Catheter Precision, Inc. (VTAK)·Q3 2025 Earnings Summary

Executive Summary

• Q3 2025 revenue rose 135% YoY to $0.226M, with gross margin ~92% and sequential growth vs Q2; net loss narrowed 45% YoY to $2.251M as operating scale improved and fair‑value royalty expense flipped to a benefit .
• International traction accelerated: LockeT CE Mark drove interest across the EU and UK, with five South Africa accounts reordering; VIVO logged the first France PO in October .
• Liquidity remains the core risk; management disclosed substantial doubt about going concern absent additional financing, despite Q3 cash rising to $1.075M and continued ATM/PIPE activity .
• No numeric guidance or call transcript was available; management framed a directional outlook of “major expansion” in approved product lines over the next year and highlighted completed VIVO studies as clinical catalysts .
• Street estimates were unavailable via S&P Global; comparisons to consensus cannot be made (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

• International commercialization momentum: “Sales activities for LockeT outside of the United States are increasing… CE Mark approval… generated interest in Germany, France, Italy, Spain, Portugal, UK, and South Africa” with five South Africa reorders .
• VIVO adoption and European entry: “Sales activity for VIVO is… gaining traction outside the US… first purchase order from France in October” .
• Clinical validation: Q3 press highlighted EP Lab Digest coverage of LockeT’s economic benefits; prior quarter showcased multi‑center VIVO accuracy >94% and long‑term outcomes, plus LockeT safety/effectiveness in large‑bore procedures .

What Went Wrong

• Liquidity risk: Management disclosed substantial doubt about the company’s ability to continue as a going concern within 12 months without new financing .
• Heavy royalty burden: Fair‑value royalties payable increased materially in 2025; though Q3 saw a positive revaluation, cumulative obligations remain large (LockeT royalty payable $11.317M at Q3) .
• Continued operating losses: Operating loss was $(3.021)M in Q3 and $(4.686)M in Q2 reflecting early‑stage scale and investment, with EBIT margins deeply negative .

Financial Results

Notes:

• Q1 gross profit and EBITDA derived from six‑month Q2 10‑Q figures minus Q2 quarter results (see citations).
• No Street estimates available (S&P Global data unavailable).

Geographic Revenue Breakdown

KPIs

Guidance Changes

Earnings Call Themes & Trends

(No Q3 call transcript available; themes reflect Q1–Q3 releases/10‑Qs.)

Management Commentary

• “We believe that we are poised for a pivotal period of growth over the coming year. We project a major expansion of both our approved product lines across the US and international markets… VIVO represents a transformative approach to treating ventricular arrhythmias” – CEO David Jenkins (Q3 press) .
• “We are extremely excited… increasing sales, strong clinical data, and execution of strategic transactions… CE Mark for LockeT in Europe” – CEO (Q2 press) .
• “We continue to be optimistic about the growth of the product pipeline… new sales team… 9–12 months to see clinical acceptance” – CEO (Q1 press) .

Q&A Highlights

No Q3 earnings call transcript was available; no Q&A themes or guidance clarifications could be assessed (no transcript found).

Estimates Context

• Wall Street consensus (S&P Global) for Q3 2025 EPS and Revenue was unavailable for VTAK; therefore, results cannot be compared to Street expectations (S&P Global data unavailable).

Key Takeaways for Investors

• Traction inflecting internationally: CE Mark/UK approval catalyzed early reorder behavior and first France orders; watch EU/UK distributor ramp and reorder velocity as leading indicators .
• High gross margins (~92–93%) on a small revenue base suggest product economics are favorable; scale is key to narrowing operating losses over the next 12 months .
• Liquidity is the gating factor: management disclosed substantial doubt about going concern absent financing; monitor ATM/PIPE usage, cash burn, and royalty cash obligations .
• Royalty structure is material: sizable fair‑value royalties payable tied to LockeT and inventor agreements represent ongoing economic headwinds despite Q3 revaluation benefit .
• Clinical/commercial catalysts: additional VIVO/LockeT studies and EU launches can drive adoption; track publications, new accounts, and geography expansion (France, South Africa, broader EU) .
• No numeric guidance and no call transcript: trading may react to incremental commercialization updates and financing newsflow rather than formal targets .
• Strategy optionality (subsidiaries/IP): Cardionomix (CPNS) and KardioNav initiatives add medium‑term optionality but will require funding; near‑term P&L remains driven by VIVO/LockeT .

Sources: 
Q3 2025 8-K press release and Item 2.02 **[1716621_0001437749-25-035245_ex_888552.htm:0]** **[1716621_0001437749-25-035245_vtak20251113_8k.htm:1]**; Q3 2025 10-Q financial statements, going-concern, cash, royalties **[1716621_0001437749-25-034841_vtak20250930_10q.htm:2]** **[1716621_0001437749-25-034841_vtak20250930_10q.htm:6]** **[1716621_0001437749-25-034841_vtak20250930_10q.htm:9]** **[1716621_0001437749-25-034841_vtak20250930_10q.htm:13]** **[1716621_0001437749-25-034841_vtak20250930_10q.htm:15]** **[1716621_0001437749-25-034841_vtak20250930_10q.htm:26]** **[1716621_0001437749-25-034841_vtak20250930_10q.htm:31]**; Q2 2025 8-K press release **[1716621_0001437749-25-025935_ex_850801.htm:0]** **[1716621_0001437749-25-025935_ex_850801.htm:4]**; Q2 2025 10-Q financial statements and disaggregation **[1716621_0001437749-25-025933_vtak20250630_10q.htm:2]** **[1716621_0001437749-25-025933_vtak20250630_10q.htm:5]** **[1716621_0001437749-25-025933_vtak20250630_10q.htm:21]** **[1716621_0001437749-25-025933_vtak20250630_10q.htm:27]**; UK approval press release (Aug 18, 2025) **[1716621_0001437749-25-027270_ex_854595.htm:0]**; Q1 2025 8-K press release **[1716621_0001437749-25-017616_ex_820221.htm:1]** **[1716621_0001437749-25-017616_ex_820221.htm:3]**.