ClearPoint Neuro sees 2023 revenue $25M-$27M

"Our team made tremendous progress toward our four-pillar growth strategy in 2022 and finished the year with approximately 26% growth in revenue, driven by the 34% revenue growth in our biologics and drug delivery business, and 11 new centers installed worldwide," commented Joe Burnett, President and CEO of ClearPoint Neuro. "While recognized revenue in the fourth quarter was below our expectations based on timing and delivery for certain products and services, our backlog of received purchase orders grew to the highest level in our history setting us up for a strong 2023. We are forecasting revenue for 2023 in the range of $25.0 million to $27.0 million, representing growth of between 22% and 31% percent. Our team has done a great job managing our cash position in the past year by pausing less crucial programs while continuing to invest in our supply chain to ensure product availability to hospitals and our pharmaceutical partners. As a result, our cash burn in the fourth quarter was approximately $3.0 million, which was the lowest in several quarters, bringing our current cash, cash equivalents, and short-term investments balance at year end to approximately $37.5 million."