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Catheter Precision Inc. (VTAK-2.37%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $16.6 million for the year, compared to a net loss of $70.6 million in the previous year. The decrease in net loss is primarily attributed to the absence of a $60.9 million goodwill impairment charge recorded in 2023.
Revenues for 2024 were $420,000, slightly down from $442,000 in 2023. The decrease is primarily due to lower sales of the VIVO System, partially offset by initial sales of the LockeT device.
Operating expenses decreased to $11.6 million from $78.5 million in the previous year, mainly due to the goodwill impairment charge in 2023 and reduced legal and professional fees.
The company reported a cash balance of $2.9 million as of December 31, 2024, down from $3.6 million at the end of 2023. Cash used in operating activities was $9.3 million for the year.
Catheter Precision raised $8.6 million in net cash from financing activities in 2024, including proceeds from equity offerings and related party notes.
The company acknowledges substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows. Management plans to raise additional capital through equity or debt financings.
The filing details various financial activities, including a public offering in September 2024 and a warrant inducement offer in October 2024, which together provided significant capital to support operations.
Catheter Precision's strategic focus remains on the commercialization of its VIVO System and LockeT device, with ongoing efforts to expand market presence and product applications.
The company continues to evaluate potential product acquisitions and development opportunities to enhance its portfolio in the cardiac electrophysiology market.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.