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CLPT, ClearPoint Neuro Inc.

Medical Devices & Equipment consumer brand UnprofitableDistress / turnaround

A medical-device business, placing equipment that pulls consumables and service behind it.

Latest annual: FY2025 10-K

CLPT · ClearPoint Neuro Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$37M

+17.8% YoY · 24% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $41M 5-yr avg $26M

Gross margin 62% 5-yr avg 63%

Operating margin −65.2% 5-yr avg −76.7%

ROIC −64% 5-yr avg −176%

Owner-earnings margin −66% 5-yr avg −63%

Free cash flow margin −66% 5-yr avg −63%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has run around −79% through the cycle on a 61% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Inventory runs near 29% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and what follows it. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −228%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$6M	$7M	$7M	$11M	$13M	$16M	$21M	$24M	$31M	$37M	$41M	RevenueRevenue
54%	61%	67%	65%	71%	68%	66%	57%	61%	61%	62%	Gross marginGross mgn
73%	55%	59%	38%	41%	49%	47%	49%	38%	45%	43%	SG&A / revenueSG&A/rev
46%	38%	31%	25%	37%	57%	53%	49%	39%	38%	37%	R&D / revenueR&D/rev
($7M)	($6M)	($5M)	($5M)	($6M)	($13M)	($16M)	($22M)	($20M)	($24M)	($26M)	Operating incomeOp. inc.
−130.3%	−85.9%	−71.4%	−41.0%	−48.5%	−82.1%	−79.5%	−93.7%	−62.9%	−65.4%	−65.2%	Operating marginOp. mgn
($8M)	($7M)	($6M)	($6M)	($7M)	($14M)	($16M)	($22M)	($19M)	($26M)	($29M)	Net incomeNet inc.
											Cash flow & returns
($6M)	($6M)	($5M)	($3M)	($8M)	($13M)	($16M)	($14M)	($9M)	($24M)	($26M)	Operating cash flowOp. cash
$156K	$116K	$109K	$144K	$334K	$159K	$244K	$626K	$980K	$814K	$797K	DepreciationDeprec.
$907K	($187K)	$192K	$2M	($2M)	($524K)	($4M)	$2M	$2M	($7M)	($6M)	Working capital & otherWC & other
$101K	$27K	$63K	$10K	$41K	$168K	$253K	$717K	$275K	$522K	$984K	CapexCapex
1.8%	0.4%	0.9%	0.1%	0.3%	1.0%	1.2%	3.0%	0.9%	1.4%	2.4%	Capex / revenueCapex/rev
($6M)	($6M)	($5M)	($3M)	($8M)	($13M)	($16M)	($14M)	($9M)	($24M)	($27M)	Owner earningsOwner earn.
−103.0%	−81.6%	−63.8%	−25.5%	−61.2%	−78.9%	−79.9%	−60.3%	−29.4%	−66.1%	−65.7%	Owner earnings marginOE mgn
($6M)	($6M)	($5M)	($3M)	($8M)	($13M)	($16M)	($14M)	($9M)	($24M)	($27M)	Free cash flowFCF
−103.0%	−81.6%	−63.8%	−25.5%	−61.2%	−78.9%	−79.9%	−60.3%	−29.4%	−66.1%	−65.7%	Free cash flow marginFCF mgn
-1409%	-344%	-219%	-377%	-138%	-234%	-67%	-222%	-295%	-61%	-64%	ROICROIC
—	-123%	-408%	-121%	-285%	-30%	-45%	-104%	-74%	-91%	-154%	Return on equityROE
—	−123%	−408%	−121%	−285%	−30%	−45%	−104%	−74%	−91%	−154%	Retained to equityRetained/eq
											Balance sheet
$3M	$9M	$3M	$6M	$20M	$54M	$37M	$23M	$20M	$46M	$36M	Cash & investmentsCash+inv
$866K	$949K	$1M	$1M	$2M	$2M	$3M	$3M	$5M	$7M	$9M	ReceivablesReceiv.
$2M	$2M	$2M	$3M	$3M	$5M	$9M	$8M	$7M	$8M	$9M	InventoryInvent.
$2M	$759K	$501K	$966K	$300K	$427K	$272K	$393K	$1M	$1M	$2M	Accounts payablePayables
$1M	$3M	$3M	$3M	$5M	$7M	$12M	$11M	$10M	$14M	$15M	Operating working capitalOper. WC
$6M	$13M	$7M	$10M	$25M	$62M	$51M	$36M	$33M	$64M	$55M	Current assetsCur. assets
$3M	$4M	$2M	$4M	$3M	$5M	$7M	$7M	$10M	$11M	$9M	Current liabilitiesCur. liab.
2.0×	2.9×	3.6×	2.7×	8.0×	13.0×	7.5×	4.9×	3.2×	5.9×	5.8×	Current ratioCurr. ratio
—	—	—	—	—	—	—	—	$0	$7M	$7M	GoodwillGoodwill
$7M	$14M	$8M	$12M	$30M	$66M	$55M	$43M	$39M	$98M	$93M	Total assetsAssets
$4M	$5M	$3M	$2M	$21M	$10M	$10M	$10M	$0	$49M	$50M	Total debtDebt
$1M	($4M)	$380K	($4M)	$1M	($44M)	($28M)	($13M)	($20M)	$3M	$14M	Net debt / (cash)Net debt
-7.1×	-7.3×	-5.4×	-4.8×	-4.3×	-13.7×	-201.6×	—	-38.1×	-10.1×	-7.0×	Interest coverageInt. cov.
($756K)	$6M	$2M	$5M	$2M	$49M	$37M	$21M	$25M	$28M	$19M	Shareholders’ equityEquity
20.6%	16.9%	16.7%	7.1%	8.5%	12.7%	20.1%	25.4%	22.0%	22.1%	20.9%	Stock comp / revenueSBC/rev
											Per share
8.3M	7.7M	10.9M	13.2M	15.8M	20.7M	24.2M	24.6M	27.0M	28.3M	29.5M	Shares out (diluted)Shares
$0.70	$0.95	$0.67	$0.85	$0.81	$0.79	$0.85	$0.97	$1.16	$1.31	$1.37	Revenue / shareRev/sh
$-0.98	$-0.93	$-0.56	$-0.42	$-0.43	$-0.69	$-0.68	$-0.90	$-0.70	$-0.90	$-0.98	EPS (diluted)EPS
$-0.72	$-0.78	$-0.43	$-0.22	$-0.50	$-0.62	$-0.68	$-0.59	$-0.34	$-0.86	$-0.90	Owner earnings / shareOE/sh
$-0.72	$-0.78	$-0.43	$-0.22	$-0.50	$-0.62	$-0.68	$-0.59	$-0.34	$-0.86	$-0.90	Free cash flow / shareFCF/sh
$0.01	$0.00	$0.01	$0.00	$0.00	$0.01	$0.01	$0.03	$0.01	$0.02	$0.03	Cap. spending / shareCapex/sh
$-0.09	$0.75	$0.14	$0.35	$0.15	$2.35	$1.53	$0.86	$0.94	$0.99	$0.64	Book value / shareBVPS

Share counts before 2017 are restated ×3 for a stock split, so per-share figures sit on one basis.

The diluted share count moved ×1.41 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.2%/yr	+10.0%/yr
Capital spending / share	+4.7%/yr	+48.1%/yr
Book value / share	—	+45.8%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

28Mpeak FY2025

ROIC

−61%low FY2016

Gross margin

61%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($24M)owner earningsvs.($26M)net incomelow FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $26M loss into ($24M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($26M)	($19M)	($22M)	($16M)	($14M)
Depreciation & amortizationnon-cash charge added back	+$814K	+$980K	+$626K	+$244K	+$159K
Stock-based compensationreal costnon-cash, but a real cost	+$8M	+$7M	+$6M	+$4M	+$2M
Working capital & othertiming of cash in and out, other non-cash items	−$7M	+$2M	+$2M	−$4M	−$524K
Cash from operations	($24M)	($9M)	($14M)	($16M)	($13M)
Capital expenditurecash put back in to keep running and to grow	−$522K	−$275K	−$717K	−$253K	−$168K
Owner earnings	($24M)	($9M)	($14M)	($16M)	($13M)
Owner-earnings marginowner earnings ÷ revenue	-66%	-29%	-60%	-80%	-79%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $8M), owner earnings is nearer ($33M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -10.1×

Does not cover its interest

Operating income ($24M) ÷ interest expense $2M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $3M

Net debt against an operating loss

Cash $46M − debt $49M

What this means
Netting $46M of cash and short-term investments against $49M of debt leaves $3M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 246d

Long (60+ days)

DSO 65 + DIO 214 − DPO 32 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -234%

Below average through the cycle

10-yr median, range -1409%–-61%; -61% latest = NOPAT ($19M) ÷ invested capital $31M

Industry peers: median -34%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -61% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -66%

Consumes cash through the cycle

10-yr median margin, range -103%–-25%; latest ($24M) = operating cash ($24M) − maintenance capex $522K

Industry peers: median -76%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -66% of revenue this year, a -66% median across 10 years. Treating stock comp as the real expense it is (less $8M of SBC) leaves ($33M).
Are earnings backed by cash? ($24M)

Loss, and burning cash

Net income ($26M) · cash from operations ($24M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.64×

Harvesting

Capex $522K ÷ depreciation $814K

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $37M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 5.91×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $49M vs $53M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 10 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.74/share (latest year $-0.85), the averaged base the calculator's gate runs on, and book value is $0.93/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 0 of 10

What this means
Lost money in 10 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −96% → −74% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −96% early to −74% lately, median −79% — pricing power intact or improving.
Reinvestment, incremental ROIC —

What this means
The reinvested base moved too little against the change in profit to read a reliable return on it here — the figure would be a small-denominator artifact, not a moat. Judge this one on the owner-earnings record and the cash it returns instead.
Worst year 2016 · −130.3% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.
How management talks about it Promotional

What this means
The record is compounding, but the filing leans on a promoter’s vocabulary rather than the per-share, return-on-capital terms an owner uses. The results back the talk here; the register is still worth noting.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$55M

Cash & short-term investments$36M
Receivables$9M
Inventory$9M
Other current assets$2M

Current liabilities$9M

Accounts payable$2M
Other current liabilities$7M

Current ratio5.79×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.88×stricter: inventory excluded

Cash ratio3.75×strictest: cash alone against what's due

Working capital$45Mthe cushion left after near-term bills

Cash runway1.3 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+42.9%the freshest read on whether the business is still growing

Current ratio, recent quarters2.8× → 5.8×

Deeper floors

Tangible book value($2M)equity stripped of goodwill & intangibles

Net current asset value($20M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$64M$14M of it operating leases

Deferred revenue$2Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$21M22% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity27%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$0over 10 years buying other businesses, against $2M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Mr. Burnett	$2.0M	$1.5M	($14M)
2024	Mr. Burnett	$2.5M	$5.9M	($9M)
2025	Mr. Burnett	$2.8M	$2.1M	($24M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership6.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$8M
The slice of the business handed to employees in shares this year, 22% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why ClearPoint Neuro Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereDid debt outgrow the business?$4M → $50M
Debt rose from $4M to $50M while owner earnings went from about ($6M) to ($16M): the borrowing grew and the earnings that would carry it are not there now. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.

And these came back clean

Is it less profitable than it was?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Medical Devices & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
BBNXBeta Bionics Inc.	$100M	55%	-71.5%	-22%	-76%
NPCENeuropace Inc.	$100M	74%	-36.6%	-32%	-42%
CBLLCeriBell Inc.	$89M	87%	-65.6%	-34%	-56%
DCTHDelcath Systems Inc.	$85M	81%	-690.0%	-127%	-640%
ELMDElectromed Inc.	$64M	77%	10.8%	11%	7%
CLPTClearPoint Neuro Inc.	$37M	63%	-75.4%	-228%	-65%
DRIODarioHealth Corp.	$22M	31%	-257.7%	-83%	-192%
PROFProfound Medical Corp.	$16M	63%	-339.4%	-257%	-238%
Group median	—	68%	-73.5%	-59%	-70%

The price

What a price has to assume.

What the price implies

reverse-DCF

ClearPoint Neuro Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered24%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−66%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh CLPT against another business →

Cite: Owner Scorecard, "ClearPoint Neuro Inc. (CLPT), the owner's record," https://ownerscorecard.com/c/CLPT, data as of 2026-07-09.

Manual order: ← CLOV its page in the Manual CLS →

Industry order: ← CERS the Medical Devices & Equipment chapter CNMD →