Neuropace Inc
NASDAQ:NPCE
Neuropace Inc
NeuroPace, Inc. develops, manufactures and markets implantable devices for treating epilepsy and neurological disorders. The company is headquartered in Mountain View, California. The company went IPO on 2021-04-22. The firm is focused on transforming the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures. The Company’s novel and differentiated RNS System is the brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source. The Company’s RNS System is a platform that delivers care for patients suffering from drug-resistant epilepsy and offers a personalized solution and outcomes to the patients suffering from other brain disorders. RNS System is a device that records brain activity data and clinicians to monitor patients. RNS System monitors the brain’s electrical activity, recognizes patient-specific abnormal patterns, and delivers treatment at the seizure source. The Company’s RNS System is engaged in treating other brain disorders including depression, impulse control disorders, memory disorders, and post-traumatic stress.
NeuroPace, Inc. develops, manufactures and markets implantable devices for treating epilepsy and neurological disorders. The company is headquartered in Mountain View, California. The company went IPO on 2021-04-22. The firm is focused on transforming the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures. The Company’s novel and differentiated RNS System is the brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source. The Company’s RNS System is a platform that delivers care for patients suffering from drug-resistant epilepsy and offers a personalized solution and outcomes to the patients suffering from other brain disorders. RNS System is a device that records brain activity data and clinicians to monitor patients. RNS System monitors the brain’s electrical activity, recognizes patient-specific abnormal patterns, and delivers treatment at the seizure source. The Company’s RNS System is engaged in treating other brain disorders including depression, impulse control disorders, memory disorders, and post-traumatic stress.
Revenue: Q4 revenue $26.6 million, up 24% year‑over‑year; full year 2025 revenue $100.0 million, up 25% year‑over‑year.
Core growth: RNS System revenue was $22.4 million in Q4, up 26% YoY; management expects RNS growth of 20%–22% in 2026 and reiterated full year 2026 revenue guidance of $98 million–$100 million (excludes IGE).
Profitability: Company reported second consecutive quarter of positive adjusted EBITDA of $0.9 million in Q4 and generated positive free cash flow (~$0.4 million) in the quarter; full year adjusted EBITDA loss improved to $5.0 million.
Margins: Q4 gross margin was 77.4% (RNS gross margin 80.5%); full year gross margin 77.2% (RNS gross margin 81.9%). 2026 adjusted gross margin guidance is 81.5%–82.5%.
Product & regulatory: PMA supplement for idiopathic generalized epilepsy (NAUTILUS) was submitted and accepted (180‑day FDA review clock started); Seizure ID submission is expected to be approved in H1 2026 and remote programming is planned.
Commercial investments: Company plans targeted sales hires, incentive updates and to double nurse navigator resources to improve funnel conversion and referral management; expects front‑loaded S&M spending in 2026.
2026 financial posture: 2026 adjusted operating expenses guided to $90M–$92M (ex‑stock comp); full year adjusted EBITDA loss expected $9M–$10M with first‑half pressure then improvement in the second half.
