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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% | - |
| 2024 | $80M | $-17M | $-27M | $-18M | -338.7% | 22.1% | - |
| 2023 | $65M | $-23M | $-33M | $-20M | -159.6% | 43.7% | - |
| 2022 | $46M | $-37M | $-47M | $-37M | -135.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 | 59.09 | 77.22 |
| Operating Expense | 73.29 | 75.30 | 80.76 | 93.56 |
| Operating Income | -40.79 | -27.17 | -21.67 | -16.34 |
| EBITDA | -36.57 | -22.83 | -16.57 | -12.06 |
| EBIT | -39.55 | -24.44 | -18.34 | -14.01 |
| Pretax Income | -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 |
| Total Expenses | 86.31 | 92.59 | 101.58 | 116.32 |
| Interest Expense | 7.53 | 8.52 | 8.80 | 7.46 |
| Interest Income | 1.58 | 3.05 | 3.02 | 2.82 |
| Research And Development | 21.95 | 20.78 | 23.65 | 27.89 |
| Selling General And Administration | 51.34 | 54.52 | 57.10 | 65.67 |
| Normalized EBITDA | -36.57 | -22.83 | -16.57 | -12.06 |
| Normalized Income | -47.08 | -32.96 | -27.14 | -21.46 |
| Basic EPS | -1.91 | -1.27 | -0.93 | 0 |
| Diluted EPS | -1.91 | -1.27 | -0.93 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -47.08 | -32.96 | -27.14 | -21.46 |
| Reconciled Depreciation | 2.99 | 1.60 | 1.77 | 1.95 |
| Reconciled Cost Of Revenue | 13.03 | 17.30 | 20.82 | 22.77 |
| Net Interest Income | -5.95 | -5.47 | -5.77 | -4.64 |
| Net Income From Continuing And Discontinued Operation | -47.08 | -32.96 | -27.14 | -21.46 |
| Total Operating Income As Reported | -40.79 | -27.17 | -21.67 | -16.34 |
| Diluted Average Shares | 24.59 | 25.85 | 29.13 | 0 |
| Basic Average Shares | 24.59 | 25.85 | 29.13 | 0 |
| Diluted NI Availto Com Stockholders | -47.08 | -32.96 | -27.14 | -21.46 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -47.08 | -32.96 | -27.14 | -21.46 |
| Net Income Continuous Operations | -47.08 | -32.96 | -27.14 | -21.46 |
| Other Income Expense | -0.34 | -0.32 | 0.30 | -0.49 |
| Other Non Operating Income Expenses | -0.34 | -0.32 | 0.30 | -0.49 |
| Net Non Operating Interest Income Expense | -5.95 | -5.47 | -5.77 | -4.64 |
| Interest Expense Non Operating | 7.53 | 8.52 | 8.80 | 7.46 |
| Interest Income Non Operating | 1.58 | 3.05 | 3.02 | 2.82 |
| Selling And Marketing Expense | 0 | 0 | 39.67 | 46.58 |
| General And Administrative Expense | 0 | 0 | 17.43 | 19.09 |
| Other Gand A | 0 | 0 | 17.43 | 19.09 |
| Operating Revenue | 45.52 | 65.42 | 79.91 | 99.99 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NeuroPace, Inc.this co. | NPCE | $562M | - | 29.17 | -112.8% | -35.19 |
| CorMedix Inc. | CRMD | $591M | 3.67 | 1.46 | 40.2% | 3.38 |
| Prothena Corporation plc | PRTA | $585M | - | 2.09 | -87.0% | -1.56 |
| Anteris Technologies Global Corp. | AVR | $574M | - | -2950.00 | - | -6.11 |
| Zevra Therapeutics, Inc. | ZVRA | $572M | 7.16 |
| 3.56 |
| 53.8% |
| -2457.74 |
| Phreesia, Inc. | PHR | $569M | 234.25 | 1.69 | 0.7% | 29.02 |
| Rigel Pharmaceuticals, Inc. | RIGL | $540M | 1.50 | 1.37 | 93.8% | 3.43 |
| Embecta Corp. | EMBC | $536M | 5.72 | -0.84 | -14.6% | 6.16 |
| SI-BONE, Inc. | SIBN | $528M | - | 2.93 | -10.6% | -25.11 |
| Peer Median | - | 5.72 | 1.57 | 0.7% | 0.91 | |