Q3 2024 ClearPoint Neuro Inc Earnings Call

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Speaker Change: Greetings and welcome to the ClearPoint Neuro Inc. third quarter 2024 financial results conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad.

As a reminder, this conference is being recorded.

Speaker Change: 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.

Speaker Change: both preliminary and projected, the size of total addressable markets 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,

Speaker Change: or the adequacy of cash and cash equivalent balances to support

operations and meet future obligations.

Actual results or trends could differ materially.

Speaker Change: The company undertakes no obligation to revise forward-looking statements for new information or future events.

Speaker Change: For more information, please refer to the company's annual report on Form 10-K for the year ended December 31, 2023, and the company's quarterly report on Form 10-Q for the three months ended June 30, 2024, both of which have been filed with the Securities and Exchange Commission.

Speaker Change: and the company's quarterly report on Form 10-Q for the three months ended September 30, 2024.

Speaker Change: which the company intends to file with the Securities and Exchange Commission on or before November 14, 2024.

Speaker Change: All the company's filings may be obtained from the SEC or the company's website at www.clearpointneuro.com And now I would like to turn the call over to Joe Burnett, President and CEO. Please go ahead, sir.

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

Joe Burnett: Our mission and our priority is to help restore quality of life to patients and their families who are suffering from some of the most debilitating neurological disorders imaginable.

Joe Burnett: In the third quarter of 2024, the entire ClearPoint Neuro team contributed to a record revenue quarter of $8.1 million, and in our view, the strongest financial and strategic performance in our history.

Joe Burnett: We made significant progress across all four of our growth pillars, including number one, biologics and drug delivery, number two, neurosurgery navigation, number three, therapy and access products, and number four, in achieving global scale.

Joe Burnett: As we commented on our last earnings call, we are beginning to see the return on the investments we made over the past three years in the form of growth across all four of our pillars, and not only biologics and drug delivery.

Joe Burnett: We are thrilled to report that all four of our growth pillars grew more than 20% in the third quarter, with each segment contributing to the overall top-line results, while at the same time achieving scale and continuing our reduction in operational cash burn.

Joe Burnett: And as continued from the second quarter, we believe we have entered an exciting next phase of ClearPoint Neuro.

Joe Burnett: We have gone beyond being just an MRI navigation focused company.

Joe Burnett: We have added operating room navigation with SmartFrame OR. We have added our own laser therapy solution with Prism.

Joe Burnett: We have added significant pre-clinical services to support early partnership with Biopharma, and we continue to see progress with our cell and gene therapy partners through the clinical and regulatory pathways to commercial approval on a global basis.

Joe Burnett: The first of such gene therapy approvals has the potential of FDA clearance in the months ahead. We are very excited about how these new products and initiatives are performing in the field as well.

Joe Burnett: I will now turn the call over to Danilo, our CFO, to review our financial performance in the quarter, after which I will add some detail to our four-pillar growth strategy. Danilo?

Danilo: Thank you, Joe. And thank you, ladies and gentlemen, for joining us today.

Looking at the third quarter 2024 results.

Danilo: Total revenue was $8.1 million for the three months ended September 30, 2024.

Danilo: in comparison to $5.8 million for the three months ended September 30, 2023, which represents an acceleration to 41% growth versus the third quarter of 2023 and the fourth quarter in a row of growth above 30%.

Danilo: As a reminder, our revenue is made up of three components, biologics and drug delivery, neurosurgery navigation and therapy, and capital equipment and software.

Danilo: Biologics and drug delivery revenue includes the sales of disposable products and services related to customer-sponsored preclinical and clinical trials utilizing our products.

Danilo: This increase was fueled by a 353% increase in biologics and drug delivery product revenue as our pharmaceutical customers progress in their preclinical and clinical trials.

Danilo: The biologics and drug delivery product growth was partially set by a $0.7 million decrease in service revenue.

Danilo: Neurosurgery Navigation Therapy revenue consists of commercial sales of disposable products related to ClearPoint Navigation System, our SmartPrimOAR product, and PRISM laser therapy disposables.

Danilo: This revenue segment grew 49% to $2.9 million for the third quarter as we activated new accounts and expanded the introduction of Smart Frame OR and the PRISM laser therapy.

Danilo: Capital equipment and software revenue consists of sales of ClearPoint Neural Navigation hardware and software and the PRISM laser system and of related services increased 133 percent to 0.8 million dollars in the third quarter from 0.4 million dollars for the same period in 2023.

Danilo: Gross margin for the third quarter of 2024 was 60%, as compared to a gross margin of 57% for the third quarter of 2023.

Danilo: The increase in gross margin was primarily due to an increase in volume and lower costs related to the transition of our manufacturing facility in 2023.

Danilo: Research and development costs were $3.3 million for the three months ended September 30th, 2024, compared to $2.4 million for the same period in 2023, an increase of $0.9 million or 36%. The increase was due primarily to an expansion of our research and development initiatives and investments in further innovation.

Danilo: Sales and marketing expenses were $3.5 million for the third quarter compared to $2.8 million for the same period in 2023, an increase of $0.7 million or 25%. This increase was mainly due to additional personnel costs as we expand our commercial reach to support and accelerate our product launches.

Danilo: General administrative expenses were $3.2 million for the third quarter, compared to $2.9 million for the same period in 2023, an increase of $0.3 million, or 9%. This increase was mostly due to higher headcount costs.

Danilo: With respect to our cash position, as of September 30th, 2024, we held cash and cash equivalents of $21.6 million, compared to $32.8 million as of June 30th, 2024.

Danilo: In August 2024, we proceeded with an early repayment of the entire principal and interest outstanding on our existing convertible loan for a total amount of $10.1 million.

As of September 30, 2024, we have no outstanding debt.

Danilo: In line with the prior quarters, we continue to meaningfully reduce our operational cash burn. Our operational cash burn in Q3 was down to $1.2 million, a 33% reduction from the prior year's third quarter.

Danilo: In the past trailing 12 months, our operational cash burn was $8.9 million. This represents a 43% reduction compared to the corresponding prior 12-month period, that is, from October 2022 to September 2023.

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

Thanks, Danilo.

Joe Burnett: As mentioned previously, 2024 continues to be a great year of execution, with a 38% year-over-year-to-date increase in revenue, a 39% reduction in operational cash burn,

Joe Burnett: multiple new product launches, additional long-term pharma partnerships, global expansion of our portfolio, and a strong cash position with a debt-free balance sheet. As always, let's break that progress down into our four growth pillars.

Joe Burnett: Starting with pillar number one, biologics and drug delivery, we had a terrific quarter on numerous fronts.

Joe Burnett: Let's talk about four recent key milestones in our gene and cell therapy business.

Joe Burnett: First, as Danilo mentioned, we saw a significant increase in actual product sales to pharma partners. This is very important as it shows the progression of our partners who are advancing along the regulatory pathway. Our early engagement with pharma is normally heavily weighted towards service revenue.

Joe Burnett: We begin with strategy discussions, discovery consultancy, pilot studies, and benchtop testing, which generally have limited product sales and higher service sales.

Joe Burnett: Later in the engagement, we generally move into supporting non-clinical studies, clinical trials, post-procedural data analysis, and eventually commercialization where the partners or the hospital is purchasing actual navigation and infusion products.

Joe Burnett: This is where we see product sales to Biopharma generally outpace service sales and demonstrates that continued progression of our partners through this regulatory process.

Joe Burnett: Second, we have now seen multiple partners selected for various accelerated FDA pathways designed to speed the clinical trial execution and eventual regulatory approval of these new-to-world cell and gene therapies, often referred to as regenerative therapies.

Joe Burnett: We now have seven partnered programs that have been designated as either Fast-Track, Priority Review, or RMAT, which highlights the importance that the FDA has placed on the entire cell and gene therapy market and the recognition of the life-altering impact that these drugs may have to patients.

Joe Burnett: While there is never a guarantee of timeline or approval, it is very reassuring and exciting that the FDA has created these accelerated pathways and that many of our partners have demonstrated significant enough progress and clinical results to be eligible for these programs in the first place.

Joe Burnett: In total, if we added together all of the indications that are now included in these expedited programs alone, the total patient prevalence is measured in the millions of patients globally.

Joe Burnett: Third, we continue to make progress expanding our preclinical services and capacity.

Joe Burnett: with the next stage goal to be GLP ready and to commence with our initial ClearPoint driven GLP studies later in 2025.

Joe Burnett: Our team continues to feel confident in the demand for our products and services, as well as our unique expertise.

Joe Burnett: We believe in our ability to execute larger studies under GLP compliant procedures and facilities in the very near future.

Joe Burnett: This further evolution of our drug delivery business will continue to expand, not just in the value that we provide, but also in the potential to build even stronger and earlier long-term structured relationships with the pharmaceutical industry through the continuum of services.

Joe Burnett: And fourth, speaking of those relationships with pharma, we are excited to share that we have now executed strategic agreements across all of our desired frameworks, proving that we do in fact provide unique capabilities that are valued by the cell and gene therapy community.

Joe Burnett: These frameworks also demonstrate our creativity and our flexibility on how we can collaborate based on the needs of each individual biopharma partner.

Joe Burnett: We obviously cannot provide specific individual pricing or confidential strategic information But what I can share is that we have now successfully signed agreements Representing four different revenue structures and sometimes a combination of all four

Joe Burnett: These can be, number one, co-development, where a partner pays a development fee and development milestones to ClearPoint, or the custom development of a delivery device or software that will be used in their preclinical and clinical trials.

Joe Burnett: Number two, commercial pricing, where a partner intends to provide their drug once FDA approved in a kit with the ClearPoint Neuro technology to simplify the commercial delivery of the product and purchase the devices directly from ClearPoint instead of ClearPoint Neuro selling the product to hospitals.

Joe Burnett: The commercial pricing is at a premium when compared to non-clinical and clinical trial device pricing.

Joe Burnett: Number three, clinical milestones, whereby ClearPoint Neuro receives cash payments upon progression of a therapy through its regulatory pathway.

Joe Burnett: For example, approval of an IDE or IND study granted by the FDA or the first patient enrolled in a trial. Importantly, these milestones can happen during the drug discovery and regulatory process and do not have to take place at the very end with a commercial approval.

Joe Burnett: And finally, a royalty payment to ClearPoint Noro on the drug itself, based on commercial sales of the cell or gene therapy, which is delivered using ClearPoint delivery devices.

Joe Burnett: As a reminder, while not assured, we believe it is likely that these new to world drugs will be approved as combination devices with the ClearPoint neuro cannulas and catheters as we have seen in the European Union for the very first neuro gene therapy approved.

Joe Burnett: Our company therefore becomes an essential supplier to our pharma partners.

Joe Burnett: As a result, our partners are looking for very long-term agreements, assurances of supply, access to ClearPoint Neuro's unique intellectual property, redundancy of manufacturing, and even more.

Joe Burnett: Moving on to pillar number two, which is neurosurgery navigation, we saw continued and accelerated customer site activations and product sales in the quarter, fueled by both placements of our traditional MRI-guided navigation system, as well as the continuation of the full market release of our SmartFrame OR, or operating room system, designed for use with CT scanners in the operating room.

Joe Burnett: We have also seen two very exciting developments in the DDS space that took place in the third quarter.

Joe Burnett: First Medtronic got approval or approved labeling for a sleep DBS procedures based on the wealth of compelling clinical evidence

Joe Burnett: that excellent outcomes are achieved when the patient is comfortably asleep versus awake for these DBS procedures. This new labeling will allow a large company like Medtronic to begin educating patients on the technique which was not possible without this new FDA labeling historically.

Joe Burnett: Second, Abbott has announced that the TRANSCEND study, which is designed to study the use of DBS to treat severe depression.

Joe Burnett: This will allow ClearPoint to participate in these trial patients and also be involved from the very beginning of this new indication.

Joe Burnett: As a reminder we have historically activated approximately six to eight new customers each year.

Joe Burnett: With the five that we added here in the third quarter, that brings our total up to 19 for this year and actually more than 20 at the time of this earnings call.

Joe Burnett: These accelerated placements have helped fuel not only our disposable product sales, which we'll talk about in a second, but also capital, rental, and service sales, which more than doubled versus a year ago.

Joe Burnett: We had communicated an earlier goal of achieving 100 global activated sites by the end of 2025, but given this new pace of placements, we believe we will achieve 100 by the first half of 2025, if not sooner.

Joe Burnett: Next, let's move on to pillar number three, which is the therapy and access products.

Joe Burnett: In the second quarter, we obtained FDA clearance for the PRISM anchor bolt accessory, which has opened the door for use of our PRISM laser system with some existing robotic systems at sites that prefer to use robotic navigation in place of our ClearPoint navigation.

Joe Burnett: Here in the third quarter, we released new product packaging and compatibility with third-party anchoring mechanisms that can help us to get access to hospitals quicker by not needing to put additional new ancillary devices through the hospital's VAC approval process.

Joe Burnett: These new releases may seem simple, but they are important steps to adoption, and they show our customers that we are listening to their feedback, iterating quickly, and doing everything we can to make adoption of PRISM fit comfortably into their existing hospital workflow with as few changes as possible.

Joe Burnett: While we do remain somewhat limited to about half of the laser market today, as our system is currently only approved for three Tesla scanners, there are plenty of target hospitals to keep us busy while we develop the regulatory pathway for 1.5 Tesla scanner approval, which we do anticipate becoming available in 2025.

Joe Burnett: We are also making significant progress toward being able to commercialize an MRI conditional power drill which we believe will be a powerful complement to our therapy and access products.

Joe Burnett: This tool, developed by our partner at E.R. Medical, is designed to provide significantly faster access for surgeons than our current hand drill, and has the potential to meaningfully reduce procedure times.

Joe Burnett: Once development is finalized and the drill is ready for commercialization, ClearPoint Neuro will be the exclusive worldwide distributor for this new product.

Joe Burnett: Now when we report numbers for neurosurgery navigation and therapy, we bucket them together into medical device disposables. As Danilo mentioned, this segment grew 49% in the quarter and is again driven by from three disposable revenue sources. MRI navigation, operating room navigation, and laser therapy.

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

Joe Burnett: Finally, let's talk about pillar number four, which is in achieving global scale and profitability.

Joe Burnett: This was another disciplined quarter from a spending standpoint that saw 41% revenue growth while reducing operational cash burn down to only $1.2 million, which represents a 33% reduction versus Q3 of 2023.

Joe Burnett: We continue to believe that a cash flow break-even quarter by the end of 2025 is possible, and we feel that our strong cash position today, with over $21.6 million in cash and cash equivalents, and no debt on our balance sheet.

Joe Burnett: By retiring our only outstanding debt in the quarter, we have significant optionality to service any future capital needs and will review our capital planning in the context of driving profitable growth.

Joe Burnett: We continue to believe our revenue for the full year will fall between our previous guidance of 30 to 33 million, representing growth of between 25 and 38 percent for the full year.

Speaker Change: With that, I will now open up the call to any questions.

Speaker Change: If you would like to ask a question at this time, please press star, then the number 1 on your telephone keypad. You will be placed into the queue in the order received.

Speaker Change: Please be prepared to ask your question when prompted. Once again, if you have a question, please press star, then the number 1, on your telephone keypad now.

Speaker Change: Your first question comes from Matt Blackman with Stiefel. Your line is open.

Speaker Change: Hi, this is Emily on for Matt. Congrats on a great quarter again. Thanks, Emily.

Speaker Change: Looking to 2025, and I understand there's no guidance today, but can you just call out some of the general headwinds, tailwinds that should be on our radar? Maybe any inflection points with the GLT or what have you?

Speaker Change: Yeah, I mean, we're not quite prepared to get too far into 2025, Emily, as I think you pointed out. But, you know, there's certainly some factors that I think are making us feel pretty good about our growth prospects.

Speaker Change: From a practical standpoint, we don't see any reason or any headwinds relative to market development or growth of the underlying surgeries.

Speaker Change: If anything, we expect more surgeries to take place next year related to continued use of deep brain stimulation The fact that as I mentioned earlier on the call Medtronic now has clearance to be able to promote

Speaker Change: Sleep DBS. You know, there's a number of studies and publications that have shown that one of the primary reasons that patients are indicated for DBS but don't go through with the procedure is because they find out that they would be awake during the procedure and quite frankly that's scary to many many patients.

Speaker Change: With this new indication, companies like Medtronic, as well as the surgeons themselves, can promote and educate these patients that there is, in fact, another option, which we believe is going to drive more patients to go through with the procedure.

Speaker Change: coupled with the fact that there are a number of new indications for DBS around epilepsy, around OCD, and new studied indications, like I mentioned, for severe depression that I think will grow those underlying markets.

Speaker Change: The patients are generally discharged from the hospital in under 24 hours compared to two or even three days sometimes with an open resection. So, you know, cleaning up these past procedures, if you will, including radiation necrosis and getting the patient out of that hospital bed in under 24 hours so that a new patient can take their spot is something that's very attractive to these hospitals, so we do see them continuing to grow their position there.

Speaker Change: And then finally the progress that we're seeing with a lot of our cell and gene therapy partners, you know even if nothing is commercially approved yet, albeit the first one is on the horizon here we hope.

Speaker Change: Even the entry or the progression from zero patients to a safety study or from a phase 1 safety study into a phase 2 even phase 3 pivotal or combination study can drive significantly meaningful revenue to us as well. You know, to put it in perspective, you know, we've seen clinical trial phase 2 phase 3 protocols for things like Parkinson's disease, you know, which could be anywhere from 180 to 220 patients.

Speaker Change: So, you know, you stack four or five of these studies on top of each other, and that's pretty close to the total number of procedures we did in all of 2023. So, these could be meaningful as well. So, you know, we do see quite a bit of opportunity still that I would think is tailwind in the underlying markets, let alone the new technology that we're advancing.

Speaker Change: The other thing I bring up that, you know, I've been asked about in the past as well is...

Speaker Change: You know, this past year, the company just barely missed the cutoff relative to the Russell index, the Russell 2000. So as a result, a lot of our sort of index fund holders had to cycle out of the stock itself, which created a significant headwind.

Speaker Change: As you can tell from our market cap today, we'd be very, very comfortably in that Russell qualifier for next year. So assuming nothing significant changes, that tailwind we saw in 2024 could become a... I'm sorry, the headwind that we saw in 2024 could be a tailwind for our stock in 2025. And we just have to do everything we can to continue to execute between now and then.

Speaker Change: Okay, great. And just a follow-up if I could. Up to, you know, 20 new placements today, year-to-date, is that a new normal? I mean, it has been, you know, 6, 8, 10 maybe, but should we be thinking more 2025 going forward?

Speaker Change: conversations with at least 50 additional hospitals today and we're at least in some level of conversation with more than a hundred so I think there's plenty of room for us to grow especially as we start to do more and more in the operating room.

Speaker Change: One of the biggest things that held us back in the past was that so many hospitals would like to work with ClearPoint but they simply did not have access to an MRI magnet. Maybe the magnet was owned by radiology or maybe certain certifications at the hospital would not allow a surgery to take place in the MRI. So we were completely shut out of those hospitals and that's simply not the case anymore now that we can launch our technology into just an everyday operating room with equipment like CT scanners and interoperative CTs that are readily available for any one of those centers.

Great, great. Okay, thank you very much.

Yeah, thanks Emily.

Speaker Change: Once again, if you would like to ask a question at this time, please press star and the number one on your telephone keypad now.

Speaker Change: Your next question comes from Frank Takkanen with Lake Street Capital. Your line is open.

Frank Takkanen: Great, thanks for taking the questions. Congrats on all the progress. I'm going to follow up on the last line of questioning a little bit on the new system activations. Can you maybe parse out which or how many of those or how many year to date are just SmartFrame OR activations and just how much, I know you touched on that a little bit in the tail end, but just how much that has contributed to the new activation and then where that disposable revenue can go?

Speaker Change: I have to think of the exact number. It might be a little off, but the magnitude will be there. I believe of those 19 activations this year, I think only two or three of those we would count as new activations from SmartFrame OR.

Speaker Change: And it doesn't mean that we're only using the OR product at three centers.

Speaker Change: What it means is that we do not count a new activation if they were already using ClearPoint in the MRI and then they also added SmartFrame OR. We don't count that as a new activation. That's an existing customer that we're going deeper into that customer because we have additional complementary technology.

Speaker Change: So to directly answer your question, Frank, of those 19, I think it's three that the operating room enabled for us.

Speaker Change: So it shows you we really have quite a long way to go, we're absolutely just getting started. But I think that's also the nature of a limited market release. You generally go to to customers that are familiar with ClearPoint first to make sure that the product's doing exactly what it's supposed to before you go into sites that have had no experience, if you will.

Speaker Change: The second part of your question, you know, it's kind of meaningful and a really, really important part is to where the disposables can go.

Speaker Change: You know, we had a webcast that was performed by Dr. Connor at the University of Oklahoma recently, and I think he's a very good example of what the potential here is.

Speaker Change: This is a surgeon whose hospital, the surgery group did not own the MRI magnet, it was owned by Radiology, so he had been able to negotiate about one day of magnet use every month.

Speaker Change: So even if he had 50 or 60 DDS procedures he wanted to do each year, he could only do about 10 to 12 with us because that's what he got the magnet time for.

Speaker Change: You know, we're routinely doing maybe four or even five a month with Dr. Conner.

Speaker Change: So you can put in perspective, you know, now we're not leaving 80% of his volume on the table because we were not in the operating room. We're now able to actually win and earn his business for that other 80% because he and the team have gotten familiar with the ClearPoint system in the MRI as well as the ClearPoint OR.

Speaker Change: So if we can replicate that experience at a number of different centers, this technology is not only about going to new hospitals, but it's actually increasing utilization and same-store sales at existing hospitals as well.

Speaker Change: Got it, that's helpful. And maybe one follow up directly on that again, how many of your 90 accounts have SmartFrame OR today?

Speaker Change: I would say there's maybe six or seven or so, in that order of magnitude, and then I'd say there's another ten or so accounts where we're, what I would say is in advanced conversations in front of the VAC committee.

Speaker Change: Anytime you have a new technology, you have to establish pricing and you have to show that it's got, you know, legs and benefit to the hospital, to the surgeon, and certainly to the patient.

Speaker Change: So there's a review process that takes place. Sometimes the VAC committee meets every week. Sometimes it meets once every three months. So you have to really get in line, get on the schedule and get going. But, you know, we have at least 10 of those committee meetings that are going on as we speak.

Speaker Change: Got it. And then last one for me, gross margins have trended favorably. How should we think about where gross margins can go with some of the new products in the bank?

Speaker Change: You know from a disposable standpoint, you know if we get to any meaningful scale at our Carlsbad facility You know, there's no reason we can't be at 70% gross margin on the disposable side

and that includes cannulas as well for drug delivery trials.

Speaker Change: That certainly involves cannulas where they're not using our navigation at all. You know, in some cases there might be one pharma customer that doesn't want to use our navigation, but they're going to use five or six of our cannulas. You know, that's a very profitable procedure for us because the cannulas is easier to make than the navigation frames.

Speaker Change: The drag that sometimes we get quarter to quarter on the margin standpoint is really, if we have a really good capital quarter, for example, you know, our capital margins of selling the head frames.

Speaker Change: Some components, for example, we don't make any money on. They're just a necessary piece of equipment that the hospital needs to do the procedure from another vendor. So our margins are in that 35 to 45% range there. So it's not a bad deal for us. We actually still make money on that transaction. However, if you happen to have one quarter where we sell three or four systems like we did in the first quarter of this year, I think our,

Speaker Change: Our overall capital revenue is around $1.3 or $1.4 million. You know, that can actually drag the total margin down a little bit just from a mixed standpoint. But, you know, when we get to scale and, you know, you can imagine us doing $50, $60, $70 million of disposable revenue each year and capital revenue kind of staying flat. You know, our margin should be comfortably in the 70s at that point.

Got it. That's helpful. Thank you.

All right. Thanks, Rick.

Speaker Change: There are no further questions at this time. I'd like to turn the call back to Joe Burnett, President and CEO of ClearPoint Neuro, for any closing remarks.

Joe Burnett: Once again, thank you to everyone interested in being a part of this team's journey here at ClearPoint. This is an exciting time as we plan for new product and service launches across all four of our growth pillars. We have worked hard to get to this spot and we are incredibly excited for our team, but also for the patients that we hope to treat with these new devices and therapies in the near future.

Joe Burnett: The patient and their family is why we are here and ultimately who we are working for. Thank you and please have a good night.

Joe Burnett: This concludes the ClearPoint Neuro third quarter 2024 financial results conference call. Thank you for attending and have a wonderful rest of your day.

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