Start here if you're new
what it is
NeuroPace sells a brain implant that watches for seizure activity and sends a tiny pulse before a seizure starts.
how it gets paid
Last year Neuropace made $100M in revenue. RNS implants was the main engine at $62M, or 62% of sales.
why it's growing
Revenue grew 25.1% last year. 77.2% gross margin is the number that matters.
what just happened
Revenue hit $73M, gross margin held at 77.2%, and EPS was -$0.58.
At a glance
C++ balance sheet — some cracks in the foundation
-$0.93 fy2024 eps est
$2B fy2026 rev est
16.3% operating margin
1.05 beta
xvary composite: 55/100 — below average
What they do
NeuroPace sells a brain implant that watches for seizure activity and sends a tiny pulse before a seizure starts.
The RNS System is the first and only commercially available brain-responsive device in the U.S. for adult focal epilepsy. That means you are not picking between five rivals. You are buying the category leader in a niche with 184 employees and real clinical data. The company says the device averages about three minutes of stimulation per day, which is absurdly little action for something this expensive.
How they make money
$100M
annual revenue · their business grew +25.1% last year
RNS implants
$62M
+25.1%
Replacement procedures
$18M
+18.0%
Leads and accessories
$12M
+28.0%
Software and services
$8M
+40.0%
The products that matter
implantable neurostimulation system
RNS System
$22.4M · 84% of revenue
it's the core business. RNS generated $22.4M of the company's $26.6M revenue and grew 24%, slightly faster than the company overall.
84% of revenue
everything outside the flagship
Other Revenue
$4.2M · 16% of revenue
this bucket is only $4.2M. In plain English: Neuropace does not have a second scaled engine yet, so diversification is still an idea, not a result.
small base
Key numbers
$100M
annual revenue
This is the full size of the business today. It grew 25.1% vs. prior year, which is fast for a company still losing money.
77.2%
gross margin
You keep 77.2 cents of each sales dollar before overhead. That gives the model room to improve if spending slows.
16.3%
operating margin
For every $100 of sales, $16.30 disappeared at the operating line. That is the gap investors are watching.
$69M
long-term debt
Debt is 13% of capital. That is not a crisis, but it is not free either.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $69M (13% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for NPCE right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $73M, gross margin held at 77.2%, and EPS was -$0.58.
Revenue jumped 168% vs. prior year. The loss stayed wide, but the 77.2% gross margin says the device still has usable economics.
$73M
revenue
-$0.58
eps
77.2%
gross margin
gross margin
77.2% gross margin is the number that matters. It shows the product makes money before overhead, even if the company does not.
source: company earnings report, 2025
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
Neuropace's risk picture is specific, not theoretical: RNS System concentration is the first thing to understand because one device drives most of the business and the rest of the revenue base is still small.
med
RNS System concentration
RNS System sales are $22.4M of $26.6M total revenue. If procedure growth slows, reimbursement changes, or a clinical issue hits the franchise, most of the income statement feels it fast.
Impact: roughly 84% of revenue is tied to one product line.
med
good gross margin, negative earnings
A 77.2% gross margin says the product economics are solid. EPS at -$0.93 says the company still lacks enough scale for those economics to reach shareholders in the form that matters.
Impact: you can be right about the product and still own a stock that stays unprofitable longer than you expected.
med
balance-sheet pressure
The balance sheet is graded C++, and long-term debt stands at $69M. For a company with a ~$474M market cap and $26.6M revenue, that leaves less room for a delay, stumble, or expensive growth push.
Impact: if growth cools while debt stays elevated, the market does not need a crisis to compress the stock.
The combined picture is simple: when $22.4M of a $26.6M business comes from one product and earnings are still negative, even a modest stumble matters.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
RNS System as a share of revenue
It is $22.4M of $26.6M right now. If that share rises because the rest of the business stays small, concentration risk gets worse even if revenue keeps growing.
trend
gross margin versus EPS
77.2% gross margin and -$0.93 EPS tell two different stories. You want those numbers moving toward each other, not farther apart.
calendar
next company update
Use the next update to check whether revenue growth is still coming from the same place. Last full review on this page: feb 6, 2026.
risk
balance-sheet flexibility
C++ balance sheet grade and $69M of long-term debt leave less room for delays. In a small-cap device name, funding risk matters before it becomes obvious.
Analyst rankings
short-term outlook
mixed
target data is thin here. in human-speak, analysts do not offer a clean consensus you can lean on.
risk profile
volatile
price stability is 5 / 100. Translation: this trades like a small-cap catalyst story, not a steady compounder.
chart momentum
stock-specific
The 52-week range of $8–$19 tells you momentum here is event-driven. The chart follows the business, then exaggerates it.
earnings predictability
40 / 100
Earnings are still changing shape because the company is still proving it can turn good gross margin into durable profit.
source: institutional data
Institutional activity
institutional ownership data for NPCE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive