$VTAK
Catheter Precision, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020053939 Filed on November 16, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q1 2019 Q3
Revenue $914.0K $1.374M $1.908M
YoY Change -52.1% -21.4% -7.56%
Cost Of Revenue $1.418M $1.584M $2.425M
YoY Change -41.53% -18.43% 89.45%
Gross Profit -$500.0K -$210.0K -$517.0K
YoY Change -3.29% 8.25% -165.94%
Gross Profit Margin -54.7% -15.28% -27.1%
Selling, General & Admin $4.695M $6.285M $15.89M
YoY Change -70.45% -52.49% 196.11%
% of Gross Profit
Research & Development $2.312M $1.295M $1.182M
YoY Change 95.6% -15.41% 427.68%
% of Gross Profit
Depreciation & Amortization $400.0K $500.0K $400.0K
YoY Change 0.0% 65.02% 100.0%
% of Gross Profit
Operating Expenses $7.007M $7.580M $17.07M
YoY Change -58.95% -48.64% 205.38%
Operating Profit -$7.507M -$7.790M -$17.59M
YoY Change -57.32% -47.91% 265.96%
Interest Expense $14.00K $25.00K $72.00K
YoY Change -80.56% -47.92% 7100.0%
% of Operating Profit
Other Income/Expense, Net -$10.00K $89.00K $173.0K
YoY Change -105.78% -68.21% -17400.0%
Pretax Income -$7.779M -$7.701M -$17.42M
YoY Change -55.33% -47.52% 262.28%
Income Tax $0.00 $0.00 $3.000K
% Of Pretax Income
Net Earnings -$7.779M -$7.701M -$17.42M
YoY Change -55.34% -47.52% 262.35%
Net Earnings / Revenue -851.09% -560.48% -912.89%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.260M -$13.98M -$32.57M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q1 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.65M $23.44M $40.48M
YoY Change -16.87% -57.48% 723.52%
Cash & Equivalents $33.65M $18.44M $14.51M
Short-Term Investments $5.003M $25.96M
Other Short-Term Assets $466.0K $1.792M $1.108M
YoY Change -57.94% -1.27% 367.51%
Inventory $2.592M $2.773M $2.572M
Prepaid Expenses
Receivables $475.0K $684.0K $1.296M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $37.18M $28.69M $45.45M
YoY Change -18.2% -52.54% 484.29%
LONG-TERM ASSETS
Property, Plant & Equipment $6.155M $7.436M $8.337M
YoY Change -26.17% -13.68% 196.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $120.0K $175.0K $213.0K
YoY Change -43.66% -17.84% -94.08%
Total Long-Term Assets $6.275M $7.611M $8.550M
YoY Change -26.61% -13.78% 33.39%
TOTAL ASSETS
Total Short-Term Assets $37.18M $28.69M $45.45M
Total Long-Term Assets $6.275M $7.611M $8.550M
Total Assets $43.45M $36.30M $54.00M
YoY Change -19.53% -47.6% 280.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $899.0K $1.356M $1.004M
YoY Change -10.46% -3.9% -69.94%
Accrued Expenses $4.937M $2.409M $4.695M
YoY Change 5.15% 78.05% 186.28%
Deferred Revenue $1.964M $1.917M
YoY Change 0.51%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $474.0K $293.0K $366.0K
YoY Change 29.51% -20.16% 1120.0%
Total Short-Term Liabilities $8.039M $6.022M $7.982M
YoY Change 0.71% 18.43% 16.82%
LONG-TERM LIABILITIES
Long-Term Debt $1.866M $189.0K $417.0K
YoY Change 347.48% -68.18%
Other Long-Term Liabilities $3.011M $3.615M $3.862M
YoY Change -22.04% -4.97% 3509.35%
Total Long-Term Liabilities $4.877M $3.804M $4.279M
YoY Change 13.98% -13.51% 3899.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.039M $6.022M $7.982M
Total Long-Term Liabilities $4.877M $3.804M $4.279M
Total Liabilities $12.92M $9.826M $12.26M
YoY Change 5.34% 3.62% 59.07%
SHAREHOLDERS EQUITY
Retained Earnings -$107.4M
YoY Change 137.2%
Common Stock $149.1M
YoY Change 188.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.54M $26.47M $41.74M
YoY Change
Total Liabilities & Shareholders Equity $43.45M $36.30M $54.00M
YoY Change -19.53% -47.6% 280.59%

Cashflow Statement

Concept 2020 Q3 2020 Q1 2019 Q3
OPERATING ACTIVITIES
Net Income -$7.779M -$7.701M -$17.42M
YoY Change -55.34% -47.52% 262.35%
Depreciation, Depletion And Amortization $400.0K $500.0K $400.0K
YoY Change 0.0% 65.02% 100.0%
Cash From Operating Activities -$6.047M -$7.043M -$7.854M
YoY Change -23.01% -21.25% 89.76%
INVESTING ACTIVITIES
Capital Expenditures -$23.00K $28.00K -$24.00K
YoY Change -4.17% -83.03% -86.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 $11.00M $10.70M
YoY Change -100.0%
Cash From Investing Activities -$23.00K $10.97M $10.67M
YoY Change -100.22% -6749.7% -6233.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.34M -76.00K -94.00K
YoY Change -11095.74% -1.3% -82.56%
NET CHANGE
Cash From Operating Activities -6.047M -7.043M -7.854M
Cash From Investing Activities -23.00K 10.97M 10.67M
Cash From Financing Activities 10.34M -76.00K -94.00K
Net Change In Cash 4.266M 3.853M 2.725M
YoY Change 56.55% -141.94% -156.16%
FREE CASH FLOW
Cash From Operating Activities -$6.047M -$7.043M -$7.854M
Capital Expenditures -$23.00K $28.00K -$24.00K
Free Cash Flow -$6.024M -$7.071M -$7.830M
YoY Change -23.07% -22.37% 97.48%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;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 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><font style="font-size:12pt;font-weight:normal;font-style:normal;">&#160;</font></p>
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Depreciation
500000
CY2019Q3 us-gaap Depreciation
Depreciation
400000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
596000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1163000
CY2020Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
227000
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
338000
CY2020Q3 rmed Accrued Services Current
AccruedServicesCurrent
3768000
CY2019Q4 rmed Accrued Services Current
AccruedServicesCurrent
1141000
CY2018Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
112000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
54000
CY2019 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
889000
CY2019 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-28000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
165000
CY2019 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
635000
us-gaap Product Warranty Expense
ProductWarrantyExpense
54000
us-gaap Product Warranty Expense
ProductWarrantyExpense
900000
CY2020Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
15000
CY2019Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
100000
CY2020Q3 rmed Operating Lease Number Of Leases
OperatingLeaseNumberOfLeases
2
CY2020Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y3M
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
us-gaap Operating Lease Payments
OperatingLeasePayments
400000
us-gaap Operating Lease Payments
OperatingLeasePayments
300000
CY2020Q3 rmed Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
100000
CY2019Q3 rmed Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
100000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
129000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
528000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
432000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
445000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
459000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
472000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
987000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3452000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
751000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2701000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0
CY2020Q2 rmed Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
1837667
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
886000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6857000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2793000
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.
CY2019Q4 rmed Payments That Lack Documentation Of Sufficent Detail
PaymentsThatLackDocumentationOfSufficentDetail
300000
CY2020Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
2700000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2020Q3 us-gaap Revenues
Revenues
914000
CY2019Q3 us-gaap Revenues
Revenues
1908000
us-gaap Revenues
Revenues
3188000
us-gaap Revenues
Revenues
5809000
us-gaap Cost Of Revenue
CostOfRevenue
4169000
us-gaap Cost Of Revenue
CostOfRevenue
7100000

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