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NeuroPace Reports Fourth Quarter & Full Year 2022 Financial Results
MOUNTAIN VIEW, Calif., March 02, 2023 (GLOBE NEWSWIRE) -- NeuroPace, Inc. (Nasdaq: NPCE), a commercial-stage medical device company focused on transforming
About this update from Neuropace, Inc.
[{"type":"text","content":"MOUNTAIN VIEW, Calif., March 02, 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 fourth quarter and full-year ended December 31, 2022. Recent Highlights Achieved total revenue of $12.8 million for the fourth quarter of 2022, representing a 16% increase over the fourth quarter of 2021Achieved initial implant revenue of $9.8 million for the fourth quarter of 2022, representing a 15% increase over the fourth quarter of 2021Generated $1.6 million of revenue in the fourth quarter of 2022 from the distribution of DIXI Medical products, marking the first quarter of revenue contributions from the distribution arrangementCompleted onboarding all centers participating in the NAUTILUS pivotal study for primary generalized epilepsy “Our strong fourth quarter results were driven by increasing utilization of the RNS System and initial contributions from our exclusive U.S. distribution of stereo EEG electrodes produced by DIXI Medical. We are pleased with our commercial execution amid a more stable epilepsy monitoring unit environment across the last three quarters of the year,” said Mike Favet, Chief Executive Officer of NeuroPace. “By continuing to drive awareness of the clinical benefits and differentiated features of the RNS System and leveraging the strategic benefits of the DIXI Medical distribution agreement, we are well positioned to continue these growth trends throughout 2023. We also look forward to advancing our NAUTILUS pivotal study to expand the indication for the RNS System into the underserved primary generalized epilepsy population.” Fourth Quarter 2022 Financial ResultsTotal revenue was $12.8 million in the fourth quarter of 2022, representing growth of 16% compared to the prior year period and 15% compared to the prior quarter. Initial implant revenue was $9.8 million, growth of 15% compared the prior year period and 7% sequentially. Replacement implant revenue was $1.4 million, compared to $2.5 million in the prior year period. The decrease in replacement implant revenue was expected as patients continued to transition to the second generation RNS System with a nearly 11-year battery. Gross margin for the fourth quarter of 2022 was 69% compared to 73% in the fourth qu...