A Business at a Glance
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RISK FACTORS SUMMARY Investing in our common stock involves a high degree of risk because our business is subject to numerous risks and uncertainties, as fully described in “Part I, Item 1A. Risk Factors” of this Annual Report on Form 10-K. Below is a summary of the principal factors and uncertainties that make investing in our common stock speculative or risky: •We currently rely on our RNS System, which can only be marketed in the United States for use in adults with drug-resistant focal epilepsy, as our primary source of revenue. If we fail to successfully market and sell our RNS System cost effectively and maintain and expand our market share, our sales, business, financial condition and results of operations will be negatively affected; •Our commercial success will continue to depend on attaining significant market acceptance of our products and increasing the number of patients treated.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 100M | 100M | 80M | 65M | 46M | 45M |
| Net Income | -21M | -21M | -27M | -33M | -47M | -36M |
| EPS | $-0.66 | $-0.66 | $-0.93 | $-1.27 | $-1.91 | $-2.17 |
| Free Cash Flow | -11M | -11M | -18M | -20M | -37M | -25M |
| ROIC | -23.0% | -27.5% | -40.2% | -42.5% | -53.7% | -29.3% |
| Gross Margin | 77.2% | 77.2% | 73.9% | 73.6% | 71.4% | 74.0% |
| Debt/Equity | 3.09 | 3.09 | 7.43 | 2.76 | 1.52 | 0.68 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -16M | -16M | -22M | -27M | -41M | -24M |
| Operating Margin | -16.3% | -16.3% | -27.1% | -41.5% | -89.6% | -52.5% |
| ROE | -112.8% | -158.7% | -338.7% | -159.6% | -135.4% | -49.1% |
| Shares Outstanding | 33M | 33M | 29M | 26M | 25M | 17M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 41M | 45M | 46M | 65M | 80M | 100M | 100M |
| Gross Margin | 73.6% | 74.0% | 71.4% | 73.6% | 73.9% | 77.2% | 77.2% |
| R&D | 16M | 18M | 22M | 21M | 24M | 28M | 28M |
| SG&A | 28M | 39M | 51M | 55M | 17M | 19M | 19M |
| EBIT | -13M | -24M | -41M | -27M | -22M | -16M | -16M |
| Op. Margin | -31.7% | -52.5% | -89.6% | -41.5% | -27.1% | -16.3% | -16.3% |
| Net Income | N/A | -36M | -47M | -33M | -27M | -21M | -21M |
| Net Margin | N/A | -79.9% | -103.4% | -50.4% | -34.0% | -21.5% | -21.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | -29.3% | -53.7% | -42.5% | -40.2% | -27.5% | -23.0% |
| ROE | N/A | -49.1% | -135.4% | -159.6% | -338.7% | -158.7% | -112.8% |
| ROA | N/A | -27.0% | -41.3% | -30.6% | -28.7% | -21.4% | -20.3% |
| Cash Flow | |||||||
| Op. Cash Flow | -22M | -25M | -37M | -20M | -18M | -11M | -11M |
| Free Cash Flow | -22M | -25M | -37M | -20M | -18M | -11M | -11M |
| Owner Earnings | -23M | -29M | -45M | -29M | -28M | -22M | -22M |
| CapEx | 62K | 384K | 603K | 173K | 306K | 332K | 332K |
| Maint. CapEx | 312K | 296K | 267K | 172K | 207K | 238K | 238K |
| Growth CapEx | 0 | 88K | 336K | 0 | 99K | 94K | 94K |
| D&A | 312K | 296K | 267K | 172K | 207K | 238K | 238K |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 50M | 50M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 9.5% | 9.9% |
| Stock-Based Comp | 1.4M | 4.3M | 8.3M | 9.6M | 10M | 11M | 11M |
| Debt Repayment | 42M | 4.1M | 0 | 0 | 0 | 61M | 61M |
| Balance Sheet | |||||||
| Net Debt | 17M | -66M | -24M | -9.5M | 6.8M | -2.2M | 37M |
| Cash & Equiv. | 26M | 19M | 6.6M | 18M | 13M | 22M | 22M |
| Long-Term Debt | 51M | 50M | 53M | 57M | 60M | 59M | 59M |
| Debt/Equity | -0.37 | 0.68 | 1.52 | 2.76 | 7.43 | 3.09 | 3.09 |
| Interest Coverage | -1.1 | -3.2 | -5.4 | -3.2 | -2.5 | -2.2 | -2.2 |
| Equity | -148M | 74M | 35M | 21M | 8.0M | 19M | 19M |
| Total Assets | 56M | 134M | 114M | 108M | 95M | 106M | 106M |
| Total Liabilities | 204M | 60M | 79M | 87M | 87M | 87M | 87M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -388M | -424M | -471M | -504M | -531M | -552M | -552M |
| Working Capital | 45M | 124M | 87M | 76M | 66M | 76M | 76M |
| Current Assets | 55M | 133M | 98M | 93M | 81M | 94M | 94M |
| Current Liabilities | 9.6M | 9.3M | 11M | 16M | 15M | 18M | 18M |
| Per Share Data | |||||||
| EPS | -117.85 | -2.17 | -1.91 | -1.27 | -0.93 | -0.66 | -0.66 |
| Owner EPS | -0.95 | -1.75 | -1.85 | -1.13 | -0.97 | -0.69 | -0.69 |
| Book Value | -6.04 | 4.42 | 1.41 | 0.80 | 0.27 | 0.59 | 0.59 |
| Cash Flow/Share | -0.88 | -1.48 | -1.50 | -0.76 | -0.62 | -0.34 | -0.65 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 24.5M | 16.6M | 24.7M | 25.9M | 29.2M | 32.5M | 32.5M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | -23.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 2.0 | 0.9 | 12.6 | 38.9 | 27.4 | 26.2 |
| Price/Sales | N/A | 6.9 | 3.1 | 2.2 | 3.7 | 3.9 | 5.0 |
| FCF Yield | N/A | -16.6% | -117.8% | -7.7% | -5.9% | -2.2% | -2.3% |
| Market Cap | N/A | 151M | 32M | 259M | 311M | 521M | 499M |
| Avg. Price | N/A | 18.88 | 5.64 | 5.49 | 10.03 | 11.89 | 15.35 |
| Year-End Price | N/A | 9.06 | 1.29 | 10.00 | 10.67 | 16.02 | 15.35 |
NeuroPace Inc passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 74.0%. Total shareholder yield (buybacks) is 9.9%.
NeuroPace Inc (NPCE) has a 5-year average return on invested capital (ROIC) of -38.6%. This is below average and may indicate limited pricing power.
NeuroPace Inc (NPCE) has a market capitalization of $499M. It is classified as a small-cap stock.
NeuroPace Inc (NPCE) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 9.92%.
NeuroPace Inc (NPCE) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
NeuroPace Inc (NPCE) reported annual revenue of $100 million in its most recent fiscal year, based on SEC EDGAR filings.
NeuroPace Inc (NPCE) has a net profit margin of -21.5%. The company is currently unprofitable.
NeuroPace Inc (NPCE) generated $-11 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
NeuroPace Inc (NPCE) has a debt-to-equity ratio of 3.09. This indicates higher leverage, which may increase financial risk.
NeuroPace Inc (NPCE) reported earnings per share (EPS) of $-0.66 in its most recent fiscal year.
NeuroPace Inc (NPCE) has a return on equity (ROE) of -158.7%. A negative ROE may indicate losses or negative equity.
NeuroPace Inc (NPCE) has a 5-year average gross margin of 74.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for NeuroPace Inc (NPCE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NeuroPace Inc (NPCE) has a book value per share of $0.59, based on its most recent annual SEC filing.