Catheter Precision Reports 76% Revenue Growth but Incurred $4M Net Loss in Latest Quarter

Catheter Precision, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated revenues of $143,000, a substantial increase from $82,000 in the same period last year, marking a growth of approximately 76%. This increase was primarily driven by the introduction of the LockeT device, which accounted for $128,000 in sales, while revenues from the VIVO System decreased to $15,000 from $82,000, attributed to reduced sales efforts and changes in commercial leadership.

Despite the rise in revenue, Catheter Precision recorded a net loss of $4.0 million for the quarter, compared to a loss of $2.7 million in the prior year. The increase in losses was largely due to higher operating expenses, which rose to $3.7 million from $2.7 million, driven by increased salaries and benefits as the company expanded its workforce from 15 to 22 employees. Additionally, the company recognized $119,000 in acquired in-process research and development expenses related to its acquisition of Perikard, LLC, which further impacted profitability.

Operationally, Catheter Precision has made strategic moves to enhance its product offerings and market presence. The company formed a new subsidiary, Cardionomix, in February 2025, aimed at acquiring assets related to cardiac treatments. This subsidiary successfully completed an asset purchase agreement in May 2025, acquiring late-stage treatment assets for acute decompensated heart failure. The company also continues to expand its product portfolio, with the VIVO System and LockeT being central to its strategy in the cardiac electrophysiology market.

As of March 31, 2025, Catheter Precision had cash and cash equivalents of $450,000 and an accumulated deficit of $296.4 million. The company reported cash used in operating activities of $2.3 million for the quarter, reflecting ongoing challenges in achieving positive cash flow. Management has indicated that it expects to continue incurring losses and negative cash flows in the near term, necessitating additional financing to support operations. The company is exploring various funding options, including public and private equity or debt financing, to meet its capital requirements.

Looking ahead, Catheter Precision faces substantial doubt about its ability to continue as a going concern within the next 12 months, as indicated in its filing. The company is actively working to secure additional funding and manage its operating costs while pursuing growth opportunities in the cardiac technology sector. The successful commercialization of its products and strategic acquisitions will be critical to its financial recovery and long-term viability.