ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced preliminary, unaudited financial results for its fourth quarter and full year ended December 31, 2021. The Company also announced that its earnings call will take place on Tuesday, March 1, 2022, after the market close.
Fourth Quarter 2021 Revenue Highlights
Reported revenue of $4.3 million, a 15% year-over-year increase;
Increased functional neurosurgery products and services to $2.1 million, a 37% year-over-year increase;
Increased biologics and drug delivery revenue to $1.7 million, a 10% year-over-year increase;
Clinical team supported 239 cases despite a regional impact of the Omicron variant on elective procedures, a 37% year-over-year increase.
Full Year 2021 Revenue Highlights
Achieved record revenue of $16.3 million, a 27% year-over-year increase and within the initial 2021 forecast of $16.0 - $17.5 million despite the impact of both Delta and Omicron variants throughout the year on elective procedures and supply chain;
Achieved record case volume of 929 cases, a 36% year-over-year increase and within initial 2021 forecast of 900 – 1,000 cases supported by our clinical specialist team;
The Company had approximately $54.1 million in cash and cash equivalents at December 31, 2021.
Business Outlook
The Company estimates revenue in 2022 to be between $20.0 and $22.0 million, representing growth between 23% and 35%;
The single largest risk factor for 2022 revenue is expected to remain the impact of COVID, including the resumption of elective procedures post-Omicron and the risk of new emerging variants as seen in 2021.
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