Neuropace Inc logo

Neuropace Inc(NPCE)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$12.7
10/02/2026
(24-hour delay)

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*as per simulation (see disclosures)
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Upturn Advisory & Investor View for NPCE

10/02/2026: NPCE (1-star) is currently NOT-A-BUY. Pass it for now.

Neuropace is a medical device company focused on the RNS System, an implantable technology for treating refractory focal epilepsy. Its primary strength lies in being the sole provider of closed-loop, brain-responsive neurostimulation, which has established it as a niche leader. The investment story centers on the company’s ability to scale through increased physician adoption and broader insurance coverage. Key risks include intense competition from larger medical device firms, the ongoing challenge of achieving profitability, and potential regulatory or clinical headwinds. This stock is best suited for growth-oriented investors who should monitor clinical progress and commercial sales growth as primary indicators of long-term success.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorStrong fitNeuropace offers significant potential growth through market penetration in the epilepsy space.
Momentum investorMixed fitMomentum appeal depends on positive clinical and commercial milestones.
Value investorWeak fitThe company is not currently profitable, making it a poor fit for traditional value metrics.
Dividend investorWeak fitNo dividend is paid or expected in the near future.
Low-risk investorWeak fitHigh volatility and operational risks associated with a medical technology growth company.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighSmall-cap medical technology stocks often experience significant price swings based on news and market sentiment.
Valuation riskMedium / highValuation relies heavily on future growth assumptions rather than current earnings.
Competition risk (Neuromodulation)Medium / highIncumbents like LivaNova and Medtronic have stronger financial resources.
Business qualityMediumProprietary technology is strong, but commercial scale is still developing.
Dividend incomeLow / noneInvestors should not expect any income from this stock.
Execution riskMedium / highSuccess depends on the consistent expansion of the sales force and clinical adoption.

Price Behavior

Downtrend
PRICE PATH

Downtrend

The stock has experienced a sustained decline in price over recent periods.

Moderately Choppy
PRICE STABILITY

Moderately Choppy

The stock has experienced noticeable price swings while retaining some directional structure.

Analysis of Past Performance

Type Stock
Historic Profit 15.63%
Avg. Invested days 27
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 1.0
Stock Returns Performance Upturn Returns Performance icon 2.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 10/02/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
NPCE receives a 3-star rating, supported by solid company fundamentals, and strong analyst coverage. The rating is constrained by weak unit economics, and weak price momentum.

Company Fundamentals

★★★★★
NPCE has solid overall fundamentals (4 stars), with moderate financial health, solid growth momentum, and solid ownership. In FY2025 versus FY2024, solid earnings growth (+20.9%) and solid revenue growth (+25.1%) are partially offset by weak cash generation (FCF margin -11.3%), weak profitability (net margin -21.5%), modest insider ownership of 4.46%.

Financial Health Rating

★★★★★
NPCE's financial health is supported by solid liquidity, including working-capital and asset support (WC/assets 72.2%). Cash strength is soft (2 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Free-cash-flow growth is NPCE's strongest growth driver at +37.9% FY2025 versus FY2024 (strong, 5 stars). Revenue growth (+25.1%, solid) and earnings growth (+20.9%, solid) are also constructive, though not equally high across every growth measure.

Ownership

★★★★★
Institutional ownership is 97.3% and approximately 74.0% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 4.46% provides only moderate management-shareholder alignment.

Top 5 Institutional Investors

Polar Capital Holdings PLC 9.61%
Soleus Capital Management, L.P. 8.48%
First Light Asset Management, LLC 8.34%
Morgan Stanley - Brokerage Accounts 7.48%
BlackRock Inc 7.22%

Unit Economics (Per $1K Revenue)

★★★★★
NPCE generates approximately $772 of gross profit, $-163 of operating income, and $-113 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Operating losses and cash burn explain the 1-star rating, with weak cash conversion and weak capital efficiency.

Economic Dimensions

★★★★★
Effective Tax Rate: 0.00%

Quantitative Style Profile

★★★★★
NPCE has a liquid profile. Weak momentum is the primary drawback, while elevated volatility.

Style Classification

Quality Focused

Value-OrientedHigh VolatilitySmall / Mid Cap RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 451.36M USD
Price to earnings Ratio -
1Y Target Price 20
Price to earnings Ratio -
1Y Target Price 20
Volume (30-day avg) 135.1K shares
Beta 1.95
52 Weeks Range 9.22 - 19.60
Updated Date 10/02/2026
52 Weeks Range 9.22 - 19.60
Updated Date 10/02/2026
Dividends yield (FY) -
Basic EPS (TTM) -0.45

How Company Makes Money

Business areaWhat it includesRetail investor read
NeuromodulationSale of RNS System hardware and ongoing recurring revenue from patient maintenance and support.Revenue is generated by selling a specialized brain implant and supporting the long-term monitoring services needed for epilepsy patients.

Analyzing Revenue: Products, Geography and Growth

Revenue by Geography

Geography revenue - Year on Year

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Valuation

Trailing PE -
Forward PE 158.73
Enterprise Value 507.35M
Price to Sales(TTM) 4.22
Enterprise Value 507.35M
Price to Sales(TTM) 4.22
Enterprise Value to Revenue 4.74
Enterprise Value to EBITDA -16.94
Shares Outstanding 34.32M
Shares Floating 25.42M
Shares Outstanding 34.32M
Shares Floating 25.42M
Percent Insiders 4.46
Percent Institutions 97.33

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Neuropace Inc

Exchange NASDAQ
Headquarters Mountain View, CA, United States
IPO Launch date 2021-04-22
CEO, President & Director Mr. Joel D. Becker
Sector Healthcare
Industry Medical Devices
Full time employees 220
Full time employees 220

NeuroPace, Inc. operates as a medical device company in the United States. The company develops RNS system, a brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source for treating drug-resistant focal epilepsy. Its RNS System includes RNS neurostimulator, cortical strip and depth leads, and Patient Remote Monitor, as well as other implantable and non-implantable accessories. In addition, the company provides physician tablet which is used for prescribing and managing clinicians for programming implanted devices and managing patient care; and patient data management system, a secure online database that collects data that have been recorded by the RNS System; and nSight Platform, which provide clinicians with personalized patient reports, as well as programming suggestions. It sells its products to hospital facilities for initial RNS System implant procedures and for replacement procedures. NeuroPace, Inc. was incorporated in 1997 and is headquartered in Mountain View, California.