Catheter Precision, Inc. VTAK
The registrant (together with our consolidated operating subsidiary, the "Company" or "Catheter") was incorporated under the name "Ra Medical Systems, Inc." as a Delaware corporation in July 2018. A predecessor had been incorporated in California in September of 2002, but was reincorporated in 2018 in connection with our initial public offering. The Company was initially formed to develop, commercialize and market an excimer laser-based platform for use in the treatment of vascular and dermatological immune-mediated inflammatory diseases, including the DABRA product line.
On January 9, 2023, the Company merged with Catheter Precision, Inc., or "Old Catheter", a privately-held Delaware corporation (the "Merger"), and the business of Old Catheter became a wholly owned subsidiary of the Company, which today is our only operating subsidiary. Following the Merger, we discontinued the Company's legacy lines of business and the use of any of its DABRA-related assets. For further information about these historical lines of business, see "Item 1. Business" of the Company's Form 10-K for the fiscal year ended December 31, 2021. Since the Merger, we have shifted the focus of our operations to Old Catheter's product lines. Accordingly, our current activities primarily relate to Old Catheter's historical business which comprises the design, manufacture and sale of new and innovative medical technologies focused in the field of cardiac electrophysiology, or "EP."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $819.0K | $420.0K | $442.0K | $14.0K | $22.0K | $259.0K | $7.2M | $6.3M | $5.9M | — |
| Cost of revenue | $63.0K | $42.0K | $30.0K | $161.0K | $1.6M | $2.2M | $8.8M | $4.2M | $4.2M | — |
| Gross profit | $756.0K | $378.0K | $412.0K | -$147.0K | -$1.5M | -$1.9M | -$1.7M | $2.1M | $1.7M | — |
| R&D | — | $272.0K | $475.0K | $6.4M | $12.3M | $9.0M | $4.5M | $2.8M | $4.5M | — |
| SG&A | $12.1M | $11.3M | $17.1M | $16.2M | $15.5M | $24.5M | $51.5M | $30.4M | $14.9M | — |
| Total operating expenses | $21.9M | $11.6M | $78.5M | $26.8M | $27.7M | $33.5M | $56.1M | $33.2M | $19.5M | — |
| Operating income | -$21.1M | -$11.2M | -$78.1M | -$27.0M | -$29.3M | -$35.4M | -$57.7M | -$31.2M | -$17.8M | — |
| Interest expense | — | — | — | — | — | $108.0K | $250.0K | $14.0K | $4.0K | — |
| Pre-tax income | -$19.5M | -$13.5M | -$70.6M | -$26.9M | -$27.3M | -$35.3M | -$56.9M | -$30.8M | -$17.8M | — |
| Income tax | $1.8M | $3.1M | $0 | $3.0K | $4.0K | $7.0K | $15.0K | $10.0K | $1.0K | — |
| Net income | -$17.2M | -$16.6M | -$70.6M | -$26.9M | -$25.1M | -$36.0M | -$57.0M | -$30.8M | -$17.8M | — |
| EPS, basic | -15.90 | -126.91 | -129.88 | -25.98 | -248.22 | — | — | — | — | — |
| EPS, diluted | — | — | — | -25.98 | -248.22 | -21.22 | -108.28 | -3.34 | -2.35 | — |
| Shares, diluted (wtd. avg.) | 1.1M | 171,774 | 549,507 | 1.0M | 101,000 | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $88.0K | $2.9M | $3.6M | $15.9M | $15.0M | $23.9M | $14.6M | $64.3M | $8.2M | $3.9M |
| Receivables | $155.0K | $70.0K | $137.0K | $0 | $21.0K | $24.0K | $786.0K | $1.3M | $517.0K | — |
| Inventory | $86.0K | $33.0K | $44.0K | $0 | $986.0K | $877.0K | $2.8M | $2.1M | $1.2M | — |
| Total current assets | $390.0K | $3.3M | $4.2M | $16.8M | $17.1M | $27.6M | $36.0M | $69.2M | $10.0M | — |
| Property, plant and equipment | $64.0K | $91.0K | $70.0K | $0 | $1.8M | $2.5M | $5.0M | $4.8M | $1.2M | — |
| Goodwill | — | — | $0 | $0 | — | — | — | — | — | — |
| Other intangibles | $15.2M | $24.3M | $26.3M | $0 | — | — | — | — | — | — |
| Total assets | $15.9M | $27.8M | $30.7M | $16.8M | $21.0M | $33.4M | $44.1M | $74.0M | $11.3M | — |
| Accounts payable | $1.5M | $230.0K | $464.0K | $92.0K | $988.0K | $471.0K | $1.5M | $1.1M | $426.0K | — |
| Total current liabilities | $3.9M | $2.2M | $2.5M | $7.6M | $5.4M | $7.8M | $6.8M | $6.0M | $2.6M | — |
| Long-term debt | $3.1M | — | — | — | — | — | $558.0K | $850.0K | — | — |
| Total liabilities | $9.2M | $16.0M | $9.5M | $7.6M | $7.4M | $12.3M | $10.9M | $7.3M | $18.9M | — |
| Retained earnings | -$309.5M | -$292.4M | -$275.7M | -$205.1M | -$178.3M | -$153.2M | -$117.2M | -$60.2M | -$29.4M | — |
| Total equity | $7.1M | $11.8M | $21.2M | $9.3M | $13.7M | $21.1M | $33.1M | $66.7M | -$7.6M | -$380.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.3M | -$9.3M | -$20.6M | -$22.6M | -$27.6M | -$28.3M | -$33.2M | -$18.5M | -$5.5M | — |
| Depreciation and amortisation | $2.1M | $2.1M | $2.1M | $179.0K | $1.0M | $1.6M | $1.4M | $624.0K | $218.0K | — |
| Stock-based compensation | $338.0K | $54.0K | $1.2M | $447.0K | $2.2M | $4.1M | $23.5M | $14.7M | $12.7M | — |
| Capital expenditure | $17.0K | $67.0K | $76.0K | $17.0K | $265.0K | $67.0K | $268.0K | $582.0K | $547.0K | — |
| Investing cash flow | $167.0K | -$67.0K | -$61.0K | $21.0K | $3.8M | $15.9M | -$16.0M | -$582.0K | -$547.0K | — |
| Financing cash flow | $5.3M | $8.6M | $8.4M | $23.4M | $15.0M | $21.7M | -$526.0K | $75.2M | $10.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-014220.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $5.9M | $6.3M | $7.2M | $259.0K | $22.0K | $14.0K | $442.0K | $420.0K | $819.0K |
| Gross profit | — | $1.7M | $2.1M | -$1.7M | -$1.9M | -$1.5M | -$147.0K | $412.0K | $378.0K | $756.0K |
| Net income | — | -$17.8M | -$30.8M | -$57.0M | -$36.0M | -$25.1M | -$26.9M | -$70.6M | -$16.6M | -$17.2M |
Recent filings and events
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Unregistered share sale Item 3.02
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed Item 5.03
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Unregistered share sale Item 3.02
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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