NeuroPace Inc. reported preliminary, unaudited results for the fourth quarter and full year 2025, posting $26.6 million in revenue for the quarter—an increase of 24% from the same period in 2024—and $100 million in total revenue for the year, up 25% year‑over‑year. The company’s core RNS System generated $22.4 million in the quarter and $81.7 million for the year, reflecting a 26% and 25% rise respectively, and underscoring the product’s continued market traction.
The company also confirmed the completion of its DIXI Medical distribution wind‑down, which will be reported as a discontinued operation beginning in 2026. This strategic shift allows NeuroPace to concentrate resources on the high‑margin RNS platform, a move that management says will support the company’s long‑term profitability objectives.
Looking ahead, NeuroPace guided 2026 total revenue to $98–$100 million, a 20–22% growth rate for the core RNS business. First‑quarter 2026 revenue is projected at $21–$22 million, and gross margin is expected to rise to 81–82% from 77.2% in 2025. The margin expansion is driven by a higher mix of high‑margin RNS sales, improved manufacturing efficiencies, and favorable pricing, all of which are expected to offset the impact of the CMS reimbursement increase that will boost professional payments for RNS procedures by 43% for initial implants and 45% for replacements effective January 1 2026.
CEO Joel Becker highlighted the company’s disciplined execution, stating that the results “reflect robust demand for RNS, disciplined execution, and a business that is increasingly focused on high‑margin, high‑impact personalized neuromodulation.” He added that NeuroPace is “very well positioned to drive durable growth, expand access to RNS therapy in existing and new indications, and continue progress toward our long‑term profitability objectives.”
NeuroPace’s performance is further supported by a pending FDA submission for an expanded indication for idiopathic generalized epilepsy, which could broaden the addressable market. The company’s cash position of $61.1 million and healthy liquidity provide a solid foundation for continued investment in product development and market expansion.
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