Catheter Precision, Inc. (NYSE American: VTAK) Announces the First use of LockeT Outside of the United States
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The introduction of Catheter Precision's LockeT device into the Qatari market, specifically at Hamad Medical Corporation Heart Hospital, signifies a strategic expansion for the company. This move not only diversifies their market presence geographically but also potentially increases their revenue streams. The Middle Eastern medical device market has been growing and companies that establish early partnerships with leading healthcare providers in the region, like HMC, may secure a significant competitive advantage.
From an industry perspective, the successful use of LockeT outside the United States is a critical step in the global adoption of the product. The feedback from Dr. Hayat emphasizes the product's ease of use and effectiveness in creating hemostasis, which is the process of stopping bleeding. This is crucial in post-procedure care as it could lead to reduced hospital stays and associated costs, suggesting a potential increase in demand for the product.
Considering the feedback from Dr. Hayat on the LockeT device, the product's simplicity and controlled delivery are its USPs (Unique Selling Propositions). In the context of healthcare economics, a device that enables early patient mobilization and discharge can significantly reduce hospital resource utilization and improve patient throughput. This has the potential to resonate well with healthcare providers globally, as there is a strong emphasis on improving operational efficiency and patient outcomes.
Furthermore, the adoption by a reputable institution such as HMC could serve as a testament to the device's efficacy and safety, potentially influencing other healthcare facilities in the region to consider the LockeT device. This peer influence in the medical community is a powerful factor in the diffusion of new medical technologies.
The announcement of LockeT's first use in Qatar could be seen as a positive development for Catheter Precision's financial outlook. The Middle Eastern healthcare market is known for its willingness to invest in innovative medical technologies, which might lead to increased sales volumes for the company. Investors should monitor the adoption rate of LockeT in the region, as it could serve as an indicator of the device's future revenue potential.
Additionally, the market's response to the product's international expansion can impact the company's stock valuation. If the LockeT device continues to receive positive feedback and gains further acceptance in international markets, it could lead to upward revisions in sales forecasts and potentially enhance investor confidence in the company's growth strategy.
FORT MILL, SC / ACCESSWIRE / March 11, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based medical device company focused on electrophysiology products, announced that LockeT was used for the first time outside of the United States at Hamad Medical Corporation Heart Hospital in Doha, Qatar. Hamad Medical Corporation (HMC) is the main provider of secondary and tertiary healthcare in Qatar and one of the leading hospital providers in the Middle East. HMC manages 12 hospitals - nine specialist hospitals and three community hospitals.
After using LockeT, Dr. Sajad Hayat said, "A vascular hemostasis [product] should be simple to use and effective. The LockeT venous hemostasis device combines the simplicity of a figure of 8 suture but with a more controlled delivery and release making it ideal. Importantly, it simplifies post procedure care facilitating early mobilization and discharge."
"Not only were the first cases outside of the United States successful, but the value of the product was immediately observed by the physician," said David Jenkins, CEO of Catheter Precision, Inc. "Dr. Hayat was quick to observe that LockeT is not only simple in design, but simple to use and that it effectively creates hemostasis and provides additional benefits to the patient and hospital staff."
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. 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 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, if our internal controls are not effective, 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. In addition, our auditor's finalization of the accounting for the merger requires complex calculations and the input of outside advisors, and as a result, the final results of these calculations could differ from our current expectations. 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 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
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SOURCE: Catheter Precision, Inc.
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