$VTAK
Catheter Precision, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021026654 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $1.118M $0.00 $1.374M
YoY Change -18.63% -100.0% -21.4%
Cost Of Revenue $1.373M $426.0K $1.584M
YoY Change -13.32% -75.66% -18.43%
Gross Profit -$255.0K -$426.0K -$210.0K
YoY Change 21.43% 18.33% 8.25%
Gross Profit Margin -22.81% -15.28%
Selling, General & Admin $4.114M $6.379M $6.285M
YoY Change -34.54% -26.19% -52.49%
% of Gross Profit
Research & Development $2.816M $3.421M $1.295M
YoY Change 117.45% 308.23% -15.41%
% of Gross Profit
Depreciation & Amortization $400.0K $520.0K $500.0K
YoY Change -20.0% 39.04% 65.02%
% of Gross Profit
Operating Expenses $6.930M $9.800M $7.580M
YoY Change -8.58% 3.38% -48.64%
Operating Profit -$7.185M -$10.23M -$7.790M
YoY Change -7.77% 3.92% -47.91%
Interest Expense $52.00K $25.00K
YoY Change 108.0% -47.92%
% of Operating Profit
Other Income/Expense, Net -$51.00K -$9.000K $89.00K
YoY Change -157.3% -68.21%
Pretax Income -$6.877M -$10.24M -$7.701M
YoY Change -10.7% 5.13% -47.52%
Income Tax $0.00 $7.000K $0.00
% Of Pretax Income
Net Earnings -$7.236M -$10.44M -$7.701M
YoY Change -6.04% 7.19% -47.52%
Net Earnings / Revenue -647.23% -560.48%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.481M -$3.599M -$13.98M
COMMON SHARES
Basic Shares Outstanding 3.259M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.95M $23.91M $23.44M
YoY Change -31.94% -21.82% -57.48%
Cash & Equivalents $15.95M $23.91M $18.44M
Short-Term Investments $0.00 $5.003M
Other Short-Term Assets $1.555M $1.258M $1.792M
YoY Change -13.23% -32.37% -1.27%
Inventory $2.249M $877.0K $2.773M
Prepaid Expenses
Receivables $160.0K $24.00K $684.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.92M $27.62M $28.69M
YoY Change -30.57% -23.28% -52.54%
LONG-TERM ASSETS
Property, Plant & Equipment $5.213M $2.527M $7.436M
YoY Change -29.9% -49.96% -13.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $131.0K $45.00K $175.0K
YoY Change -25.14% -77.04% -17.84%
Total Long-Term Assets $5.344M $5.818M $7.611M
YoY Change -29.79% -28.0% -13.78%
TOTAL ASSETS
Total Short-Term Assets $19.92M $27.62M $28.69M
Total Long-Term Assets $5.344M $5.818M $7.611M
Total Assets $25.26M $33.44M $36.30M
YoY Change -30.41% -24.14% -47.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $977.0K $471.0K $1.356M
YoY Change -27.95% -69.26% -3.9%
Accrued Expenses $2.551M $4.147M $2.409M
YoY Change 5.89% 56.96% 78.05%
Deferred Revenue $1.801M $1.964M
YoY Change -11.24% 0.51%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $674.0K $686.0K $293.0K
YoY Change 130.03% 134.13% -20.16%
Total Short-Term Liabilities $5.979M $7.762M $6.022M
YoY Change -0.71% 13.91% 18.43%
LONG-TERM LIABILITIES
Long-Term Debt $1.326M $1.579M $189.0K
YoY Change 601.59% 495.85% -68.18%
Other Long-Term Liabilities $2.812M $2.950M $3.615M
YoY Change -22.21% -23.42% -4.97%
Total Long-Term Liabilities $4.138M $4.529M $3.804M
YoY Change 8.78% 10.01% -13.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.979M $7.762M $6.022M
Total Long-Term Liabilities $4.138M $4.529M $3.804M
Total Liabilities $10.12M $12.29M $9.826M
YoY Change 2.96% 12.44% 3.62%
SHAREHOLDERS EQUITY
Retained Earnings -$160.4M -$153.2M
YoY Change 30.77%
Common Stock $175.6M $174.3M
YoY Change 16.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.15M $21.15M $26.47M
YoY Change
Total Liabilities & Shareholders Equity $25.26M $33.44M $36.30M
YoY Change -30.41% -24.14% -47.6%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$7.236M -$10.44M -$7.701M
YoY Change -6.04% 7.19% -47.52%
Depreciation, Depletion And Amortization $400.0K $520.0K $500.0K
YoY Change -20.0% 39.04% 65.02%
Cash From Operating Activities -$8.078M -$9.414M -$7.043M
YoY Change 14.7% -1.65% -21.25%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $5.000K $28.00K
YoY Change -28.57% -110.42% -83.03%
Acquisitions
YoY Change
Other Investing Activities $309.0K $0.00 $11.00M
YoY Change -97.19% -100.0%
Cash From Investing Activities $289.0K $5.000K $10.97M
YoY Change -97.37% -99.95% -6749.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -163.0K -331.0K -76.00K
YoY Change 114.47% 7.47% -1.3%
NET CHANGE
Cash From Operating Activities -8.078M -9.414M -7.043M
Cash From Investing Activities 289.0K 5.000K 10.97M
Cash From Financing Activities -163.0K -331.0K -76.00K
Net Change In Cash -7.952M -9.740M 3.853M
YoY Change -306.38% -13627.78% -141.94%
FREE CASH FLOW
Cash From Operating Activities -$8.078M -$9.414M -$7.043M
Capital Expenditures $20.00K $5.000K $28.00K
Free Cash Flow -$8.098M -$9.419M -$7.071M
YoY Change 14.52% -1.1% -22.37%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:9pt;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. The</font><font style="font-weight:normal;font-style:normal;"> 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></p>
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CY2021Q1 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.
CY2021Q1 rmed Payments That Lack Documentation Of Sufficent Detail
PaymentsThatLackDocumentationOfSufficentDetail
300000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q1 us-gaap Revenues
Revenues
1118000
CY2020Q1 us-gaap Revenues
Revenues
1374000

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