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    Priya Sachdeva • BTIG

    Priya Sachdeva's questions to Neuropace Inc (NPCE) leadership

    Priya Sachdeva's questions to Neuropace Inc (NPCE) leadership • Q2 2025

    Question

    Priya Sachdeva of UBS Group AG asked for more detail on the performance of Project CARE, specifically regarding implant volume dynamics from both existing and newly activated centers. She also sought clarification on the full-year revenue guidance, which suggests a modest slowdown in growth during the second half of the year.

    Answer

    CEO Joel Becker responded that Project CARE saw strong contribution in the quarter, with a notable increase in implant volumes coming from the existing base of CARE accounts. CFO Patrick Williams explained that the implied second-half guidance reflects conservatism due to tough year-over-year comparisons and the ongoing wind-down of the Dixie Medical distribution agreement, which concludes at the end of Q3. He affirmed the core RNS business momentum remains strong.

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    Priya Sachdeva's questions to Neuropace Inc (NPCE) leadership • Q1 2025

    Question

    Priya Sachdeva of UBS Group AG questioned the conservative gross margin guidance for the rest of the year despite a strong Q1 and asked for physician feedback on the compelling post-approval study data.

    Answer

    CFO Rebecca Kuhn reiterated that while Q1 gross margin was exceptionally strong, it can fluctuate quarterly, so they are maintaining their established full-year guidance. Executive Joel Becker added that feedback on the post-approval study data has been very positive, serving as a key tool for the sales force to engage customers by highlighting the RNS System's superior efficacy and seizure freedom rates compared to VNS and DBS.

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    Priya Sachdeva's questions to Neuropace Inc (NPCE) leadership • Q4 2024

    Question

    Priya Sachdeva of BTIG inquired about the key drivers and potential risks for NeuroPace's 2025 revenue guidance, asking what factors would lead to performance at the high versus low end of the range. She also requested more detail on the growth contribution assumed from the Project CARE initiative.

    Answer

    Executive Joel Becker explained that achieving the guidance range depends on executing their three-part strategy: accelerating adoption in Level 4 centers, building out Project CARE, and growing DIXI sales. He highlighted that prescriber growth and expanded utilization within Level 4 centers are key accelerators. For Project CARE, he noted its meaningful revenue contribution started in the second half of 2024 and the goal is to more than double its implants and referrals in 2025, making it a key growth driver.

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