MeritValue

ClearPoint Neuro, Inc.

CLPTdata completeness 100%16 fiscal years on file
The thesis, from the filings

ClearPoint Neuro, Inc. earns about -69% on equity, but has diluted owners by 37% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$16.3M1$20.6M2$24M3$31.4M4$37M4
Net income−$14.4M5−$16.4M6−$22.1M7−$18.9M8−$25.5M8
Operating cash flow−$12.7M9−$16.2M10−$13.7M11−$8.95M12−$23.9M12
Capital expenditure$168,00013$253,00014$717,00015$275,00016$522,00016
Free cash flow (derived)−$12.9M9−$16.4M10−$14.4M11−$9.23M12−$24.4M12
Total debt$9.84M17$9.89M18$9.95M19—$49.1M20
Cash & equivalents$54.1M21$27.6M22$23.1M23$20.1M24$45.9M24
Diluted shares20.7M24.2M24.6M27.0M28.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$9.9
your share of equity
Profit it earned you last year
−$9.02
Free cash flow it threw off
−$8.63
Debt you’d be carrying
$17.33

10 shares is a claim on $9.9 of net worth that earned you −$9.02 and generated −$8.63 of cash last year, against $17.33 of debt.

iii. Is this a good business?
Moat signal · return on equity
-69% avg · 5y
FY21 -30%FY22 -45%FY23 -104%FY24 -74%FY25 -91%

It earned an average -69% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+37% shares · 5y

Share count is up 37% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 399% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001285550-23-000020 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001285550-24-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-027934 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-111231 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001285550-23-000020 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001285550-24-000031 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-027934 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-111231 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001285550-23-000020 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001285550-24-000031 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-027934 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-111231 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001285550-23-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001285550-24-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-027934 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-111231 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001285550-22-000003 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001285550-23-000020 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001285550-24-000031 (LongTermDebt)
  20. 10-K · period ending 2025-12-31 · accession 0001193125-26-111231 (LongTermDebt)
  21. 10-K · period ending 2021-12-31 · accession 0001285550-23-000020 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001285550-24-000031 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0000950170-25-027934 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001193125-26-111231 (CashAndCashEquivalentsAtCarryingValue)