Business
ClearPoint Neuro Reports Third Quarter 2021 Results
Record Revenue Achieved; Company Reaffirms 2021 Revenue Forecast SOLANA BEACH, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT)
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"Record Revenue Achieved; Company Reaffirms 2021 Revenue Forecast\nSOLANA BEACH, Calif., Nov. 09, 2021 (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 third quarter ended September 30, 2021. Third Quarter Highlights Reported record revenue of $4.6 million, a 30% year-over-year increase;Increased biologics and drug delivery revenue to $2.1 million, a 39% year-over-year increase;Achieved additional biologics and drug delivery relationships, bringing current count of active partners to approximately 40;Initiated development program for a navigation and delivery system for Brain-Computer Interfaces;Supported 227 cases despite the impact of the Delta variant on elective procedures, a 14% year-over-year increase; andLaunched Patient Education Program to increase awareness around DBS options, including awake MER-guided procedures and MRI-guided procedures under general anesthesia. Business Outlook The Company continues to estimate total case volume support to be in the range of 900 – 1000 for 2021; andThe Company continues to estimate revenue to be between $16.0 and $17.5 million for 2021. “The ClearPoint Neuro Team continued to execute against our four-pillar growth strategy in the third quarter and celebrated a number of successes along the way,” commented Joe Burnett, President and CEO. “First, we achieved record revenue in both Functional Neurosurgery Navigation and Biologics & Drug Delivery, yielding total revenue of $4.6 M which represents year-over-year growth of 30% growth. These results are in spite of the postponement of numerous elective procedures due to the rise of the Delta Variant which adversely impacted case volume in August and September. The majority of our impacted centers have again scheduled cases starting in October. Our Biologics and Drug Delivery Team, driven by the expansion of pre-clinical services and placements in Europe have added additional pharma partners to our ‘active’ list, bringing the total number of active relationships to approximately 40. We have started development of our navigation system for Brain Computer Interface placements, leveraging the ClearPoint platform and expect to have functional prototypes for pre-clinical testing in the sec...