Business
ClearPoint Neuro Reports First Quarter 2022 Results
SOLANA BEACH, Calif., May 11, 2022 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabling platform company
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"SOLANA BEACH, Calif., May 11, 2022 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced financial results for its first quarter ended March 31, 2022. First Quarter Highlights Reported record quarterly revenue of $5.0 million, a 25% year-over-year increase;Installed four additional global sites with expected first cases in Q2;Increased biologics and drug delivery revenue to $2.2 million, a 30% year-over-year increase;Achieved additional biologics and drug delivery relationships, bringing current count of active partners to approximately 45 therapeutic partners;Signed an agreement with Philips to enable access to technology to allow for use of the Maestro™ Brain Model in the operating room with Computed Tomography; andBegan development of a proprietary patient-facing digital health app for drug delivery and brain-computer interface with Higgs-Boson Health to concentrate patient resources, reduce postponements and track quality of life data before and after treatments. Business Outlook The Company is increasing the low-end revenue range estimate and now expects full year 2022 revenue between $21.0 and $22.0 million. “The ClearPoint Neuro Team has continued to execute against our four-pillar growth strategy in the first quarter and celebrated a number of successes along the way to get 2022 off to a great start,” commented Joe Burnett, President and CEO. “First, we achieved record quarterly revenue in both Functional Neurosurgery Navigation and Biologics and Drug Delivery, yielded total revenue of $5.0 million which represents first quarter year-over-year growth of 25%. These results were achieved in spite of Omicron related surgery cancellations and postponements, particularly throughout January and early February in the United States and Europe. Our Biologics and Drug Delivery team added additional partners, bringing our current total to approximately 45. The Functional Neurosurgery Navigation team successfully tested pre-clinical prototypes for Micro-Electric Recording and Brain Computer Interface navigation systems in collaboration with BlackRock Neurotech, and submitted ClearPoint Array 1.1 software to the FDA which has subsequently been approved here in the second quarter. Our Therapy Team continues t...