Neuropace Q1 2024 Earnings Report
Key Takeaways
NeuroPace reported a 25% increase in revenue to $18.1 million for Q1 2024 compared to Q1 2023. The company's gross margin was 73.6%, and it extended the maturity date of its term loan by one year to September 30, 2026. The company maintained full-year 2024 revenue guidance of $73 to $77 million.
Total revenue increased by 25% year-over-year to $18.1 million.
Gross margin improved to 73.6% compared to 71.7% in the prior year.
The company extended the maturity date of its term loan by one year to September 30, 2026.
Full-year 2024 revenue guidance is maintained at $73 to $77 million.
Neuropace
Neuropace
Forward Guidance
NeuroPace expects revenue growth to be primarily driven by increasing sales of its RNS System and higher sales of DIXI Medical stereo EEG products, while replacement implant revenue is expected to decline in 2024 versus 2023. Total revenue to range between $73 million and $77 million, representing growth of 12% to 18% over 2023. Gross margin to range between 72% and 74%. Total operating expenses to range between $80 million and $84 million, including approximately $12 million in stock-based compensation, a noncash expense
Positive Outlook
- Revenue growth to be driven by RNS System sales increases.
- Higher sales of DIXI Medical stereo EEG products expected.
- Full year revenue to range between $73 million and $77 million.
- Revenue growth of 12% to 18% over 2023 expected.
- Gross margin to range between 72% and 74%.
Challenges Ahead
- Replacement implant revenue is expected to decline in 2024 versus 2023.
- Total operating expenses to range between $80 million and $84 million.
- Includes approximately $12 million in stock-based compensation, a noncash expense.