NPCE: Small Beat, Small Raise – June/July for FDA Decision on Generalized? (1Q26 Review)

研报英文原文证据摘录

NPCE: Small Beat, Small Raise – June/July for FDA Decision on Generalized? (1Q26 Review)

Medical Supplies & Devices

Medical Supplies & Devices - Market Weight

NEUROPACE, INC. (NPCE) May 13, 2026

NPCE: Small Beat, Small Raise – June/July for FDA Decision Rating:

on Generalized? (1Q26 Review) Outperform

Price:

$15.80

The Wolfe Byte Price Target:

Small positive model tweak. Will FDA approve generalized? Company body $18

% Upside:language on FDA engagement thus far sends + vibes but it seems a slightly more 13.9%

complicated decision given primary endpoint in pivotal didn’t hit. The shot clock

View NPCE Model

suggests a June/July update. View Comp Table

Company Information

1Q26: Total revenue of $22M beat Street by 2%. RNS revenue grew 19.5% year/ 52-Week Range $8 - $19

year. Gross margin increased nicely year/year on Dixi cessation. Operating loss was Market Cap. (M) $536

$6M, about $1M better than Street. NPCE reached new all-time highs in active RNS Enterprise Value (MM) $527 Shares Out. (MM) 34.0

prescribers, open provider accounts, and the patient pipeline. The patient pipeline Avg. Value Traded (MM) $8.67

currently is “as strong as ever seen”. Drivers of this? Investments in developing SI% of Float 0.0%

referrals from the community setting enabled by continued commercial focus and

intensified data analytic efforts. 20

2026 revenue guidance increased: Range raised $1M at low and high end. The 16

14raise driven by $0.5M service revenue visibility and $0.5M improved RNS outlook.

Guidance continues to have zero contribution from generalized indication expansion. If 12

approved, launch activities could begin 2H at which point outlook for this item would 10

be revisited. Coding seems not much of a lift – same DRG & CPT codes.