For retail investors and market observers tracking the medical device sector, the sudden disappearance of rmed stock from trading dashboards was a confusing event. Once known as Ra Medical Systems, Inc., the company was a closely watched player in the cardiovascular and dermatological laser spaces. However, if you search for the RMED ticker on your brokerage platform today, you will find nothing but dead links or flatlined historical charts.

So, what happened to RMED stock?

The short answer is that Ra Medical underwent a series of massive corporate restructurings. First, it completed a stock-for-stock reverse merger with Catheter Precision, Inc. in January 2023. Months later, in August 2023, the company officially rebranded, changing its corporate name to Catheter Precision, Inc. and its stock ticker from RMED to VTAK. But the story does not end there. In a stunning corporate pivot in early 2026, VTAK announced it was acquiring a private aviation company, Flyte, and subsequently decided to exit the medical device industry entirely to become a pure-play regional air mobility business.

This comprehensive guide explores the entire timeline of RMED stock, its transition to VTAK, the mechanics of its latest 2026 business pivot, and what the future holds for legacy shareholders and new investors alike.

The Corporate Trajectory: From Ra Medical (RMED) to Catheter Precision (VTAK)

To understand where the company stands today, it is essential to trace the history of Ra Medical Systems. Founded in 2002 and headquartered in Carlsbad, California, Ra Medical entered the public markets with high expectations. The company’s core technology centered on excimer laser systems designed to treat vascular and dermatological diseases.

The Rise and Fall of Ra Medical's Laser Systems

Ra Medical's primary commercial offerings were:

• The DABRA Excimer Laser and Catheter System: A minimally invasive endovascular tool used by interventional cardiologists and vascular surgeons to clear blockages in the lower extremities of patients suffering from peripheral artery disease (PAD).
• The Pharos Excimer Laser System: An FDA-cleared dermatological laser system used to treat chronic skin conditions, including psoriasis, vitiligo, and atopic dermatitis.

Despite the clinical promise of these devices, Ra Medical struggled heavily with commercial execution, high manufacturing costs, and regulatory hurdles. By 2022, the company’s financial situation had deteriorated significantly. Facing a severe cash crunch, the company was forced to initiate a review of "strategic alternatives," which resulted in laying off approximately two-thirds of its full-time workforce and selling off its Pharos dermatological laser business to Strata Skin Sciences.

The Lifeline: A Reverse Merger with Catheter Precision

In September 2022, Ra Medical threw itself a lifeline by announcing an agreement to merge with Catheter Precision, Inc., a privately held medical technology developer focused on the high-growth field of cardiac electrophysiology (EP).

The transaction, completed on January 9, 2023, was structured as a stock-for-stock reverse merger. Under the terms of the agreement, Catheter Precision became a wholly owned subsidiary of Ra Medical. However, because Catheter Precision’s shareholders received the vast majority of the combined entity's equity (80%, compared to just 20% retained by legacy Ra Medical shareholders), it was a reverse takeover in practice.

In August 2023, the corporate integration was finalized. Ra Medical Systems, Inc. officially changed its name to Catheter Precision, Inc., and on August 17, 2023, the stock ticker transitioned from RMED to VTAK, trading on the NYSE American exchange. For anyone holding RMED stock, their shares were automatically converted into VTAK shares.

The Legacy Cardiac Technology Portfolio: LockeT and VIVO Systems

Following the merger, the newly minted Catheter Precision (VTAK) shifted its primary focus away from vascular lasers to advance Catheter Precision’s cardiac arrhythmia technologies. Led by medical device industry veteran David Jenkins—who had previously built and sold startups to giants like Medtronic and St. Jude Medical—the company focused on two core commercial products:

1. The VIVO System

The VIVO (View Into Ventricular Onset) System is a non-invasive 3D cardiac mapping imaging technology. It is designed to assist electrophysiologists in localizing the site of origin of ventricular arrhythmias (abnormal heart rhythms) prior to entering the electrophysiology lab for invasive catheter ablation procedures. By utilizing standard 12-lead ECG data combined with a 3D photograph of the patient’s torso, VIVO generates a customized virtual model of the heart. This allows physicians to plan their entry path and target area ahead of time, significantly reducing procedure times, minimizing patient exposure to radiation, and improving overall ablation success rates.

2. The LockeT Device

LockeT is a suture retention device designed to aid in wound closure following percutaneous venous punctures (such as those performed during cardiac catheterizations or structural heart procedures). Rather than relying solely on manual compression or complex internal vascular closure devices, LockeT sits externally on the patient's skin. It distributes suture tension over a larger surface area, facilitating rapid hemostasis (the stopping of blood flow) and secure wound healing. LockeT received its European CE Mark in April 2025, allowing the company to expand commercial sales across Europe alongside its existing US footprint.

Despite these cutting-edge products gaining traction in over 15 countries and maintaining impressive gross profit margins exceeding 90%, Catheter Precision faced the same brutal reality that plagues many micro-cap medtech companies: the cost of commercializing medical hardware is incredibly capital-intensive. Building a specialized sales force, securing hospital formulary approvals, and navigating insurance reimbursement pathways consumed far more cash than the company was generating from sales.

The Dramatic 2026 Pivot: Entering the Skies with Flyte Aviation

In early 2026, Catheter Precision stunned the investment community by announcing a radical departure from its medical device origins. The company decided to transition from the cardiovascular healthcare sector into the regional private aviation and air mobility market.

The Flyte Acquisition Timeline

The transformation occurred rapidly over the first few months of 2026:

• February 17, 2026: VTAK announced a strategic minority investment, acquiring a 19.98% equity stake in Fly Flyte, Inc. ("Flyte"), an AI-enabled regional aviation operator.
• March 9, 2026: VTAK entered into a definitive agreement to acquire the remaining 80.02% of Flyte and 100% of Ponderosa Air, LLC from Creatd, Inc. (OTCQB: CRTDD) for an aggregate consideration of approximately $11.55 million, paid through a combination of cash, a zero-coupon promissory note, and newly issued convertible preferred stock.
• April 15, 2026: VTAK shareholders formally approved the transaction, making Flyte a wholly owned operating subsidiary of Catheter Precision.

What is Flyte Aviation?

Flyte operates as an FAA Part 135 certified air carrier. Rather than competing with major commercial airlines on long-haul routes, Flyte focuses on premium, short-haul, high-frequency regional corridors where commercial airline capacity is severely constrained or non-existent.

The company deploys a fleet of Cirrus Vision Jets—revolutionary, single-engine personal jets equipped with advanced safety features, including whole-aircraft parachute systems (CAPS) and Garmin's "Safe Return" autonomous landing capability. Flyte leverages proprietary booking technology and flight optimization algorithms to deliver on-demand, regional air mobility. This model positions VTAK to participate in the burgeoning Advanced Air Mobility (AAM) market, building operational data and customer routes that can eventually transition to electric vertical takeoff and landing (eVTOL) aircraft once they achieve commercial certification.

Exiting the Medical Device Space Entirely

In tandem with the aviation acquisition, VTAK's management concluded that its legacy medical assets could not reach their full potential under a micro-cap capital structure.

On April 3, 2026, CEO David Jenkins announced that Catheter Precision would actively wind down and divest its cardiac electrophysiology business. The company is currently seeking larger, better-capitalized medical device corporations to acquire or license the VIVO and LockeT platforms.

According to Jenkins, separating the cardiac assets will allow VTAK to restructure as a "pure-play" aviation business. The proceeds from any sale of the medical IP will be used to fund the expansion of Flyte’s aircraft fleet and operating infrastructure.

Financial Reality Check: Q1 2026 Performance and Liquidity Concerns

For investors analyzing VTAK (the successor to RMED stock), the financial reports paint a picture of rapid revenue expansion contrasted against severe balance sheet stress.

On May 18, 2026, Catheter Precision reported its financial results for the first quarter of 2026, which included consolidated contributions from both the medical device segment and the newly acquired Flyte aviation platform:

• Revenue Growth: Total revenue surged by 200% year-over-year to $432,000, compared to $143,000 in Q1 2025. This was driven by a 73% increase in medical device sales (utilization of VIVO and LockeT) and initial service revenue generated by Flyte's aviation operations, which posted a $200,000 monthly revenue run-rate within its first three weeks under VTAK control.
• Net Loss: The company's net loss decreased to $1.7 million, a significant improvement from the $4.0 million net loss reported in Q1 2025, largely due to narrowed operating losses and fair value adjustments on deferred transaction liabilities.
• Strained Balance Sheet: Despite the positive revenue trajectory, VTAK’s liquidity position remains highly precarious. As of March 31, 2026, the company held a mere $400,000 in cash and cash equivalents against a massive working capital deficit of $18.5 million.
• Going Concern Warning: Due to this severe capital shortfall, management explicitly included a "going concern" warning in its SEC filings, noting that there is substantial doubt about the company's ability to continue operating over the next 12 months without securing additional financing.

To bridge this liquidity gap and fund the expansion of the Flyte platform, the company has entered into multiple private placement agreements, securing up to $88 million in strategic institutional financing commitments through the issuance of Series C and Series D preferred stock and associated warrants.

Investing in VTAK (Former RMED Stock): Risks vs. Rewards

If you are considering trading VTAK stock today, it is vital to weigh the highly speculative nature of the company’s transition against its potential growth avenues.

The Bull Case: Opportunities

• High-Growth Aviation Sector: Premium regional air travel is experiencing robust demand, particularly as major airlines cut back on regional routes. Flyte’s asset-backed model utilizing efficient Cirrus Vision Jets could scale rapidly, especially in congested corridors like the US Northeast.
• Asset Monetization: If Catheter Precision successfully sells or licenses its FDA-cleared and CE-marked VIVO and LockeT technologies to a major cardiovascular player (such as Boston Scientific, Medtronic, or Abbott), the resulting cash infusion could instantly repair its balance sheet and fund aviation fleet expansion without diluting shareholders.
• Advanced Air Mobility Positioning: Operating FAA Part 135 flights today establishes the regulatory relationships, pilot networks, and regional routes that will be highly valuable when next-generation eVTOL aircraft enter the market.

The Bear Case: Risks

• Extreme Shareholder Dilution: To survive and fund its aviation transition, VTAK is relying heavily on issuing convertible preferred stock and warrants. When these preferred shares are converted into common stock, it creates massive downward pressure on the stock price and severely dilutes existing retail investors.
• Severe Going Concern Risk: With only $400,000 in cash at the end of Q1 2026, the company is operating on borrowed time. Any delay in securing institutional tranches of capital or executing a sale of its medical assets could lead to bankruptcy or delisting.
• Historical Destructiveness of Capital: VTAK (and RMED before it) has a long history of destroying shareholder value. For context, the company executed a massive 1-for-19 reverse stock split on August 13, 2025 to artificially boost its stock price and maintain its NYSE American listing. Despite reverse splits and rebranding, the stock has consistently trended downward over the multi-year period.
• Integration and Pivot Execution Risks: Managing a transition from a medical device regulatory environment to an FAA-regulated commercial aviation environment is a monumental task. The operational expertise required for these two fields is entirely different, introducing substantial execution risk.

Frequently Asked Questions (FAQ)

Can I still buy RMED stock?

No. The stock ticker RMED no longer exists. Ra Medical Systems merged with Catheter Precision, and the ticker was changed to VTAK in August 2023. If you want to invest in the successor company, you must purchase shares under the symbol VTAK on the NYSE American.

What happened to my RMED shares after the name change?

If you owned RMED stock at the time of the ticker change in August 2023, your shares were automatically converted into Catheter Precision (VTAK) shares through your brokerage. Note that subsequent corporate actions, including the 1-for-19 reverse stock split in August 2025, significantly altered the total number of shares in your portfolio.

Why did Catheter Precision (VTAK) pivot to aviation?

Management determined that commercializing its cardiac medical devices under a micro-cap public company structure was too expensive and slow to generate shareholder value. By acquiring Flyte aviation and preparing to sell its cardiac medical assets to a larger strategic buyer, VTAK hopes to establish itself as a high-growth, pure-play regional air mobility business.

What are VTAK's primary medical devices, and what will happen to them?

VTAK’s core medical products are VIVO (a non-invasive 3D cardiac mapping system for arrhythmias) and LockeT (an external suture retention closure device). VTAK is currently in the process of divesting these technologies to larger, better-capitalized medical device firms so it can focus exclusively on aviation.

Is VTAK stock at risk of being delisted?

Yes. Given its low share price (trading under $1.00 as of mid-2026) and micro-cap status (market capitalization of approximately $2.4 million), VTAK faces constant risk of non-compliance with NYSE American listing standards regarding minimum bid price and stockholders' equity, especially if its going-concern risks materialize.

Conclusion

The story of rmed stock is a case study in corporate survival and radical reinvention. What started as Ra Medical Systems—a struggling vascular and dermatological laser business—evolved into Catheter Precision (VTAK), a cutting-edge cardiac electrophysiology developer. Now, in its most unexpected chapter yet, VTAK is divesting its medical heritage to take to the skies as a regional private aviation provider via Flyte.

While the 200% revenue growth in Q1 2026 and the transition to an asset-backed aviation model offer a glimmer of speculative hope, the severe cash crunch and massive potential dilution make VTAK an incredibly high-risk vehicle. Investors tracking this stock must closely monitor the company's ability to successfully monetize its legacy medical IP and secure non-dilutive financing to keep Flyte's fleet in the air.