NeuroPace (NPCE) Company Report

NeuroPace reported record total revenue of $27.4 million in Q3 2025, representing 30% year-over-year growth, primarily driven by RNS revenue of $22.6 million.
The company achieved positive adjusted EBITDA of $0.1 million in Q3 2025, marking the first time in its history.
NeuroPace raised its full-year 2025 revenue guidance to $97 million-$98 million (from $94 million-$98 million) and its gross margin guidance to 76%-77% (from 75%-76%).
The company is strategically shifting its focus to the core RNS business, with Dixie product sales expected to be substantially complete by the end of 2025.
The PMA supplement for NAUTILIST (IGE) is on track for submission before year-end, while the pediatric indication submission timeline has been extended beyond 2025.

Nov 4, 2025, 9:30 PM

Transcript

NeuroPace Reports Strong Q3 2025 Financial Results and Raises Full-Year Guidance

NPCE

Earnings

Guidance Update

Revenue Acceleration/Inflection

NeuroPace reported record quarterly revenue of $27.4 million in Q3 2025, representing 30% growth compared to the third quarter of 2024.
The company delivered a strong gross margin of 77.4% in Q3 2025, an increase from 73.2% in the third quarter of 2024.
Net loss for the third quarter of 2025 was ($3.5) million, an improvement from a net loss of ($5.5) million in the third quarter of 2024.
NeuroPace increased its full-year 2025 revenue guidance to between $97 million and $98 million and its gross margin guidance to between 76% and 77%.
Operationally, NeuroPace remains on track to submit the NAUTILUS PMA Supplement to the FDA for IGE indication expansion by year-end 2025 and submitted its Seizure ID™ AI application to the FDA for approval.

Nov 4, 2025, 9:10 PM

8-K

NeuroPace Reports Q3 2025 Financial Results and Increases Guidance

NPCE

Earnings

Guidance Update

Revenue Acceleration/Inflection

NeuroPace reported record quarterly revenue of $27.4 million for the third quarter of 2025, marking a 30% growth compared to the third quarter of 2024.
The company achieved a gross margin of 77.4% in Q3 2025, an increase from 73.2% in the third quarter of 2024.
NeuroPace increased its full-year 2025 revenue guidance to between $97 million and $98 million and its gross margin guidance to between 76% and 77%.
The company remains on track to submit the NAUTILUS PMA Supplement to the FDA for IGE indication expansion by year-end 2025 and has submitted its Seizure ID™ AI application for approval.

Nov 4, 2025, 9:05 PM

Press Release

NeuroPace Reports Q3 2025 Results and Provides FY 2025 Guidance

NPCE

Earnings

Guidance Update

New Projects/Investments

NeuroPace reported Q3 2025 revenue of $27.4M, reflecting 30% YoY growth, and achieved a gross margin of 77.4%, an increase of 417 basis points YoY.
The company provided FY 2025 revenue guidance of $97M-$98M, indicating 18%-23% growth, and FY gross margin guidance of 76%-77%.
NeuroPace identifies a $3.5B+ annual target market opportunity and projects 20%+ long-range plan (LRP) growth, with over 6,000 patients having received the RNS System.
Strategic initiatives include expanding into generalized epilepsy, with the NAUTILUS trial completing 1-year follow-up in March 2025 and a planned PMA-S submission in Q4 2025, and leveraging its 22M+ iEEG recordings to develop an AI ecosystem for therapy optimization and product pipeline expansion.

Nov 4, 2025, 9:00 PM

Presentation

NeuroPace Reports Strong Q2 2025 Financial Performance and Updates FY 2025 Guidance

NPCE

Earnings

Guidance Update

New Projects/Investments

NeuroPace reported Q2 2025 revenue of $23.5 million, representing 22% year-over-year growth, and a gross margin of 77.1%, an increase of 370 basis points year-over-year.
The company updated its FY 2025 revenue guidance to $94 million to $98 million (18%-23% growth) and its gross margin guidance to 75% to 76%.
NeuroPace is positioned for growth in a large, underpenetrated market with a total U.S. addressable market exceeding $55 billion.
The RNS System, NeuroPace's unique technology, has demonstrated compelling clinical evidence, including an 82% median seizure reduction at 3+ years in its FDA Post Approval Study.
Key growth initiatives include market expansion through Project CARE, aiming to reach epileptologists outside Level 4 Comprehensive Epilepsy Centers, and indication expansion into generalized epilepsy and pediatric focal epilepsy.

Aug 13, 2025, 8:00 PM

Presentation

NeuroPace Commends CMS Decision on Reimbursement Structure

NPCE

NeuroPace, Inc. announced that the Centers for Medicare & Medicaid Services (CMS) elected not to finalize its proposed reassignment of epilepsy with neurostimulator cases in the FY 2026 Inpatient Prospective Payment System (IPPS) rule.
This decision means CMS will maintain the current MS-DRG assignment for RNS® System procedures under MS-DRG 023.
NeuroPace CEO Joel Becker stated that this outcome "maintains continuity for hospitals providing the RNS System to Medicare beneficiaries".
NeuroPace will continue to work with CMS on MS-DRG improvements and other reimbursement-related topics.

Aug 1, 2025, 11:30 AM

Press Release

NeuroPace Inc Secures $75 Million Debt Facility

NPCE

Debt Issuance

NeuroPace Inc. secured a $75 million credit facility with MidCap Financial, comprising a $60 million term loan and a $15 million revolving credit facility.
Proceeds from the term loan were used to fully repay the existing loan with CRG Partners IV, while the revolving facility is available for working capital and other corporate purposes.
The facility matures in five years with interest rates at SOFR plus 5.5% for the term loan and 3.75% for the revolving loan, both subject to a 2% floor.

Jun 4, 2025, 12:00 AM

8-K

Neuropace Inc Q1 2025 Reports Strong Revenue, Strategic Pipeline & Guidance Update

NPCE

Earnings

Guidance Update

Revenue Acceleration/Inflection

Q1 2025 revenue reached $22.5 million, marking a 24% increase driven by robust RNS System performance .
RNS System revenue (excluding NAUTILUS study implants) was up 29%, contributing to a 77% gross margin .
Strategic initiatives included a $75 million follow-on equity financing and enhanced clinical development efforts on the NAUTILUS study .
Pipeline advancements feature the completion of the one-year NAUTILUS follow-up, indication expansion into generalized epilepsy, and progress on Project CARE to broaden market access beyond Level 4 centers .
Updated guidance anticipates 2025 revenue of $93–$97 million, with an expected gross margin of 73–75% and year-over-year growth targets of 16–21% .
Operating expenses were managed at $22.5 million, reflecting disciplined cost management .

May 13, 2025, 8:31 PM

Transcript Presentation

NeuroPace Refocuses on Core RNS System

NPCE

Guidance Update

New Projects/Investments

NeuroPace Inc. announced it will wind down its SEEG distribution relationship (starting Q4 2025 through Q1 2026) to focus on its core RNS System product line.
The company is maintaining its 2025 revenue guidance and expects to reach cash flow breakeven by the end of 2027, targeting a long-range revenue CAGR of over 20%.

Apr 2, 2025, 12:00 AM

8-K

NeuroPace Q4 2024 Earnings, Guidance & Growth Update

NPCE

Earnings

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

New Projects/Investments

Q4 2024 revenue reached $21.5 million, a 19% increase driven by strong RNS System sales .
Full-year 2024 revenue grew 22% to $79.9 million, benefiting from robust RNS and DIXI Medical product sales .
2025 guidance projects revenue of $92–$96 million, with gross margins between 73% and 75% and operating expenses of $92–$95 million .
Strategic use of public offering proceeds includes a share repurchase from KCK .
Expanded RNS adoption through Project CARE, with growth in Level 4 centers and diversification into generalized epilepsy, underscores key expansion initiatives .
Emphasis on revenue growth, disciplined operating expenses, and a healthy balance sheet positions the company toward cash flow breakeven .