitario Virgen de las Nieves in Granda with Dr. Pablo J. Sanchez Millan.
• First procedures at CHU de Rennes (University Hospital of Rennes) in Rennes, France. This hospital is one of the world's most prolific centers in terms of number of ventricular ablations performed each year.
• Presentation of the first cases in Turkey by Professor Cem Karadeniz at the National Arrhythmia Congress Turkiye meeting.
• Recruitment and onboarding of US sales and clinical support in new US regions to support the national launch of LockeT and continued expansion of VIVO.
• Announced new Chief Commercial Officer, Marie-Claude Jaques, as of May 1, 2024.

2024 First Quarter Financial Results are as follows:

• Total assets at March 31, 2024, were $28 million
• Total cash on position at March 31, 2024 was $1.5 million, and $0.5 million at May 6, 2024
• Total revenues for the three months ended March 31, 2024 were $82 thousand
• Shareholders' equity as of March 31, 2024 was $18.5 million
• Net loss for the quarter ended March 31, 2024 was ($2.7) million
• All revenue as of March 31, 2024 resulted from the purchase of VIVO Positioning Patches (VIVO accessory product)

David Jenkins, acting CEO, commented: "During the first quarter of 2024, we focused on acquiring additional talent for the US to support a formal LockeT launch, and expansion of our VIVO footprint in the US. With initial, positive, clinical data available to the public it is the right time to build upon our already great team and focus on our two unique and differentiated products in the EP market. We continue to seek financing solutions to provide sufficient liquidity to enable us to pursue our business objectives, including both public and private financings."