Exhibit 99.1
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ClearPoint Neuro Reports Third Quarter 2024 Results
Achieved Record Revenue and Growth of 41%; Operational Cash Burn Reduced to $1.2 Million
SOLANA BEACH, CA, November 7, 2024 – ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global device, cell, and gene therapy-enabling company offering precise navigation to the brain and spine, today announced financial results for its third quarter ended September 30, 2024.
Third Quarter Highlights
•Reported quarterly revenue of $8.1 million, a 41% year-over-year increase;
•Accelerated growth of SmartFrame OR™ platform and ClearPoint Prism® Laser Therapy System, contributing to record navigation and device revenue of $2.9 million, a 49% year-over-year increase;
•Overall product revenue, including biologics and drug delivery, more than doubled year-over-year, growing 127% to $5.5 million;
•Activated five new global centers in the third quarter for a total of 19 new centers so far this year; approximately three times our historic activation rate;
•Continued patient enrollment in numerous cell and gene therapy trials for partners selected in FDA expedited review programs across multiple indications;
•Full early repayment of the principal amount and interest on a $10 million convertible note leaving the Company with no outstanding debt as of September 30, 2024;
•Quarterly operational cash burn reduced to $1.2 million, a 33% year-over-year decrease; and
•Reported cash and cash equivalents totaling $21.6 million as of September 30, 2024.
“The third quarter of 2024 was another example of continued execution of our four-pillar growth strategy, yielding another record revenue quarter, 41% topline growth, and further reduction in operational cash burn as we scale the business,” commented Joe Burnett, President and CEO at ClearPoint Neuro. “Our growth continues to be fueled by (i) our 2024 new-product introductions including the SmartFrame OR Navigation system expanding our footprint into the Operating Room, (ii) the ongoing adoption of the PRISM laser therapy system expanding our participation in an existing therapy segment, and (iii) the expansion of our pre-clinical capabilities increasing the depth of our biopharma relationships as we work to co-develop tools and techniques to enhance neuro drug delivery. We expect all three of these new growth vectors to continue into 2025 and to be complemented by additional FDA and CE Mark submissions in the months ahead. The expanding range of our versatile and innovative portfolio of products and services, well beyond MRI Navigation, has been very well


received and is evidenced by our accelerated customer activation rate in 2024. We currently have more than 90 active global customers, and a strong pipeline of potential new global activation sites for 2025 and beyond.”
Business Outlook
The Company reaffirms its full year 2024 revenue outlook of between $30.0 and $33.0 million.
Financial Results – Quarter Ended September 30, 2024
Total revenue was $8.1 million for the three months ended September 30, 2024, in comparison to $5.8 million for the three months ended September 30, 2023, representing an increase of $2.4 million, or 41%.
Biologics and Drug Delivery revenue, which includes sales of services and disposable products related to customer-sponsored preclinical and clinical trials utilizing our products, increased 27% to $4.4 million for the three months ended September 30, 2024, from $3.5 million for the same period in 2023. Our overall revenue growth is attributable to a $1.6 million increase in product revenue resulting from higher demand for disposables as multiple partners progress in their trials, partially offset by a decrease of $0.7 million in service and other revenue due to a reduction in the number of preclinical studies performed.
Neurosurgery Navigation and Therapy revenue, which primarily consists of disposable product commercial sales related to cases utilizing the ClearPoint system, increased 49% to $2.9 million for the three months ended September 30, 2024, from $1.9 million for the same period in 2023. The increase is driven by higher product revenue of $1.0 million resulting from newly activated accounts, increased case count, and new product offerings, including the SmartFrame OR and Prism Laser Therapy, during the three months ended September 30, 2024, compared to the same period in 2023.
Capital equipment and software revenue, consisting of sales of ClearPoint reusable hardware and software and related services, increased 133% to $0.8 million for the three months ended September 30, 2024, from $0.4 million for the same period in 2023 due to an increase in the placements of ClearPoint navigation capital and software and Prism laser units. The total number of newly activated accounts increased by five in the quarter and to nineteen for the full year which represents approximately three times the historic activation rate.
Gross margin for the three months ended September 30, 2024, was 60% compared to a gross margin of 57% for the three months ended September 30, 2023.
Operating expenses for the third quarter of 2024 were $10.0 million, compared to $8.2 million for the third quarter of 2023. The increase was mainly driven by higher personnel costs and product development costs, partially offset by lower bad debt expense as a result of recoveries.
At September 30, 2024, the Company had cash and cash equivalents totaling $21.6 million as compared to $23.1 million at December 31, 2023, with the decrease resulting from the full repayment of debt of $10.0 million and the use of cash in operating activities of $7.7 million in the nine month period ending September 30, 2024, partially offset by the net proceeds from the public offering of common stock of $16.2 million in the first quarter of 2024.
Teleconference Information
Investors and analysts are invited to listen to a live broadcast review of the Company's 2024 third quarter on Thursday, November 7, 2024 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) which may be accessed online here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Yl0JL1Mt. Investors and analysts who would like to participate in the conference call via telephone may do so at (888) 428-7458, or at (862) 298-0702 if calling from outside the U.S. or Canada.
For those who cannot access the live broadcast, a replay will be available shortly after the completion of the call until December 7, 2024, by calling (877) 660-6853 or (201) 612-7415 if calling from outside the U.S. or


Canada, and then entering conference I.D. number 413671. An online archive of the broadcast will be available on the Company's Investor website at https://ir.clearpointneuro.com/.
About ClearPoint Neuro
ClearPoint Neuro is a device, cell, and gene therapy-enabling company offering precise navigation to the brain and spine. The Company uniquely provides both established clinical products as well as preclinical development services for controlled drug and device delivery. The Company’s flagship product, the ClearPoint Neuro Navigation System, has FDA clearance and is CE-marked. ClearPoint Neuro is engaged with healthcare and research centers in North America, Europe, Asia, and South America. The Company is also partnered with the most innovative pharmaceutical/biotech companies, academic centers, and contract research organizations, providing solutions for direct CNS delivery of therapeutics in preclinical studies and clinical trials worldwide. To date, thousands of procedures have been performed and supported by the Company’s field-based clinical specialist team, which offers support and services to our customers and partners worldwide. For more information, please visit www.clearpointneuro.com.
Forward-Looking Statements
Statements in this press release and in the teleconference referenced above concerning the Company’s plans, growth and strategies may include forward-looking statements within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, the size of total addressable markets or the market opportunity for the Company’s products and services, the Company’s expectation for revenues, operating expenses, the adequacy of cash and cash equivalent balances to support operations and meet future obligations, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are based on management’s current expectations and are subject to the risks inherent in the business, which may cause the Company's actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: global and political instability, supply chain disruptions, labor shortages, and macroeconomic and inflationary conditions; future revenue from sales of the Company’s products and services; the Company’s ability to market, commercialize and achieve broader market acceptance for new products and services offered by the Company; the ability of our biologics and drug delivery partners to achieve commercial success, including their use of the Company’s products and services in their delivery of therapies; the Company’s ability to maintain its current relationships with biologics and drug delivery partners or enter into new relationships with such partners; the Company’s expectations, projections and estimates regarding expenses, future revenue, capital requirements, and the availability of and the need for additional financing; the Company’s ability to obtain additional funding to support its research and development programs; the ability of the Company to manage the growth of its business; the Company’s ability to attract and retain its key employees; and risks inherent in the research, development, and regulatory approval of new products. More detailed information on these and additional factors that could affect the Company’s actual results are described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2024, both of which have been filed with the Securities and Exchange Commission, and the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2024, which the Company intends to file with the Securities and Exchange Commission on or before November 14, 2024. The Company does not assume any obligation to update these forward-looking statements.
Contact:
Media Contact:
Jacqueline Keller, Vice President of Marketing
(888) 287-9109 ext. 4
info@clearpointneuro.com



Investor Relations:
Danilo D’Alessandro, Chief Financial Officer
(888) 287-9109 ext. 3
ir@clearpointneuro.com




CLEARPOINT NEURO, INC.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except for share and per share data)
For The Three Months Ended
September 30,
20242023
Revenue:  
Product revenue$5,474 $2,410 
Service and other revenue2,648 3,352 
Total revenue8,122 5,762 
Cost of revenue3,275 2,489 
Gross profit4,847 3,273 
Research and development costs3,315 2,429 
Sales and marketing expenses3,549 2,841 
General and administrative expenses3,155 2,900 
Operating loss(5,172)(4,897)
Other income (expense):
Other expense, net(11)(12)
Interest income, net209 100 
Net loss$(4,974)$(4,809)
Net loss per share attributable to common stockholders:
Basic and diluted$(0.18)$(0.20)
Weighted average shares used in computing net loss per share:
Basic and diluted27,591,623 24,630,181 
For The Nine Months Ended
September 30,
20242023
Revenue:  
Product revenue$14,053 $7,377 
Service and other revenue9,566 9,768 
Total revenue23,619 17,145 
Cost of revenue9,259 7,544 
Gross profit14,360 9,601 
Research and development costs9,060 9,057 
Sales and marketing expenses10,673 9,248 
General and administrative expenses8,769 9,036 
Operating loss(14,142)(17,740)
Other income (expense):
Other expense, net(32)(25)
Interest income, net646 295 
Net loss$(13,528)$(17,470)
Net loss per share attributable to common stockholders:
Basic and diluted$(0.50)$(0.71)
Weighted average shares used in computing net loss per share:
Basic and diluted26,840,119 24,599,191 


CLEARPOINT NEURO, INC.
Consolidated Balance Sheets
(in thousands, except for share and per share data)
September 30,
2024		December 31,
2023
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$21,573 $23,140 
Accounts receivable, net3,875 3,211 
Inventory, net7,059 7,911 
Prepaid expenses and other current assets1,823 1,910 
Total current assets34,330 36,172 
Property and equipment, net1,695 1,389 
Operating lease, right-of-use assets3,210 3,564 
Software license inventory198 386 
Licensing rights612 1,041 
Other assets148 109 
Total assets$40,193 $42,661 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$955 $393 
Accrued compensation3,635 2,947 
Other accrued liabilities1,176 1,053 
Operating lease liabilities, current portion536 424 
Deferred product and service revenue, current portion1,252 2,613 
Total current liabilities7,554 7,430 
Operating lease liabilities, net of current portion3,158 3,568 
Deferred product and service revenue, net of current portion480 541 
2020 senior secured convertible note payable, net— 9,949 
Total liabilities11,192 21,488 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued and outstanding at September 30, 2024 and December 31, 2023
— — 
Common stock, $0.01 par value; 90,000,000 shares authorized at September 30, 2024 and December 31, 2023; 27,588,819 shares issued and outstanding at September 30, 2024; and 24,652,729 issued and outstanding at December 31, 2023
276 247 
Additional paid-in capital214,709 193,382 
Accumulated deficit(185,984)(172,456)
Total stockholders’ equity29,001 21,173 
Total liabilities and stockholders’ equity$40,193 $42,661 



CLEARPOINT NEURO, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
For The Nine Months Ended
September 30,
20242023
Cash flows from operating activities:
Net loss$(13,528)$(17,470)
Adjustments to reconcile net loss to net cash flows from operating activities:
Allowance for credit losses (recoveries)(507)903 
Depreciation and amortization740 443 
Share-based compensation5,204 4,536 
Amortization of debt issuance costs and original issue discounts51 42 
Amortization of lease right-of-use, net of accretion in lease liabilities692 590 
Accretion of discounts on short-term investments— (126)
Increase (decrease) in cash resulting from changes in:
Accounts receivable(157)(662)
Inventory, net434 263 
Prepaid expenses and other current assets88 241 
Other assets(40)22 
Accounts payable and accrued expenses1,373 (1,023)
Lease liabilities(635)(553)
Deferred revenue(1,422)243 
Net cash flows from operating activities(7,707)(12,551)
Cash flows from investing activities:
Purchases of property and equipment(12)(696)
Acquisition of licensing rights— (167)
Proceeds from maturities of short-term investments— 10,000 
Net cash flows from investing activities(12)9,137 
Cash flows from financing activities:
Proceeds from public offering of common stock, net of offering costs16,183 — 
Repayment of 2020 senior secured convertible note(10,000)— 
Proceeds from stock option exercises21 — 
Payments for taxes related to net share settlement of equity awards(340)(173)
Proceeds from issuance of common stock under employee stock purchase plan288 314 
Net cash flows from financing activities6,152 141 
Net change in cash and cash equivalents(1,567)(3,273)
Cash and cash equivalents, beginning of period23,140 27,615 
Cash and cash equivalents, end of period$21,573 $24,342 
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for:
Income taxes$— $— 
Interest$480 $554