ClearPoint Neuro posted double-digit growth in revenue in the second quarter of 2024, citing strong product sales from existing products and sales from new launches.
For the period (end-June 30), ClearPoint reported revenues of $7.9 million, up 32% from $6 million in the same period last year. Revenue from the company’s Biologics and Drug Delivery segment increased by 28% to $4.3 million for the period, up $3.4 million for the same period in 2023.
Revenue from ClearPoint’s Neurosurgery Navigation and Therapy segment also increased, up 17% to $2.6 million for Q2 over $2.2 million last year, driven primarily by device revenue from the company’s recently released SmartFrame OR platform and ClearPoint Prism Laser Therapy System, ClearPoint said.
Capital equipment and software revenue, consisting of sales of ClearPoint reusable hardware and software, and of related services, increased 148% to $900,000 for the period over $400,000 for the same period in 2023.
The company’s gross margin was 63% in the second quarter compared with a gross margin of 53% for the same period last year.
In addition, ClearPoint said its operating expenses were $9.7 million for the period, compared with $10.3 million for the second quarter of 2023. This decrease was driven by lower product development costs and bad debt expense, partially offset by higher sales and marketing personnel expense, the company noted.
