SOLANA BEACH, Calif., Jan. 08, 2024 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (NASDAQ:CLPT) (the "Company"), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced preliminary, unaudited financial results for its fourth quarter and full year ended December 31, 2023. These preliminary unaudited financial results are management's estimates and are subject to revision in the course of completing annual audit processes. Audited results for 2023 will be publicly reported by the Company later in the first quarter of 2024, prior to a Form 10-K filing for the year with full financial statements.
Fourth Quarter 2023 Preliminary Unaudited Financial Highlights
- Preliminary unaudited revenue of approximately $6.8 million, a 32% year-over-year increase;
- Increased biologics and drug delivery revenue to approximately $4.1 million, a 76% year-over-year increase; and
- Cash burn of approximately $1.2 million in the fourth quarter. The Company had approximately $23.1 million in cash and cash equivalents at December 31, 2023.
Full Year 2023 Preliminary Unaudited Financial Highlights
- Achieved preliminary unaudited record revenue of approximately $24 million, a 17% year-over-year increase, versus most recent guidance of $23 - $25 million; and
- Increased biologics and drug delivery revenue to approximately $13.6 million, a 49% year-over-year increase.
Business Outlook and Planned Value Creating Milestones
- The Company estimates revenue in 2024 to be between $28 million and $32 million, representing growth between 17% and 33%;
- Achieve FDA clearance and launch SmartFrame OR for navigation and first revenue in the operating room;
- Launch full market release of the ClearPoint PRISM® Neuro Laser Therapy System;
- Launch and deploy ClearPoint 2.2 Software with embedded ClearPoint Maestro® and 1.2 Array Software with parallel trajectory tumor planning application to the installed base;
- Win first purchase ...