ClearPoint Neuro (CLPT) 7 Aug 242024 Q2 Earnings call transcript

Greetings, and welcome to the ClearPoint Neuro, Inc.

Second Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

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, the size of the total addressable market or the market opportunity for the company's products and services and management's expectations, beliefs, estimates or projections regarding future revenue, results of operations or the adequacy of cash and cash equivalent balances to support operations and any future obligations.

could trends or results differ materially. Actual undertakes new information company no obligation for statements forward-looking revise or to The future events.

Exchange Form For the X XX, to Form quarterly on with XXXX, quarterly more the company's March file months host, XX-Q been filed is June SEC XX, the both may XX, Form annual company's the my now refer and Burnett, or information, for for report XX, Exchange intends months report filings XXXX, ended introduce from it report the the Officer. on XX-K Executive Chief year August which with Commission Commission and XXXX, for December or the Joe. pleasure ended XX-Q the company's to company of the and ended the have please Thank XXXX. X before on Joe and Securities which company's you, obtained to All company's the the your website Securities be www.clearpointneuro.com. And on at

You may begin.

you, of investors today's a and being all call vision for and analysts part of the thank Thank ClearPoint journey. on Neuro and you the to Morgan,

navigation; performance scale. and and drug number all Our million mission and quality including: their global our life some and two, record one, quarter X the pillars XXXX, in restore therapy growth access team four, strategic who We to to and Neuro is number in contributed our and number imaginable. made delivery; three, from debilitating of patients a and our financial of strongest revenue second priority are suffering progress achieving neurosurgery of most neurological the quarter of help families history. the $X.X products; to disorders of significant across view, the number our In entire ClearPoint biologics

history were journey at When was focused we and to X were pillars reliant I started like pillars, which our X why deep navigation bit ClearPoint, of everyone guiding it. reminding a was the started, here about that we company get brain lead, growth are one we Before on important. of by We these and navigation. call MRI neurosurgery placement on our about these frame just an would stimulation individual

always of we're anything with our times were engine. stopped essentially maybe think to about MRI we for tracks piston we analogy we growth one-cylinder or help firing, back on ago, COVID happened leaders, history tell then that that cylinder, our story. As was X best the If in cancellations If pillars, that our in looking and case a cylinder engine. And we Instead years a at saw we were one were limited move. to as assets. should

of only We realized focus some itself. the to we but companies to for pharmaceutical team, the access out directly our to laser portions of improve not engine. products procedure and technology incorporate control can barrier into and We partners. hospitals. being a those that with the pharmaceutical cannulas invested catheter on the this in set sold drug first technology and build a to to to discovery added process trials clinical We As performance services larger the of surgical added treated. therapy patients well relationships advance at MRI therapy be We offer first in navigation, also preclinical

primary operating in as our MRI, the the imaging So only tool. room we to not CT enable also added technology using to work the but platform in

the installed cylinders European diversify to increased also to our countries growth into United growing not further companies other grow software delivering allow reach depth patients. build our and therapeutics to by additional now intelligence We partnered technology out base. in and market. with portfolio revenue in States Asia and help XXXX capabilities engine to the show. to growing technology cell more support expansion regulatory our submissions only therapy artificial our year-to-date Pacific invested expand the We as and products gene aid to to Union, We our accelerate modeling access services precisely unique beyond also successfully our results stream us and us but that and company's of added growth, feel will have The we our and

the are here that our that of have start longer one for we to phase in of ClearPoint next that and has We of but up where engine ramp the of we to starting are ready next now these us cylinders propel rather multicylinder second no What all the seen stage cylinder a engine, journey. quarter is the been seeing contribution of forward.

call I will I in to X-pillar Danilo, detail which, strategy additional and for the CFO, expectations will half some add quarter, our to now performance after second of our over the our the review XXXX. to turn financial Danilo? growth

everyone. you, Thank good Joe, and afternoon,

quarter $X million the XXXX June XX, X ended of June X second total quarter million XXXX, represents growth results, XX, and XX% at XXXX, the for versus Looking $X.X second months ended which for XXXX. revenue the months was the

increased fueled revenue. from in in multiple their as up in in This drug partially million by clinical of $X.X equipment products. customers and pharmaceutical a biologics and $X.X clinical our software. drug $X.X delivery by drug navigation delivery; service and second preclinical customer-sponsored growth development. trials delivery revenue $X.X product disposable XXX% drug and include products and Biologics and to neurosurgery revenue XXXX. is quarter, and biologics made Biologics decrease was utilizing therapy; revenue drug preclinical XX% delivery components: and As and increase to the and progress X reminder, related sales or revenue up services biologics in our of was and capital million The delivery million increase offset million

ClearPoint product of new disposable offerings our the revenue related Neurosurgery to reusable in recent period of to sales software due ClearPoint for an units. the and or PRISM equipment $X.X XXX% segment of products related to Capital million placement system, revenue consists increased placements. and and utilizing and cases laser commercial Navigation quarter laser and growth This and for of software attributable sales revenue the million ClearPoint increased OR. of XXXX consisting SmartFrame from quarter the million navigation services the increase in in XXXX. software to hardware primarily second revenue capital system $X.X new our the of PRISM XX% of is to $X.X The same

Gross XXXX, lower and in margin XXXX, for million X $X.X quarter $XX.X the higher gain period in In million to XXXX. to for same the due XXXX in margin for for for to costs new as quarter $X.X of million XX% our The operating months ended we of $X.X gross of facility XXXX. XXXX, the increase a compared in XX, was leverage. compared ended the the for Research decrease occurring manufacturing a the to $X.X June second margin primarily the the due quarter of million XX% as million were to volumes cost expenses was to transition of or and XX, X to months were second operating gross XXXX development second XXXX XXXX, continue compared second the June quarter XX%.

increased and of by decrease for result $X.X Sales cost million research costs product development in software increase partially the certain for $X.X or new million for quarter increased million to development and our offset costs the reprioritization personnel launches XXXX, due a This period and costs $X.X procedural $X.X of and XX%. compared The million marketing primarily million. and trial and commercial of personnel to lower of as as due product expenses an increase of prepare million travel of execute initiatives, $X we same was second reach our to as was expenses were we expand $X.X additional on volume.

as and decrease the of This period were compared to decrease recoveries, $X.X share-based quarter partially offset XXXX, due to a compensation result subsequent million. by of million, of a $X.X bad $X.X General second administrative the debt $X.X million million or costs of expenses million in higher was primarily $X.X for expense and lower same personnel for XX%. mainly

our the revenue first than the expenses As the growing XX% were lower of our X% year period despite our expenses year-to-date about XX, XXXX, half of prior in of operating operating XXXX. in same June

cash December In million With to to continue respect of position, our our cash cash XXXX, XXXX. June prior reduce compared cash line of with we the of million $XX.X meaningfully we burn. and equivalents held operational quarters, to as XX, as XX, $XX.X

million Our was reduction July XX to trailing operational cash XX% XXXX. lower that quarter in the $X.X our of to XX-month This compared period, June or a than XXXX past burn from burn XX% QX operational represents cash burn in operational corresponding was XXXX the cash $X.X million. the is, second In months, prior XXXX. our

call that, I'd back to Joe. like turn to the now With

Thanks, Danilo.

multiple burn, partnerships, XX% of a operational to new mentioned a long-term As and cash additional XX% revenue, reduction launches, and portfolio XXXX increase position in global great a a in sheet. cash balance previously, off with product strong expansion our is pharma start

progress break terrific on that pillar with had delivery. X now We and numerous number a growth drug biologics let's down into fronts. pillars. always, quarter As our one, Starting

therapy in X and gene cell Let's business. talk about key recent milestones our

shows GLP clinical partners a partners, pathway for representing the is our of the Danilo and sales it and of who multi-subject product pharma saw growth very as trial. $X.X we into regulatory where progression beyond limited benchtop as First, to first-in-human trials are mentioned, in product the advancing increase large significant million and along are important the sales This moving quarter. preclinical

various X for FDA clinical now therapies, may Review regenerative programs has have gene have the these that recognition Track, pathways the drugs cell we highlights accelerated Priority Second, to life-altering selected the gene and placed therapies. and these the on have designed as referred trial partners designated new-to-world patients. market which to regulatory execution and that the seen now eventual cell entire and to approval of the as of speed impact We have or partnered multiple RMAT, therapy been Fast importance often FDA

now to that clinical progress together line a expedited it have time is these and never is total there globally. patient FDA that created programs, many guarantee of the has if is we total, accelerated prevalence these exciting eligible and enough reassuring of the programs. in our partners In results of While in these for very demonstrated that patients all approval, indications the measured the add be and millions pathways significant of are or included

this our next be XXXX. continue year ready preclinical expanding Third, services goal and GLP strategic and the commence we to GLP in to initial studies make capacity with progress to with our

and our to as our not with pharmaceutical the continues believe larger We studies demand This for well GLP industry. procedures us confident team just business ability delivery the evolution and continue build execute to feel our also as in expertise. in that compliant unique the long-term but our in Our products GLP of we team's value will relationships drug help further provide, to stronger facilities. expand even services under

speaking pharma are can cell X individual provide and relationships and that we fourth, detailed of cannot are creativity but on needs that the strategic executed strategic flexibility frameworks, have by valued partner. capabilities now I that of on the proving also we a or successful those our each unique we of is We representing partner confidential and we those. demonstrate information, with across to And obviously how in that now agreements, desired sometimes what pharma, can combination different agreements of therapy parameters based share have pricing we share These gene signed community. frameworks all excited fact, our do, provide

bench will delivery For device development clinical commercial to pricing, milestones a Number a for ClearPoint partner trial purchase ClearPoint simplify The from with pays and is used at a devices pricing two, in or development provide to when a patients. fee co-development a technology having drug kit preclinical commercial product that development and the Neuro example, instead directly the custom preclinical a the to to to one, to their in compared where the hospitals. of their intends sell ClearPoint premium software delivery partner and of trials. the where product of ClearPoint be commercial number the and

milestones, cash through pathway. upon the of a Number payment three, drug progression regulatory whereby ClearPoint a gets Neuro clinical

in or the For IDE being example, FDA patient protocol enrolled by of a IND first an clinical granted trial. study approval or the

cells four, drug devices. process cell commercial or the regulatory payment and not and Importantly, based the a therapy, at which can itself the commercial delivered royalty take drug using to delivery during Neuro do the these very number the on that have with ClearPoint gene discovery place end commercial to of ClearPoint sales is finally, happen milestones -- and approval. And

neurogene As therapy a new-to-world catheters Union believe the be the first for Neuro we is reminder, that while devices with seen not European very already it as will approved these assured, as drugs was the combination approved. cannulas in likely ClearPoint and

Our company, to therefore, becomes an our pharma essential partners. supplier

It Neuro's our of supply, access long-term very position that manufacturing for an to in ClearPoint arm's result, products. agreements, puts unique a and property, partners for of transaction this partnership assurances length and to a just more. As than more are intellectual looking us redundancy long-term is our need earn

Moving Pillar system customer in fueled sales accelerated traditional two, saw placements navigation, we and as navigation MRI-guided full SmartFrame OR now? think of CT system to hear the neurosurgery by of on designed product number issues. use which technical of site for Difficulty] I is as our well both the activations you our a market scans. [Technical we're release me having couple Can quarter, with

back, Your audio sir. is

customers, activated as reminder, new we So a which by year, record. X this new was a of far in QX

QX, accomplished this In disposable new that we about far fuel a but additional a accelerated so X our we doubled our which opening more capital than ago. on sales, prior the in years, year a product customer placements only that have also an and quarter and second, year. versus with helped total activations, to service which fact, in success X will followed sales, XX not These first talk XX sites full alone. take in we would In bringing months, rental

got full that us XXXX, sites global to not we qualified to goal strong a XXX the of additional if have of cases experience. The gain continues feedback end on and giving believe shots in targets, expect additional funnel with multiple release have here early with of SmartFrame We currently the The VAC global reviews sooner. platform traction around through OR achieve by from into OR concert we plenty enough confidence the move in meeting We our going additional quickly limited and or to half. Nashville us in ASSFN the market June. gave growth release market SmartFrame in the second committee country VAC

SmartFrame later join quarter, his it product changed the to Conner he our university. by where at practice the this share experiences the University OR you at Oklahoma his and invite early how led will I Dr. webinar of with has

Next, with let's obtained the at use of which of ClearPoint quarter, bolt some the therapy which that laser products. navigation. robotics is anchor our door has opened navigation FDA in our move PRISM the three, PRISM In to systems on existing to sites the number use pillar system access and clearance for simply accessory, prefer for we place robotics

the using cases market full workflow, which have enabled to PRISM us into system. the We performed standardized first move release for

navigated to important customers it's flow change are do their first While eventually on while to these solution not a expect full move to we we asking workflow I'm some these not some eventually -- X. do so existing too that laser, that sorry, bolt we procedure of for of their to ClearPoint much expect an step offer fits for to bolt workflow into customers day a

half. Similar is market Tesla somewhat to limited laser our the to have second of today to VAC we approved expect for about of in disposable do We number and laser the SmartFrame fibers half we as OR, And evaluations the approvals see system currently a growth only of scanners. X these underway. accelerated here committee remain

the plenty we busy However, responsible are for us by the anticipate that other we to today pathway target there while regulatory of X.X half XXXX. hospitals in Tesla keep approval of which scanners, the market, develop

drill in to time. complement MRI hand faster product made a surgeons the with reduce is on designed our than which meaningfully partnership This provide believe potential also for current has to significant we portfolio. will medical access our have powerful be We and access procedure and conditional to power our progress drill, adeor therapy significantly tool

XXXX. the this commercial introduction year is end product current plan Our a submit of the in before sometime with to

numbers into device navigation report Now them neurosurgery medical together and we we bucket therapy, disposables. when for

navigation mentioned, grew this our here sales, this that partners, grew last As from not interface XX% was despite and Without growth comparing compared It quarter. computer service Danilo even important alone. the $XXX,XXX XXXX. was repeated in XX% product segment the to is to actually XX% revenue neurosurgery grew in year-over-year brain services note in quarter which interface the computer from only XXXX and and therapy segment brain

year than our more due sales product impact versus the on doubled margin which throughput our increased a has Overall, to at gross a ago, positive factory.

which revenue talk from disciplined pillar four, a while Speaking in number keeping operating about achieving spending saw of This quarter a another growth which, standpoint flat. generally that global was is let's scale. XX% expenses

progress margin gross in Our in an breakeven. towards reduction which cash also expanded resulted to our demonstrating XX%, flow burn continued XX% operating quarter, the of cash

cash are flow by and Based strong million believe cash of continue guidance the total cash range to a $XX over cash between that the strong a we XXXX feel revenue, we on position possible performance for team, million like quarter growth $XX the to XX% a in is representing year. feel today XX% in end and between breakeven in new We equivalents. the with of and $XX revenue half the and our comfortable first of increasing for million year of

that, call With questions. open to any now up the will we

Frank Takkinen Instructions] Your with [Operator comes question Capital. from Lake Street first

really the the wanted Great. Congrats great I there. increased on really across start board. Congrats Maybe the progress on guidance. to entire

contemplated curious the comes of high into, impressive end? Just of occur about you're needs versus but where to thinking profile what's versus the low regardless guidance, low just end guidance the end top that what for curious versus was the obviously, growth of the end

that Happy uncertainty reflects Yes. million, $XX from Yes, $XX happen some I large the sort quarter-to-quarter. appropriately and think that -- a to to leave still window for the of question, million thanks we of going from Frank. can by enough

number of even mechanisms for those $X.X of partners, about pharma an top our a we've any million services we don't sort trial or talked have but today. support could million, maybe one routinely, I $X of -- where in a as say the our like services past, preclinical are example, forecast So in we

the next partner, of million on based to were if swing. of in And $X a to million versus year, January you happen timing $X.X that our see can December

really the difference. that's So

Our the strong the top if and is got forecast of that view like And that side, more bottom we've adjusted. we've certainly guidance reflect pharmaceutical anything. the a we to middle range timing on to the the feel -- really the just

short second maybe how new wanted onboarding X%, about about again being scale process, helpful. up, as Obviously, quickly maybe to talk activated has of many classic the activated. start That's how sites QX And last how they period product? at this that gone strong Maybe sites ClearPoint well then one, system? laser QX those part new strong X%. as to my it. ordering for a related time, of any can the ask in at for to that And many then both sites adopted Got that as just a with color question,

Yes, sure.

So MRI the majority about have sites, placements of we've the we XX traditional seen navigation been year think as of still those type. the this those

to road in as the down So and to were laser these in therapy and some cases, cell the space that the installed staff pent-up well. In our certain interest getting along up and by platform demand trials with running and gene were participate some bring that navigation in the certain their driven it's preparing familiar our system clinical in circumstances, are them technology. system are hospitals and drove

first have that what never very very looks that their really be trial do a first So ClearPoint patients patient. and wants clinical to like, mechanism hospital also their

gene They and trial before procedures these more incredibly ClearPoint procedures, as participate and familiar expensive our therapy. technology commonly they simpler by the a happens patients. DBS enrolling what component in start start biopsy interested with important to see to practice doing the hospital therapy system become necessary very cell they gene is selling laser and procedures, So their is

SmartFrame the where has really think, of Frank, caveat an we're that, which most I is seeing is, to of The that's been. from the important much not yet is impact that one, So demand really just OR.

getting our mentioned of committees value of takes So a justification I prepared even system the and we have disposable just our actively economic sometimes in remarks, time. hospitals. the front little at bit in as But various a system

every each justify makes to hospital You have these the spend and days.

a the place found VAC instance we is It's we have haven't meeting yet. and through process. don't committee what once might But we're where or So factor. currently only us I would the once take months, really going say -- every that's a situation has where a X month the an rejected slowing

right we've approval -- have say we we if our in the or do demand. once But specialists we operating because somewhat now have for they're side. clinical a for system, committee still at MRI-guided levels, VAC on what to an And I prepare for that elevated products system be inventory room ready supply, additional got hired we've are once you training to is, look this either installed have the from ample capital

move green we from light can pretty hospital. we the the So quickly once get

Kyle next with Riley. Your question from comes Bauser B.

echo Frank's really clean so a congrats. Great. I'll all and strong quarter comments, around,

scale across -- indications, the in As of you business you now But generate about can on And matures talk on as cash more biologics lot will, march new of a scratch course, -- of start towards from you economies a know contributor. to aren't project territory, as project. I focused key you're presumably, flow having these this projects different positive every business, be a revenues. you you but that

could a driver of how talk business this margin will So about kind you if expansion? of bit more little a curious key just be

elements, the or talking and few each the ClearPoint give procedure types we that Yes, of and is things. whether happy platform biopsy to we or to. XX% you're those and XX% identical software here drug the the all elements, laser ablation or one a the benefit system clearly deep of capital you same even and across about these there probably about, fact delivery, same same still But get, talked biggest our well. different different that brain navigating I'll workflow that's with it's the is supports software navigation our as disposable system one examples stimulation that number

to do like up simpler them question, practice So ones. therapy on for easy about to they as talked we site is prepare because complex a biopsies gene bringing procedures new running Frank's more can and with

economies get well scale navigation the we So same same goes site. as head the of education and the that training equipment capital the it's on fact of as in, that the and frame

So an component. important I think that's absolutely

trials, pharma buying we company these they're prototype preclinical not and The or this all as second into rather else. navigation buying a cannulas get we is then system, one X purchasing which is maybe hospital opposed produce larger is not small cannulas XX XXX a that point, or but through doing clinical sometimes a manner XXX, at these to little once, shipments in in as can at batch everything sterilization and

we get So the larger of these there as we at same products many producing because get we absolutely as studies, time part same into the margin expansion more batch. are

So examples that, are of those but mind. certainly than X that the pop front there's more

And sticking biologics appreciate I that. it. the maybe with Got business.

add? provide color new So a talked obvious here your mostly bit Can and about a And prepared little move new you about from of preclinical examples that big existing services or kind area. more of which these your GLP-ready adding customers clinical are about based is great, talk in into? remarks, receiving could just and trial you talked areas to other services studies, you you're feedback on you

of make has try where has think until the team We're our I build come, somewhat the they this building Yes. we we approach demand kind is you large it, for been were solid to opposite until fields a of not ready not that the dreams, been think No, this the is investments disciplined of sort to know where them, place it. field I in go. if of ClearPoint the these is spending

into just to commercialization discovery study, added as all be working line or So of the we're that GLP but will throughout we're I'd investment to very making say process. next with part see farmer quality not we or them now or the be intimate XX we of control now a new a years expertise value if types can wouldn't partner with clear we XX, the have entire those revenue kind of the the for capacity sight, investment things, again, any generate XX, the confident services didn't that right drug that added of facilitate GLP relationship additional for studies, and making we

true So concrete or facility about too to larger to studies what much simple fact it's that your really that question margin, examples, point a we than It's is gross different enables offer already of that something -- for today. procedures having and GLP as these the the XX subjects you're because more X sometimes weeks a again, batching XX, all same well, X here GLP is of or as on subjects, the these doing X you're subjects procedures time, your nothing to opposed them, course many over at compliance much there.

this I able to gross margin we'll by see presence So think well. as some be expansion driven GLP

Blackman Matt Stifel. [Operator comes from Instructions] Our next question with

This is guys. on on Emily Congrats for Matt. a quarter, great

Thanks, Emily.

Just a couple from me.

so any along just of think the you've your Anything health company companies, morning, there. I'm in any In wondering some seen reported terms those Obviously, paused still you're of signing bit pipeline? that. weakness of kind of being a projects but this for biopharma zooming lines? out contracts, if

of start-up meetings Diego the as companies or anything Francisco we've think from got our small having having very Barring if week, been the into start diversified has is we're you this well, say, craziness this earlier partners, space. actually I our in San in healthy simple some companies other to base Monday of places the in been Europe opposite. up headquarters look mean No. meetings this to biotech if I this the it's particular and largest funding year, end and you point pretty I'd at And of here pharmaceutical a the coming of think fact back the on in we're at world. San about the

bit it. large cash pharmaceutical obviously, And companies have fluid, the there, call risk smaller companies these very, let's little more but are a very

over any in last seen So seen This has issues. it's not the X really years. those been we've X time. not the been healthiest we like or have some of Certainly quite

purchases, from Okay. point At of Great. trial, advance Phase partners, you the to product in the about, like couple the are involved service a batch regulatory other And in in terms about aside Phase data little I had you trials of of the kind in revenue, that know past. I, their that II. of a prep, biologics kind a you've purchases in that talked talked collection? you bit

So just are in they stage? you're kind as involved I'm wondering that how of

stage, monitors, get as they for are clinical trial not we that Once today acting Yes. example. to

it probably today, moved that's wanted but adjacent build to So But I'd studies that, and an could is sort think and service during be investment a we around we're that the forward pointed a The with we as you and clinical unique neuro as expertise those we successful say, to our the as making out, into. team I that it's the be education something not well product, if focus primary site. there, could of support we've it's will role something played of go we yet. not nice use

And the can ahead make, the infusion yes, to trying the in day cases the the for the pumps to and of transport target, that There's the getting drug has delivered, that the go pumps mix and part out is X surgeon, patient. drug close on part with us that required the get the then -- the drilling, pharmacy the the surgical the primary through the to in, procedure time, into in, that and distribution cannulas everything software in control. that components we're of ecosystem these it and drug, of procedures. the everything great, which period itself, there's it surgery. And drug the which we patient, navigation the includes certain we're to is tells ready which puts have that the you do involved which more really training that's the has monitors There's the an sort appropriate in of

the hiring it's like service So Hopefully, sure beyond it's again, the surgery, is, we services to helpful. a day not of ClearPoint if does, bit that some pump clinical but product that. everything us if there's what making infusions things are additional around provide companies do little monitoring that's of even the trial, a the and

Got that's one. just last And great. it. Yes, one then

the of thinking long-term how some revenue mix about think those anything such. is lumpiness of to the is you're remove there should with How types going contract the of terms now flow cadence some of it your should the your royalties in with terms be to right for and of wings we In spreading mean, I that of things? now? with those? Is nature revenue of kind we more going about

Yes. like expedited removing FDA. more we the It's the opposite the partners going news Fast a in got these that it's probably good If said, for is, anything, lumpiness. of period of to of The Track designations these time. X are create from we've

will certain come. So milestones

XXXX process, that some likely be and starting have towards end here into pharmaceutical the will trials into are We GLP clinical and large the other their deep of companies XXXX.

milestone So at to to not would that's margin, have XXX% the quarter, where you're be going get all. one start particular where also one and example, cash a next quarter, which nice we could see for gross

going to of So growth is if gross again, you you we choppiness too. at don't might like there you frustrate period, that, little if X-month the with like period, certainly be margins, quarter-to-quarter, trend a But the things along look XX-month bit.

I isn't going to or to all out. have those are trials -- be, one happen standpoint, from that's in going does III multiple clinical think are in or we Phase maybe start they just to positive of because we're start have -- whereas think are years So now, I and milestone these that X, Phase negative where enough couple that even if royalties smooth kind X whatever partners out where that II, individual there or it swing to volume things milestones things to

there to time, like remarks. over turn this any are no for At call further queue. to Mr. questions back I'd in the Burnett further

we they hard therapies more working for. again, journey and at This additional hope excited exciting new are as patients are in future. we Thanks cell team's is are near we plan the in The our of are here, very this excited for in are time and gene to even as the we an team, to and devices you. a here new but pillars again, once therapy for thank and trials being our ClearPoint. interested of And are these product to very well get who growth and service entire We've with why Thank ultimately part and the first-in-human for their all treat that patient to initiate everyone we as to exciting across you worked Morgan. point family our launches market. X

Neuro day. great Second This your you ClearPoint have Earnings the XXXX for and a Fiscal Quarter of Thank Call. concludes attending rest