The guidance raise and strong core RNS growth validate commercial execution. Watch for NAUTILUS PMA approval (mid-2026) as a major catalyst that could expand TAM into IGE. Cash burn remains manageable with $54.8M liquidity. Monitor Q2 for DIXI discontinued ops impact and continued margin expansion.
Price Chart
Executive Summary
NeuroPace reported Q1 2026 non-GAAP revenue (excluding DIXI) of $22.0M, up 20.1% YoY, and raised full-year 2026 revenue guidance to $99M-$101M from $98M-$100M. GAAP net loss widened slightly to ($6.7M) vs ($6.6M) a year ago, but adjusted EBITDA loss improved to ($3.3M) from ($4.1M). The guidance raise and continued strong RNS System growth (19.5% YoY) signal accelerating commercial momentum ahead of a potential IGE label expansion in mid-2026.
Key Financial Metrics
Key Facts
- Non-GAAP revenue (ex-DIXI) $22.0M, +20.1% YoY vs $18.3M
- RNS System revenue $21.7M, +19.5% YoY
- Raised FY2026 revenue guidance to $99M-$101M from $98M-$100M
- Adjusted EBITDA loss improved to ($3.3M) from ($4.1M) YoY
- Non-GAAP gross margin 82.5% vs 83.6% (prior year included 120bp one-time benefit)
- GAAP net loss ($6.7M) vs ($6.6M) YoY
- Completed FDA mid-cycle review for NAUTILUS PMA supplement (IGE indication)
- New all-time highs in active prescribers, accounts, and patient pipeline
- Cash & investments $54.8M at quarter end vs $61.2M prior quarter
Financial Impact
Revenue guidance raised by $1M at midpoint to $100M, implying ~21-23% core RNS growth. Adjusted EBITDA guidance improved by $1M to ($8.5M)-($9.5M).
Risk Factors
- NAUTILUS PMA approval delay or denial would remove IGE expansion catalyst
- Cash burn continues — $6.4M decline in cash/investments in Q1
- Operating expenses growing faster than revenue (non-GAAP opex +10.5% YoY vs revenue +20.1%)
- Dilution risk from potential future equity raises given negative cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001528287-26-000019 |
| Document: neuropace-8xkq12026earning.htm | 0001528287-26-000019 |
| Document: 0001528287-26-000019-index-headers.html | 0001528287-26-000019 |
| Document: 0001528287-26-000019-index.html | 0001528287-26-000019 |
| Document: 0001528287-26-000019.txt | 0001528287-26-000019 |
| 8-K Data (Synthetic) | 0001528287-26-000019 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 12, 2026 24w ago | 8-K | $15.81 $14.83 | ▼ −6.20% | ▼ −10.64% | $13.02 (−17.65%) |
Apr 21, 2026 27w ago | DEFA14A | $16.98 $16.08 | ▼ −5.30% | ▼ −10.08% | $13.02 (−23.32%) |
US Market Status
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