ClearPoint Neuro posted a decrease in revenue for the second quarter, which contributed to a greater net loss for the company compared with the same quarter last year.
For the quarter (end-June 30), revenue decreased by 5% to $2.5 million, compared with $2.6 million in the second quarter of 2019. Net loss in the second quarter grew to $1.7 million from approximately $1.6 million in the same quarter a year ago.
The company's functional neurosurgery revenue related to disposable product sales for cases using the ClearPoint system decreased by 38% to $1 million, compared with $1.7 million in the same quarter of 2019. Sales of ClearPoint reusable hardware and software also fell in the quarter, declining by 51% to $240,000 in 2020 from $485,000 in the same quarter of 2019.
Meanwhile, revenues for biologics and drug delivery products and services increased 183% to $1.2 million in the second quarter of 2020, compared with $413,000 in the same quarter of 2019. The increase was due to new relationships with biologic and drug delivery companies, including period-based retainers for clinical services in support of clinical trials.
The company largely attributed the loss in revenue to the COVID-19 pandemic, including hospitals postponing equipment purchases and halting elective surgery procedures. ClearPoint Neuro noted elective procedures, which account for more than 80% of its ClearPoint case volume, have yet to return to prepandemic levels.
ClearPoint Neuro also reported a 15% increase in operating expenses, rising from $2.9 million in the second quarter of 2019 to $3.3 million in 2020. The increase represents expanding research and development costs and general administrative expenses, the company noted.
