FORT MILL, SC / ACCESSWIRE / April 4, 2024 / Catheter Precision, Inc. (NYSE American:VTAK), a leading MedTech company specializing in innovative products for cardiac electrophysiology, including its VIVO and LockeT products, has announced a major expansion in its business development team. The company is bolstering its sales team with experienced industry veterans to drive growth and market penetration.
David Jenkins, Catheter Precision's CEO, commented on the expansion efforts. "This is a group that I have known for almost twenty years. They are top performers from a company which was acquired by a large medical device company a couple years ago. This group led their prior company, with its unique electrophysiology products, to reach over $100 million of sales and then its acquisition for $1.7 billion. I am confident that their efforts will be repeated here at Catheter Precision."
The new expansion of these veteran sales persons includes five hired on and trained in the first quarter, two more slated to start next week, and one more toward the end of April. In addition to these hires, during the first quarter, the company also brought on technical expertise with Madison Spence, most recently from Acutus, and David Pollmeier in Europe, most recently from Galaxy Medical.
"This new group is expected to focus on both product lines, VIVO and LockeT", continued Mr. Jenkins. "Over the last year, we have been primarily working on getting VIVO into key accounts and accumulating clinical data on LockeT. This expansion demonstrates a new effort toward commercialization of both product lines. With a 90% gross margin on both products, we anticipate that the expected increase in revenue will bring about cash flow break even by the end of this calendar year."
Robert Locke, newly hired in the position of Vice President, also commented. "I previously worked with David at EP MedSystems, where we took it from a start up to its acquisition by St. Jude Medical. Those products became well accepted in the market because of the hard-working team put together by David, and those products today are well integrated into the Abbott line of electrophysiology devices. I am excited that we can look forward to the same team effort here at Catheter Precision. I have been on board for just over one month and already I have over ten hospital accounts that either have agreed to order or agreed to try out the new LockeT product. Each of these hospitals performs hundreds of Afib ablations per year. I expect Locket, with its compelling value proposition, to become widely utilized, not just in the US, but worldwide as well, and not just in EP, but in vascular surgery and interventional radiology."
About VIVO
Catheter Precision's VIVO (View Into Ventricular Onset), is a non-invasive 3D imaging system that enables physicians to identify the origin of ventricular arrhythmias pre-procedure, thereby streamlining workflow and reducing procedure time. VIVO has received marketing clearance from the U.S. FDA and has the CE Mark.
About LockeT
Catheter Precision's LockeT is a suture retention device intended to assist in hemostasis after percutaneous venous punctures. LockeT is a Class 1 device registered with the FDA.
About Catheter Precision
Catheter Precision is an innovative U.S.-based medical device company bringing new solutions to market to improve the treatment of cardiac arrhythmias. It is focused on developing groundbreaking technology for electrophysiology procedures by collaborating with physicians and continuously advancing its products. Reincorporated as Ra Medical Systems, Inc. in Delaware in 2018, the Company changed its name to Catheter Precision, Inc. on August 17, 2023.
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements. Forward-looking statements can be identified by words such as "believe," "anticipate," "may," "might," "can," "could," "continue," "depends," "expect," "expand," "forecast," "intend," "predict," "plan," "rely," "should," "will," "may," "seek," or the negative of these terms and other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include, but are not limited to, the following: our belief that we are well positioned to fortify our sales efforts, our expectation that we can demonstrate the utility and cost effectiveness of our products, our belief regarding the growth and opportunities within our field of cardiac electrophysiology, statements regarding our interpretation of our initial clinical trial data for LockeT and regarding the timing of the completion of our second clinical trial for LockeT, and statements regarding our plans to file and prosecute patents throughout the global marketplace. The Company's expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks and changes in circumstances, including but not limited to risks and uncertainties included under the caption "Risk Factors" in the Company's Form 10-K filed with the SEC and available at www.sec.gov. These risks and uncertainties include, but aren't limited to, that we do not have sufficient liquidity to fund our operations through May 2024 unless we are able to obtain additional financing or enter into a strategic transaction that would provide additional liquidity, we will not be able to reach profitability unless we are able to achieve our product expansion and growth goals, our research and development and commercialization efforts may depend on entering into agreements with corporate collaborators, we have entered into joint marketing agreements with respect to our products, and may enter into additional joint marketing agreements, that will reduce our revenues from product sales, royalty agreements with respect to our LockeT device will reduce any future profits from this product, if we experience significant disruptions in our information technology systems, our business may be adversely affected, litigation and other legal proceedings may adversely affect our business, if we make acquisitions or divestitures, we could encounter difficulties that harm our business, failure to attract and retain sufficient qualified personnel could also impede our growth, failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock, we have determined that our internal controls and disclosure controls were not effective as of December 31, 2023, and as a result, without effective remediation of the material weaknesses that we have identified, we may not be able to accurately report our financial results or prevent fraud, our revenues may depend on our customers' receipt of adequate reimbursement from private insurers and government sponsored healthcare programs, we may be unable to compete successfully with companies in our highly competitive industry, many of whom have substantially greater resources than we do, our future operating results depend upon our ability to obtain components in sufficient quantities on commercially reasonable terms or according to schedules, prices, quality and volumes that are acceptable to us, and suppliers may fail to deliver components, or we may be unable to manage these components effectively or obtain these components on such terms, if hospitals, physicians and patients do not accept our current and future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any, our medical device operations are subject to pervasive and continuing FDA regulatory requirements, our products may be subject to additional recalls, revocations or suspensions after receiving FDA or foreign approval or clearance, which could divert managerial and financial resources, harm our reputation, and adversely affect our business, changes in trade policies among the U.S. and other countries, in particular the imposition of new or higher tariffs, could place pressure on our average selling prices as our customers seek to offset the impact of increased tariffs on their own products, increased tariffs or the imposition of other barriers to international trade could have a material adverse effect on our revenues and operating results. The risks and uncertainties described above may be amplified by the COVID-19 pandemic, which has caused significant economic uncertainty, or other pandemics, supply chain disruptions from the Ukraine war or Israeli-Hamas conflict and otherwise, and ongoing volatility in the stock markets and the U.S. economy in general.
The forward-looking statements included in this communication are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
CONTACTS:
At the Company
David Jenkins
973-691-2000
IR@catheterprecision.com
SOURCE: Catheter Precision, Inc
Catheter Precision社(NYSE American:VTAK)は、心臓電気生理学の革新的製品に特化した、主要なMedTech企業の1つである。製品には、VIVOおよびLockeTが含まれ、ビジネス開発チームを大きく拡大すると発表しました。同社は、経験豊富な業界のベテランを起用して、売上増加と市場浸透を促進しています。
Catheter PrecisionのCEOであるDavid Jenkinsは、この拡張について次のようにコメントしています。「私はこのグループとほぼ20年間知り合いです。彼らは、数年前に大手医療機器会社に買収された会社のトップパフォーマーです。このグループは、独自の電気生理学製品を持つ前会社を率い、10億7000万ドルで買収されました。彼らの努力がCatheter Precisionでも繰り返されると確信しています。」
新しいベテラン営業担当の拡張には、最初の四半期に5名が採用・研修され、来週2名が採用予定であり、4月の終わりに1名が採用予定です。これらの採用に加えて、同社は第一四半期中に、最近はAcutusで、テクニカルエキスパートのMadison Spenceと、最近はGalaxy Medicalで、David Pollmeierをヨーロッパで採用しました。
Jenkinsさんは続けて、「このグループは、VIVOとLockeTの両製品に重点を置く予定です。昨年、私たちはVIVOを主要な顧客に提供することと、LockeTの臨床データを蓄積することに主眼を置いていました。この拡大は、両製品の商業化への新しい取り組みを示しています。粗利率が両製品で90%であるため、予想される売上高の増加により、今年のカレンダー末までに現金の収支が均衡すると予想しています。」
新しく副社長に就任したRobert Lockeもコメントしています。「私は以前EP MedSystemsでDavidと一緒に働いていました。そこで私たちは、スタートアップからSt. Jude Medicalに買収されました。その製品は、Davidが集めたチームの努力のために市場で良く受け入れられ、今日、Abbottの電気生理学デバイスのラインにも統合されています。私たちはCatheter Precisionでも同じチーム努力を期待しています。私は1か月以上在籍しており、すでに10以上の病院に、新しいLockeT製品の注文や試用に同意していただいています。これらの病院は、AFibアブレーションを年間何百回も実施しています。Locketは、説得力のある価値提案により、米国だけでなく世界中で広く利用されることが期待されます。EPだけでなく、血管外科や介入放射線学でも利用されます。」
VIVOについて
Catheter PrecisionのVIVO(View Into Ventricular Onset)は、非侵襲性の3Dイメージングシステムであり、医師がVentricular Arrhythmiasの発生源を手術前に特定できるようにし、ワークフローを効率化して手術時間を短縮します。VIVOは、米国FDAからのマーケティングクリアランスを取得しており、CEマークを受けています。
LockeTについては
Catheter PrecisionのLockeTは、経皮的静脈穿刺後の止血を補助するための縫合留置装置です。 LockeTはFDAに登録されたClass 1デバイスです。
カテーテル・プレシジョン社について
Catheter Precisionは、心臓不整脈の治療を改善するための新しい市場ソリューションを提供する革新的な米国の医療機器会社です。同社は、医師と協力して製品を継続的に進化させることで、心臓電気生理学の手順に向けて画期的な技術を開発することに焦点を当てています。同社は2018年に再設立され、2018年8月17日にRa Medical Systems、Inc.に改称し、2023年8月17日にCatheter Precision、Inc.に再改称しました。
将来を見据えた表明に関する注意書き
このコミュニケーションには前向きな声明が含まれています。前向きな声明を特定するには、「信じる」、「予測する」、「予見する」、「計画する」、「リライアンスする」などの単語が使用されます。ただし、すべての前向きな声明にこれらの単語が含まれるわけではありません。これらの前向きな声明は、1995年の私的証券訴訟改革法の安全な港湾規定の下にあるものであり、本プレスリリースに含まれる前向きな声明には、次のものが含まれます。私たちの製品の実用性と費用対効果を証明できるとの信念、心臓電気生理学分野での成長と機会についての見解、LockeTの初期臨床試験データの解釈に関する声明、およびLockeTに関する第二次臨床試験の完了時期に関する声明、および全世界の市場で特許を出願および促進する計画に関する声明を含みます。会社の期待と信念は、実際の結果や結果と異なる場合があります。COVID-19パンデミックを含む状況の変化、米国と他の国々の貿易政策の変化、ウクライナ戦争やイスラエル・ハマスの紛争からのサプライチェーンの混乱などにより、上記のリスクと不確実性が増大する可能性があります。
このコミュニケーションに含まれる前向きな声明は、ここでのみ実施されます。当社は、法律によって要求される限りを除き、これらの前向きな声明を更新することを想定しておらず、意図していません。
連絡先:
会社で
デビッド・ジェンキンス
973-691-2000
IR@catheterprecision.com
ソース:Catheter Precision, Inc