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Jun 30, 2025
Neuropace Q2 2025 Earnings Report
NeuroPace posted record revenue in Q2 2025, driven by RNS System sales and improved gross margins.
Key Takeaways
NeuroPace achieved its highest-ever quarterly revenue in Q2 2025, reaching $23.5M. Gross profit improved significantly with margin expanding to 77.1%. Despite higher operating expenses, net loss narrowed slightly. The company also increased full-year guidance for revenue and gross margin.
Record quarterly revenue of $23.5M, up 22% YoY.
Gross margin rose to 77.1%, up from 73.4% in Q2 2024.
Net loss was $8.7M, a modest increase from $7.5M last year.
Cash and investments totaled $62.1M at quarter-end.
Revenue by Segment
Forward Guidance
NeuroPace increased its full-year 2025 revenue and margin outlook based on strong Q2 performance and growth initiatives.
Positive Outlook
- Full-year 2025 revenue guidance raised to $94M–$98M
- Gross margin guidance increased to 75%–76%
- Continued momentum in RNS System adoption
- Ongoing data collection from NAUTILUS study supports IGE expansion
- Refinanced $75M credit facility under favorable terms
Challenges Ahead
- Higher operating expenses due to one-time personnel costs
- Loss from operations increased YoY
- Sales and marketing spend rose by 23% YoY
- Free cash flow remained negative at ($2.3M)
- G&A costs impacted by executive transition expenses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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