Business
NeuroPace Reports Third Quarter 2021 Financial Results
MOUNTAIN VIEW, Calif., Nov. 10, 2021 (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., Nov. 10, 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 September 30, 2021. Recent Highlights Total revenue of $10.3 million for the third quarter of 2021, representing a 19% decrease over the prior year period in 2020Initial implant revenue of $7.8 million for the third quarter of 2021, representing a 15% decrease over the prior year periodReceived IDE approval for drug resistant primary generalized epilepsy clinical studySubmitted a premarket approval application supplement seeking to update product labeling for the Model 320 RNS neurostimulator to claim an average battery life of nearly eleven years, an increase of more than two years from the previous label claimAdded Lisa Andrade to the Board of Directors replacing Evan Norton “While lingering COVID headwinds negatively impacted third quarter results, I am extremely proud of the NeuroPace team’s resiliency during this challenging and dynamic period,” said Mike Favet, Chief Executive Officer of NeuroPace. “Despite these macro headwinds, the fundamentals of our business remain strong and we will continue to execute our commercial strategy to bring the benefits of RNS Therapy to more patients. We continue to demonstrate improving product performance such as with increased expectations for device longevity. We also continue to make progress toward increasing the market opportunity as exemplified by the announcement that we received IDE approval from the FDA for a pivotal study to expand our indication to include patients with primary generalized epilepsy.” Third Quarter 2021 Financial Results Total revenue was $10.3 million in the third quarter of 2021, a 19% decrease from $12.8 million in the prior year period. Initial implant revenue was $7.8 million, a 15% decrease from $9.2 million in the prior year period. Third quarter initial implant revenue was significantly impacted by a combination of COVID-19 related headwinds, including patient and provider vacations early in the quarter and delayed implant procedures due to the Delta variant and hospital staffing limitations. Replacement implant revenue was $2.5 million, a 31% decrease compared to the prior year period. This reduction i...