NeuroPace (NPCE) Investor Day 2025 summary

Strategic vision and growth initiatives

• Targeting over 20% CAGR from 2025 to 2027, driven by market, indication, and site of service expansion, as well as new product launches and clinical trial submissions.

• Focused on becoming the standard of care for drug-resistant epilepsy, with plans to expand into generalized and pediatric epilepsy, leveraging the RNS System's unique closed-loop neuromodulation technology.

• Execution discipline emphasized through gross margin improvement, operating expense optimization, and leveraging commercial investments for scalable growth.

• Care program and direct-to-consumer strategies are expanding access and driving meaningful revenue, with plans to double impact in coming years.

• Long-term goal to achieve cash flow break-even by 2027, supported by revenue growth and operational leverage.

Clinical and product development

• Post-approval study data show median seizure reduction of 82% at three years, with 42% of patients seizure-free for at least six months and nearly a quarter seizure-free for a year.

• Indication expansion efforts include the NAUTILUS trial for idiopathic generalized epilepsy (breakthrough designation, rapid enrollment) and pediatric initiatives using real-world data in partnership with FDA and NESTcc.

• NIH-funded study underway for Lennox-Gastaut syndrome, focusing on safety, efficacy, and biomarker development.

• AI-powered software tools are being developed to automate seizure detection, optimize device programming, and streamline clinical workflows, with the first AI-driven tool launching in 2025.

• Next-generation RNS platform will enable remote programming, automatic data transfer, and regular software/firmware updates, enhancing ease of use and scalability.

Market development and financial guidance

• 2025 revenue guidance set at $92–$96 million, with gross margin of 73–75% and operating expenses of $92–$95 million.

• Revenue growth in 2024 exceeded 20%, and over 25% when adjusted for NAUTILUS trial-related sales; momentum expected to continue through expanded care centers and DTC efforts.

• Market development focuses on expanding in comprehensive epilepsy centers, community care centers, and through direct-to-consumer advertising and patient education.

• Professional education and KOL engagement are key to driving adoption, with a strong focus on fellows and referral pathways.

• Replacement revenue from device upgrades is expected to increase as the installed base matures, factored into long-range planning.