Growth in all four of its MRI-guided surgical navigation and therapy business segments powered ClearPoint Neuro to double-digit growth in revenue for fiscal 2019.
For the year (end-December 31, 2019), the company, formerly known as MRI Interventions, reported revenue of $11.2 million, up 53% compared with $7.4 million in revenue in 2018. Revenue from functional neurosurgery contributed the most to 2019's gain, with sales of $6.9 million, up 29% from $5.3 million in 2018. The company also reduced its net loss last year to $5.5 million, compared with a net loss of $6.2 million in 2018.
In the fourth quarter, revenues advanced 41% to a company record $3.2 million, compared with $2.3 million in the same quarter of 2018. The net loss for the period increased to $1.6 million, compared with a net loss of $1.2 million in the fourth quarter of 2018.
