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Sep 30, 2023
ClearPoint Neuro Q3 2023 Earnings Report
Reported a revenue increase of 12% year-over-year, driven by a 55% increase in biologics and drug delivery revenue, and reduced operational cash burn to the lowest level since 2020.
Key Takeaways
ClearPoint Neuro reported a 12% increase in revenue for Q3 2023, driven by strong growth in biologics and drug delivery. The company also significantly reduced its operational cash burn and made progress on strategic initiatives.
Reported quarterly revenue of $5.8 million, a 12% year-over-year increase.
Increased biologics and drug delivery revenue to $3.5 million, a 55% year-over-year increase.
Operational cash burn of $1.8 million, the lowest quarterly burn since 2020.
Cash and cash equivalents totaled $24.3 million as of September 30, 2023.
ClearPoint Neuro
ClearPoint Neuro
ClearPoint Neuro Revenue by Segment
Revenue by Segment
Biologics and Drug Delivery Revenue
CapyFin.com Forward Guidance
The company forecasts 2023 total revenue between $23.0 and $25.0 million, representing growth between 11% and 18% for the year.
Positive Outlook
- Focus on near-term investments that drive profitable growth.
- Continued growth in biologics and drug delivery.
- Expansion of PRISM laser therapy system to new centers.
- Multiple new product FDA submissions.
- Completion of the transition of manufacturing to the new facility in Carlsbad, California ahead of schedule, improving gross margin and eliminating redundant costs heading into 2024.