ClearPoint Neuro, Inc. (NASDAQ: CLPT) shares maintained stability during the preceding session, concluding at $6.05, with a modest uptick of 0.33%. This steadiness in CLPT stock price followed the release of its quarterly financial outcomes. ClearPoint Neuro (CLPT) unveiled its financial performance for the fourth quarter and full fiscal year ending on December 31, 2023.
The company affirmed its performance for the fourth quarter of 2023, which encompassed remarkable revenue figures of $6.8 million, indicating a growth of over 30% in its topline, and a reduction in quarterly cash expenditure to a mere $1.2 million, marking its lowest point since 2020. Notably, within the initial two months of 2024, CLPT has already attained several significant strategic milestones.
These milestones include multiple FDA clearances and inaugural human procedures, initial shipments to European Union nations from its recently established Carlsbad facility, endorsed under EU-MDR certification, publication of pivotal validation studies in peer-reviewed journals endorsing both its navigation software and laser therapy system, and the acquisition of more new clinical clientele in the first quarter alone than throughout the entirety of 2023.
Furthermore, ClearPoint Neuro also announced this week the publication of preclinical findings from an in vivo validation study in the Journal of Neurosurgery. These findings underscore the capability of the ClearPoint Prism Neuro Laser Therapy System in providing precise, nearly real-time brain tissue temperature measurements with a mean absolute error of less than 1°C.
Additionally, the observed lesion morphology, as depicted by Thermoguide MR-thermometry software, exhibited a strong correlation with histopathological assessments. Conducted collaboratively by the Company and its Swedish partner, Clinical Laserthermia Systems AB (CLS), under the leadership of Dr. John Rolston as the Principal Investigator, the study aimed to assess the safety, accuracy, and efficacy of the Prism System.
This was achieved by demonstrating a predictable safety margin through survival histology, identifying Thermal Damage Thresholds (TDTs) that best forecast irreversible tissue damage based on histological evidence, and assessing the accuracy of temperature predictions against actual in vivo temperature changes.
