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NeuroPace (NPCE) investor relations material
NeuroPace Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $27.4 million, up 30% year-over-year, driven by strong RNS System sales, DIXI Medical product sales, and increased utilization across geographies and programs.
Net loss for Q3 2025 was $3.5 million, a 36% improvement from $5.5 million in Q3 2024, reflecting improved operating leverage and expense management.
Gross margin improved to 77.4% in Q3 2025 from 73.2% a year ago, driven by higher production volume and lower fixed costs per unit.
Positive adjusted EBITDA was generated for the first time, reflecting scalability and disciplined expense management.
Raised full-year 2025 revenue guidance to $97–98 million and gross margin guidance to 76–77%, citing continued momentum and operational leverage.
Financial highlights
Q3 2025 revenue: $27.4 million, up 30% year-over-year; RNS System revenue reached $22.6 million, up 31%; DIXI sales were $4 million, up 8%.
Gross margin for Q3 2025 was 77.4%, up from 73.2% in Q3 2024; RNS system gross margin remained above 80%.
Operating expenses were $23.8 million, up 21% year-over-year, mainly due to scaling commercial and R&D activities.
Net loss for Q3 2025 was $3.5 million; net loss per share was $(0.11), improved from $(0.19) in Q3 2024.
Cash and short-term investments at quarter-end were $60 million.
Outlook and guidance
Full-year 2025 revenue guidance raised to $97–98 million (21–23% growth), with RNS expected to drive the increase.
Full-year gross margin guidance raised to 76–77%, with RNS margins expected to remain above 80% as DIXI winds down.
Operating expenses for 2025 expected at $94–95 million, including $11 million in stock-based compensation.
RNS business expected to sustain 20%+ growth, with DIXI revenue substantially ending by 2025.
On track to submit NAUTILUS PMA Supplement for IGE indication expansion by year-end 2025, with potential approval mid-2026.
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Frequently asked questions
NeuroPace Inc designs and manufactures neurostimulation systems for the treatment of neurological disorders such as epilepsy. The company’s responsive neurostimulation technology monitors brain activity and delivers targeted stimulation to prevent seizures. It serves the medical device and neurology markets. The company is headquartered in Mountain View, California, and its shares are listed on the NASDAQ.
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