Catheter Precision, Inc.

Q1 2022 revenue from continuing operations was $9,000, up from $4,000 in Q1 2021. Gross loss was $86,000 versus $0.4 million a year ago. SG&A was $2.3 million, down from $3.7 million, while R&D was $3.1 million, up from $2.8 million. GAAP net loss from continuing operations was $5.5 million, or $0.27 per share, compared with a $6.9 million loss, or $2.36 per share, in Q1 2021; adjusted EBITDA was negative $5.1 million versus negative $6.0 million. The company used $8.6 million in cash from operating activities and ended the quarter with $17.7 million in cash and cash equivalents; it also received $9.7 million in net proceeds from a February public offering. For guidance, management continued to target full enrollment of the atherectomy study by end of Q3 2022, DABRA 2.0 510(k) clearance in Q3 2022, a DABRA laser 510(k) submission in Q3 2022, and a DABRA RX 510(k) filing at the end of 2022.

Will McGuire’s message was focused on execution against a series of regulatory and engineering milestones despite COVID, supply chain disruptions, inflation, and the war in Ukraine. He emphasized that atherectomy clearance remains a top priority because it would expand Ra Medical’s addressable market beyond CTO treatment, and he highlighted the company’s push into a potential lithotripsy application as an additional value-creation opportunity. His tone was constructive but cautious, repeatedly noting uncertainty around timing and future outcomes.

Andrew Jackson framed the quarter as a continuing-operations business centered on clinical support rather than commercial shipments, with product sales of $9,000 and a gross loss of $86,000. He highlighted lower SG&A of $2.3 million, higher R&D of $3.1 million tied to next-generation catheter work and the atherectomy study, and a GAAP net loss of $5.5 million. He also pointed to $8.6 million of operating cash use, $17.7 million in quarter-end cash, and $9.7 million of net proceeds from the February offering. In Q&A, he clarified that the cash burn included a $600,000 securities litigation settlement and a $300,000 prior accrued settlement payment.

Analysts focused on the gap between reported expenses and cash burn, with management explaining that the difference was driven by the securities litigation settlement and other previously accrued items. Questions also probed the laser system’s power output and whether the company could support shockwave/lithotripsy applications; management said it believes the system is close to competitive outputs cited in the literature, but more preclinical testing is needed before deciding whether to raise power further. Management clarified that the planned DABRA RX filing later this year would be for atherectomy only, while lithotripsy would require a separate, later filing.