NeuroPace, Inc.

neuropace.com

What Do They Do?

Sells an implanted system that monitors brain activity and delivers stimulation to treat epilepsy, for hospitals and clinicians caring for people with drug-resistant focal epilepsy.

How Do They Make Money?

Hospitals buy RNS Systems, with sales counted when the device is implanted or when an advance order is delivered. The company also earns fees for biomarker monitoring over the service term and data analysis when completed.

FY2025 revenue

Who Are Their Customers?

Hospitals, typically comprehensive epilepsy centers, buy the systems; a direct sales team works with epileptologists who prescribe them and neurosurgeons who implant them.

Do Revenues Turn Into Profits?

No. It lost $21.5M in FY2025.

Operating income, FY2025

−16% of revenue

▼ −25% (Loss) vs FY2024 (−$21.7M, −27%)

Net income, FY2025

−21% of revenue

▼ −21% (Loss) vs FY2024 (−$27.1M, −34%)

Free cash flow, FY2025

−11% of revenue

▼ −38% (Loss) vs FY2024 (−$18.2M, −23%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +17%; vs $19.5M in Q2 FY2025
Net income: ▼ −28% (Loss); vs −$8.7M in Q2 FY2025

Aug 11, 2026 Raises full-year revenue guidance Raised 2026 revenue guidance to $99.5 million to $101.5 million.

Growing. Revenue grew 2.2x in 4 years, from $45.2M in FY2021 to $100M in FY2025, about 22% a year.

Beyond specialist centers The older report described direct selling mainly to clinicians at comprehensive epilepsy centers; the latest report adds outreach to epileptologists and neurosurgeons outside those centers.

Who Do They Compete With?

Competes with LivaNova and Medtronic

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