NeuroPace, Inc. (NPCE) Stock

NeuroPace, Inc. (NPCE) is a Healthcare stock trading at $14.02 (as of 2026-08-20), with a market capitalization of $481.23M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

NeuroPace, Inc. is a U.S. medical device company that develops and sells the RNS system, a brain-responsive neuromodulation platform for patients with medically refractory focal epilepsy. The system delivers real-time stimulation and records continuous brain activity to support clinician monitoring, with products sold to hospitals for implant and replacement procedures.

Understand NeuroPace, Inc.: how it makes money

NeuroPace develops and sells an RNS system, a brain-responsive neuromodulation device for treating medically refractory focal epilepsy, and it earns money by selling the system to hospital facilities for initial implant procedures and replacement procedures.

The profit model is tied to device sales that happen when hospitals perform RNS system implant procedures, with revenue coming primarily from initial implants and potentially from replacement implants as patients’ needs change over time.

Revenue by segment (latest quarter)
RNS System$0.0B

Business quality (Weak): Clear business model and some usable operating KPIs (patient and account counts), but limited detail in the provided segment breakdown versus the very small reported revenue for the latest period.

Bull case

  • High gross margin (81.8%): If the company scales device sales, a high gross margin base can support profitability, even though current operating results are negative.
  • Growing engagement signals from the installed base and clinicians: The company reports 56 patients actively treated with first-generation devices and 150 active implanting accounts.

Bear case

  • Operating losses (operating margin of -25.2%): Despite strong gross margin, operating expenses exceed gross profit in the latest period.
  • Very small latest-period revenue in the provided data: Reported revenue is about 0.02B for the RNS system, limiting near-term visibility on demand and growth momentum.
  • Replacement and certain other revenue lines show as zero in the provided data: Replacement implant revenue and research service revenue are listed as 0.0B, so upside may depend heavily on initial implant adoption.
Valuation — source: SEC EDGAR (first-party)
Price$14.02
Market Cap$481.23M
Price / Book40.50
Price / Sales5.10
FCF Yield-7.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$99.99M
Net Margin-21.5%
Revenue Growth (YoY)25.1%
EPS Growth (YoY)-29.0%
FCF Growth (YoY)-37.9%
Financial Health — source: SEC EDGAR
Altman Z-Score-2.75 (distress)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderPolar Capital Holdings Plc ($43.37M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryMedical Equipment
CEOJoel D. Becker
Employees184
CountryUS
IPO Date2021-04-22

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NPCE earnings history · NPCE institutional & insider holders · NPCE KPIs & operating metrics · NPCE financials · NPCE investor presentations & press releases · NPCE SEC filings · NPCE peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.