Fourth Quarter 2021 Revenue Highlights
- Reported revenue of
$4.3 million , a 15% year-over-year increase; - Increased functional neurosurgery products and services to
$2.1 million , a 37% year-over-year increase; - Increased biologics and drug delivery revenue to
$1.7 million , a 10% year-over-year increase; - Clinical team supported 239 cases despite a regional impact of the Omicron variant on elective procedures, a 37% year-over-year increase.
Full Year 2021 Revenue Highlights
- Achieved record revenue of
$16.3 million , a 27% year-over-year increase and within the initial 2021 forecast of$16.0 -$17.5 million despite the impact of both Delta and Omicron variants throughout the year on elective procedures and supply chain; - Achieved record case volume of 929 cases, a 36% year-over-year increase and within initial 2021 forecast of 900 – 1,000 cases supported by our clinical specialist team;
- The Company had approximately
$54.1 million in cash and cash equivalents atDecember 31, 2021 .
Business Outlook
- The Company estimates revenue in 2022 to be between
$20.0 and$22.0 million , representing growth between 23% and 35%; - The single largest risk factor for 2022 revenue is expected to remain the impact of COVID, including the resumption of elective procedures post-Omicron and the risk of new emerging variants as seen in 2021.
“As we close the books on 2021, we reflect on a tremendous year for the Company as we have continued to execute and make progress across our four-pillar growth strategy,” commented
“We continue to manage the business appropriately during these uncertain times caused by the pandemic and will use our existing capital to balance growth with thoughtful spending. Our current cash position entering 2022 is
Investors and analysts are invited to listen to a live broadcast review of the Company's fourth quarter and full year 2021 financial results on
For those who cannot access the live broadcast, a replay will be available shortly after the completion of the call until
About
ClearPoint Neuro’s mission is to improve and restore quality of life to patients and their families by enabling therapies for the most complex neurological disorders with pinpoint accuracy. Applications of the Company’s current product portfolio include deep brain stimulation, laser ablation, biopsy, neuro-aspiration, and delivery of drugs, biologics, and gene therapy to the brain. The ClearPoint® Neuro Navigation System has FDA clearance, is CE-marked, and is installed in approximately 60 active sites in
Forward-Looking Statements
Statements herein concerning the Company’s plans, growth and strategies may include forward-looking statements within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the Company's actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: the impact of the COVID-19 pandemic and the measures adopted to contain its spread; future revenue from sales of the Company’s ClearPoint Neuro Navigation System products; the Company’s ability to market, commercialize and achieve broader market acceptance for the Company’s ClearPoint Neuro Navigation System products; and risks inherent in the research and development of new products. More detailed information on these and additional factors that could affect the Company’s actual results are described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended
Contact:Danilo D’Alessandro , Chief Financial Officer (949) 900-6833 info@clearpointneuro.comCaroline Corner , Investor Relations ir@clearpointneuro.com
Source:
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