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Catheter Precision, Inc. (VTAK)·Q3 2024 Earnings Summary

Executive Summary

  • Q3 2024 revenue was $0.096M, down from $0.133M YoY; GAAP net loss was $4.12M; diluted EPS was $(2.01), improved vs $(2.83) YoY .
  • Management highlighted commercial execution progress (new CCO, expanded sales/clinical team) and a pipeline of 87 hospitals, with 32 institutions in evaluation; Q3 LockeT sales contributed to mix .
  • CE Mark timeline for LockeT shifted to expected completion by end of Q1 2025, with EU launch targeted in Q2 2025 (distributor-led) — a potential near-term catalyst .
  • Liquidity was tight at quarter-end ($1.27M cash); the company raised ~$4.9M gross via warrant exercises in late October, but 10‑Q flags substantial doubt about going concern without additional financing .

What Went Well and What Went Wrong

What Went Well

  • Sales organization build-out completed its first full quarter, driving broader hospital engagement: “The new sales and clinical team have now been on board for their first full quarter, and we are seeing the results of our investment coming through on the pipeline” .
  • Clinical/data momentum: multi-center EU VIVO registry concluded (publication forthcoming), Coventry Hospital nearing 50 complex VT patients; LockeT II comparative study >130 patients enrolled; multiple publications highlighted VIVO and LockeT use cases .
  • Product progress and geographic traction: ongoing VIVO procedures scheduled across Europe (Germany, Qatar, Turkey, Portugal, France, Switzerland, UK, Italy, Sweden), supporting longer-term adoption narratives .

What Went Wrong

  • Revenue remained minimal and declined YoY ($0.096M vs $0.133M), with a $4.12M quarterly net loss; management cited an order timing issue for a major VIVO disposable customer and early-stage LockeT ramp .
  • CE Mark timing for LockeT slipped from earlier expectations (originally targeted Q3 2024) to end of Q1 2025, pushing EU launch to Q2 2025 .
  • Liquidity strain and going-concern risk: $1.27M cash at quarter-end; management states current cash (approx. $4.4M as of Nov 1) is insufficient for 12 months without further capital, necessitating additional financing/bridge loans .

Financial Results

Core P&L vs prior year and prior quarter

MetricQ3 2023Q2 2024Q3 2024
Revenue ($USD Millions)$0.133 $0.093 $0.096
Gross Profit ($USD Millions)$0.127 —$0.086
Operating Loss ($USD Millions)$(2.730) —$(2.859)
Net Loss ($USD Millions)$(1.927) $(4.200) $(4.120)
Diluted EPS ($USD)$(2.83) —$(2.01)

Notes:

  • Q2 2024 operating loss/EPS not disclosed in the Q2 8‑K; 10‑Q provides full Q3 statements .

Geographic revenue mix (disaggregated)

MetricQ3 2023Q3 2024
US Revenue ($USD Millions)$0.110 $0.062
Europe Revenue ($USD Millions)$0.023 $0.034

KPIs and commercial metrics

KPIQ2 2024Q3 2024
LockeT hospitals in evaluation/pipeline23 Included within 87 total institutions in pipeline; 32 in active evaluation overall
VIVO hospitals in evaluation/pipeline10 Ongoing procedures scheduled across multiple EU geographies
LockeT sales in quarter ($USD Thousands)$38 ~$62 (within Q3 revenue)
Total pipeline institutions (hospitals + ASCs)—87 in pipeline; 32 completed/ongoing evaluations

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
LockeT CE MarkEU approval timing“Expected in Q3 2024” “Hopeful by end of Q1 2025; launch in Q2 2025 via distributors” Delayed
Commercial outlookNear-term salesInitial US LockeT sales recognized; sales strategy under new CCO “Hope…positive sales revenue results in the coming quarters” Maintained directional, no quantified ranges

Earnings Call Themes & Trends

No Q3 2024 earnings call transcript was found in the document catalog; themes below reflect quarterly filings/press releases.

TopicPrevious Mentions (Q1–Q2 2024)Current Period (Q3 2024)Trend
CE Mark / RegulatoryLockeT CE Mark “expected in Q3 2024” CE Mark now targeted by end of Q1 2025; EU launch in Q2 2025 Slipped timeline
Sales force build-outNew CCO (May 1) and 14 new sales/clinical hires First full quarter under new CCO; pipeline at 87 institutions; 32 evaluations Improving execution
Clinical validationInitial LockeT study presented; VIVO EU registry completed June VIVO EU registry concluded Sept; multiple publications; LockeT II >130 patients Strengthening evidence base
Geography expansionFirst VIVO procedure in Spain; EU distribution active Continued EU procedures across multiple countries Broadening footprint
Liquidity / financingMinimal cash balances; seeking financing solutions $1.27M cash at Q3; ~$3.7M gross warrant inducement post-Q3; going concern risk Elevated risk
Cost structureSG&A elevated in prior year (merger-related); plan to optimize SG&A up modestly QoQ (sales hires) but down YoY; R&D modest Mixed (investment vs optimization)

Management Commentary

  • “We could not be more excited to see both the clinical data and the commercial execution coming together…We are now gaining confidence in our commercial execution, including what we hope will be positive sales revenue results in the coming quarters.” — David Jenkins, CEO .
  • “Other companies are now starting trials for ablation catheters, specifically for VT. This confirms our outlook for VIVO and its need in these types of procedures.” — David Jenkins, CEO .
  • “The company now has 87 hospitals…in its pipeline…32 institutions that have either completed or are participating in ongoing evaluations.” .

Q&A Highlights

No earnings call transcript available for Q3 2024; no Q&A content to report from primary sources.

Estimates Context

Wall Street consensus (S&P Global) for Q3 2024 EPS and revenue was unavailable via our SPGI access at this time. Do not infer beats/misses without validated consensus.

Key Takeaways for Investors

  • Revenue remains de minimis and volatile due to order timing and early-stage commercialization; Q3 revenue $0.096M and net loss $4.12M underscore financing dependency near term .
  • CE Mark delay to Q1 2025 pushes EU LockeT launch to Q2 2025; successful audits scheduled in Nov/Dec indicate tangible progress and set up a regulatory catalyst window .
  • Commercial build-out appears to be gaining traction (87 institutions pipeline; 32 evaluations); monitor conversion from evaluations to purchases and repeat orders as leading indicators .
  • Clinical and publication cadence for VIVO/LockeT is strengthening, which can support adoption and reimbursement narratives, but revenue realization lags evidence generation .
  • Liquidity risk is material: $1.27M cash at quarter-end; raised ~$3.7M gross via warrant inducements post-Q3, but management still projects insufficient cash for 12-month runway absent additional capital — expect continued equity-linked financing and dilution risk .
  • Royalty obligations tied to LockeT (≈12% of net sales to noteholders plus inventor royalties) and warrant overhang may temper future gross-to-net and per-share economics even as sales scale .
  • Near-term trading setup revolves around CE Mark milestones, evidence publications, and any large account wins (including EU distributors); downside risks include financing overhang and delayed pipeline conversion .