Ra Medical Systems, Inc. (RMED): history, ownership, mission, how it works & makes money

From its origins on September 4, 2002 as Ra Medical Systems, Inc., a California-based developer of excimer laser platforms, to a strategic restructuring that increased authorized shares from 10 million to 25 million in July 2018, the company's chronological pivot points read like a roadmap of focused transformation: the divestiture of its dermatology business Pharos on August 16, 2021, the January 2023 merger that folded Catheter Precision, Inc. in as a wholly owned subsidiary and set the stage for the rebrand announced on July 31, 2023 (effective August 18, 2023) when the combined entity adopted the ticker VTAK, and today - as of December 16, 2025 - Catheter Precision, Inc. concentrates on cardiac electrophysiology with FDA-cleared and CE-marked offerings like the non-invasive 3D mapping system VIVO and the LockeT suture retention device, monetizing through device sales to hospitals and clinics, distributor partnerships, licensing of patented technologies, and strategic M&A to capture a slice of a cardiac electrophysiology market projected at $10.6 billion by 2025.>

Ra Medical Systems, Inc. (RMED): Intro

• September 4, 2002 - Company founded in California focused on excimer laser technology for vascular and dermatology applications.
• July 2018 - Reincorporated in Delaware; authorized common shares increased from 10,000,000 to 25,000,000 to strengthen capital structure and flexibility for financing and corporate actions.
• August 16, 2021 - Sold dermatology business (Pharos), exiting dermatology to concentrate resources on vascular applications.
• January 2023 - Merged with Catheter Precision, Inc.; Catheter Precision became a wholly owned subsidiary, expanding capabilities into cardiac electrophysiology and catheter technologies.
• July 31, 2023 / August 18, 2023 - Announced and effected a corporate name and ticker change: Ra Medical Systems, Inc. renamed to Catheter Precision, Inc., new ticker symbol VTAK, reflecting strategic refocus on electrophysiology.
• As of December 16, 2025 - Operates as a specialized medical device company concentrating on solutions for cardiac arrhythmias and electrophysiology.

• Public company history: operated as a public entity under the RMED ticker prior to rebranding; post-merger/ticker change trades under VTAK.
• Post-merger structure: Catheter Precision, Inc. functions as the continuing company and includes the former Ra Medical assets and Catheter Precision subsidiary operations.
• Authorized shares (post-2018 reincorporation): 25,000,000 common shares (corporate flexibility for financing and equity transactions).

• Core mission (evolving through 2023-2025): develop minimally invasive, precision catheter and energy-based technologies to diagnose and treat cardiac arrhythmias and vascular disease.
• Strategic pivot: from dual dermatology + vascular focus toward a concentrated electrophysiology and catheter-based device company following the Pharos sale and Catheter merger.

• Catheter systems for mapping and ablation of cardiac arrhythmias
• Energy-delivery consoles and generators (laser or RF-adapted platforms)
• Single-use consumable catheters, sheaths, and ancillary disposables
• Service, software for mapping/diagnostics, and training/support packages

• Device sales - capital equipment (consoles, generators) sold to hospitals and electrophysiology labs.
• Consumables - recurring revenue from single-use catheters, disposables and replacement components tied to procedures.
• Service & maintenance - recurring service contracts, spare parts, and field support for installed base.
• Consumable margins - typical med-tech model where consumables and disposables generate higher gross margins than capital equipment.
• Licensing / partnerships - potential revenue from technology licensing, OEM agreements, and clinical partnerships following strategic refocus.

• Revenue drivers: installed base growth, procedure volume for atrial fibrillation and other arrhythmias, and adoption of new catheter technologies.
• Capital needs: historically used equity actions (e.g., increased authorized shares in 2018) to raise capital; mergers and asset sales (Pharos) were used to realign resources.
• Margin profile: expected typical med-device split with lower-margin capital equipment and higher-margin recurring consumables and service.

Ra Medical Systems, Inc. (RMED): History

• Founded as a developer of laser-based dermatology and vascular devices, Ra Medical Systems, Inc. (RMED) was a publicly traded company listed on the NYSE American under the ticker RMED.
• Prior to strategic transactions in 2023, the company's shareholder base consisted of institutional investors, individual retail holders, and company insiders (board and executive ownership).

• Ownership pre‑merger:
  • Institutional investors (mutual funds, ETFs, and specialty healthcare funds)
  • Retail shareholders
  • Insiders and management with equity stakes
• Ownership post‑merger:
  • Stakeholders of Catheter Precision became primary shareholders of the combined entity
  • Share register shifted materially toward holders aligned with Catheter Precision's capitalization and investor base

• Corporate identity and trading:
  • RMED ceased trading under that ticker following the rebrand; all public shares trade under VTAK as of August 18, 2023.
  • As of December 16, 2025, Catheter Precision, Inc. remains publicly listed on the NYSE American (VTAK).

Ra Medical Systems, Inc. (RMED): Ownership Structure

• Collaboration with physicians to design and refine electrophysiology and vascular technologies that address real clinical needs and improve patient outcomes.
• Integrity and transparency in interactions with clinicians, investors, and partners, with a focus on ethical business practices.
• Patient safety and clinical efficacy as central design drivers for product development and regulatory strategy.
• A culture of continuous learning and innovation that encourages R&D investment and adoption of new techniques.
• Social responsibility through community engagement and initiatives that strengthen the broader healthcare ecosystem.

• Capital equipment sales - selling procedural consoles and laser/catheter systems to hospitals and specialty clinics.
• Disposable/consumable revenue - recurring sales of single‑use catheters and procedure-specific disposables that drive recurring margin.
• Service, maintenance, and training - annual service contracts and physician education programs that support equipment uptime and adoption.
• Regulatory and clinical partnerships - collaborative studies and licensing arrangements that can generate milestone and royalty income.

• Adoption curve for new catheter/laser systems and conversion rate of trial to purchase directly affect capital revenue.
• Disposable attachment penetration (procedures per installed base) determines recurring revenue growth and margin expansion.
• Clinical data, reimbursement coding, and payer acceptance materially influence sales cycles and hospital purchasing decisions.
• Access to capital and cash runway impact the company's ability to fund trials, commercial expansion, and regulatory submissions.

• Clinical outcome variability or adverse events can quickly shift physician adoption and institutional purchasing.
• Financing dilution from equity raises to support operations can change insider and institutional percentages.
• Competition from larger medtech firms and alternative therapies pressures pricing and market share.

Ra Medical Systems, Inc. (RMED): Mission and Values

• VIVO non-invasive mapping: VIVO is a software-driven 3D imaging system that uses surface ECG data and patient-specific anatomical models to predict the origin of ventricular arrhythmias pre-procedure, enabling targeted catheter strategies and reducing intraprocedural mapping time.
• LockeT suture retention: LockeT is a suture retention/hemostasis device intended to stabilize access sites and promote wound healing after percutaneous vascular procedures, reducing complications and dressing changes.
• Workflow integration: Physicians use VIVO pre-procedure to narrow the likely arrhythmia origin; during the case, conventional intracardiac mapping is focused on the VIVO-predicted zone, shortening procedure duration and fluoroscopy exposure.
• Regulatory and manufacturing compliance: Catheter Precision's manufacturing facility in San Diego operates under FDA QSR expectations and relevant ISO standards, supporting quality-controlled production and device traceability.

• Headquarters and manufacturing: State-of-the-art facility in San Diego, California, equipped for device assembly, testing, and clinical support operations.
• Workforce composition: Cross-functional teams including R&D engineers, clinical scientists, manufacturing specialists, quality/regulatory personnel, and sales & marketing professionals drive product development and commercialization.
• Quality systems: Manufacturing and QA processes align with FDA QSR and ISO medical device standards to support domestic and international market distribution.

• Device sales: Direct sales of VIVO software licenses and LockeT devices to hospitals, electrophysiology labs, and health systems.
• Service and support: Installation, training, clinical consulting, and software maintenance contracts that generate recurring revenue and foster customer adoption.
• Procedural economics: Value proposition to hospitals-shorter procedure times, reduced fluoroscopy use, and potentially fewer complications-supports capital purchase decisions and procedural utilization.

• Proprietary imaging algorithms that transform surface ECG and anatomical data into actionable pre-procedural maps.
• Integrated commercialization approach combining capital equipment sales with clinical training and ongoing support.
• Regulatory clearances (FDA & CE) enabling U.S. and European market access.

Ra Medical Systems, Inc. (RMED): How It Works

• Core technologies: pulsed laser-based tissue ablation and precision catheter delivery systems for peripheral vascular and skin applications.
• Primary product families: catheter-based vascular devices (e.g., atherectomy/ablation catheters) and dermatologic laser systems and disposables.
• Clinical focus areas: peripheral artery disease (PAD), in-stent restenosis, and dermatologic indications where laser/tissue ablation provides therapeutic benefit.

• Device selection: physician evaluates lesion/indication and selects an appropriate laser catheter or laser system.
• Procedure workflow: catheter or laser probe is introduced, guided to lesion under imaging, activated to ablate/modify tissue, then removed; adjunctive balloon/stent often used as indicated.
• Consumables model: many procedures require single-use catheters/disposables on top of capital laser/generator sales, creating recurring revenue.

• Direct device sales: sale of capital equipment (laser generators) and single-use catheters/disposables to hospitals, ambulatory surgery centers, and clinics.
• Distributor and partnership channels: revenue via medical device distributors, strategic partners, and international distribution agreements to expand geographic reach.
• Licensing & IP: licensing fees and royalties from patented technologies leveraged by third parties or partners.
• Mergers & acquisitions: inorganic growth through acquisitions (e.g., merger with Catheter Precision, Inc.) to broaden the product portfolio and cross-sell into established customer bases.
• R&D-driven product pipeline: ongoing investment in R&D to introduce new catheters and platform upgrades that support premium pricing and recurring consumable sales.

• Premium pricing: focus on differentiated, high-quality devices allows higher ASPs (average selling prices) than commodity competitors.
• Recurring consumables: majority of procedure economics driven by disposables, boosting gross margins over time.
• Channel diversification: direct U.S. sales in high-volume accounts plus third-party distributors for broader international penetration.
• Licensing and partnerships: monetize patents and reduce time-to-market for adjacent indications via partner development.
• R&D and clinical evidence: investment in randomized and registry data to support adoption, reimbursement, and premium pricing.

• Installed base of capital systems (units)
• Procedures per installed system per month
• Average selling price (ASP) of capital and disposable items
• Attach rate of disposables per procedure
• International vs domestic revenue mix
• Gross margin on disposables vs capital equipment

• Expanded product portfolio: adding Catheter Precision's catheters (e.g., VIVO and LockeT) increases addressable procedures and cross-sell opportunities.
• Distribution synergies: access to Catheter Precision's distributor relationships and clinical accounts accelerates penetration.
• IP and licensing uplift: combined patent estate supports higher licensing value and defensibility.
• Revenue diversification: broader indication set reduces dependence on a single product line and smooths revenue seasonality.

Ra Medical Systems, Inc. (RMED): How It Makes Money

• Primary revenue drivers: capital equipment sales (EP mapping and ablation systems), recurring disposable/electrode sales, software licensing and service contracts.
• Strategic growth levers: physician collaboration programs, hospital system integrations, and international distribution expansion.
• R&D focus: continuous device refinement and next-gen software analytics to sustain competitive differentiation.

• Capital equipment sales - one-time device and console revenue, often sold with multi-year service contracts.
• Consumables & disposables - electrodes, catheters, single-use components generating high-margin recurring revenue.
• Software licenses & analytics - VIVO mapping software subscriptions and cloud analytics for clinical decision support.
• Professional services - training, integration, installation, and clinical study partnerships with leading electrophysiologists.

• Merger benefits: expanded product portfolio (VIVO, LockeT) and broader commercial footprint following integration with Catheter Precision.
• Competitive edge: clinician collaboration programs and patient-centric design that improve adoption rates in electrophysiology labs.
• Growth strategy: leverage technology advancements and strategic partnerships to increase penetration in large hospital systems and international markets.

• Installed base growth rate and attach rate for consumables per installed system.
• R&D to revenue ratio indicating pipeline vigor (current ~21%).
• Conversion of pilot accounts to full-system deployments and multi-year service agreements.