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Sep 30, 2022
Neuropace Q3 2022 Earnings Report
NeuroPace experienced increased adoption of the RNS System and initiated distribution of DIXI Medical stereo EEG electrodes.
Key Takeaways
NeuroPace reported an $11.2 million total revenue for Q3 2022, which represents an 8% growth compared to Q3 2021. The company also initiated distribution of DIXI Medical's stereo EEG product portfolio and implanted the first patient in the NAUTILUS pivotal study.
Total revenue reached $11.2 million, an 8% increase year-over-year.
Initial implant revenue grew by 18% year-over-year, reaching $9.2 million.
Gross margin was 71% compared to 73% in the prior year period, due to a short-term supply chain disruption.
Operating expenses increased to $18.2 million, compared to $13.8 million in the prior year period.
Forward Guidance
NeuroPace updated its 2022 financial guidance with increased expectations for total revenue, initial implant revenue, and replacement implant revenue. They also anticipate DIXI Medical revenue and provided gross margin and total operating expenses estimates.
Positive Outlook
- Total revenue of $44.5 million to $45.5 million compared to the previous expectation of $43 million to $45 million
- Initial implant revenue of $35 million to $36 million compared to the previous expectation of $34 million to $36 million
- Replacement implant revenue of nearly $8 million compared to the previous expectation of $7.5 million
- DIXI Medical revenue of approximately $1.5 million, expected in the fourth quarter of 2022
- Gross margin in the low 70% range
Challenges Ahead
- Total operating expenses of $74 million to $75 million, which includes approximately $8 million to $9 million of non-cash stock-based compensation expense
- Approximately $1 million of DIXI launch related expenses in the fourth quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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