Benzinga | Aug 11, 2021 02:15PM EDT

ClearPoint Neuro Stock Dives After Q2 Earnings

* ClearPoint Neuro Inc (NASDAQ:CLPT) reported Q2 revenue of $3.4 million, a 38% Y/Y increase, below the consensus estimate of $3.68 million.

* Functional neurosurgery navigation revenue increased 74% to $1.9 million, reflecting the resumption of elective surgical procedures.

* Biologics and drug delivery revenue increased 19% to $1.4 million. ClearPoint added biologics and drug delivery relationships, bringing the current count of active partners to approximately 35 from approximately 30 in Q1 FY21.

* The gross margin compressed to 67%, from 68%, primarily due to a decreased contribution from service revenue, which carries a higher gross margin relative to product lines.

* ClearPoint posted Q2 EPS loss $(0.17), missing the estimate of $(0.13).

* On June 30, the Company had cash and cash equivalents totaling $61.5 million.

* ClearPoint expects the new Delta wave to pressure elective procedures but believes its biologics and drug delivery business will make up for any potential impact in the second half.

* FY21 Guidance: CLPT continues to estimate total case volume supported to 900 -- 1000, with sales of $16 million - $17.5 million (consensus of $16.4 million).

* Price Action: CLPT shares are down 15.6% at $18.47 during the market session on the last check Wednesday.