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NeuroPace Reports First Quarter 2022 Financial Results
MOUNTAIN VIEW, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- NeuroPace, Inc. (Nasdaq: NPCE), a commercial-stage medical device company focused on transforming the
About this update from Neuropace, Inc.
[{"type":"text","content":"MOUNTAIN VIEW, Calif., May 12, 2022 (GLOBE NEWSWIRE) -- NeuroPace, Inc. (Nasdaq: NPCE), a commercial-stage medical device company focused on transforming the lives of people suffering from epilepsy, today reported financial results for the quarter ending March 31, 2022. Recent Highlights Total revenue of $11.4 million for the first quarter of 2022Initial implant revenue of $8.8 million for the first quarter of 2022Replacement implant revenue of $2.6 million for the first quarter of 2022On track to enroll first patients in NAUTILUS trial for generalized epilepsy indication expansion around the middle of the year “Given the COVID-19 related challenges faced in the early part of the quarter, we are pleased with our performance and strong growth exiting March” said Mike Favet, Chief Executive Officer of NeuroPace. “In anticipation of an improving operating environment, with increasing Epilepsy Monitoring Unit, or EMU, patient volumes leading to more patients being deemed candidates for our RNS System, we have accelerated growth of our commercial organization with a focus on increasing awareness and demand generation.” First Quarter 2022 Financial Results Total revenue was $11.4 million in the first quarter of 2022, compared to $11.2 million in the prior year period. Initial implant revenue was $8.8 million, compared to $8.1 million in the prior year period. Growth in the quarter was driven primarily by an increase in the number of initial implant procedures, despite headwinds from the Omicron variant in January through mid-February. Replacement implant revenue was $2.6 million, compared to $3.1 million in the prior year period. This reduction in replacement implant revenue was expected. Replacement implant revenue will generally continue to decrease until a significant number of devices with the longer lasting battery reach end of service. More than 90% of patients have had their NeuroPace device replaced when the battery reaches end of service, so replacement implant revenue is primarily a function of when the batteries in the previously implanted devices reach end of service. Gross margin for the first quarter of 2022 was 73% compared to 76% in the first quarter of 2021. The decline in gross margin was primarily due to an increase in indirect labor costs, including stock-based compensation and reduced production volume as a result...