ClearPoint Neuro, Inc. (NASDAQ:CLPT) Q1 2022 Earnings Conference Call May 11, 2022 4:30 PM ET
Company Participants
Joe Burnett - President & Chief Executive Officer
Danilo D’Alessandro - Chief Financial Officer
Conference Call Participants
Frank Takkinen - Lake Street Capital Markets
Marc Weisenberger - B. Riley Securities
Operator
Greetings and welcome to the ClearPoint Neuro, Inc. First Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this call 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 and management's expectations, beliefs, estimates or projections regarding future results of operations. Actual results or trends could differ materially. The company undertakes no obligation to revise forward-looking statements for new information or future events. For more information, please refer to the Company's annual report on Form 10-K for the year-ended December 31, 2021 which have been filed with the Securities and Exchange Commission and the Company's quarterly report on Form 10-Q for the three months ended March 31, 2022 which the Company intends to file with the Securities and Exchange Commission on or before May 16, 2022. All the Company's filings may be obtained from the SEC or the Company's website at www.clearpointneuro.com.
I would now like to turn the call over to Joe Burnett, Chief Executive Officer. Please go ahead.
Joe Burnett
Thank you, Rob and thank you to all of the investors and analysts on today's call. Your support is important for the entire ClearPoint team, as we remain focused on restoring quality of life to patients and their families, who are suffering from some of the most debilitating neurological disorders imaginable.
ClearPoint had a strong start to 2022 with record revenue of $5.0 million in the first quarter, representing 25% growth year-over-year. This revenue growth was achieved despite continued disruptions due to COVID infections, hospital staffing shortages and supply chain constraints which have become everyday event. Our team successfully installed four additional clinical systems in the quarter which is more than we placed in all of 2021 showing capital purchases and placements are starting to return post-COVID.
Additionally, we made progress across our pipeline of new products and partnerships which I will provide a more detailed update on, as we walk through our four pillar growth strategy a little bit later on the call. But first, I will turn this call over to Danilo, our CFO, to review our financial performance in the quarter.