ClearPoint Neuro, Inc. (Nasdaq: CLPT) a global a platform neuro company that enables therapy for neuro disorders with pinpoint accuracy, announced financial results for its first quarter completed on March 31, 2021. CLPT stock surged immensely adjacent to the news.
At last check-in after-market trading, shares of ClearPoint Neuro Inc. (CLPT) were up 13.25% at $20.0. CLPT’s stock closed last session at $17.66, increasing 2.08% or $0.36. Shares of the company fluctuated between $15.07 and $18.00 throughout the day. CLPT shares have dropped by -8.59% in the last five days, while they have lost -17.75% in the last month.
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First Quarter Financial Report
Total revenue generated reached $4.0 million for the first quarter ended on March 31, 2021, and $3.1 million for the same quarter of the previous year, which depicts a rise of $0.9 million, or 29%. At March 31, 2021, CLPT had an accumulated cash and cash equivalents of $64.9 million versus $20.1 million in the previous quarter, with the rise resulting mainly due to the finishing of a public offering of its common stock in February 2021.
Revenue produced by functional neurosurgery navigation, which comprises of disposable product commercial sales linked to cases using the ClearPoint system, had an increment of 10% to $1.9 million for the first quarter of 2021, from $1.7 million in the same period the prior year. The rise depicts the resumption in the first quarter of the current year, of certain surgical procedures, which were delayed or cancelled in the first quarter last year, because of effects of the COVID-19 pandemic. Case volume saw a rise each month in the quarter.
Biologics and drug delivery revenue, which consisted of sales of disposable products and services linked to customer-sponsored clinical trials using CLPT products, saw a substantial increment of 61% to $1.7 million for the first quarter of 2021, compared to $1.0 million for the same quarter of the previous year, due mainly to the resumption of clinical trial activities that facilitated a rise in sales of biologics and products regarding drug delivery.
Research and development costs reached $1.6 million for the first quarter of 2021, versus $0.8 million for the same quarter in the prior year, representing a rise of $0.8 million, or 91%. Sales and marketing expenses were $1.6 million for the first quarter of 2021, in comparison to $1.3 million for the same quarter of 2019, depicting an increment of $0.3 million, or 21%.
The rise in R&D cost combined with the increment in sales and marketing expenses depict additions in key areas to the Company’s team, and facilitates the development of the infrastructure essential for expansion of product lines, initiate new indications, and observe international standards as installations take place throughout the globe.
Conclusion
CLPT showed a better-than-expected outlook for the first quarter of 2021 and is forecasted to further sky rocket in the future. A substantial increase in total revenue combined with a rise in sales induced investor interest, with CLPT stock surging at last check.
