$VTAK
Catheter Precision, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019044816 Filed on November 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $1.908M $1.988M $2.064M
YoY Change -7.56% 59.88%
Cost Of Revenue $2.425M $1.200M $1.280M
YoY Change 89.45% 84.7%
Gross Profit -$517.0K $788.0K $784.0K
YoY Change -165.94% 31.1%
Gross Profit Margin -27.1% 39.64% 37.98%
Selling, General & Admin $15.89M $14.81M $5.366M
YoY Change 196.11% 181.83%
% of Gross Profit 1879.95% 684.44%
Research & Development $1.182M $1.244M $224.0K
YoY Change 427.68% -45.76%
% of Gross Profit 157.87% 28.57%
Depreciation & Amortization $400.0K $236.0K $200.0K
YoY Change 100.0% 237.14% 100.0%
% of Gross Profit 29.95% 25.51%
Operating Expenses $17.07M $16.06M $5.590M
YoY Change 205.38% 141.26%
Operating Profit -$17.59M -$15.27M -$4.806M
YoY Change 265.96% 179.58%
Interest Expense $72.00K $340.0K $1.000K
YoY Change 7100.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $173.0K -$1.000K
YoY Change -17400.0%
Pretax Income -$17.42M -$14.93M -$4.807M
YoY Change 262.28% 179.48%
Income Tax $3.000K $7.000K $0.00
% Of Pretax Income
Net Earnings -$17.42M -$14.94M -$4.807M
YoY Change 262.35%
Net Earnings / Revenue -912.89% -751.36% -232.9%
Basic Earnings Per Share
Diluted Earnings Per Share -$32.57M -$1.178M -$585.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.48M $64.32M $4.915M
YoY Change 723.52%
Cash & Equivalents $14.51M $64.32M $4.915M
Short-Term Investments $25.96M $0.00 $0.00
Other Short-Term Assets $1.108M $1.501M $237.0K
YoY Change 367.51%
Inventory $2.572M $2.097M $1.281M
Prepaid Expenses
Receivables $1.296M $1.320M $1.346M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $45.45M $69.23M $7.779M
YoY Change 484.29% 589.43%
LONG-TERM ASSETS
Property, Plant & Equipment $8.337M $4.757M $2.809M
YoY Change 196.8% 310.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $213.0K $45.00K $3.601M
YoY Change -94.08% -33.82%
Total Long-Term Assets $8.550M $4.802M $6.410M
YoY Change 33.39% 291.36%
TOTAL ASSETS
Total Short-Term Assets $45.45M $69.23M $7.779M
Total Long-Term Assets $8.550M $4.802M $6.410M
Total Assets $54.00M $74.04M $14.19M
YoY Change 280.59% 556.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.004M $1.125M $3.340M
YoY Change -69.94% 164.08%
Accrued Expenses $4.695M $2.809M $1.640M
YoY Change 186.28% 766.98%
Deferred Revenue $1.917M $1.723M
YoY Change 0.53%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $366.0K $293.0K $30.00K
YoY Change 1120.0%
Total Short-Term Liabilities $7.982M $5.950M $6.833M
YoY Change 16.82% 125.98%
LONG-TERM LIABILITIES
Long-Term Debt $417.0K $557.0K $0.00
YoY Change
Other Long-Term Liabilities $3.862M $56.00K $107.0K
YoY Change 3509.35% -30.86%
Total Long-Term Liabilities $4.279M $56.00K $107.0K
YoY Change 3899.07% -30.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.982M $5.950M $6.833M
Total Long-Term Liabilities $4.279M $56.00K $107.0K
Total Liabilities $12.26M $7.330M $7.708M
YoY Change 59.07% -61.18%
SHAREHOLDERS EQUITY
Retained Earnings -$107.4M -$60.22M -$45.28M
YoY Change 137.2% 104.91%
Common Stock $149.1M $126.9M $51.77M
YoY Change 188.07% 482.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.74M $66.73M $6.481M
YoY Change
Total Liabilities & Shareholders Equity $54.00M $74.04M $14.19M
YoY Change 280.59% 556.98%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$17.42M -$14.94M -$4.807M
YoY Change 262.35%
Depreciation, Depletion And Amortization $400.0K $236.0K $200.0K
YoY Change 100.0% 237.14% 100.0%
Cash From Operating Activities -$7.854M -$8.399M -$4.139M
YoY Change 89.76% 459.93% 231.12%
INVESTING ACTIVITIES
Capital Expenditures -$24.00K -$158.0K -$174.0K
YoY Change -86.21% -41.48% 335.0%
Acquisitions
YoY Change
Other Investing Activities $10.70M $0.00 $0.00
YoY Change
Cash From Investing Activities $10.67M -$158.0K -$174.0K
YoY Change -6233.91% -41.48% 335.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -94.00K 67.96M -539.0K
YoY Change -82.56% 650.91% -141.15%
NET CHANGE
Cash From Operating Activities -7.854M -8.399M -4.139M
Cash From Investing Activities 10.67M -158.0K -174.0K
Cash From Financing Activities -94.00K 67.96M -539.0K
Net Change In Cash 2.725M 59.40M -4.852M
YoY Change -156.16% 715.93% -24360.0%
FREE CASH FLOW
Cash From Operating Activities -$7.854M -$8.399M -$4.139M
Capital Expenditures -$24.00K -$158.0K -$174.0K
Free Cash Flow -$7.830M -$8.241M -$3.965M
YoY Change 97.48% 570.0% 227.69%

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CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6857000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1453000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20726000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6320000
CY2019Q3 rmed Accrued Services Current
AccruedServicesCurrent
3308000
CY2018Q4 rmed Accrued Services Current
AccruedServicesCurrent
963000
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
87000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
850000
CY2018 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
287000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
506000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
13000
CY2019Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
25964000
CY2019Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2336000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1333000
CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
68000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
88000
us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2018Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
300000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
125000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
514000
CY2018Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2018Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000
CY2018Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2800000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1600000
CY2019Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
400000
CY2019Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
400000
CY2019Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
200000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
500000
CY2019Q1 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Cumulative Effect Of Change On Equity Or Net Assets1
NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1
21000
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
25926000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
51000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
528000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
432000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
445000
CY2019Q3 rmed Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
459000
CY2019Q3 rmed Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
1459000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3962000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
952000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3010000
CY2018 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
262000
CY2019Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
100000
CY2018Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
30000
us-gaap Product Warranty Expense
ProductWarrantyExpense
900000
rmed Operating Lease Number Of Leases
OperatingLeaseNumberOfLeases
2
CY2019Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
168000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
676000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7641000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6070000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2223000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1313000
CY2019Q3 us-gaap Depreciation
Depreciation
400000
CY2018Q3 us-gaap Depreciation
Depreciation
200000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
622000
rmed Audit Committee Findings Description
AuditCommitteeFindingsDescription
The primary investigative findings were: (i) the DABRA catheter frequently failed to calibrate and occasionally overheated, posing a risk of injury to physicians and patients; (ii) our explanations regarding our fourth quarter 2018 and first quarter 2019 sales created a risk of confusion because they did not explicitly reference inconsistent DABRA catheter performance and catheter failures; (iii) we failed to timely make at least two Medical Device Reports, or MDRs, to the FDA; (iv) we, out of a concern for the DABRA catheters’ performance, engaged in systematic efforts to replace product held by customers, which constituted product recalls, but were not documented as such, (v) we lack documentation of sufficient detail and specificity to support certain payments to physicians, ostensibly for training and consulting services, and as to three physicians did not accurately reflect the purpose and nature of approximately $300,000 of payments, which could be perceived as an improper attempt to obtain business or to gain special advantage, (vi) while the indication for use in the 510(k) clearance we obtained for the DABRA system is not for atherectomy, our salespeople were instructed to characterize DABRA as performing atherectomy and to encourage doctors to seek reimbursement using atherectomy codes, (vii) our determinations to direct potentially valuable benefits and opportunities to doctors were informed in part by sales prospects, and (viii) we received complaints regarding regulatory or compliance concerns that, because they implicated executive officers, should have been brought to the attention of the Board or the Audit Committee, but were not.
rmed Payments That Lack Documentation Of Sufficent Detail
PaymentsThatLackDocumentationOfSufficentDetail
300000000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q3 us-gaap Revenues
Revenues
1908000
CY2018Q3 us-gaap Revenues
Revenues
2064000
us-gaap Revenues
Revenues
5809000
us-gaap Revenues
Revenues
4269000
CY2019Q3 us-gaap Cost Of Revenue
CostOfRevenue
2425000
CY2018Q3 us-gaap Cost Of Revenue
CostOfRevenue
1280000
us-gaap Cost Of Revenue
CostOfRevenue
7100000
us-gaap Cost Of Revenue
CostOfRevenue
3006000

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