ClearPoint Neuro (CLPT -3.3%) announces preliminary
financial results 1Q20; with revenue expected to be ~$3.1M (+24% Y/Y);
cash used in operations to be ~$2.4M; and cash balance of $17M as of
March 31, 2020.
Company says due to the onset of the pandemic,
elective procedures, representing approximately 80% of ClearPoint®
System case volume, have been temporarily suspended. As the duration of
this interruption in elective procedures is uncertain, the company is
withdrawing the expectations previously expressed with respect to 2020
financial results.
“With respect to our financial position, we
believe that the January 2020 financing transaction, and proceeds of
$896,000 received on April 15, 2020, through a loan funded under the
Payroll Protection Program as part of the CARES Act, provide us with
sufficient cash resources to see us through the COVID-19 situation”,
stated Joe Burnett, President and CEO.
https://seekingalpha.com/news/3561365-clearpoint-neuro-sees-24-jump-in-q1-revenue
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