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NeuroPace, Inc. (NPCE) 10-Year Financial Performance & Capital Metrics

NPCE • • Industrial / General
HealthcareMedical DevicesNeurological & Neurostimulation DevicesNeurostimulation & Neuromodulation
AboutNeuroPace, Inc. operates as a medical device company in the United States. It develops and sells RNS system, a brain-responsive neuromodulation system for treating medically refractory focal epilepsy by delivering personalized real-time treatment at the seizure source. The company's RNS system also records continuous brain activity data; and enables clinicians to monitor patients in person and remotely. It sells its products to hospital facilities for initial RNS system implant procedures and for replacement procedures. The company was incorporated in 1997 and is headquartered in Mountain View, California.Show more
  • Revenue $80M +22.1%
  • EBITDA -$20M +22.2%
  • Net Income -$27M +17.6%
  • EPS (Diluted) -0.93 +26.8%
  • Gross Margin 73.94% +0.5%
  • EBITDA Margin -24.91% +36.3%
  • Operating Margin -27.12% +34.7%
  • Net Margin -33.97% +32.6%
  • ROE -189.35% -59.2%
  • ROIC -22.75% +3.5%
  • Debt/Equity 9.15 +161.1%
  • Interest Coverage -2.46 +22.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 87 (top 13%)
  • ✓Strong 5Y sales CAGR of 16.7%

✗Weaknesses

  • ✗High debt to equity ratio of 9.2x
  • ✗Negative free cash flow
  • ✗Shares diluted 12.7% in last year
  • ✗Expensive at 63.1x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y16.67%
3Y20.93%
TTM24.08%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM14.61%

EPS CAGR

10Y-
5Y-
3Y-
TTM24.75%

ROCE

10Y Avg-29.03%
5Y Avg-29.03%
3Y Avg-29.72%
Latest-25.36%

Peer Comparison

Neurostimulation & Neuromodulation
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Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+36.97M41.14M45.18M45.52M65.42M79.91M
Revenue Growth %-0.11%0.1%0.01%0.44%0.22%
Cost of Goods Sold+10.51M10.87M11.75M13.03M17.3M20.82M
COGS % of Revenue0.28%0.26%0.26%0.29%0.26%0.26%
Gross Profit+26.46M30.27M33.44M32.49M48.12M59.09M
Gross Margin %0.72%0.74%0.74%0.71%0.74%0.74%
Gross Profit Growth %-0.14%0.1%-0.03%0.48%0.23%
Operating Expenses+48.49M43.32M57.17M73.29M75.3M80.76M
OpEx % of Revenue1.31%1.05%1.27%1.61%1.15%1.01%
Selling, General & Admin30.2M27.63M38.96M51.34M54.52M57.1M
SG&A % of Revenue0.82%0.67%0.86%1.13%0.83%0.71%
Research & Development18.29M15.7M18.21M21.95M20.78M23.65M
R&D % of Revenue0.49%0.38%0.4%0.48%0.32%0.3%
Other Operating Expenses000000
Operating Income+-22.03M-13.05M-23.74M-40.79M-27.17M-21.67M
Operating Margin %-0.6%-0.32%-0.53%-0.9%-0.42%-0.27%
Operating Income Growth %-0.41%-0.82%-0.72%0.33%0.2%
EBITDA+-21.61M-12.74M-23.44M-37.81M-25.57M-19.9M
EBITDA Margin %-0.58%-0.31%-0.52%-0.83%-0.39%-0.25%
EBITDA Growth %-0.41%-0.84%-0.61%0.32%0.22%
D&A (Non-Cash Add-back)421K312K296K2.99M1.6M1.77M
EBIT-20.49M-12.79M-28.67M-39.55M-24.44M-18.34M
Net Interest Income+-9.22M-11.45M-6.96M-5.95M-5.47M-5.77M
Interest Income261K41K448K1.58M3.05M3.02M
Interest Expense9.48M11.49M7.41M7.53M8.52M8.8M
Other Income/Expense-7.94M-11.23M-12.34M-6.29M-5.78M-5.47M
Pretax Income+-29.97M-24.28M-36.08M-47.08M-32.96M-27.14M
Pretax Margin %-0.81%-0.59%-0.8%-1.03%-0.5%-0.34%
Income Tax+000000
Effective Tax Rate %1%1%1%1%1%1%
Net Income+-29.97M-24.28M-36.08M-47.08M-32.96M-27.14M
Net Margin %-0.81%-0.59%-0.8%-1.03%-0.5%-0.34%
Net Income Growth %-0.19%-0.49%-0.3%0.3%0.18%
Net Income (Continuing)-29.97M-24.28M-36.08M-47.08M-32.96M-27.14M
Discontinued Operations000000
Minority Interest000000
EPS (Diluted)+-2.70-2.17-2.17-1.91-1.27-0.93
EPS Growth %-0.2%0%0.12%0.34%0.27%
EPS (Basic)-2.70-2.17-2.17-1.91-1.27-0.93
Diluted Shares Outstanding11.1M11.1M16.61M24.59M25.85M29.13M
Basic Shares Outstanding11.1M11.1M16.61M24.59M25.85M29.13M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+20.26M54.56M132.82M97.71M92.72M81.34M
Cash & Short-Term Investments5.09M38.08M115.58M77.41M66.45M52.76M
Cash Only4.12M26.39M19.19M6.61M18.06M13.43M
Short-Term Investments969K11.69M96.4M70.8M48.4M39.33M
Accounts Receivable6.02M8.39M7.09M7.48M12.31M12.85M
Days Sales Outstanding59.474.4957.2859.9968.758.7
Inventory7.9M6.91M7.82M9.71M11.21M13.38M
Days Inventory Outstanding274.41232.08243.02272.12236.61234.57
Other Current Assets0003.11M2.74M2.35M
Total Non-Current Assets+835K1.39M746K16.39M14.93M13.31M
Property, Plant & Equipment810K515K603K15.9M14.41M12.89M
Fixed Asset Turnover45.64x79.88x74.93x2.86x4.54x6.20x
Goodwill000000
Intangible Assets000000
Long-Term Investments000000
Other Non-Current Assets25K873K143K490K524K413K
Total Assets+21.09M55.95M133.56M114.11M107.65M94.65M
Asset Turnover1.75x0.74x0.34x0.40x0.61x0.84x
Asset Growth %-1.65%1.39%-0.15%-0.06%-0.12%
Total Current Liabilities+75.15M9.6M9.3M10.98M16.23M15.16M
Accounts Payable903K949K1.38M2.15M2.33M2.95M
Days Payables Outstanding31.3731.8842.8160.1649.251.78
Short-Term Debt62.8M2.04M0000
Deferred Revenue (Current)1000K0001000K555K
Other Current Liabilities1.01M666K490K000
Current Ratio0.27x5.69x14.28x8.90x5.71x5.37x
Quick Ratio0.16x4.97x13.44x8.02x5.02x4.48x
Cash Conversion Cycle302.45274.69257.49271.96256.11241.49
Total Non-Current Liabilities+75.3M194.19M50.76M68.35M70.77M71.48M
Long-Term Debt050.82M49.85M52.91M56.95M59.52M
Capital Lease Obligations00015.44M13.81M11.95M
Deferred Tax Liabilities000000
Other Non-Current Liabilities75.3M143.37M911K000
Total Liabilities150.44M203.78M60.06M79.33M87M86.63M
Total Debt+62.8M52.86M49.85M69.77M72.39M73.34M
Net Debt58.68M26.47M30.66M63.16M54.34M59.91M
Debt / Equity--0.68x2.01x3.51x9.15x
Debt / EBITDA------
Net Debt / EBITDA------
Interest Coverage-2.32x-1.14x-3.20x-5.42x-3.19x-2.46x
Total Equity+-129.35M-147.83M73.5M34.78M20.65M8.01M
Equity Growth %--0.14%1.5%-0.53%-0.41%-0.61%
Book Value per Share-11.65-13.314.431.410.800.28
Total Shareholders' Equity-129.35M-147.83M73.5M34.78M20.65M8.01M
Common Stock1K024K25K28K30K
Retained Earnings-363.64M-387.69M-423.77M-470.85M-503.81M-530.95M
Treasury Stock-73.57M00000
Accumulated OCI1K33K-272K-1.11M00
Minority Interest000000

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-25.03M-21.61M-24.58M-36.87M-19.7M-17.95M
Operating CF Margin %-0.68%-0.53%-0.54%-0.81%-0.3%-0.22%
Operating CF Growth %-0.14%-0.14%-0.5%0.47%0.09%
Net Income-29.97M-24.28M-36.08M-47.08M-32.96M-27.14M
Depreciation & Amortization421K312K296K2.99M1.6M1.77M
Stock-Based Compensation1.44M1.38M4.29M8.35M9.56M10.28M
Deferred Taxes005.48M000
Other Non-Cash Items3.08M3.04M1.07M3.67M4.58M2.59M
Working Capital Changes9K-2.07M368K-4.79M-2.48M-5.45M
Change in Receivables-750K-2.38M1.3M-391K-4.85M-537K
Change in Inventory-1.64M672K-1.16M-2.13M-1.7M251K
Change in Payables-82K-5K479K647K240K671K
Cash from Investing+3.62M-10.77M-85.4M23.8M23.03M8.99M
Capital Expenditures-468K-62K-384K-603K-173K-306K
CapEx % of Revenue0.01%0%0.01%0.01%0%0%
Acquisitions------
Investments------
Other Investing4K00000
Cash from Financing+21.37M55.01M102.53M490K8.13M4.33M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid000000
Share Repurchases------
Other Financing42K-1.15M-2.47M490K239K1.05M
Net Change in Cash------
Free Cash Flow+-25.49M-21.67M-24.96M-37.47M-19.87M-18.25M
FCF Margin %-0.69%-0.53%-0.55%-0.82%-0.3%-0.23%
FCF Growth %-0.15%-0.15%-0.5%0.47%0.08%
FCF per Share-2.30-1.95-1.50-1.52-0.77-0.63
FCF Conversion (FCF/Net Income)0.83x0.89x0.68x0.78x0.60x0.66x
Interest Paid5.42M4.41M04.46M4.48M0
Taxes Paid000000

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)---49.09%-86.96%-118.91%-189.35%
Return on Invested Capital (ROIC)----30.28%-23.57%-22.75%
Gross Margin71.58%73.59%74%71.38%73.56%73.94%
Net Margin-81.07%-59.02%-79.85%-103.43%-50.38%-33.97%
Debt / Equity--0.68x2.01x3.51x9.15x
Interest Coverage-2.32x-1.14x-3.20x-5.42x-3.19x-2.46x
FCF Conversion0.83x0.89x0.68x0.78x0.60x0.66x
Revenue Growth-11.27%9.83%0.75%43.72%22.14%

Revenue by Geography

20232024
Non-US100K200K
Non-US Growth-100.00%

Frequently Asked Questions

Growth & Financials

NeuroPace, Inc. (NPCE) reported $94.9M in revenue for fiscal year 2024. This represents a 157% increase from $37.0M in 2019.

NeuroPace, Inc. (NPCE) grew revenue by 22.1% over the past year. This is strong growth.

NeuroPace, Inc. (NPCE) reported a net loss of $24.0M for fiscal year 2024.

Dividend & Returns

NeuroPace, Inc. (NPCE) has a return on equity (ROE) of -189.4%. Negative ROE indicates the company is unprofitable.

NeuroPace, Inc. (NPCE) had negative free cash flow of $16.6M in fiscal year 2024, likely due to heavy capital investments.

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