ClearPoint Neuro, Inc. (CLPT) stock soared 5.71% in the after-hours trading session at the price of $17.97 despite no fundamental reason. The last reported news on the company’s website was its financial results for the second quarter of 2021.
CLPT develops therapies to treat complex neurological disorders with pinpoint accuracy. It is dedicated to improve and renovate the quality of life for patients and their families. The company’s product portfolio includes deep brain stimulation, laser ablation, biopsy, neuro-aspiration, biologics, and brain gene therapy.
CLPT Published Second Quarter 2021 Financial Results
On 10th August 2021, CLPT reported financial results for its second quarter ended 30th June 2021 and provided corporate updates. CEO of ClearPoint, Joe Burnett, remarked that they had witnessed multiple significant achievements in the second quarter of 2021 that showed a return to pre-pandemic periods. The resumption of clinical and pre-clinical activities by their biologics and drug delivery partners has remained encouraging. They believe it will set the regulatory pathway for their therapies back on track.
CLPT is currently working with 30 partners in the drug delivery space and expects to add new partners in the second half of 2021. Their development and production teams always remain on track for all operating programs that help to keep their planned timelines and events on the schedule. They believe their biologics and drug delivery business will tolerate any potential impact of new Covid-19 variants in the second half of 2021. They expect the cases supported by their clinical team will range from 900 to 1000. The revenue is estimated to range from $16.0 to $17.5 million for 2021, Mr. Joe added.
Second Quarter 2021 Financial Highlights
CLPT reported total revenue of $3.4 million for the second quarter ended on 30th June 2021. It represents a gain of $0.9 million or 38% from $2.5 million for the same quarter ended on 30th June 2020. For the three months ended on 30th June 2021, the gross margin was 67%. The gross margin was 68% for the same period of the previous year.
Research and development expenses were $2.1 million for the three months ended on 30th June 2021. It represents an increase of $1.3 million or 161% from $0.8 million for the same quarter ended on 30th June 2020. As of 30th June 2021, CLPT had cash and cash equivalents of $61.5 million. The cash equivalents totaled $20.1 million on 31st December 2020.
