Catheter Precision Inc. (NYSE American: VTAK) is involved in the development and delivery of electrophysiology-related products that are meant for patients, physicians, and hospitals. These products equip the target customers with unique solutions and technologies for the purpose of improving the lives of those who may be suffering from cardiac arrhythmias.
The company is based in the United States and is involved in the creation of medical devices that aim to improve the treatment of cardiac arrhythmias. The company also collaborates with physicians so that it can continuously bring about improvements in its technologically advanced offerings. Catheter Precision Inc. boasts a highly capable leadership team and has also strung up partnerships with leading experts in the industry.
On August 18, 2023, the company had previously known as Ra Medical, Inc. (NYSE American: RMED) changed its name and trading symbol to Catheter Precision Inc. (NYSE American: VTAK). The new ticker symbol, VTAK, is an anachronism for Ventricular Tachyarrhythmia, a fast heartbeat of the ventricle, which is also referred to as VT.
In this regard, it ought to be noted that the company already boasts of a product named VIVO, which is certified by the Food and Drug Administration in the United States. The product is meant for the treatment and diagnosis of ventricular arrhythmias.
There have been some key developments in recent times that have brought Catheter Precision Inc. into the news cycle. On August 14, the company announced that it had been provided with a notification of allowance with regards to the first patent that had been issued for its product, LockeT. The patent, which is titled ‘Vessel Closing Device’, is one of a group of six patent applications that have been granted to the company in the United States as well as in some foreign territories such as, Japan, China, and the European Community.
The interim Chief Executive Officer of Catheter Precision Inc., David Jenkins, spoke about the development. He noted that everyone at the company was pleased at the fact that the patent, which would be the first of many, had been cleared for the device. He went on to add that the product involved intelligent invention and design.
Jenkins further stated that he hoped that the LockeT product would be quite successful in the percutaneous wound site closure market. The latest patent was an addition to a collection of more than fifty patents owned by Catheter Precision Inc. and the three applications that had been made for the company’s cardiology technologies.
On August 7, 2023, Catheter Precision Inc. announced that the VIVO product had been used in more than 1000 ventricular ablation procedures. The product’s name VIVO, is an abbreviation for ‘View Into Ventricular Onset, helps physicians have a better grasp of the specific anatomy of a patient and provide better help with regards to the ablation procedure. Due to the specific function of the product, it helps reduce the time taken in the ablation procedure, thereby providing benefits to physicians, patients, and hospitals.
On July 24, 2023, the company announced that there was a rise in the clinical adoption of its VIVO system by hospitals. It is a non-invasive three-dimensional mapping system and one of the products from the electrophysiology division at the company. VIVO is currently under review by over fifty hospitals. This cost-effective solution aims to reduce procedure costs, improve department margins, and enhance patient outcomes while also shifting the industry landscape. VIVO achieves an impressive 99.5% accuracy in detecting ventricular dysrhythmias, a critical aspect of treatment. Implementation of VIVO significantly cuts procedure times, with reductions ranging from 75% to 84% in the electrophysiology lab. Davin Jenkins noted at the time that the use and clinical adoption of the system were key constituents of the growth strategy.
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