Business
ClearPoint Neuro Reports Second Quarter 2024 Results
Second Quarter Revenue Growth +32%; Record Revenue Achieved SOLANA BEACH, Aug. 07, 2024 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"Second Quarter Revenue Growth +32%; Record Revenue Achieved\nSOLANA BEACH, Aug. 07, 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 second quarter ended June 30, 2024. Second Quarter Highlights Reported quarterly revenue of $7.9 million, a 32% year-over-year increase;Product revenue across all segments more than doubled, and grew 112% to $4.9 million;Increased Biologics and Drug Delivery revenue to $4.3 million, a 28% year-over-year increase;Full market release of SmartFrame OR™ platform and ClearPoint Prism® Laser Therapy System contributing to record navigation and device revenue of $2.6 million and 34% growth versus the prior quarter;Activated six new global centers in the second quarter for a total of fourteen new centers so far this year;Partners advancing through preclinical and clinical review with seven pharmaceutical partners receiving expedited FDA review designation;Approval of SmartFlow® Cannula for commercial use in Taiwan by the Taiwan Food and Drug Administration;Operational cash burn reduced to $2.7 million, a 47% year-over-year decrease;Cash and cash equivalents totaled $32.8 million as of June 30, 2024. “This has been the strongest quarter in our history both from a financial standpoint as well as continued execution of our four-pillar growth strategy,” commented Joe Burnett, President and CEO at ClearPoint Neuro. “In the second quarter of 2024, we were excited to achieve double-digit growth from all four pillars including Biologics and Drug Delivery, Neurosurgery Navigation, Therapy and Access Products, and achieving global scale through capital placements and customer activations. This has led to record quarterly revenue of $7.9 million, record product revenue of $4.9 million, gross margins rising to 63%, and an operating cash burn reduction of 47% year over year. We expect to be well poised to continue this growth across all of our segments as we: Expand our biologics and drug delivery services and customers,Add long-term strategic agreements with pharmaceutical partners,Assist our biotech partners as they continue first-in-human study initiations,Continue our expansion into the operating room with SmartFrame OR,Expand our insta...