Business
ClearPoint Neuro Reports Fourth Quarter and Full-Year 2022 Results
Company Reports Record Revenues SOLANA BEACH, Calif., March 01, 2023 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"Company Reports Record Revenues\nSOLANA BEACH, Calif., March 01, 2023 (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 fourth quarter and full-year ended December 31, 2022. 2022 Full Year and Fourth Quarter Highlights Reported fourth quarter 2022 revenue of $5.2 million, a 21% year-over-year increase compared with the fourth quarter of 2021;Reported revenue of $20.6 million for the full year 2022, an increase of 26% over 2021 and representing the eighth consecutive year of growth;Increased biologics and drug delivery revenue to $9.1 million for the full year 2022, a 34% increase over 2021;Added multiple new biologics and drug delivery partners in the quarter to bring the total to more than 50; andCash and short-term investments totaled $37.5 million as of December 31, 2022. Business Outlook “We are pleased with our performance in 2022, growing revenue 26% year-over-year, achieving FDA clearance for key new products, adding services and capabilities to support our more than 50 biologics partners, and executing against all four pillars of our growth strategy,” commented Joe Burnett, President and CEO at ClearPoint Neuro. “We continue to expect growth of more than 20% in 2023, given the competitiveness of our laser system and the cadence of our pharma partners’ continuing progress through the global regulatory process for new gene and cell therapies. We are reiterating our 2023 revenue forecast of between $25 and $27 million.” Financial Results - Year Ended December 31, 2022 Total revenue was $20.6 million and $16.3 million for the years ended December 31, 2022 and 2021, respectively. Functional neurosurgery navigation and therapy revenue increased to $9.1 million during the year ended December 31, 2022 from $8.1 million for the same period in 2021. This increase is primarily driven by $1.5 million of service revenue related to development services for the year ended December 31, 2022, compared to $0.4 million for the same period in 2021. Biologics and drug delivery revenue, which include sales of disposable products and services related to customer-sponsored pre-clinical and clinical trials utilizing our products, increased 34% to $9.1 million for the year ended December 31,...