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NeuroPace, Inc. operates as a medical device company in the United States. The company develops RNS system, a brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source for treating drug-resistant focal epilepsy. Its RNS System includes RNS neurostimulator, cortical strip and depth leads, and Patient Remote Monitor, as well as other implantable and non-implantable accessories. In addition, the company provides physician tablet which is used for prescribing and managing clinicians for programming implanted devices and managing patient care; and patient data management system, a secure online database that collects data that have been recorded by the RNS System; and nSight Platform, which provide clinicians with personalized patient reports, as well as programming suggestions. It sells its products to hospital facilities for initial RNS System implant procedures and for replacement procedures. NeuroPace, Inc. was incorporated in 1997 and is headquartered in Mountain View, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $100M | $-12M | $-21M | $-11M | -112.8% | 25.1% | -20.9% |
| 2024 | $80M | $-17M | $-27M | $-18M | -338.7% | 22.1% | -17.6% |
| 2023 | $65M | $-23M | $-33M | $-20M | -159.6% | 43.7% | -30.0% |
| 2022 | $46M | $-37M | $-47M | $-37M | -135.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 45.52 | 65.42 | 79.91 | 99.99 |
| Operating Revenue | - | 45.52 | 65.42 | 79.91 | 99.99 |
| Cost Of Revenue | - | 13.03 | 17.30 | 20.82 | 22.77 |
| Gross Profit | - | 32.49 | 48.12 | 59.08 | 77.22 |
| Operating Expense | - | 73.29 | 75.30 | 80.76 | 93.56 |
| Research And Development | - | 21.95 | 20.78 | 23.65 | 27.89 |
| Selling General And Administration | - | 51.34 | 54.52 | 57.10 | 65.67 |
| Total Expenses | - | 86.31 | 92.60 | 101.58 | 116.32 |
| Operating Income | - | -40.79 | -27.17 | -21.67 | -16.34 |
| Total Operating Income As Reported | - | -40.79 | -27.17 | -21.67 | -16.34 |
| EBITDA | - | -36.57 | -22.83 | -16.57 | -12.06 |
| Normalized EBITDA | - | -36.57 | -22.83 | -16.57 | -12.06 |
| EBIT | - | -39.55 | -24.44 | -18.34 | -14.01 |
| Interest Income | - | 1.58 | 3.05 | 3.02 | 2.82 |
| Interest Expense | - | 7.53 | 8.52 | 8.80 | 7.46 |
| Net Interest Income | - | -5.95 | -5.47 | -5.77 | -4.64 |
| Other Non Operating Income Expenses | - | -0.34 | -0.32 | 0.30 | -0.49 |
| Other Income Expense | - | -0.34 | -0.32 | 0.30 | -0.49 |
| Interest Income Non Operating | - | 1.58 | 3.05 | 3.02 | 2.82 |
| Interest Expense Non Operating | - | 7.53 | 8.52 | 8.80 | 7.46 |
| Net Non Operating Interest Income Expense | - | -5.95 | -5.47 | -5.77 | -4.64 |
| Pretax Income | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Net Income From Continuing And Discontinued Operation | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Net Income From Continuing Operation Net Minority Interest | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Net Income | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Net Income Common Stockholders | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Net Income Including Noncontrolling Interests | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Normalized Income | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Diluted NI Availto Com Stockholders | - | -47.08 | -32.96 | -27.14 | -21.46 |
| Basic Average Shares | 16.61 | 24.59 | 25.85 | 29.13 | - |
| Diluted Average Shares | 16.61 | 24.59 | 25.85 | 29.13 | - |
| Reconciled Depreciation | - | 2.99 | 1.60 | 1.77 | 1.95 |
| Reconciled Cost Of Revenue | - | 13.03 | 17.30 | 20.82 | 22.77 |
| General And Administrative Expense | - | - | - | 17.43 | 19.09 |
| Other Gand A | - | - | - | 17.43 | 19.09 |
| Selling And Marketing Expense | - | - | - | 39.67 | 46.58 |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NeuroPace, Inc.this co. | NPCE | $556M | -25.92 | 29.24 | -112.8% | -50.21 |
| Tactile Systems Technology, Inc. | TCMD | $568M | 29.74 | 2.59 | 8.7% | 12.42 |
| MiMedx Group, Inc. | MDXG | $563M | 11.59 | 2.19 | 18.9% | 5.27 |
| Rigel Pharmaceuticals, Inc. | RIGL | $560M | 1.52 | 1.43 | 93.8% | 4.35 |
| Ironwood Pharmaceuticals, Inc. | IRWD | $560M |
| - |
| - |
| - |
| - |
| - |
| 23.30 |
| -2.14 |
| -9.2% |
| 9.00 |
| Cytek Biosciences, Inc. | CTKB | $559M | -8.40 | 1.64 | -19.5% | -28.29 |
| Cerus Corporation | CERS | $559M | - | 8.70 | -24.3% | - |
| Fulgent Genetics, Inc. | FLGT | $554M | -9.15 | 0.50 | -5.4% | -11.16 |
| Tectonic Therapeutic, Inc. | TECX | $550M | -7.41 | 2.19 | -29.5% | -4.16 |
| Peer Median | - | 1.52 | 1.91 | -7.3% | 4.35 | |