Catheter Precision, Inc. announced its financial results and operational update for the first quarter ended March 31, 2025, on May 14, 2025. The company reported total revenues of $143 thousand for Q1 2025, an increase from $82 thousand in the prior year period.
Revenue growth was driven by initial commercial sales of the LockeT device, which generated $128 thousand in Q1 2025, compared to zero in Q1 2024. However, VIVO System product sales declined to $15 thousand from $82 thousand in Q1 2024, attributed to reduced sales efforts in the European Union.
Operating expenses remained substantial, with selling, general, and administrative (SG&A) expenses rising by approximately $0.8 million to $3.49 million. Research and development (R&D) expenses increased by $0.1 million to $103 thousand, and $119 thousand was recognized for acquired in-process research and development.
The company reported a significant operating loss of $3.58 million for Q1 2025, compared to $2.62 million in Q1 2024. After other expenses, including a $1.16 million loss from the fair value of royalties payable, the net loss for Q1 2025 was $4.05 million, compared to $2.68 million in Q1 2024.
From a cash flow perspective, Catheter Precision used $2.3 million in cash for operating activities during the first three months of 2025. The cash and cash equivalents balance stood at $0.5 million as of March 31, 2025, and the accumulated deficit reached $296.4 million.
Management concluded that there is substantial doubt about the company's ability to continue as a going concern within 12 months from the date of the financial statements' issuance. This is due to recurring net losses and negative cash flows, necessitating additional financing in the near term.
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