$VTAK
Catheter Precision, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020025200 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.374M $1.748M
YoY Change -21.4% 80.39%
Cost Of Revenue $1.584M $1.942M
YoY Change -18.43% 163.86%
Gross Profit -$210.0K -$194.0K
YoY Change 8.25% -183.26%
Gross Profit Margin -15.28% -11.1%
Selling, General & Admin $6.285M $13.23M
YoY Change -52.49% 401.29%
% of Gross Profit
Research & Development $1.295M $1.531M
YoY Change -15.41% 435.31%
% of Gross Profit
Depreciation & Amortization $500.0K $303.0K
YoY Change 65.02% 215.63%
% of Gross Profit
Operating Expenses $7.580M $14.76M
YoY Change -48.64% 404.62%
Operating Profit -$7.790M -$14.95M
YoY Change -47.91% 455.5%
Interest Expense $25.00K $48.00K
YoY Change -47.92% 4700.0%
% of Operating Profit
Other Income/Expense, Net $89.00K $280.0K
YoY Change -68.21% -28100.0%
Pretax Income -$7.701M -$14.67M
YoY Change -47.52% 444.89%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.701M -$14.67M
YoY Change -47.52% 444.89%
Net Earnings / Revenue -560.48% -839.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$13.98M -$1.156M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.44M $55.13M
YoY Change -57.48%
Cash & Equivalents $18.44M $55.13M
Short-Term Investments $5.003M
Other Short-Term Assets $1.792M $1.815M
YoY Change -1.27%
Inventory $2.773M $2.217M
Prepaid Expenses
Receivables $684.0K $1.292M
Other Receivables $0.00 $0.00
Total Short-Term Assets $28.69M $60.45M
YoY Change -52.54%
LONG-TERM ASSETS
Property, Plant & Equipment $7.436M $8.614M
YoY Change -13.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $175.0K $213.0K
YoY Change -17.84%
Total Long-Term Assets $7.611M $8.827M
YoY Change -13.78%
TOTAL ASSETS
Total Short-Term Assets $28.69M $60.45M
Total Long-Term Assets $7.611M $8.827M
Total Assets $36.30M $69.28M
YoY Change -47.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.356M $1.411M
YoY Change -3.9%
Accrued Expenses $2.409M $1.353M
YoY Change 78.05%
Deferred Revenue $1.964M $1.954M
YoY Change 0.51%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $293.0K $367.0K
YoY Change -20.16%
Total Short-Term Liabilities $6.022M $5.085M
YoY Change 18.43%
LONG-TERM LIABILITIES
Long-Term Debt $189.0K $594.0K
YoY Change -68.18%
Other Long-Term Liabilities $3.615M $3.804M
YoY Change -4.97%
Total Long-Term Liabilities $3.804M $4.398M
YoY Change -13.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.022M $5.085M
Total Long-Term Liabilities $3.804M $4.398M
Total Liabilities $9.826M $9.483M
YoY Change 3.62%
SHAREHOLDERS EQUITY
Retained Earnings -$74.87M
YoY Change
Common Stock $134.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.47M $59.80M
YoY Change
Total Liabilities & Shareholders Equity $36.30M $69.28M
YoY Change -47.6%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$7.701M -$14.67M
YoY Change -47.52% 444.89%
Depreciation, Depletion And Amortization $500.0K $303.0K
YoY Change 65.02% 215.63%
Cash From Operating Activities -$7.043M -$8.944M
YoY Change -21.25% 268.82%
INVESTING ACTIVITIES
Capital Expenditures $28.00K $165.0K
YoY Change -83.03% 37.5%
Acquisitions
YoY Change
Other Investing Activities $11.00M
YoY Change
Cash From Investing Activities $10.97M -$165.0K
YoY Change -6749.7% 37.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -76.00K -77.00K
YoY Change -1.3% -105.54%
NET CHANGE
Cash From Operating Activities -7.043M -8.944M
Cash From Investing Activities 10.97M -165.0K
Cash From Financing Activities -76.00K -77.00K
Net Change In Cash 3.853M -9.186M
YoY Change -141.94% 696.01%
FREE CASH FLOW
Cash From Operating Activities -$7.043M -$8.944M
Capital Expenditures $28.00K $165.0K
Free Cash Flow -$7.071M -$9.109M
YoY Change -22.37% 257.92%

Facts In Submission

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CY2020Q1 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Use of estimates<font style="font-weight:normal;font-style:normal;">&#8212;The </font><font style="color:#000000;font-weight:normal;font-style:normal;">financial statements of the Company have been prepared by management in accordance with accounting principles generally accepted in the United States of America. </font><font style="font-weight:normal;font-style:normal;">The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and reported disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The Company&#8217;s financial statements are based upon a number of estimates, including but not limited to, allowance for doubtful accounts, reserves for warranty costs including product recalls, evaluation of probable loss contingencies, fair value of stock option awards granted and revenue recognition for multiple performance obligations.</font></p>
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CY2020Q1 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) the Company’s explanations regarding its 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) the Company failed to timely make at least two Medical Device Reports, or MDRs, to the FDA; (iv) the Company, 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) the Company 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 the Company obtained for the DABRA system is not for atherectomy, the Company’s salespeople were instructed to characterize DABRA as performing atherectomy and to encourage doctors to seek reimbursement using atherectomy codes, (vii) the Company’s determinations to direct potentially valuable benefits and opportunities to doctors were informed in part by sales prospects, and (viii) the Company 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.
CY2020Q1 rmed Payments That Lack Documentation Of Sufficent Detail
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300000
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CY2020Q1 us-gaap Number Of Operating Segments
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Revenues
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CY2019Q1 us-gaap Revenues
Revenues
1748000
CY2020Q1 us-gaap Cost Of Revenue
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CY2019Q1 us-gaap Cost Of Revenue
CostOfRevenue
1942000

Files In Submission

Name View Source Status
0001564590-20-025200-index-headers.html Edgar Link pending
0001564590-20-025200-index.html Edgar Link pending
0001564590-20-025200.txt Edgar Link pending
0001564590-20-025200-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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