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Dec 31, 2023
Neuropace Q4 2023 Earnings Report
NeuroPace reported a 41% increase in revenue to $18.0 million for Q4 2023, driven by increased RNS System sales and DIXI Medical product revenue, while reducing cash burn to $3.4 million.
Key Takeaways
NeuroPace announced record full year 2023 revenue of $65.4 million. Revenue increased to $18.0 million in Q4 2023, a 41% increase over Q4 2022. The company provides full-year 2024 revenue guidance of between $73-$77 million.
Total revenue in Q4 2023 grew 41% to $18.0 million compared to Q4 2022.
Full year 2023 revenue increased 44% to $65.4 million compared to 2022.
Gross margin for Q4 2023 was 75.2% compared to 68.8% in Q4 2022.
Cash burn in Q4 2023 was $3.4 million, compared to $7.9 million in Q4 2022.
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.
Positive Outlook
- 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%
- Increasing sales of its RNS System
- Higher sales of DIXI Medical stereo EEG products
- Focus on operating discipline
Challenges Ahead
- Replacement implant revenue is expected to decline in 2024 versus 2023
- Total operating expenses to range between $80 million and $84 million, including approximately $12 million in stock-based compensation, a noncash expense
- Inherent uncertainties, risks, and assumptions that are difficult to predict
Historical Earnings Impact
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Avg. Return Before/After Earnings
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