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Catheter Precision, Inc. (VTAK)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 delivered accelerating top-line momentum: revenue rose 128% year over year to $0.212M and 48% sequentially, supported by growing LockeT adoption and continued VIVO engagement .
  • Gross margin expanded materially (calculated ~93.4% vs ~82.8% YoY), while operating loss widened on higher SG&A and acquired IPR&D; net loss was $5.458M with ~$3.2M non-cash charges highlighted by management .
  • European commercialization de-risked: CE Mark for LockeT received; EU sales expected to begin in Q3 2025, with UK registration and distributor (HC21) in place—key catalysts for H2 acceleration .
  • Liquidity remains the key risk: cash was $0.838M and management reiterated substantial doubt on going concern without additional financing; ATM and Series B preferred helped, but runway remains tight .
  • Street consensus (S&P Global) for Q2 2025 EPS and revenue was unavailable; estimate comparisons cannot be made; coverage likely limited for this micro-cap. Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

  • Strong QoQ and YoY sales growth: revenue +128% YoY to $0.212M and +48% QoQ, reflecting increased LockeT usage and pipeline maturation .
  • European approval milestones: CE Mark achieved in Q2; EU sales expected Q3; subsequent UK approval and HC21 distribution broaden go-to-market footprint .
  • Clinical validation: multi-center data presented at HRS showed VIVO >94% accuracy and >83% long-term success; LockeT study (139 patients) demonstrated safety/effectiveness in large-bore access EP procedures .
    • CEO tone: “We are extremely excited… increasing sales, strong clinical data, and execution of strategic transactions… The team is energized” .

What Went Wrong

  • Operating losses increased: operating loss expanded to $4.686M vs $2.717M YoY; net loss to $5.458M, reflecting higher SG&A and IPR&D expense .
  • Liquidity risk persists: cash $0.838M, working capital deficit, and explicit going concern language; additional capital required to fund operations for the next 12 months .
  • Internal controls: material weaknesses in internal controls over financial reporting noted and not yet remediated; risk flagged across filings and releases .

Financial Results

Income Statement Comparison (YoY)

MetricQ2 2024Q2 2025
Revenue ($USD Millions)$0.093 $0.212
Gross Profit ($USD Millions)$0.077 $0.198
Gross Margin % (calc.)82.8% (0.077/0.093) 93.4% (0.198/0.212)
Operating Loss ($USD Millions)$(2.717) $(4.686)
Net Loss ($USD Millions)$(4.220) $(5.458)
EPS (Basic & Diluted) ($USD)$(5.57) $(0.38)

Sequential Comparison (Q1 → Q2 2025)

MetricQ1 2025Q2 2025
Revenue ($USD Millions)$0.143 $0.212
Revenue Growth QoQ (%) (calc.)—+48% (0.212/0.143−1)

Balance Sheet Highlights

MetricFY 2024 (Dec 31, 2024)Q2 2025 (Jun 30, 2025)
Total Assets ($USD Millions)$27.770 $25.563
Total Stockholders’ Equity ($USD Millions)$11.757 $6.549
Cash and Cash Equivalents ($USD Millions)$2.873 $0.838

Additional Operating Detail

MetricQ2 2025
Non-cash charges in net loss (mgmt. disclosed)~$3.2M
Cost of Revenues ($USD Millions)$0.014
SG&A ($USD Millions)$2.881
R&D ($USD Millions)$0.155
Acquired IPR&D ($USD Millions)$1.848

Segment Breakdown

  • Company reports one operating segment (cardiac electrophysiology; no product-level revenue breakout reported) .

KPIs and Commercial Progress

KPIQ4 2024Q1 2025Q2 2025
Institutions evaluating LockeT (cumulative)26 ——
Hospitals evaluating VIVO/LockeT—~50 hospitals —
US hospitals on track for >$100k LockeT POs in 2025——3 (Montefiore, Eisenhower Health, Overland Park RMC)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
LockeT EU CommercializationQ3 2025Anticipated EU LockeT sales to begin in Q3 2025, pending CE Mark CE Mark received; EU sales expected to start in Q3 2025 Maintained timeline; de-risked via approval
UK Market Access (LockeT)Ongoing—UK registration/approval; distributor HC21 engaged New market access milestone
Liquidity RunwayNext 12 monthsSubstantial doubt on going concern without financing Substantial doubt remains; ATM and PIPE proceeds raised, but more capital needed Maintained concern
Revenue/Margins/OpEx2025Not providedNot providedNo formal guidance

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available in our document set; themes below reflect Q2 press release, 10‑Q, and prior quarter releases.

TopicPrevious Mentions (Q4 2024 and Q1 2025)Current Period (Q2 2025)Trend
Product performance (LockeT)Sequential growth since first sales in Q2 2024; growing institutional evaluations Highest LockeT sales to date anticipated; 3 hospitals tracking >$100k POs Improving adoption
Regulatory approvalsCE Mark audits completed, CE Mark anticipated Q2 2025 CE Mark received; UK approval and HC21 distributor established De-risked EU launch
Regional expansionVIVO sales progress in US and multiple EU markets; broad presence EU LockeT sales expected Q3; UK distribution live Accelerating Europe
R&D executionHRS/ACC abstracts; planned VIVO RCT; clinical outcomes highlighted HRS data: VIVO accuracy >94%, long-term success >83%; LockeT large-bore data Strengthening clinical validation
Macro/tariffs & supply chainTariff headwinds cited in risk disclosures Tariff/macro risks reiterated; suppliers and geopolitical risks noted Ongoing risk
Controls & governanceMaterial weaknesses disclosed; remediation needed Material weaknesses persist as of 6/30/25 Unresolved

Management Commentary

  • CEO: “We are extremely excited about our results on all fronts: increasing sales, strong clinical data, and execution of strategic transactions… We are seeing increased awareness and desire for our products… with the CE Mark for the LockeT in Europe” .
  • EMEA/APAC Sales: UK approval “marks a significant milestone… LockeT… enables earlier discharge… supports NHS efforts to reduce waiting lists… poised to contribute meaningfully” .

Q&A Highlights

  • No Q2 2025 earnings call transcript was available; no Q&A themes to report from a call. We relied on the press release and 10‑Q disclosures for narrative and clarifications .

Estimates Context

  • Wall Street consensus (S&P Global) for Q2 2025 revenue and EPS was unavailable for VTAK; coverage appears limited for this micro-cap. Values retrieved from S&P Global.*
  • Implication: Estimate-based beat/miss analysis cannot be performed; focus shifts to trajectory (QoQ/YoY growth), margin dynamics, and de-risking of EU launch.

Key Takeaways for Investors

  • Commercial momentum is building: revenue inflected +48% QoQ and +128% YoY; early signals suggest growing LockeT utilization and pipeline strength .
  • Gross margin profile is attractive at current scale (calculated ~93% in Q2); operating leverage is the gating factor as SG&A and IPR&D weigh on profitability .
  • Europe is the near-term catalyst: CE Mark received; EU sales to start Q3; UK approval and HC21 distribution in place—watch for ramp evidence in Q3/Q4 .
  • Liquidity is the key risk and overhang: cash $0.838M; going concern language persists; monitor ATM activity, potential strategic financing, or partnerships to extend runway .
  • Clinical data strengthens VIVO/LockeT value proposition (accuracy, workflow, patient outcomes); expect increased physician engagement and evaluations to translate into orders as budget cycles progress .
  • Governance/controls remediation is needed; material weaknesses could constrain investor confidence until addressed .
  • Trading implications: stock sensitive to EU commercialization updates, hospital purchase orders, and financing headlines; near-term upside catalysts paired with financing execution risk .

*Values retrieved from S&P Global.