Catheter Precision, Inc. reported significant financial changes in its 10-Q filing for the quarter ended September 30, 2024. The company experienced a decline in revenue, with total revenue for the three months amounting to $96,000, down from $133,000 in the same period of 2023. For the nine months ended September 30, 2024, revenue was $271,000, compared to $314,000 in the prior year. The decrease in revenue was primarily attributed to lower product sales of the VIVO System, although sales from the newly launched LockeT device partially offset this decline.

Gross profit for the three months ended September 30, 2024, was $86,000, down from $127,000 in the previous year. Operating expenses increased slightly to $2,945,000 from $2,857,000 year-over-year. The company reported an operating loss of $(2,859,000) for the three months, compared to $(2,730,000) in the same quarter of 2023. For the nine-month period, the operating loss was $(8,192,000), a significant reduction from $(75,522,000) in the prior year, reflecting improved operational efficiency post-merger.

Net loss for the three months ended September 30, 2024, was $(4,120,000), compared to $(1,927,000) in the same period of 2023. The nine-month net loss was $(11,015,000), a substantial decrease from $(69,903,000) in the previous year. The net loss per share for the three months was $(2.01), an improvement from $(2.83) in 2023.

The company’s total assets decreased to $26,745,000 as of September 30, 2024, from $30,736,000 at the end of 2023. Total liabilities increased to $13,919,000 from $9,543,000, while total stockholders' equity fell to $12,826,000 from $21,193,000. Cash and cash equivalents also declined significantly, from $3,565,000 at the end of 2023 to $1,268,000.

Strategically, Catheter Precision has shifted its focus to cardiac electrophysiology technologies following its merger with Old Catheter in January 2023. The company has launched new products, including the VIVO System and LockeT, and has begun clinical studies to demonstrate their effectiveness. Additionally, a public offering in September 2024 raised approximately $3.6 million in gross proceeds, which will support ongoing operations and product development.

Management has expressed concerns regarding the company's ability to continue as a going concern, citing the need for additional capital to fund operations. The company plans to explore various financing options to address its liquidity challenges.