Business
NeuroPace Announces Record Full Year 2023 Revenue of $65.4 Million
-- Revenue increased to $18.0 million in Q4 2023, a 41% increase over Q4 2022 -- -- Revenue increased to $65.4 million in 2023, a 44% increase over 2022 -- --
About this update from Neuropace, Inc.
[{"type":"text","content":"-- Revenue increased to $18.0 million in Q4 2023, a 41% increase over Q4 2022 -- -- Revenue increased to $65.4 million in 2023, a 44% increase over 2022 -- -- Provides full-year 2024 revenue guidance of between $73-$77 million -- -- Management scheduled to host a conference call today at 4:30 p.m. ET -- MOUNTAIN VIEW, Calif., March 05, 2024 (GLOBE NEWSWIRE) -- NeuroPace, Inc. (Nasdaq: NPCE), a medical device company focused on transforming the lives of people living with epilepsy, today reported financial results for the fourth quarter and full year ended December 31, 2023. Recent Highlights Reported total revenue of $18.0 million in the fourth quarter of 2023, a 41% increase compared with the fourth quarter of 2022, and a 10% increase over the third quarter of 2023Reported total revenue of $65.4 million in 2023, a 44% increase compared with 2022Initiated pilot program activities for expanding access to the RNS System to patients outside of Level 4 comprehensive epilepsy centers, under its Project CARE programPivotal NAUTILUS study completed enrollment and subsequently, the number of implants required for FDA submission, during the fourth quarter of 2023Continued revenue growth from the Company’s exclusive partnership with DIXI Medical to market and sell their diagnostic electrodes and related products for epilepsyAnnounced entering into a first of its kind strategic collaboration with a biotechnology company, which will leverage the RNS System’s unique data monitoring and analysis capabilities “This is an exciting period in our Company’s history as we grew total revenue by 44% in 2023, which was driven by the execution of our strategy to expand market usage of our RNS System, while maintaining financial discipline and reducing our cash burn to $3.4 million in the fourth quarter,” said Joel Becker, Chief Executive Officer of NeuroPace. “In 2023, we successfully implemented the first part of our three-part growth strategy for developing the market for our RNS System, aimed at increasing adoption across clinicians and expanding therapy utilization by current prescribers under what we call the ‘modern RNS story.’ We also successfully integrated DIXI Medical SEEG electrodes into our product portfolio and expanded sales throughout the year.” “The second phase of our strategy, called ‘Project CARE,’ shifts the treatment paradigm to a ...