Q1 2024 Neuropace Inc Earnings Call Transcript
Key Points
- NeuroPace Inc (NPCE) reported a 25% increase in revenue to $18.1 million in Q1 2024 compared to the same period last year.
- The company has successfully extended the maturity date of its term loan to September 30, 2026, enhancing its financial flexibility.
- Gross margin improved to 73.6% in Q1 2024 from 71.7% in Q1 2023, driven by increased production and sales of RNS products.
- NeuroPace Inc (NPCE) is expanding its commercial team and expects these new representatives to positively impact sales in the second half of the year.
- The company is making significant progress in its strategic collaboration with a biotechnology company, achieving important milestones that contribute to revenue growth.
- Replacement implant revenue continued to decline, representing only about 4% of total revenue in Q1 2024.
- Operating expenses increased to $20.9 million in Q1 2024 from $18.7 million in the same period last year, primarily due to higher personnel-related expenses.
- Net loss was $8.9 million in Q1 2024, although this was an improvement from a net loss of $10.4 million in Q1 2023.
- The company recorded $2.3 million of interest expense in Q1 2024, an increase from $2 million in the prior year period.
- While pilot program activities for expanding access to RNS therapy have begun, they did not have a material impact on results in the first quarter.
Good afternoon, and welcome to Neuropace's first-quarter 2024 conference call. As a reminder, this call is being recorded. I would now like to turn the call over to Jeremy Feffer from LifeSci Advisors for a few introductory comments. Please go ahead.
Good afternoon. Thank you for joining us for Neuropace's first-quarter 2024 financial and operating results conference call. On today's call, we will hear from Joel Becker, Chief Executive Officer; and Rebecca Coon, Chief Financial Officer.
Earlier today, Neuropace released financial results for the first quarter ended March 31, 2024. A copy of the press release is available on the company's website at neuropace.com. Before we begin, I would like to remind you that throughout this call, we will make statements that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Any statements made during this call
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