In This Story
Catheter Precision, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $96,000 from $133,000 in the same quarter the previous year. The decrease is attributed to lower product sales of the VIVO System, partially offset by the first sales of the LockeT product.
Cost of revenues for the quarter was $10,000, compared to $6,000 in the same quarter of the previous year. The increase is due to order fulfillment charges for the LockeT product.
Selling, general, and administrative expenses increased slightly to $2,882,000 from $2,745,000, primarily due to increased salaries and benefits associated with the hiring of additional sales personnel and a Chief Commercial Officer.
Research and development expenses decreased to $63,000 from $112,000, reflecting reduced regulatory and product development costs.
The company reported a net loss of $4,120,000 for the quarter, compared to a net loss of $1,927,000 in the previous year.
Cash used in operating activities was $6,407,000 for the nine months ended September 30, 2024, compared to $18,730,000 in the same period of the previous year.
Catheter Precision had cash and cash equivalents of $1,268,000 as of September 30, 2024. The company acknowledges the need for additional funding to continue operations and meet future obligations.
The filing also details the completion of a public offering in September 2024, raising net proceeds of approximately $2.6 million.
Catheter Precision continues to focus on the commercialization of its VIVO and LockeT products, with plans to expand its sales force and market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Catheter Precision Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.