Business
ClearPoint Neuro Reports Fourth Quarter and Full Year 2023 Preliminary Revenue Results and Guidance for Full Year 2024 Revenue
SOLANA BEACH, Calif., Jan. 08, 2024 (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., Jan. 08, 2024 (GLOBE NEWSWIRE) -- 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, 2023. These preliminary unaudited financial results are management’s estimates and are subject to revision in the course of completing annual audit processes. Audited results for 2023 will be publicly reported by the Company later in the first quarter of 2024, prior to a Form 10-K filing for the year with full financial statements. 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; andCash 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; andIncreased 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; andDemonstrate 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...