Business
NeuroPace Reports Second Quarter 2021 Financial Results
MOUNTAIN VIEW, Calif. , Aug. 12, 2021 (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. , Aug. 12, 2021 (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 ended June 30, 2021. Recent Highlights Total revenue of $12.6 million for the second quarter of 2021, representing a 65% increase over the comparable prior year period in 2020Initial implant revenue of $9.2 million for the second quarter of 2021, representing a 100% increase over the prior year period, and 14% growth compared to the first quarter of 2021Grant from National Institutes of Health through its Brain Research through Advancing Innovative Neurotechnologies (BRAIN) Initiative that will provide funding of up to $9.3 million over five years to evaluate the use of NeuroPace’s RNS System to treat Lennox-Gastaut Syndrome “I am pleased to report that our team achieved record quarterly initial implant revenues for the second quarter 2021. The ongoing effort to increase awareness around our RNS System remains one of our top priorities as we continue to expand the number of implanting Comprehensive Epilepsy Centers treating drug resistant adult focal epilepsy patients,” said Mike Favet, Chief Executive Officer of NeuroPace. “We also remain on track to begin enrolling patients before the end of this year to expand our indication to include treating drug resistant adolescent focal epilepsy patients, ages 12-17. Further, we expect to submit an IDE study proposal to the FDA before the end of 2021 for primary generalized epilepsy, which we believe would position us to begin enrollment in 2022.” Second Quarter 2021 Financial Results Total revenue was $12.6 million in the second quarter of 2021, a 65% increase from $7.6 million in the prior year period. Initial implant revenue was $9.2 million, a 100% increase from $4.6 million in the prior year period. The prior year period was significantly impacted by COVID-19. Sequentially, initial implant revenue increased 14% compared to the first quarter of 2021. Replacement implant revenue was $3.4 million, a 13% increase compared to the prior year period. Due to the longer replacement cycle of NeuroPace’s newer device, which has an average eight-year battery life (double the battery life of the previous generation device), replacement revenue is pr...