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CLPT

ClearPoint Neuro NasdaqCM:CLPT Stock Report

Last Price

US$16.02

Market Cap

US$392.3m

7D

7.2%

1Y

-10.5%

Updated

15 Aug, 2022

Data

Company Financials +
CLPT fundamental analysis
Snowflake Score
Valuation0/6
Future Growth2/6
Past Performance0/6
Financial Health6/6
Dividends0/6

CLPT Stock Overview

ClearPoint Neuro, Inc. operates as a medical device company primarily in the United States.

ClearPoint Neuro Competitors

Price History & Performance

Summary of all time highs, changes and price drops for ClearPoint Neuro
Historical stock prices
Current Share PriceUS$16.02
52 Week HighUS$20.55
52 Week LowUS$7.00
Beta1.09
1 Month Change25.75%
3 Month Change71.34%
1 Year Change-10.45%
3 Year Change375.37%
5 Year Change721.54%
Change since IPO-46.60%

Recent News & Updates

Jul 25

ClearPoint Neuro:  A 'Picks And Shovels' Biotech Company

CLPT has been growing revenues steadily and has a large addressable market. It also has a very strong moat due to the nature of the FDA approval process. While current valuation isn't compelling, long term this should be a winner. Introduction Today I'd like to begin my coverage of ClearPoint Neuro (CLPT). CLPT is a "platform", or as I like to think of it, a "picks and shovels" play in biotech. Its flagship product is a suite of tools to help precisely guide surgeons performing brain surgeries in an MRI setting and secondly to assist clinicians in accurately delivering drugs into the brain. But it is now in the process of expanding the core technology to help navigate in optical and CT (computed tomography) settings as well. The company's revenue model relies on obtaining recurring revenue from disposables, i.e., it follows the razor / razor blade model. Here is a slide from the most recent investor presentation illustrating this. Investor Presentation And this slide helps visualize CLPT's flagship product suite: Investor Presentation International Presence The company has its hardware installed in about 60 neurosurgery centers in North America and Europe. Investor Presentation Moreover, it is growing in Europe as some of its clients begin conducting clinical trials at sites there. Here's a snippet from the most recent earnings call discussing this: Then moving on to your second question, from a geographic standpoint, I think if you look at what we placed in the first quarter, there were two in the United States, two in Europe. I would still expect there to be more placements in the United States this year than Europe but I think placements will take place in both locations, as we continue to gain some interest on our current products and as the number of our pharma partners begin clinical trials across Europe, that's driving placements to some hospitals that have never used ClearPoint before. "Four Pillars" Strategy CLPT has given what it calls a "four pillar" roadmap to explain its go-to-market strategy. This strategy consists of (in chronological order of emphasis): The biologics and drug delivery segment. CLPT's technology is used to precisely deliver drugs into the brain. It is less demanding than surgery but is still a significant improvement over previous methods. Neuro navigation for deep brain stimulus and the installation of brain-computer interfaces. Laser ablation for the removal of tumors and lesions. Global expansion of all three previously listed treatments. The slide below shows some use cases of each of these four pillars as well as indicating where they are on the clinical pathway. For me this is a critical slide as it shows the breadth of programs and indications that CLPT is already involved in. Moreover, the market potential of several of these indications can approach or exceed $1B. Investor Presentation These latter points were highlighted during the most recent earnings call (with my emphasis): If you add up the global opportunities across all of our current and future product lines, the results are quite impressive. Today, we are actively working directly or through partnerships on more than 35 different indications which is estimated to include more than one million new patients diagnosed each year. If those one million plus patients were all treated with ClearPoint's enabling technology, the potential market is in excess of $12 billion annually. These markets, of course, will take time to develop but the sheer number of partnerships and opportunities we have today has diversified ClearPoint in a way that many individual therapy technologies cannot. We have many ways to win and to positively impact a large number of patient lives. Key Advantage - Customer Persistence The biggest reason I like CLPT is that it has a very strong moat, viz. that when any company uses its products as part of any procedure that will need FDA approval, CLPT's products become part of the package that is submitted to the FDA. Changing to another vendor would thus mean re-testing and re-submitting to the FDA, a costly and timely exercise that every company would seek to avoid. Thus, once CLPT is chosen by a partner, barring completely dismal execution, CLPT will be part of the process indefinitely. And here is a sampling of the partners CLPT currently has on its books: Investor Presentation Moreover, the company is continuing to sign up new partners as discussed on the most recent earnings call (with my emphasis): [O]ur Biologics and Drug Delivery team continued to add additional partners and services here in the first quarter, increasing our total partner list to approximately 45. Over the past two years, we have been adding partners at a rate of more than one per month and believe that there is still a significant number of potential partners in neuro and spine that can benefit from ClearPoint's hardware, software and cannulas. As expected, each new partner brings new revenue, particularly early-stage service revenue which grew 75% in the quarter.

May 20

ClearPoint Neuro: Continuous Execution Despite Covid Headwind

Covid remains a short-term headwind for ClearPoint Neuro's Functional Neuro Navigation segment. There are 45 biopharma partners versus 40 in the previous quarter. PTC-AADC is to commercialize later in the year. Operating losses have declined, and operational efficiency has improved during the quarter. Management is thinking of ways to offer a complete solution and to position them well ahead of competitors.

Shareholder Returns

CLPTUS Medical EquipmentUS Market
7D7.2%2.3%3.6%
1Y-10.5%-19.6%-9.6%

Return vs Industry: CLPT exceeded the US Medical Equipment industry which returned -19.1% over the past year.

Return vs Market: CLPT matched the US Market which returned -10.2% over the past year.

Price Volatility

Is CLPT's price volatile compared to industry and market?
CLPT volatility
CLPT Average Weekly Movement12.7%
Medical Equipment Industry Average Movement9.4%
Market Average Movement7.7%
10% most volatile stocks in US Market16.9%
10% least volatile stocks in US Market3.2%

Stable Share Price: CLPT is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 13% a week.

Volatility Over Time: CLPT's weekly volatility (13%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
199880Joe Burnetthttps://www.clearpointneuro.com

ClearPoint Neuro, Inc. operates as a medical device company primarily in the United States. The company develops and commercializes platforms for performing minimally invasive surgical procedures in the brain under direct, and intra-procedural magnetic resonance imaging (MRI) guidance. It offers ClearPoint system for the insertion of deep brain stimulation electrodes and biopsy needles, and the infusion of pharmaceuticals and laser catheters into the brain; and ClearPoint Neuro Navigation System, an MRI suite.

ClearPoint Neuro Fundamentals Summary

How do ClearPoint Neuro's earnings and revenue compare to its market cap?
CLPT fundamental statistics
Market CapUS$392.30m
Earnings (TTM)-US$16.39m
Revenue (TTM)US$19.09m

20.6x

P/S Ratio

-23.9x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CLPT income statement (TTM)
RevenueUS$19.09m
Cost of RevenueUS$6.18m
Gross ProfitUS$12.91m
Other ExpensesUS$29.30m
Earnings-US$16.39m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.67
Gross Margin67.62%
Net Profit Margin-85.88%
Debt/Equity Ratio23.0%

How did CLPT perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is CLPT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CLPT?

Other financial metrics that can be useful for relative valuation.

CLPT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue18.8x
Enterprise Value/EBITDA-23.1x
PEG Ration/a

Price to Sales Ratio vs Peers

How does CLPT's PS Ratio compare to its peers?

CLPT PS Ratio vs Peers
The above table shows the PS ratio for CLPT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average6.5x
AXGN AxoGen
3.7x16.3%US$471.9m
SMLR Semler Scientific
5.7x19.0%US$308.0m
SIBN SI-BONE
6.2x18.6%US$589.4m
IRMD IRadimed
10.3x12.4%US$492.8m
CLPT ClearPoint Neuro
20.6x25.7%US$392.3m

Price-To-Sales vs Peers: CLPT is expensive based on its Price-To-Sales Ratio (20.6x) compared to the peer average (6.5x).


Price to Earnings Ratio vs Industry

How does CLPT's PE Ratio compare vs other companies in the US Medical Equipment Industry?

Price-To-Sales vs Industry: CLPT is expensive based on its Price-To-Sales Ratio (20.6x) compared to the US Medical Equipment industry average (4.4x)


Price to Sales Ratio vs Fair Ratio

What is CLPT's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CLPT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio20.6x
Fair PS Ratio6.6x

Price-To-Sales vs Fair Ratio: CLPT is expensive based on its Price-To-Sales Ratio (20.6x) compared to the estimated Fair Price-To-Sales Ratio (6.6x).


Share Price vs Fair Value

What is the Fair Price of CLPT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate CLPT's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate CLPT's fair value for valuation analysis.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


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Future Growth

How is ClearPoint Neuro forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


6.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CLPT is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: CLPT is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: CLPT is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: CLPT's revenue (25.7% per year) is forecast to grow faster than the US market (7.9% per year).

High Growth Revenue: CLPT's revenue (25.7% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if CLPT's Return on Equity is forecast to be high in 3 years time


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Past Performance

How has ClearPoint Neuro performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-17.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CLPT is currently unprofitable.

Growing Profit Margin: CLPT is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CLPT is unprofitable, and losses have increased over the past 5 years at a rate of 17.8% per year.

Accelerating Growth: Unable to compare CLPT's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CLPT is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (2.5%).


Return on Equity

High ROE: CLPT has a negative Return on Equity (-38.28%), as it is currently unprofitable.


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Financial Health

How is ClearPoint Neuro's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: CLPT's short term assets ($56.6M) exceed its short term liabilities ($5.5M).

Long Term Liabilities: CLPT's short term assets ($56.6M) exceed its long term liabilities ($11.9M).


Debt to Equity History and Analysis

Debt Level: CLPT has more cash than its total debt.

Reducing Debt: CLPT's debt to equity ratio has reduced from 55.1% to 23% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CLPT has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: CLPT has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of 17.5% each year


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Dividend

What is ClearPoint Neuro current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate CLPT's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CLPT's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CLPT's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CLPT's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as CLPT has not reported any payouts.


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Management

How experienced are the management team and are they aligned to shareholders interests?

2.2yrs

Average management tenure


CEO

Joe Burnett (45 yo)

4.75yrs

Tenure

US$1,468,475

Compensation

Mr. Joseph Michael Burnett, also known as Joe, has been Chief Executive Officer, President and Director of ClearPoint Neuro, Inc. since November 7, 2017. Mr. Burnett has spent his entire career in medical...


CEO Compensation Analysis

Compensation vs Market: Joe's total compensation ($USD1.47M) is below average for companies of similar size in the US market ($USD2.53M).

Compensation vs Earnings: Joe's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: CLPT's management team is considered experienced (2.2 years average tenure).


Board Members

Experienced Board: CLPT's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.5%.


Top Shareholders

Company Information

ClearPoint Neuro, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: ClearPoint Neuro, Inc.
  • Ticker: CLPT
  • Exchange: NasdaqCM
  • Founded: 1998
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Implied Market Cap: US$392.302m
  • Shares outstanding: 24.49m
  • Website: https://www.clearpointneuro.com

Number of Employees


Location

  • ClearPoint Neuro, Inc.
  • 120 S. Sierra Avenue
  • Suite 100
  • Solana Beach
  • California
  • 92075
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/15 00:00
End of Day Share Price2022/08/15 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.