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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Q & A
Operator
Operator

Thank you. At this time, we will be conducting the question and answer session. [Operator Instructions] The first question is from Sally Yanchus of Brookline Capital. Please go ahead.

Analyst
Sally Yanchus

Hi, Joe. Thanks for doing the call. I'm curious, your biologics and drug delivery revenue was really strong this quarter. Can you talk about specific clinical trials that are going on that fuel this; specific programs that are ordering a lot of the cannulas?

Executive
Joseph M. Burnett

Yeah, sure. I can give as much commentary as possible, Sally. I think it's a very important question that you asked. It's a reminder, we do try to keep some of this information confidential on behalf of our partners. [Speech Overlap] But when we were putting our plans together for 2020, it is actually not a very substantial amount of our annual revenue that was attributed directly to clinical trial involvement. I mentioned a number of companies [Technical Issues] Some of these patients are a very expensive part of a clinical trial and you risk not only the complex procedure, but also risk that one of your -- one of the patients in your trial catches the virus and somehow confounds the results in a different way, because [Phonetic] it can be a bit challenging. That being said, a lot of the other [Phonetic] work we're doing in the biologics side as far, as product development, as far as preclinical work, toxicity studies, things like that, [Technical Issues]. Some stayed home [Technical Issues]. But the bulk of the revenue -- I think it is about $1 million in the first quarter, we saw was from a lot of these actual development activities we are continuing to progress [Phonetic] on.

Analyst
Sally Yanchus

Okay, good. Okay. And I think you've just said that on the neuro procedures, you've seen cases rescheduled -- cases that were supposed to be happening March and April, have been rescheduled for May, June and July. Is that correct? I just want to make sure I have that right.

Executive
Joseph M. Burnett

That's correct. Now, there are still some hospitals that we work with that have not -- they feel sad [Phonetic] these postponements are indefinite. However, the majority of hospitals have started scheduling elective procedures again, and some portion in May, some portion in June, and some portion of those [Technical Issues] for now in July.

Analyst
Sally Yanchus

Okay. Alright. I mean, no, that's promising. I mean, -- because these are -- your procedures are -- I mean, they're not totally elective. I mean, they're not like a cosmetic surgery procedure anyways, it's necessary. But, anyways -- okay, well, thank you very much.

Executive
Joseph M. Burnett

Sally, I think it's a really [Technical Issues] I used that term in my prepared remarks of a pseudo-elective procedure and I think that how people are viewing it. If you have a patient with Parkinson's disease that can be treated today and be able to sleep, I believe there's [Phonetic] tremendous things for recovery and everything else that [Technical Issues] patients on treatment for six months is really