ClearPoint Neuro, Inc (NASDAQ:CLPT) Q4 2019 Earnings Conference Call - Preliminary Transcript

Feb 12, 2020 • 04:30 pm ET


ClearPoint Neuro, Inc (NASDAQ:CLPT) Q4 2019 Earnings Conference Call - Preliminary Transcript


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Greetings. Welcome to the ClearPoint Neuro Incorporated Fourth Quarter and Fiscal Year 2019 Financial Results Conference Call. [Operator Instructions]

Comments made on this call may include statements that are forward-looking within the meanings of security laws. These forward-looking statements may include, without limitation, statements related to anticipated industry trends, the Company's plans, prospects and strategies both preliminary and projected and Management's expectations, beliefs, estimates or projections regarding future results of operations.

Actual results or trends could differ materially. The Company undertakes no obligation to revise forward-looking statements for new information or future events. For more information, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2018, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, both of which have been filed with Securities and Exchange Commission, and the Company's Annual report on Form 10-K for the quarter ended December 31, 2019, which the Company intends to file with the Securities and Exchange Commission on or before March 30, 2020. All of the Company's filings maybe obtained from the SEC or the Company's website at

I will now turn the conference over to our host, Joe Burnett, Chief Executive Officer. Thank you. You may begin.

Joseph M. Burnett

Thank you, Diego, and good morning, everyone. Good afternoon, rather. Welcome to our fourth quarter and full-year 2019 earnings call. With me on today's call is our Chief Financial Officer, Hal Hurwitz. As always, we thank you for your continued support, as our team works relentlessly to improve the quality of life for patients, battling some of the most debilitating neurological disorders.

We believe that 2019 is clearly an inflection point in our Company history. We delivered growth in all four segments of our business, driven by above plan performance by our commercial and our clinical specialist teams. In a testament to the dedication of our development and operations teams, we made impressive progress across our portfolio of navigation and therapy program, which we now expect to result in FDA submissions, or market introduction of numerous new products in 2020.

In transactions that were completed in May of 2019 and January of 2020, we secured more than $25 million in financing from strategic partners that strengthened our balance sheet and facilitated us becoming a Nasdaq-listed Company, an accomplishment driven by our finance and legal teams.

And finally, the culmination of all of these individuals parts enabled us to win multiple new biologics and gene therapy partnerships, which will lead to exciting new applications in the years ahead. It is not a coincidence that the totality of these developments led us to change our corporate names to ClearPoint Neuro. We feel we are a truly new Company with an exciting future ahead.

Just as important, the numbers that Company, the story are equally impressive. Let me highlight a few metrics of our progress. We posted another record quarter in revenue in the fourth quarter, leading to a record year in 2019. Total revenue for