ClearPoint Neuro Stock Dives After Q2 Earnings

  • ClearPoint Neuro Inc CLPT reported Q2 revenue of $3.4 million, a 38% Y/Y increase, below the consensus estimate of $3.68 million.
  • Functional neurosurgery navigation revenue increased 74% to $1.9 million, reflecting the resumption of elective surgical procedures.
  • Biologics and drug delivery revenue increased 19% to $1.4 million. ClearPoint added biologics and drug delivery relationships, bringing the current count of active partners to approximately 35 from approximately 30 in Q1 FY21.
  • The gross margin compressed to 67%, from 68%, primarily due to a decreased contribution from service revenue, which carries a higher gross margin relative to product lines.
  • ClearPoint posted Q2 EPS loss $(0.17), missing the estimate of $(0.13).
  • On June 30, the Company had cash and cash equivalents totaling $61.5 million.
  • ClearPoint expects the new Delta wave to pressure elective procedures but believes its biologics and drug delivery business will make up for any potential impact in the second half.
  • FY21 Guidance: CLPT continues to estimate total case volume supported to 900 – 1000, with sales of $16 million - $17.5 million (consensus of $16.4 million).
  • Price Action: CLPT shares are down 15.6% at $18.47 during the market session on the last check Wednesday.

Posted In: BriefsEarningsNewsGuidanceHealth CareSmall CapGeneral

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