Detailed financial statements for NeuroPace, Inc. (NPCE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
NeuroPace, Inc. operates as a medical device company in the United States. The company develops RNS system, a brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source for treating drug-resistant focal epilepsy. Its RNS System includes RNS neurostimulator, cortical strip and depth leads, and Patient Remote Monitor, as well as other implantable and non-implantable accessories.
Analysis Summary
NeuroPace, Inc. reported revenue of $100.0M in the most recent fiscal year, growing at a 5-year CAGR of 19.4%.
Trailing-twelve-month margins: gross margin 79.6%, operating margin -15.3%, net margin -19.3%.
At the current price of $14.10, NPCE has negative trailing earnings (P/E not meaningful) and an ROE of -119.68%. Market capitalisation stands at $481M.
Balance sheet quality for NPCE: current ratio of 5.3, net debt of $9.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $37.0M | $41.1M | $45.2M | $45.5M | $65.4M | $79.9M | $100.0M |
| Cost of Revenue | $10.5M | $10.9M | $11.7M | $13.0M | $17.3M | $20.8M | $22.8M |
| Gross Profit | $26.5M | $30.3M | $33.4M | $32.5M | $48.1M | $59.1M | $77.2M |
| Research & Development | $18.3M | $15.7M | $18.2M | $21.9M | $20.8M | $23.7M | $27.9M |
| Selling, General & Admin | $30.2M | $27.6M | $39.0M | $51.3M | $54.5M | $57.1M | $65.7M |
| Operating Expenses | $48.5M | $43.3M | $57.2M | $73.3M | $75.3M | $80.8M | $93.6M |
| Operating Income | -$22.0M | -$13.1M | -$23.7M | -$40.8M | -$27.2M | -$21.7M | -$16.3M |
| EBITDA | -$20.1M | -$12.5M | -$28.4M | -$36.6M | -$22.8M | -$16.6M | -$12.1M |
| Interest Expense | $9.5M | $11.5M | $7.4M | $7.5M | $8.5M | $8.8M | $7.5M |
| Pre-tax Income | -$30.0M | -$24.3M | -$36.1M | -$47.1M | -$33.0M | -$27.1M | -$21.5M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$30.0M | -$24.3M | -$36.1M | -$47.1M | -$33.0M | -$27.1M | -$21.5M |
| EPS | $-2.70 | $-2.17 | $-2.17 | $-1.91 | $-1.27 | $-0.93 | $-0.66 |
| EPS (Diluted) | $-2.70 | $-2.17 | $-2.17 | $-1.91 | $-1.27 | $-0.93 | $-0.66 |
| Shares Outstanding (Diluted) | $11.1M | $11.1M | $16.6M | $24.6M | $25.9M | $29.1M | $32.7M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.1M | $26.4M | $19.2M | $6.6M | $18.1M | $13.4M | $21.7M |
| Short-term Investments | $969000 | $11.7M | $96.4M | $70.8M | $48.4M | $39.3M | $39.4M |
| Receivables | $6.0M | $8.4M | $7.1M | $7.5M | $12.3M | $12.9M | $14.7M |
| Inventory | $7.9M | $6.9M | $7.8M | $9.7M | $11.2M | $13.4M | $16.9M |
| Total Current Assets | $20.3M | $54.6M | $132.8M | $97.7M | $92.7M | $81.3M | $94.1M |
| Property, Plant & Equipment | $810000 | $515000 | $603000 | $15.9M | $14.4M | $12.9M | $11.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $21.1M | $56.0M | $133.6M | $114.1M | $107.7M | $94.6M | $105.6M |
| Accounts Payable | $903000 | $949000 | $1.4M | $2.1M | $2.3M | $3.0M | $2.2M |
| Short-term Debt | $62.8M | $2.0M | 0 | 0 | 0 | 0 | $2.1M |
| Total Current Liabilities | $75.1M | $9.6M | $9.3M | $11.0M | $16.2M | $15.2M | $17.8M |
| Long-term Debt | 0 | $50.8M | $49.8M | $52.9M | $57.0M | $59.5M | $58.9M |
| Total Liabilities | $150.4M | $203.8M | $60.1M | $79.3M | $87.0M | $86.6M | $86.5M |
| Retained Earnings | -$363.6M | -$387.7M | -$423.8M | -$470.9M | -$503.8M | -$531.0M | -$552.4M |
| Total Equity | -$129.3M | -$147.8M | $73.5M | $34.8M | $20.7M | $8.0M | $19.0M |
| Total Debt | $62.8M | $52.9M | $49.8M | $69.8M | $72.4M | $73.3M | $70.8M |
| Net Debt | $57.7M | $14.8M | -$65.7M | -$7.6M | $5.9M | $20.6M | $9.8M |
| Working Capital | -$54.9M | $45.0M | $123.5M | $86.7M | $76.5M | $66.2M | $76.3M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$30.0M | -$24.3M | -$36.1M | -$47.1M | -$33.0M | -$27.1M | -$21.5M |
| Depreciation & Amortization | $421000 | $312000 | $296000 | $3.0M | $1.6M | $1.8M | $1.9M |
| Stock-based Compensation | $1.4M | $1.4M | $4.3M | $8.3M | $9.6M | $10.3M | $11.1M |
| Change in Working Capital | $9000 | -$2.1M | $368000 | -$4.8M | -$2.5M | -$5.5M | -$4.0M |
| Operating Cash Flow | -$25.0M | -$21.6M | -$24.6M | -$36.9M | -$19.7M | -$17.9M | -$11.0M |
| Capital Expenditure | -$468000 | -$62000 | -$384000 | -$603000 | -$173000 | -$306000 | -$332000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$49.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$25.5M | -$21.7M | -$25.0M | -$37.5M | -$19.9M | -$18.3M | -$11.3M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.3% | +9.8% | +0.7% | +43.7% | +22.1% | +25.1% | |
| Net Income Growth (YoY) | +19.0% | -48.6% | -30.5% | +30.0% | +17.6% | +20.9% | |
| EPS Growth (YoY) | +19.6% | +0.0% | +12.0% | +33.5% | +26.8% | +29.0% | |
| Shares Change (YoY) | +0.0% | +49.6% | +48.1% | +5.1% | +12.7% | +12.3% | |
| FCF Growth (YoY) | +15.0% | -15.2% | -50.1% | +47.0% | +8.1% | +37.9% | |
| Gross Margin | 71.6% | 73.6% | 74.0% | 71.4% | 73.6% | 73.9% | 77.2% |
| Operating Margin | -59.6% | -31.7% | -52.5% | -89.6% | -41.5% | -27.1% | -16.3% |
| EBITDA Margin | -54.3% | -30.3% | -62.8% | -80.3% | -34.9% | -20.7% | -12.1% |
| Net Margin | -81.1% | -59.0% | -79.9% | -103.4% | -50.4% | -34.0% | -21.5% |
| FCF Margin | -69.0% | -52.7% | -55.2% | -82.3% | -30.4% | -22.8% | -11.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.30 | $-1.95 | $-1.50 | $-1.52 | $-0.77 | $-0.63 | $-0.35 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.1M | $11.1M | $16.6M | $24.6M | $25.9M | $29.1M | $32.7M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -119.68% |
| Return on Invested Capital | -18.43% |
| Return on Assets | -19.71% |
| Gross Margin | 79.63% |
| Operating Margin | -15.26% |
| Net Margin | -19.34% |
Financial Health
| Debt / Equity | 5.88 |
| Current Ratio | 4.94 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -2.52 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -9.24 | -11.50 | -4.65 | -0.78 | -8.12 | -12.03 | -23.39 |
| P/B | -2.14 | -1.87 | 2.28 | 1.05 | 12.90 | 40.67 | 26.55 |
| P/S | 7.50 | 6.74 | 3.71 | 0.81 | 4.07 | 4.08 | 5.05 |
| Gross Margin | 71.6% | 73.6% | 74.0% | 71.4% | 73.6% | 73.9% | 77.2% |
| Operating Margin | -59.6% | -31.7% | -52.5% | -89.6% | -41.5% | -27.1% | -16.3% |
| Net Margin | -81.1% | -59.0% | -79.9% | -103.4% | -50.4% | -34.0% | -21.5% |
Explore sector: Healthcare · Medical - Devices
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