Business
NeuroPace Reports Third Quarter 2022 Financial Results and Provides a Business Update
MOUNTAIN VIEW, Calif., Nov. 08, 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., Nov. 08, 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 September 30, 2022. Recent Highlights Achieved total revenue of $11.2 million for the third quarter of 2022, representing growth of 8% compared to the third quarter of 2021 and 9% compared to the second quarter of 2022Achieved initial implant revenue of $9.2 million for the third quarter of 2022, representing growth of 18% compared to the third quarter of 2021 and 15% compared to the second quarter of 2022Initiated distribution of DIXI Medical’s stereo EEG product portfolio to epilepsy monitoring units, or EMUs, on October 1, 2022Implanted the first patient with the RNS System in the NAUTILUS pivotal study for primary generalized epilepsy “Our third quarter results demonstrated increased adoption of the RNS System,” said Mike Favet, Chief Executive Officer of NeuroPace. “We are encouraged by the increasing awareness of the clinical benefits and differentiated features of RNS and what we believe are sustained improvements in the EMU operating environment. In addition, we are excited about our initial distribution activity of DIXI Medical stereo EEG electrodes. We believe continued commercial execution will drive increasing utilization of our technology within comprehensive epilepsy centers and their EMUs.” Third Quarter 2022 Financial ResultsTotal revenue was $11.2 million in the third quarter of 2022, representing growth of 8% compared to the prior year period and 9% compared to the prior quarter. Initial implant revenue was $9.2 million, growth of 18% compared the prior year period and 15% sequentially. Replacement implant revenue was $1.9 million, compared to $2.5 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 function of when the batteries in the previously implanted devices reach end of service. Gross margin for the third quarter of 2022 was 71% compared to 73% in the third quarter ...