Q2 2024 Neuropace Inc Earnings Call Transcript
Key Points
- NeuroPace Inc (NPCE) reported a 17% increase in total revenue for Q2 2024, reaching $19.3 million compared to $16.5 million in Q2 2023.
- The company achieved a gross margin of 73.4% in Q2 2024, up from 72.5% in the same period last year.
- Revenue growth was driven primarily by increased sales of the RNS System and DIXI Medical SEEG products.
- The company has successfully expanded its commercial team, with new sales representatives completing their training and beginning independent activities.
- NeuroPace Inc (NPCE) has made significant progress in its Project CARE program, which aims to expand access to RNS therapy outside Level 4 centers.
- Despite revenue growth, NeuroPace Inc (NPCE) reported a net loss of $7.5 million for Q2 2024, though this was an improvement from a $9.1 million loss in Q2 2023.
- R&D expenses increased to $6.1 million in Q2 2024 from $5.3 million in the same period last year, driven by higher personnel-related expenses and product development costs.
- SG&A expenses remained high at $14.3 million in Q2 2024, only slightly down from $14.5 million in Q2 2023.
- The company has long-term borrowings totaling $59 million as of June 30, 2024, with a final maturity date of September 30, 2026.
- There is some seasonality expected in the summer months, which may affect revenue growth in the second half of the year.
Good afternoon, and welcome to NeuroPace's Second Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jeremy Feffer from LifeSci Advisors. Please go ahead, sir.
Good afternoon. Thank you for joining us for NeuroPace's second-quarter 2024 financial and operating results conference call. On today's call, we will hear from Joel Becker, Chief Executive Officer; and Rebecca Kuhn, Chief Financial Officer. Earlier today, NeuroPace released financial results for the second quarter ended June 30, 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
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