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ClearPoint Neuro Reports Fourth Quarter and Full-Year 2023 Results
Release Includes Commentary on Early 2024 Progress SOLANA BEACH, Calif., March 12, 2024 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"Release Includes Commentary on Early 2024 Progress\nSOLANA BEACH, Calif., March 12, 2024 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global device, cell, and gene therapy-enabling company offering precise navigation to the brain and spine, today announced financial results for its fourth quarter and full-year ended December 31, 2023. 2023 Full Year and Fourth Quarter Highlights Reported fourth quarter 2023 revenue of $6.8 million, a 32% year-over-year increase compared with the fourth quarter of 2022;Reported revenue of $24.0 million for the full year 2023, an increase of 17% over 2022 and representing the ninth consecutive year of growth;Increased biologics and drug delivery revenue to $13.6 million for the full year 2023, a 49% increase over 2022;Completed Certification of Carlsbad development and manufacturing facility and shut down of Irvine manufacturing facility; andCash burn of $1.2 million in the fourth quarter, bringing cash and cash equivalents to $23.1 million as of December 31, 2023. 2024 Operational Highlights Six new hospital customers already added since the beginning of the year;Received 510(k) clearance for Smartframe OR™ Stereotactic System;First-in-Human cases performed using ClearPoint 2.2 Software and ClearPoint Array 1.2 Parallel Trajectory Software;First product approved under European MDR and products shipped to Europe from new Carlsbad development and manufacturing facility;Validation Papers for ClearPoint Maestro and ClearPoint PRISM products published in peer-reviewed journals;Completed a public offering of common stock, resulting in gross proceeds of approximately $15 million; andReaffirming 2024 revenue guidance to be between $28.0 million and $32.0 million. Business Outlook “We are pleased to confirm our fourth quarter 2023 performance which included record revenue of $6.8 million, over 30% topline growth, and a reduction in our quarterly cash burn to only $1.2 million, our lowest since 2020,” commented Joe Burnett, President and CEO at ClearPoint Neuro. “In just the first two months of 2024 we have already achieved some key strategic milestones including multiple FDA clearances and first-in-human procedures, first shipments to EU countries from our new Carlsbad facility and under EU-MDR certification, publication of key validation papers in peer-reviewed journals su...