Catheter Precision, Inc. reported a revenue of $420,000 for the fiscal year ending December 31, 2024, a decrease of approximately 5% from $442,000 in the previous year. The decline in revenue was primarily attributed to lower sales of the VIVO System, which fell from $442,000 in 2023 to $228,000 in 2024. This decrease was partially offset by the introduction of the LockeT device, which generated $191,000 in sales during its first year of commercial activity. The company continues to operate at a loss, with a net loss of $21.8 million for 2024, compared to a net loss of $71.4 million in 2023, reflecting a significant reduction in losses year-over-year.
The company underwent a strategic shift following its merger with Old Catheter in January 2023, discontinuing its legacy DABRA product line to focus on cardiac electrophysiology technologies. This merger has allowed Catheter Precision to concentrate on its two primary products: the VIVO System and the LockeT device. The VIVO System, which offers 3D cardiac mapping, has been utilized in over 1,000 procedures across the U.S. and Europe. The LockeT device, a suture retention product, received FDA registration in February 2023 and is expected to gain CE Mark approval in the first half of 2025.
Operationally, Catheter Precision has made significant changes to its sales team, hiring a new Chief Commercial Officer and expanding its sales force to enhance market penetration. The company reported that approximately 34% of its sales in 2024 were derived from international customers, indicating a growing global presence. However, the company remains heavily reliant on a small number of customers, with two clients accounting for 53% of VIVO System sales in 2023. The company is also facing challenges in achieving profitability, as it continues to invest in product development and commercialization efforts.
Looking ahead, Catheter Precision has expressed concerns regarding its financial sustainability, with management indicating that the current cash reserves of approximately $787,000 as of March 14, 2025, are insufficient to meet operational needs through the remainder of the year. The company anticipates the need for additional financing within the next three to six months to support its ongoing operations and strategic initiatives. The filing also highlighted the potential impact of economic conditions, regulatory changes, and competition on the company's future performance, emphasizing the importance of securing adequate funding to continue its growth trajectory.
About Catheter Precision, Inc.
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