NeuroPace (NPCE) investor relations material

Executive summary

• Q3 revenue was $23.104M, down 1.1% YoY, as account and field-organization disruptions weighed on procedures; FY26 revenue guidance was cut.

• Nine-month revenue rose 11% to $67.933M, while pipeline programs advanced across generalized epilepsy, adolescent focal epilepsy and Remote Care.

Financial highlights

• Q3 RNS revenue was $22.901M versus $22.6M YoY; service revenue was $0.203M versus $0.771M, bringing total revenue to $23.104M.

• Q3 continuing-operations net loss was $3.3M, or $0.10/share, versus $4.9M, or $0.15/share; adjusted net loss was $0.9M versus $2.3M.

• Adjusted EBITDA was income of $0.4M versus a $1.3M loss; adjusted operating income was $0.4M versus a $1.4M loss.

• Nine-month continuing-operations net loss was $16.224M versus $23.1M; nine-month adjusted EBITDA loss was $5.611M.

• Q3 GAAP gross profit was $19.5M versus $19.2M YoY; GAAP gross margin was 84.3% versus 82.1%.

Outlook and guidance

• FY26 revenue guidance was cut to $91M–$92M from $99.5M–$101.5M; RNS revenue is expected at $90M–$91M, up 10%–11% YoY.

• FY26 adjusted gross margin guidance rose to 83.0%–83.5%; adjusted operating expenses are expected at $85M–$86M and adjusted EBITDA loss at $8.5M–$9.5M.

• FY27 RNS growth is expected at ~10%–15% in H1 and 15%–20% in H2, or ~15% for the year; forecast excludes IGE and service revenue contributions.

• Priorities include expanding prescriber and community access, developing indications and software, and advancing AI tools and the next-generation platform.