NeuroPace (NPCE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $22.1 million, with non-GAAP growth of 20–20.1% year-over-year, driven by RNS System sales and record highs in active prescribers and patient pipeline.

• Net loss for Q1 2026 was $6.7 million, with adjusted EBITDA loss improving to $3.3 million; non-GAAP net loss narrowed year-over-year.

• Raised full-year 2026 revenue guidance to $99–$101 million, targeting 21–23% RNS growth and non-GAAP gross margin of 81.5–82.5%.

• Continued investment in commercial organization, sales force, AI-enabled tools, and next-generation system to support growth.

• Ongoing studies and regulatory progress for label expansion into generalized epilepsy and pediatric populations.

Financial highlights

• Q1 2026 non-GAAP revenue (excluding DIXI Medical) was $22.0–$22.1 million, up 20–20.1% year-over-year.

• Non-GAAP gross margin was 82.5%, with GAAP gross margin at 81.8%.

• Non-GAAP operating expenses were $21.5 million, up 10% year-over-year.

• Non-GAAP loss from operations improved to $3.3 million; net loss per share was $0.20.

• Cash, cash equivalents, and short-term investments totaled $54.0–$60.3 million at quarter-end.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $99–$101 million, reflecting 21–23% RNS revenue growth and non-GAAP gross margin of 81.5–82.5%.

• Full-year non-GAAP operating expenses expected at $90–$92 million, with $10 million in stock-based compensation.

• Adjusted EBITDA loss guidance improved to $8.5–$9.5 million.

• Guidance excludes any contribution from IGE indication expansion pending FDA approval.

• Management expects existing cash and investments to fund operations for at least the next 12 months.