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ClearPoint Neuro Reports Third Quarter 2022 Results
Company Reaffirms 2022 Revenue Forecast SOLANA BEACH, Calif., Nov. 08, 2022 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"Company Reaffirms 2022 Revenue Forecast\nSOLANA BEACH, Calif., Nov. 08, 2022 (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, 2022. Third Quarter Highlights Reported quarterly revenue of $5.1 million, a 13% year-over-year increase;Partner PTC Therapeutics’ gene therapy treatment Upstaza™ was granted full marketing authorization by the European Commission. Upstaza will be administered with the Company’s SmartFlow® Neuro Cannula;Added multiple new biologics and drug delivery partners in the quarter to bring the total to approximately 50;Announced multiple FDA clearances: the ClearPoint Maestro™ Brain Model, the ClearPoint Prism™ Neuro Laser Therapy System and the 2.1 version of the ClearPoint Neuro Navigation software; andCash and short-term investments totaled $40.5 million as of September 30, 2022. Business Outlook The Company reaffirms its full year 2022 revenue outlook of between $21.0 and $22.0 million. “The ClearPoint Neuro Team has continued to execute against our four-pillar growth strategy in the third quarter and remain on track to achieve our previously announced strategic and financial goals for the year,” commented Joe Burnett, President and CEO. “We achieved another strong quarter for revenue despite a historically high case cancellation rate and hospital supply chain disruptions. Our Biologics and Drug Delivery team added multiple new pharma and academic partners bringing our total to approximately 50 and keeping pace at approximately one new partner each month. Three new products were cleared by the FDA in the quarter and are in the process of being deployed in limited market releases before the end of the year. We have now installed a record 10 new systems globally year to date and have the largest active capital funnel in our history. Particularly of note, the European Commission granted marketing authorization for Upstaza to our partner PTC Therapeutics. Upstaza is the first marketed gene therapy approved anywhere in the world to be dosed by direct infusion into the brain. Consistent with our long term strategy, the Summary of Product Characteristics for Upstaza specifically includes the ClearPoint SmartFlow Neuro Cannula ...