Full Year 2023 Financial Guidance
- Increased total revenue guidance to range between $62.5 million and $63.5 million, representing growth of 37% to 39% over 2022, as compared to previous guidance of $59 million to $61 million at the end of the second quarter of 2023.
- Increased gross margin to range between 71% and 73%, as compared to prior guidance of 70% to 72%.
- Revised total operating expenses to range between $75 million and $76 million, as compared to prior guidance of $75 million to $77 million, including $9 million to $10 million of non-cash expenses.
NeuroPace continues to expect revenue growth to be primarily driven by increasing adoption and utilization of its RNS System and the full year impact of the sale of DIXI Medical stereo EEG products, partially offset by continuing decline in revenue from replacement device implants. By the end of 2023, NeuroPace expects substantially all of the prior generation RNS devices to have been replaced and the transition to the third generation RNS System, with an extended battery life, to be largely complete. Given its revenue growth, gross margin performance and operating expense results, the Company believes it has sufficient capital to fund its planned operations into 2026.
