Core Insights - NeuroPace, Inc. reported record quarterly revenue of $23.5 million for Q2 2025, representing a 22% increase from $19.3 million in Q2 2024 [1][4][6] - The company raised its full-year 2025 revenue guidance to between $94 million and $98 million, indicating growth of 18% to 23% compared to $79.9 million in 2024 [1][15] - Gross margin guidance for 2025 was increased to between 75% and 76%, up from previous guidance of 73% to 75% [1][15] - NeuroPace is on track to submit NAUTILUS data to the FDA for potential IGE indication expansion in the second half of 2025 [1] Financial Performance - Total revenue for Q2 2025 was $23.5 million, a 22% increase year-over-year [4][6] - RNS System revenue grew 21% in the first half of 2025 compared to the first half of 2024, and 16% in Q2 2025 compared to Q2 2024 [4][6] - Gross margin for Q2 2025 was 77.1%, compared to 73.4% in Q2 2024 [5][6] - Total operating expenses in Q2 2025 were $25.0 million, up from $20.4 million in the same period of the prior year [7] Strategic Developments - The company made significant progress in clinical and regulatory initiatives, including advancing the NAUTILUS and pediatric PMA supplement programs [3] - NeuroPace achieved record highs in the number of active accounts and prescribers [6] - The company received a favorable outcome in CMS's FY 2026 Inpatient Prospective Payment System final rule, maintaining reimbursement stability for RNS procedures [6] Cash Flow and Debt - Cash, cash equivalents, and short-term investments as of June 30, 2025, totaled $62.1 million, down from $66.3 million at the end of the prior quarter [10] - Free cash flow for the quarter was ($2.3) million, an improvement from ($4.0) million in Q2 2024 [10] - The company refinanced existing debt into a new $75 million credit facility with favorable terms [6]