ClearPoint Neuro Stock Dives After Q2 Earnings

ClearPoint Neuro Inc CLPT reported Q2 revenue of $3.4 million, a 38% Y/Y increase, below the consensus estimate of $3.68 million.
Functional neurosurgery navigation revenue increased 74% to $1.9 million, reflecting the resumption of elective surgical procedures.
Biologics and drug delivery revenue increased 19% to $1.4 million. ClearPoint added biologics and drug delivery relationships, bringing the current count of active partners to approximately 35 from approximately 30 in Q1 FY21.
The gross margin compressed to 67%, from 68%, primarily due to a decreased contribution from service revenue, which carries a higher gross margin relative to product lines.
ClearPoint posted Q2 EPS loss $(0.17), missing the estimate of $(0.13).
On June 30, the Company had cash and cash equivalents totaling $61.5 million.
ClearPoint expects the new Delta wave to pressure elective procedures but believes its biologics and drug delivery business will make up for any potential impact in the second half.
FY21 Guidance: CLPT continues to estimate total case volume supported to 900 – 1000, with sales of $16 million - $17.5 million (consensus of $16.4 million).
Price Action: CLPT shares are down 15.6% at $18.47 during the market session on the last check Wednesday.

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