Business
NeuroPace Reports Second Quarter 2024 Financial Results and Increases 2024 Revenue Guidance
-- Revenue grew to $19.3 million in Q2 2024, a 17% increase over Q2 2023 -- -- Increased full-year 2024 revenue guidance to $76 million to $78 million -- --
About this update from Neuropace, Inc.
[{"type":"text","content":"-- Revenue grew to $19.3 million in Q2 2024, a 17% increase over Q2 2023 -- -- Increased full-year 2024 revenue guidance to $76 million to $78 million -- -- Demonstrated continued operating discipline as evidenced by further decrease in cash burn -- -- Management scheduled to host a conference call today at 4:30 p.m. ET -- MOUNTAIN VIEW, Calif., Aug. 13, 2024 (GLOBE NEWSWIRE) -- NeuroPace, Inc. (Nasdaq: NPCE), a medical device company focused on transforming the lives of people living with epilepsy, today reported financial results for the second quarter ended June 30, 2024, and provided a corporate update. Recent Highlights Reported total revenue of $19.3 million in the second quarter of 2024, a 17% increase compared with $16.5 million for the second quarter of 2023Generated strong revenue growth from both RNS System and DIXI Medical sales compared to the prior year quarter, primarily driven by increased sales of RNS SystemsExpanded gross margin to 73.4% in the second quarter of 2024 compared to 72.5% in the second quarter of 2023Decreased cash burn to $4.0 million in the second quarter of 2024 compared to $4.4 million in the second quarter of 2023 demonstrating ongoing operating disciplineCompleted initial hiring of expanded commercial organization in support of RNS and DIXI sales growth and Project CARE pilot program “We continue to execute our multi-phase growth strategy, through which we are successfully generating increased revenue, expanding our gross margin and managing our operating expenses while continuing to position NeuroPace to take advantage of future growth opportunities,” said Joel Becker, Chief Executive Officer of NeuroPace. “We remain focused on generating broader adoption and utilization of RNS therapy, as we continue to work towards closing the treatment gap for drug-resistant epilepsy patients through greater access to the RNS System. We are continuing to make significant progress in executing against our growth strategy in 2024, including expanding our commercial organization, increasing the number of active prescribing epileptologists and executing the NAUTILUS clinical study. As we continue to execute our plans, we see significant opportunities for us to grow now and into the future to help treat drug-resistant epilepsy patients.” Second Quarter 2024 Financial ResultsTotal revenue in the second quarter ...