ClearPoint Neuro, Inc (NASDAQ:CLPT) Q1 2020 Earnings Conference Call - Final Transcript

May 12, 2020 • 04:30 pm ET

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ClearPoint Neuro, Inc (NASDAQ:CLPT) Q1 2020 Earnings Conference Call - Final Transcript

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Operator
Operator

[Starts Abruptly] Comments made on this call may include statements that are forward-looking within the meaning of securities 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, 2019, which has been filed with the Securities and Exchange Commission and the Company's quarterly report on form 10-Q for the quarter ended March 31, 2020, which the Company intends to file with the Securities and Exchange Commission on or before May 16, 2020. All the Company's filings may be obtained from the SEC, or the Company's website at www.clearpointneuro.com.

I will now turn the call over to Joe Burnett, Chief Executive Officer.

Executive
Joseph M. Burnett

Thank you, Sachi, and thank you everyone for dialing in today. The impact of the COVID-19 crisis is widespread, and it touched many of our friends, our families, our patients and surgical sites. We believe it is important to characterize how ClearPoint Neuro has been impacted, so that our investors understand the current status of the team, as well as our outlook for the post-COVID future.

We'll begin by focusing on our Q1 2020 results, and then move on to a more qualitative outlook of the recovery, as the significant uncertainty of the post-COVID recovery makes quantitative predictions impossible right now. First and foremost, our team has continued to support our hospital customers during this crisis, albeit in a much more limited fashion. Our frontline employees who physically assist in surgeries and hospitals have continued to be viewed as essential employees for hospital credentialing. And to-date, we are not aware of any ClearPoint Neuro employees who have fallen ill. I'm incredibly proud of our team for recognizing their importance in the delivery of care to these very sick patients. And I have heard personally from multiple surgeons on how much they appreciate our teams' [Technical Issues] during this crisis.

Prior to March 15, ClearPoint Neuro was on pace for our sixth [Technical Issues]. We finished the quarter at revenues of $3.1 million, which represented 26% growth year-over-year. On or about March 15, the [Technical Issues] United States began canceling or postponing all elective surgeries, which historically have represented approximately 80% of our case volume. In the final two weeks of the quarter, I believe we only [Technical Issues] for two cases, which were both tumor-related and not deemed elective by the hospital.

In addition to cases being postponed, all new [Technical Issues] were also immediately put on hold. And some of our biologics partners experienced delays in clinical trial [Technical Issues]. Now we believe our Q1 results were impacted by approximately $400,000 to $500,000 per person [Phonetic], which would have put our Q1