ClearPoint Neuro (Nasdaq:CLPT) today announced preliminary fourth-quarter revenues that came up short of Wall Street projections.
Solana Beach, California-based ClearPoint Neuro expects $5.2 million in sales for the quarter ended Dec. 31, 2022. While that comes in 21% ahead of totals from the same quarter last year, it falls short of analysts’ projections of $5.8 million.
The company, which develops technology for both navigation and delivery to the brain, also increased its biologics and drug delivery revenue. The $2.3 million in sales represented a 37% year-over-year increase. Neurosurgery products produced $2.3 million in revenues for a 7% uptick from 2021.
Full-year revenue came in at $20.6 million for a 26% year-over-year increase. It also came in well ahead of ClearPoint Neuro’s guidance for between $21 million and $22 million.
ClearPoint Neuro expects 2023 revenues to fall between $25 million and $27 million for between 22% and 31% growth. It also plans for PTC Therapeutics to submit an FDA biologics license application for Upstaza. This technology uses the ClearPoint SmartFlow Cannula for minimally invasive infusion of gene therapy.
The company also expects to commercialize its Prism neuro laser therapy system and expand into limited market release centers. FDA cleared the laser in September 2022.
“While recognized revenue in the fourth quarter was below our expectations based on timing and delivery for certain products and services, our backlog of received purchase orders grew to the highest level in our history setting us up for a strong 2023,” said Joe Burnett, President and CEO of ClearPoint Neuro.