Business
ClearPoint Neuro Reports Second Quarter 2023 Results
Biologics & Drug Delivery growing +40%; Company Reaffirms 2023 Revenue Forecast SOLANA BEACH, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc.
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"Biologics & Drug Delivery growing +40%; Company Reaffirms 2023 Revenue Forecast\nSOLANA BEACH, Calif., Aug. 08, 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 second quarter ended June 30, 2023. Second Quarter Highlights Reported record quarterly revenue of $6.0 million, a 14% year-over-year increase;Increased biologics and drug delivery revenue to $3.4 million, a 40% year-over-year increase;Announced an example of a milestone-based biologics and drug delivery agreement whereby ClearPoint would earn cash compensation based on the successful progression of a drug candidate through the clinical and regulatory process;Installed multiple new PRISM laser therapy units and continued the limited market release in the U.S.;Completed construction on the manufacturing clean room at the Carlsbad, California facility;Cash and cash equivalents totaled $26.5 million as of June 30, 2023. Business Outlook The Company reaffirms its full year 2023 revenue outlook of between $25.0 and $27.0 million.“We are pleased with our result for the second quarter as we have returned to double-digit growth and delivered record revenue stemming primarily from the launch of new services in the biologics and drug delivery space which grew more than 40%,” commented Joe Burnett, President and CEO at ClearPoint Neuro. “As we look ahead to the second half of 2023, we expect to demonstrate progress toward our continued growth and scale by 1) accelerating revenue growth; 2) adding meaningful strategic and milestone-based biologics and drug delivery agreements; 3) expanding our PRISM limited market release to multiple new centers; 4) executing as many as five FDA submissions directly or through partnerships for new products; and 5) completing the qualification of our new manufacturing clean room facility in Carlsbad, California and producing sellable product. We believe these milestones will contribute to a reduction in operational cash burn compared to the first half of 2023 with continued revenue growth in biologics and drug delivery being the primary driver.” Financial Results – Quarter Ended June 30, 2023 Total revenue was $6.0 million for the three months ended June 30, 2023, and $5.2 million for the ...