Business
NeuroPace Reports First Quarter 2023 Financial Results and Increases Full Year 2023 Revenue Guidance
First quarter 2023 revenue increased 27% year-over-year to $14.5 million Full-year revenue guidance updated on strength of first quarter performance. Now
About this update from Neuropace, Inc.
[{"type":"text","content":"First quarter 2023 revenue increased 27% year-over-year to $14.5 million Full-year revenue guidance updated on strength of first quarter performance. Now expected to be $52-$54 million, up from $50-$52 million MOUNTAIN VIEW, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- NeuroPace, Inc. (Nasdaq: NPCE), a commercial-stage medical device company focused on transforming the lives of people living with epilepsy, today reported financial results for the first quarter ended March 31, 2023. Recent Highlights Achieved total revenue of $14.5 million for the first quarter of 2023, representing a 27% increase over the first quarter of 2022 and a 13% increase over the fourth quarter of 2022Revenue in the first quarter of 2023 increased relative to the fourth quarter of 2022 without a corresponding increase in operating expenses as a result of the Company’s continued focus on productivity and expense managementMaintained momentum in the NAUTILUS pivotal study for primary generalized epilepsy, continuing to enroll patients as expected “We are extremely pleased with our commercial and operational execution in the first quarter. The record quarterly revenue was driven by increased utilization of our RNS System and contributions from the distribution of DIXI Medical products. The revenue growth, along with our strong gross margin and expense management efforts, led to improved operating leverage,” said Mike Favet, Chief Executive Officer of NeuroPace. “Our RNS System is highly differentiated and is a transformative treatment option for both patients and providers. We are encouraged by the adoption momentum we have generated as we continue to focus on closing the epilepsy treatment gap by expanding our addressable market, delivering the clinical benefits of our RNS System to more people living with drug resistant epilepsy.” First Quarter 2023 Financial ResultsTotal revenue was $14.5 million in the first quarter of 2023, representing growth of 27% compared to the prior year period and 13% compared to the prior quarter. Replacement implant revenue declined compared to the prior year period and represented less than 10% of total revenue in the first quarter of 2023. The decrease in replacement implant revenue was expected as previously implanted patients finish transitioning to the second generation RNS System with a nearly 11-year average battery life. G...