MeritValue

Catheter Precision, Inc.

VTAKdata completeness 100%9 fiscal years on file
The thesis, from the filings

Catheter Precision, Inc. earns about -197% on invested capital, but has diluted owners by 970% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$22,0001$14,0001$442,0002$420,0003$819,0003
Net income−$25.1M4−$26.9M5−$70.6M6−$16.6M7−$17.2M7
Operating cash flow−$27.6M8−$22.6M9−$20.6M10−$9.27M11−$8.3M11
Capital expenditure$265,00012$17,00013$76,00014$67,00015$17,00015
Free cash flow (derived)−$27.9M8−$22.6M9−$20.7M10−$9.34M11−$8.31M11
Total debt————$3.08M16
Cash & equivalents$15M17$15.9M17$3.57M18$2.87M19$88,00019
Diluted shares101,0001.0M549,507171,7741.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$65.28
your share of equity
Profit it earned you last year
−$159.01
Free cash flow it threw off
−$76.93
Debt you’d be carrying
$28.48

10 shares is a claim on $65.28 of net worth that earned you −$159.01 and generated −$76.93 of cash last year, against $28.48 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-197% avg · 5y
FY21 —FY22 —FY23 -316%FY24 -120%FY25 -153%

It earned an average -197% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+970% shares · 5y

Share count is up 970% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001564590-23-004567 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001437749-25-009918 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001437749-26-010549 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001564590-23-004567 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001654954-24-003964 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-009918 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001437749-26-010549 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001564590-23-004567 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001654954-24-003964 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-009918 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-010549 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001564590-23-004567 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001654954-24-003964 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-009918 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-010549 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-12-31 · accession 0001437749-26-010549 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001564590-23-004567 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001437749-25-009918 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-010549 (CashAndCashEquivalentsAtCarryingValue)