Business
NeuroPace Reports Second Quarter 2022 Financial Results and Provides a Business Update
MOUNTAIN VIEW, Calif., Aug. 11, 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., Aug. 11, 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 June 30, 2022. Recent Highlights Announced exclusive U.S. distribution agreement with DIXI Medical to sell its stereo EEG electrodes to Epilepsy Monitoring Units (EMUs)Completed sales team expansion initiativeBegins enrollment in the NAUTILUS study for primary generalized epilepsyTotal revenue of $10.2 million for the second quarter of 2022Initial implant revenue of $8.0 million for the second quarter of 2022Replacement implant revenue of $2.2 million for the second quarter of 2022 “While we faced headwinds from reduced EMU patient volumes in the first half of 2022, the operating environment improved through the second quarter with the positive trend continuing into the third quarter. Having completed our sales team expansion initiative, we are more confident in our ability to reach patients earlier in their treatment journey and increase utilization within CECs.” said Mike Favet, Chief Executive Officer of NeuroPace. “I am also thrilled to partner with DIXI Medical to be their exclusive U.S. distributor of stereo EEG electrodes. This partnership is particularly impactful for NeuroPace as it grants us access to a new, adjacent market while also providing better visibility into the diagnostic evaluation pipeline for our core RNS business.” Second Quarter 2022 Financial Results Total revenue was $10.2 million in the second quarter of 2022, compared to $12.6 million in the prior year period. Initial implant revenue was $8.0 million, compared to $9.2 million in the prior year period. Second quarter of 2022 initial implant procedures were limited by the reduction of patients going through the EMU diagnostic process in the first half of 2022 and COVID-19 related cancellations. Replacement implant revenue was $2.2 million, compared to $3.4 million in the prior year period. 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 functio...