Despite achieving gross margins of 91.6% in 2025Q4, the company remains fundamentally unprofitable, with operating expenses consistently dwarfing revenue and resulting in a 2026Q1 operating loss of $2.3 million.
| Sales/Revenue | 1.11M | 819K | 420K | 442K | 14K | 22K | 259K | 7.2M | 6.26M | 5.87M | 5.98M |
| Revenue Growth % | 130.35% | 95% | -4.98% | 3057.14% | -36.36% | -91.51% | -96.4% | 15.06% | 6.59% | -1.77% | - |
| Cost of Goods Sold | 596K | 63K | 42K | 30K | 161K | 1.56M | 2.17M | 8.85M | 4.21M | 4.17M | 3.14M |
| COGS % of Revenue | - | 7.69% | 10% | 6.79% | 1150% | 7090.91% | 838.61% | 122.93% | 67.22% | 70.95% | 52.51% |
| Gross Profit | 512K | 756K | 378K | 412K | -147K | -1.54M | -1.91M | -1.65M | 2.05M | 1.71M | 2.84M |
| Gross Margin % | 46.21% | 92.31% | 90% | 93.21% | -1050% | -6990.91% | -738.61% | -22.93% | 32.78% | 29.05% | 47.49% |
| Gross Profit Growth % | - | 100% | -8.25% | 380.27% | 90.44% | 19.6% | -15.87% | -180.5% | 20.29% | -39.92% | - |
| Operating Expenses | 11.55M | 12.94M | 11.62M | 78.53M | 26.81M | 27.73M | 33.49M | 56.08M | 33.21M | 19.46M | 7.04M |
| OpEx % of Revenue | - | 1579.61% | 2766.9% | 17767.19% | 191528.57% | 126036.36% | 12929.73% | 778.98% | 530.78% | 331.6% | 117.74% |
| Selling, General & Admin | 11.15M | 12.07M | 11.35M | 17.12M | 16.25M | 15.47M | 24.53M | 51.55M | 30.43M | 14.95M | 5.32M |
| SG&A % of Revenue | - | 1474.36% | 2702.14% | 3873.76% | 116071.43% | 70340.91% | 9472.2% | 716.06% | 486.42% | 254.63% | 89.04% |
| Research & Development | 908K | 862K | 272K | 475K | 6.39M | 12.25M | 8.96M | 4.53M | 2.78M | 4.52M | 1.72M |
| R&D % of Revenue | - | 105.25% | 64.76% | 107.47% | 45657.14% | 55695.45% | 3457.53% | 62.93% | 44.37% | 76.97% | 28.7% |
| Other Operating Expenses | -502K | 0 | 0 | 60.93M | 4.17M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -11.04M | -12.18M | -11.24M | -78.12M | -26.96M | -29.27M | -35.4M | -57.73M | -31.16M | -17.76M | -4.2M |
| Operating Margin % | -996.66% | -1487.3% | -2676.9% | -17673.98% | -192578.57% | -133027.27% | -13668.34% | -801.92% | -498% | -302.56% | -70.25% |
| Operating Income Growth % | - | -8.34% | 85.61% | -189.75% | 7.88% | 17.33% | 38.68% | -85.27% | -75.45% | -323.06% | - |
| EBITDA | -8.96M | -10.07M | -9.13M | -76.04M | -26.54M | -27.87M | -33.04M | -55.98M | -30.54M | -17.54M | -4.1M |
| EBITDA Margin % | -808.39% | -1229.06% | -2174.76% | -17204.52% | -189571.43% | -126663.64% | -12755.21% | -777.61% | -488.03% | -298.84% | -68.66% |
| EBITDA Growth % | 10.21% | -10.2% | 87.99% | -186.53% | 4.76% | 15.65% | 40.99% | -83.32% | -74.07% | -327.54% | - |
| D&A (Non-Cash Add-back) | 2.09M | 2.12M | 2.11M | 2.08M | 421K | 1.4M | 2.37M | 1.75M | 624K | 218K | 95K |
| EBIT | -16.82M | -19.22M | -13.41M | -17.18M | -22.79M | -27.25M | -35.4M | -56.69M | -30.81M | -17.76M | -4.2M |
| Net Interest Income | -333K | -247K | -10K | 347K | 0 | -10K | 21K | 788K | 338K | -4K | -3K |
| Interest Income | 18K | 34K | 81K | 347K | 0 | 0 | 129K | 1.04M | 352K | 0 | 0 |
| Interest Expense | 351K | 281K | 91K | 0 | 0 | 10K | 108K | 250K | 14K | 4K | 3K |
| Other Income/Expense | -5.56M | -7.32M | -2.26M | 7.55M | 99K | 2.01M | 88K | 788K | 338K | -4K | -3K |
| Pretax Income | -16.6M | -19.5M | -13.5M | -70.57M | -26.86M | -27.26M | -35.31M | -56.94M | -30.82M | -17.76M | -4.2M |
| Pretax Margin % | -1498.29% | -2381.56% | -3214.76% | -15966.52% | -191871.43% | -123895.45% | -13634.36% | -790.97% | -492.6% | -302.62% | -70.3% |
| Income Tax | -1.26M | -1.81M | 3.14M | 0 | 3K | 4K | 7K | 15K | 10K | 1K | 1K |
| Effective Tax Rate % | 7.6% | 9.28% | -23.26% | 0% | -0.01% | -0.01% | -0.02% | -0.03% | -0.03% | -0.01% | -0.02% |
| Net Income | -14.82M | -17.18M | -16.64M | -70.57M | -26.86M | -25.07M | -36.05M | -56.96M | -30.83M | -17.77M | -4.2M |
| Net Margin % | -1337.45% | -2098.05% | -3962.62% | -15966.52% | -191892.86% | -113954.55% | -13916.99% | -791.18% | -492.76% | -302.64% | -70.31% |
| Net Income Growth % | 17.73% | -3.24% | 76.42% | -162.69% | -7.16% | 30.45% | 36.72% | -84.73% | -73.55% | -322.77% | - |
| Net Income (Continuing) | -15.34M | -17.7M | -16.64M | -70.57M | -26.86M | -27.26M | -35.32M | -56.96M | -30.83M | -17.77M | -4.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 2.19M | -725K | 0 | 0 | 0 | 0 |
| Minority Interest | -412K | -403K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.01 | -15.90 | -6.68 | -12.99 | -25.98 | -248.22 | -1060.77 | -5416.22 | -4175.51 | -1834.66 | -433.96 |
| EPS Growth % | 26.91% | -138.02% | 48.58% | 50% | 89.53% | 76.6% | 80.41% | -29.71% | -127.59% | -322.77% | - |
| EPS (Basic) | - | -15.90 | -6.68 | -12.99 | -25.98 | -248.22 | -1060.77 | -5416.22 | -4175.51 | -1834.66 | -433.96 |
| Diluted Shares Outstanding | 2.19B | 1.08B | 3.26M | 5.5M | 1.03M | 101K | 33.98K | 10.52K | 7.38K | 9.68K | 9.68K |
| Basic Shares Outstanding | 2.19B | 1.08B | 3.26M | 5.5M | 1.03M | 101K | 33.98K | 10.52K | 7.38K | 9.68K | 9.68K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity exhaustion
As reported in financial statements, VTAK's revenue trajectory remains highly volatile, with quarterly figures fluctuating significantly and failing to establish a consistent upward trend, despite the company's pivot toward the electrophysiology market following the merger that fundamentally altered its operational scope and revenue recognition profile.
The reported revenue growth appears to be derived from a very low base, making year-over-year comparisons potentially misleading for assessing long-term commercial viability. Investors should monitor whether the recent revenue figures represent sustainable recurring demand or merely non-recurring evaluation units provided to early-adopter hospitals.
Based on the company's reported figures, VTAK maintains impressive gross margins frequently exceeding 90%, yet this structural efficiency is entirely overwhelmed by massive operating expenses, suggesting that the firm has not yet achieved the scale necessary to leverage its specialized sales and clinical support infrastructure.
The disconnect between high gross margins and deeply negative operating margins indicates that the cost of clinical support and regulatory compliance currently dwarfs the contribution from product sales. This pattern suggests that the company's business model is highly sensitive to volume, requiring a significant expansion of the installed base to reach a break-even point.
According to recent SEC filings, VTAK's cost structure is dominated by heavy SG&A expenditures that consistently dwarf revenue, reflecting the substantial investment required to navigate hospital value analysis committees and provide the high-touch clinical support necessary for the adoption of its non-invasive cardiac mapping technology.
The persistent level of SG&A spending relative to revenue suggests that management is prioritizing market penetration over immediate cost discipline. This strategy appears to be a necessary, albeit expensive, attempt to overcome physician inertia and secure the clinical validation required for long-term commercial success.
As indicated by the company's reported cash position of only $88,000, VTAK faces a precarious financial reality where its inability to access capital markets could halt operations, regardless of the potential clinical utility or market demand for its VIVO and LockeT product lines.
The extreme scarcity of liquid assets suggests that the company is likely to face significant equity dilution or a potential going-concern event in the near term. Analysts should interpret the current financial data as a signal that the firm's survival is contingent upon immediate and successful capital raising, rather than organic operational profitability.
Quick answers to the most common questions about buying VTAK stock.
For fiscal year 2025, Catheter Precision, Inc. (VTAK) reported total revenue of $0.8M. This represents a 86.3% decline compared to $6.0M in 2016.
Catheter Precision, Inc. (VTAK) reported a net loss of $17.2M for the fiscal year ending 2025.
Catheter Precision, Inc. (VTAK) reported an operating income of $-12.2M, resulting in an operating profit margin of -1487.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Catheter Precision, Inc. (VTAK) generated $0.8M in gross profit for the year, representing a gross profit margin of 92.3%. This demonstrates the company's core pricing power and production efficiency.