Business
ClearPoint Neuro Provides a COVID-19 Pandemic Update and Announces Preliminary First Quarter 2020 Financial Results
IRVINE, Calif., April 16, 2020 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”) today provided an update with respect to the COVID-19
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"IRVINE, Calif., April 16, 2020 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”) today provided an update with respect to the COVID-19 pandemic and announced preliminary financial results for the quarter ended March 31, 2020.\n COVID-19 Pandemic Update “Given the unprecedented events resulting from the COVID-19 pandemic, we are providing this update to patients, our hospital customers, our employees and our investors, to inform how the pandemic is affecting our business, and to comment on what we believe continues to be the strength and resiliency of our Company,” commented Joe Burnett, ClearPoint Neuro’s President and CEO. Mr. Burnett continued, “Due to the onset of the pandemic, elective procedures, representing approximately 80% of our ClearPoint® System case volume, have been temporarily suspended to ensure that hospital beds, ventilators, personal protective equipment and staff remain at the ready to treat the most urgent cases. In addition, new capital equipment placements have effectively been put on hold by our hospital customers. While our commercial and development partnerships with gene therapy companies continue to move forward, as do non-elective procedures related primarily to the treatment of brain tumors, we do not expect hospitals to recommence scheduling elective procedures and ordering new capital equipment until those hospitals are confident they can undertake these activities while continuing to provide care to COVID-19 patients. Despite this suspension of orders, our financial position has allowed us to retain our employees, so as to continue our ongoing product development activities and maintain our readiness to serve the patients in need of treatment when scheduling of procedures resumes.” First Quarter 2020 Preliminary Financial Results Revenue for the quarter ended March 31, 2020 is expected to be approximately $3.1 million, an increase of 24% from $2.5 million during the same period in 2019. Cash used in operations for the quarter ended March 31, 2020, is expected to be approximately $2.4 million. This amount includes the payment of $979,000 in accumulated interest on secured indebtedness that the Company repaid upon the completion in January 2020 of its previously announced $17.5 million strategic investment from PTC Therapeutics, Inc. and Petrichor Healthcare Capital Manageme...