NeuroPace names new vice presidents for R&D and marketing

Published 04/09/2024, 21:14
NeuroPace names new vice presidents for R&D and marketing

MOUNTAIN VIEW, Calif. - NeuroPace, Inc. (NASDAQ:NPCE), a medical device company specializing in epilepsy treatment, has announced the immediate appointments of Brett Wingeier as Vice President of Research and Development and Katie Keller as Vice President of Marketing.

Katie Keller's extensive background includes her recent role at Boston Scientific (NYSE:BSX) where she led the global commercial marketing for its Deep Brain Stimulation franchise. Her expertise is expected to enhance NeuroPace's market development strategies, aiming to broaden the adoption of its Responsive Neurostimulation (RNS) therapy. Keller holds a Master's degree combining business and bioengineering from the Keck Graduate Institute and a Bachelor's in Biomedical Engineering from the University of Southern California.

Brett Wingeier, Ph.D., re-joins NeuroPace, bringing over two decades of experience in neurotechnology and biomedical engineering. His previous tenure at NeuroPace involved significant contributions to the development of the RNS System. More recently, Wingeier co-founded and led Magnus Medical, where he helped obtain FDA clearance for a major depression treatment platform. He has also co-founded and led Halo Neuroscience, focusing on non-invasive neuromodulation. Dr. Wingeier holds a Bachelor of Science in Engineering and a Ph.D. in Biomedical Engineering from Tulane University, and he is credited with over 70 issued patents.

The RNS System by NeuroPace is a brain-responsive platform designed to provide real-time, personalized treatment to reduce or eliminate seizures in people with epilepsy. The company emphasizes its commitment to expanding treatment access and improving outcomes for patients with drug-resistant epilepsy and other brain disorders.

The appointments of Keller and Wingeier are part of NeuroPace's strategy to advance its technology and expand its market presence. These executive team updates are based on a press release statement and are intended to provide factual information without endorsement of the claims.

In other recent news, NeuroPace, a medical device company, reported a 17% revenue increase in Q2 2024, totaling $19.3 million. This growth was primarily fueled by a 21% surge in sales of its Responsive Neurostimulation (RNS) system, not counting contributions from the NAUTILUS study. The company's strategy to expand RNS system adoption in level four centers and strategic partnerships were key to the revenue increase.

NeuroPace forecasts its 2024 revenues to be between $76 million and $78 million, with a gross margin of 72% to 74%. Operating expenses for the year are projected to be between $80 million and $84 million. The company also anticipates a 16% to 19% growth rate in 2024, mainly due to increased RNS system sales.

The company's partnership with DIXI Medical was highlighted as a significant contributor to revenue growth. Despite concerns about potential slowing growth rates, the company did not identify any internal cuts or market slowdowns as causes. However, seasonal fluctuations and tougher year-over-year comparisons may affect performance in the second half of 2024.

InvestingPro Insights

As NeuroPace, Inc. (NASDAQ:NPCE) welcomes new executives to its leadership team amidst efforts to advance its epilepsy treatment technology, investors and industry observers may find the following data and insights from InvestingPro valuable for understanding the company's financial health and market position:

InvestingPro Data reveals that NeuroPace currently has a market capitalization of $208.47 million, indicating the scale of the company in the medical device sector. Despite a challenging market environment, the company has demonstrated significant revenue growth over the last twelve months as of Q2 2024, with a notable increase of 30.75%. This growth momentum is further reflected in the quarterly revenue growth of 16.63% for Q2 2024, suggesting a robust demand for its Responsive Neurostimulation (RNS) therapy and potential for market expansion under the guidance of the newly appointed executives.

However, the company's P/E ratio stands at -6.47, with an adjusted P/E ratio of -7.04 for the last twelve months as of Q2 2024, indicating that the company is not currently profitable. This aligns with one of the InvestingPro Tips, which notes that analysts do not anticipate the company will be profitable this year. Additionally, the high Price / Book multiple of 21.09 suggests that the stock is trading at a premium relative to the company's book value, which could be a point of consideration for value-focused investors.

From the InvestingPro Tips, it's worth noting that three analysts have revised their earnings upwards for the upcoming period, which may signal a positive outlook on the company's future performance. Furthermore, while the stock has experienced significant volatility and has taken a considerable hit over the last six months with a price total return of -46.72%, the presence of liquid assets exceeding short-term obligations suggests a degree of financial stability that could support ongoing operations and research initiatives.

For those interested in a deeper dive into NeuroPace's financials and market potential, there are additional InvestingPro Tips available on the platform, which may offer further insights into the company's strategic direction and investment profile.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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