ClearPoint Neuro prelims above views, at JPMorgan

 Fourth Quarter 2023 Preliminary Unaudited Financial Highlights

• Preliminary unaudited revenue of approximately $6.8 million, a 32% year-over-year increase;
• Increased biologics and drug delivery revenue to approximately $4.1 million, a 76% year-over-year increase; and
• Cash burn of approximately $1.2 million in the fourth quarter. The Company had approximately $23.1 million in cash and cash equivalents at December 31, 2023.
  

Full Year 2023 Preliminary Unaudited Financial Highlights

• Achieved preliminary unaudited record revenue of approximately $24 million, a 17% year-over-year increase, versus most recent guidance of $23 - $25 million; and
• Increased biologics and drug delivery revenue to approximately $13.6 million, a 49% year-over-year increase.

Business Outlook and Planned Value Creating Milestones

• The Company estimates revenue in 2024 to be between $28 million and $32 million, representing growth between 17% and 33%;
• Achieve FDA clearance and launch SmartFrame OR for navigation and first revenue in the operating room;
• Launch full market release of the ClearPoint PRISM® Neuro Laser Therapy System;
• Launch and deploy ClearPoint 2.2 Software with embedded ClearPoint Maestro® and 1.2 Array Software with parallel trajectory tumor planning application to the installed base;
• Win first purchase orders for GLP ready pre-clinical services;
• Prototype demonstration of next generation software application for AI predictive modeling to pharma partners;
• Continue global expansion to achieve 100 ClearPoint sites by 2025; and
• Demonstrate operating leverage with expenses increasing less than revenue growth.

“We are thrilled with our fourth quarter performance delivering record revenue of $6.8 million, reflecting 32% growth, while meaningfully reducing our cash burn and gaining commitments for multiple new ClearPoint installations,” commented Joe Burnett, President and CEO at ClearPoint Neuro.

“In 2024, we look forward to several new product introductions reflecting success with the strategic investments we have made to expand our leadership position, including the SmartFrame OR for our entrance into the operating room; the full market release of the PRISM laser therapy system; the integration of ClearPoint Maestro into our navigation software; and the expansion of our pre-clinical biologics and drug delivery services including GLP readiness. These represent four new potential revenue streams that we plan to add to our base business throughout the year.”

Management will be available for meetings in San Francisco during the J.P. Morgan Healthcare Conference from January 8-11, 2024.

https://www.globenewswire.com/news-release/2024/01/08/2805850/25687/en/ClearPoint-Neuro-Reports-Fourth-Quarter-and-Full-Year-2023-Preliminary-Revenue-Results-and-Guidance-for-Full-Year-2024-Revenue.html