$CLPT
ClearPoint Neuro, Inc.

2024 Q3 Form 10-Q Financial Statement

#000128555024000098 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $8.122M $7.858M
YoY Change 40.96% 32.07%
Cost Of Revenue $3.275M $2.870M
YoY Change 31.58% 1.63%
Gross Profit $4.847M $4.988M
YoY Change 48.09% 59.56%
Gross Profit Margin 59.68% 63.48%
Selling, General & Admin $3.155M $2.773M
YoY Change 8.79% -12.74%
% of Gross Profit 65.09% 55.59%
Research & Development $3.315M $3.120M
YoY Change 36.48% -13.45%
% of Gross Profit 68.39% 62.55%
Depreciation & Amortization $264.0K $233.0K
YoY Change 76.0% 49.36%
% of Gross Profit 5.45% 4.67%
Operating Expenses $6.470M $5.893M
YoY Change 21.41% -13.12%
Operating Profit -$5.172M -$4.739M
YoY Change 5.62% -33.54%
Interest Expense $209.0K $326.0K
YoY Change 109.0% 302.47%
% of Operating Profit
Other Income/Expense, Net -$11.00K $5.000K
YoY Change -8.33% -350.0%
Pretax Income -$4.974M -$4.408M
YoY Change 3.41% -37.49%
Income Tax
% Of Pretax Income
Net Earnings -$4.974M -$4.408M
YoY Change 3.43% -37.49%
Net Earnings / Revenue -61.24% -56.1%
Basic Earnings Per Share -$0.18 -$0.16
Diluted Earnings Per Share -$0.18 -$0.16
COMMON SHARES
Basic Shares Outstanding 27.60M shares 27.42M shares
Diluted Shares Outstanding 27.59M shares 27.47M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.57M $32.85M
YoY Change -11.37% 24.11%
Cash & Equivalents $21.60M $32.80M
Short-Term Investments
Other Short-Term Assets $1.823M $2.205M
YoY Change 16.86% -1.74%
Inventory $7.059M $8.031M
Prepaid Expenses
Receivables $3.875M $3.475M
Other Receivables $0.00 $0.00
Total Short-Term Assets $34.33M $46.56M
YoY Change -7.99% 14.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.695M $1.545M
YoY Change 25.09% 13.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $148.0K $149.0K
YoY Change 35.78% -4.49%
Total Long-Term Assets $5.863M $6.018M
YoY Change -10.17% -13.16%
TOTAL ASSETS
Total Short-Term Assets $34.33M $46.56M
Total Long-Term Assets $5.863M $6.018M
Total Assets $40.19M $52.57M
YoY Change -8.31% 10.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $955.0K $822.0K
YoY Change 21.04% -35.43%
Accrued Expenses $5.347M $4.814M
YoY Change 47.3% 14.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.979M
YoY Change
Total Short-Term Liabilities $7.554M $16.69M
YoY Change 35.16% 169.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $3.638M $3.748M
YoY Change -13.79% -8.76%
Total Long-Term Liabilities $3.638M $3.748M
YoY Change -74.31% -73.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.554M $16.69M
Total Long-Term Liabilities $3.638M $3.748M
Total Liabilities $11.19M $20.44M
YoY Change -43.31% 1.04%
SHAREHOLDERS EQUITY
Retained Earnings -$186.0M -$181.0M
YoY Change 10.85% 11.04%
Common Stock $215.0M $213.1M
YoY Change 12.01% 11.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.00M $32.13M
YoY Change
Total Liabilities & Shareholders Equity $40.19M $52.57M
YoY Change -8.31% 10.35%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$4.974M -$4.408M
YoY Change 3.43% -37.49%
Depreciation, Depletion And Amortization $264.0K $233.0K
YoY Change 76.0% 49.36%
Cash From Operating Activities -$1.199M -$2.668M
YoY Change -33.02% -47.43%
INVESTING ACTIVITIES
Capital Expenditures $12.00K $0.00
YoY Change -94.78% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$12.00K $0.00
YoY Change -94.78% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.06M 160.0K
YoY Change 11078.89% -32.49%
NET CHANGE
Cash From Operating Activities -1.199M -2.668M
Cash From Investing Activities -12.00K 0.000
Cash From Financing Activities -10.06M 160.0K
Net Change In Cash -11.27M -2.508M
YoY Change 434.22% -153.68%
FREE CASH FLOW
Cash From Operating Activities -$1.199M -$2.668M
Capital Expenditures $12.00K $0.00
Free Cash Flow -$1.211M -$2.668M
YoY Change -40.05% -52.06%

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us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Basis of Presentation and Use of Estimates</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a basis consistent with the Company’s December 31, 2023 audited consolidated financial statements, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth therein. These condensed consolidated financial statements have been prepared in accordance with SEC rules for interim financial information, and, therefore, omit certain information and footnote disclosures necessary to present such statements in accordance with GAAP. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2023 Form 10-K. The accompanying condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by GAAP for a complete set of financial statements. The results of operations for the three and six months ended June 30, 2024, may not be indicative of the results to be expected for the entire year or any future periods.</span></div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Concentration Risks and Other Risks and Uncertainties</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company may at times invest its excess cash in interest bearing accounts and U.S. government debt securities. It classifies all highly liquid investments with original stated maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months but less than twelve months as short-term investments. </span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds the remainder of its cash and cash equivalents on deposit with financial institutions in the U.S. insured by the Federal Deposit Insurance Corporation. At June 30, 2024, the Company had approximately $1.0 million in bank balances that were in excess of the insured limits. </span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At June 30, 2024, there was one customer whose accounts receivable balance represented 11% of accounts receivable at that date. At December 31, 2023, there were four customers whose accounts receivable balances represented 28%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 26%, 16%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10% of accounts receivable at that date.</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One pharmaceutical customer, a related party who is a stockholder, a noteholder, and whose chief executive officer is a member of the Company's Board of Directors (see Note 6), for whom the Company provides hardware, software, clinical services and market development services in support of the customer's clinical trials, and from whom the Company earns a quarterly fee, accounted for 9% and 12% of total sales in the three-month periods ended June 30, 2024 and 2023, respectively, and 9%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of total sales in the six-month periods ended June 30, 2024 and 2023, respectively. There were two additional customers, who comprised 11%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and 10%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of the total sales in the six-month period ended June 30, 2024, and two customers who comprised 14% and 13% of the total sales in the three-month period ended June 30, 2023.</span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to granting credit to a customer, the Company generally performs credit evaluations of the customer's financial condition. In general, the Company does not require collateral from customers in connection with an extension of credit. The accounts receivable balance is reduced by an allowance for credit losses from the potential inability of the Company's customers to make required payments. The allowance for credit losses at June 30, 2024, and December 31, 2023, was $0.9 million and $1.4 million, respectively. The Company evaluates the historic loss experience on the accounts receivable balance and also considers separately customers with receivable balances that may be negatively impacted by current economic developments and market conditions. The estimate is a result of the Company's ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses and future expectations. </span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks common to emerging companies in the medical device industry, including, but not limited to: new technological innovations; acceptance and competitiveness of its products; dependence on key </span></div><div style="margin-top:12pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">personnel; dependence on key suppliers; dependence on third-party collaboration, license and joint development partners; changes in general economic conditions and interest rates; protection of proprietary technology; compliance with changing government regulations; uncertainty of widespread market acceptance of products; access to credit for capital purchases by customers; and product liability claims. Certain components used in manufacturing have relatively few alternative sources of supply and establishing additional or replacement suppliers for such components cannot be accomplished quickly. The inability of any of these suppliers to fulfill the Company’s supply requirements may negatively impact future operating results.</span></div>
CY2024Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1000000.0 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
900000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1400000 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7858000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5950000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15497000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11383000 usd
CY2024Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3475000 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3211000 usd
CY2024Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
1051000 usd
CY2023Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
733000 usd
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1525000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3154000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32800000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23100000 usd
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5899000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
6466000 usd
CY2024Q2 clpt Inventory Software Licenses
InventorySoftwareLicenses
175000 usd
CY2023Q4 clpt Inventory Software Licenses
InventorySoftwareLicenses
211000 usd
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1957000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1234000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
8031000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
7911000 usd
CY2024Q2 us-gaap Inventory Noncurrent
InventoryNoncurrent
236000 usd
CY2023Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
386000 usd
CY2024Q2 clpt Inventory Net Including Noncurrent
InventoryNetIncludingNoncurrent
8267000 usd
CY2023Q4 clpt Inventory Net Including Noncurrent
InventoryNetIncludingNoncurrent
8297000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10000000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10000000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
21000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
9979000 usd
CY2024Q2 us-gaap Lease Cost
LeaseCost
200000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
200000 usd
us-gaap Lease Cost
LeaseCost
500000 usd
us-gaap Lease Cost
LeaseCost
300000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1796000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1645000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3300000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2952000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1796000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1645000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1478157 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.40
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
11000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
6112 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
42.82
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1461045 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.30
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y11M26D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2183000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1302175 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.03
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y7M6D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2183000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1461045 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.30
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y11M26D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2183000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
62800 shares
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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