CATHETER PRECISION, INC. Reports Unaudited Preliminary Q4 And FY23 Results; Sees Q4 Revenue $129K.; FY23 Revenue $442K

Author: Benzinga Newsdesk | January 10, 2024 05:45pm

Catheter Precision, Inc. (VTAK:NYSE/American) an innovative US-based medical device Company dedicated to improving the lives of patients with cardiac arrhythmias, announced corporate highlights and unaudited preliminary annual and fourth quarter results of 2023.

Unaudited preliminary results of the fourth quarter and year ended December 31, 2023, include the following:

• Total revenues for the quarter and year ended December 31, 2023, were approximately $129,000 and $442,000, respectively.
• Total cash on hand as of December 31, 2023, was approximately $3.6 million.
• Total assets as of December 31, 2023, subject to adjustment, was $30.7 million.
• Shareholders equity as of December 31, 2023, subject to adjustment was $19.4 million.
• Preliminary net loss, subject to adjustment for the quarter and year ended December 31, 2023, was approximately ($2.5) million and ($72.4) million, respectively. A one-time $61 million write off for impairment of goodwill is reflected in the net loss for the year ended December 31, 2023.

Highlights of the year ended December 31, 2023, include the following:

• Onboarded and trained sales and clinical personnel in the US.
• Launched LockeT closure product in the US.
• Completed enrollment of Phase I LockeT study including more than 100 patients with a completed and submitted manuscript.
• Received Institutional Review Board (IRB) approval for Phase II LockeT study and began enrolling patients. This study is a one-to-one randomized study comparing outcomes of standard of care to LockeT.
• Finalized new build processes for VIVO disposable component to reduce manufacturing costs.
• Received approval for first VIVO purchase in France. VIVO is now active in six European countries.
• Continued expansion of our intellectual property (IP), now having 50 patents worldwide.

David Jenkins, CEO, commented: "We have a lot of momentum as we move into 2024. Our sales and clinical team have successfully introduced VIVO and LockeT to new hospital centers and the products have been well received. Over the next several months we expect hospital approval to begin additional product evaluations and subsequent purchase orders. Catheter Precision's VIVO System continues to support the electrophysiologist and hospital in growing their ventricular ablation programs, which we believe will rival the atrial fibrillation market in the future. LockeT offers a more affordable and easier to use option for wound closure and the first manuscript demonstrating these benefits has been submitted for publication and should be available soon."

These preliminary results are based on management's initial analysis of operations for the quarter and year ended December 31, 2023, and are subject to completion of the Company's year-end financial reporting processes, further internal review, potential adjustments and audit by the Company's external auditors. Items to further consider in the completion of the results include the analysis of impairment to intangible assets and liabilities pertaining to potential royalties payable in the future, which could materially impact our final results.

Posted In: VTAK