NPCE - Earnings call transcript Q4 2021

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Operator

Good afternoon and welcome to NeuroPace's Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode.

We will be facilitating a question-and-answer session towards the end of today’s call.

As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Matt Bacso from the Gilmartin Group for a few introductory comments.

Matt Bacso

operator. you, Thank thank and participating today's in Good you call. afternoon for

fourth NeuroPace Joining released CEO; the the year press are the copy and available website. XXXX. from December financial and XX, ended Rebecca for release NeuroPace Favet, of today, Mike me A full Earlier Kuhn, results on is quarter company's CFO.

Reform performance, and estimates and that which forward-looking events These and Litigation not should made cause performance management are the future operating clinical on federal statements. statements organization, during various involve financial those reliance these this revenue relating statements Before relates I'd we events uncertainties future make that XXXX. of pipeline the in FDA our commercial by COVID-XX or to including statements. Act of like performance trials to from market begin, and pursuant impact Private recovery, of material based meaning or statements to of are that development made to statements NeuroPace's include statements. Safe will actual for risks results forward-looking securities of those are differ the Any remind you laws, during Accordingly, this you trends around that assumptions. our product provisions growth within could materially implied results current expectations predictions forward-looking to All call our Harbor these statements expectations or forward-looking place product expansion, for and call undue those management, guidance, Securities prospects our hiring, the business and opportunity, approvals, upon on expense

obligation Risk business to be filed December, file Commission live or future. the our description contains may NeuroPace uncertainties any to with except risks the by detailed with November March with associated SEC to the the required reports or events with XXXX, we or any projections report new filed as call the law with future well time-sensitive only of whether Report more Exchange any forward-looking year broadcast we as that because for revise intention the SEC ended please conference our or statements, that, in financial update XXXX. believe on XX-Q section and the on This the to is our information, including as I'll SEC and Form information, disclaims filings Mike. XX, XX, And public XX-K over as otherwise. XX, a quarterly of Securities turn of or refer call of Annual on the accurate Form Factors SEC which the XXXX with on the For

Mike Favet

joining Thanks, afternoon, for Matt. everyone you Good us. and thank

detail XXXX today's will Rebecca additional opening and and update I'll before For followed by provide a our call, results call who the guidance quarterly opening business provide comments regarding Q&A. to

the the our for of Consistent million the results. $XX to total XXXX growth over with on third quarter Initial in our revenue preannouncement XXXX of fourth XX, quarterly fourth was XXXX quarter representing X% the XX% Moving fourth million. XXXX. revenue of quarter and quarter $X.X of was growth over implant January revenue

to continued full in XXXX. million our XX% represented system XX% pandemic year I'm implants the $XX.X report revenue we over of XX% of compared the through initial we and COVID-XX For at well to Despite growth generated of that quite XXXX, XXXX. representing XXXX XXXX. year full navigated in the And grew revenue proud impact,

trends to first we want Before the of speak quarter XXXX to business update, experienced I of fourth quarter in the that extended a providing into XXXX.

cases of point the started we variant the to to impact the quarter, is our Omicron due at implant important initial did Delta our see in While in to variant late fourth growth December. it pleased impact beginning the business out that quarter business with and

we As volumes and in January to variant severe elective procedures, causing the with patient staffing cases quarter temporary by sequentially in COVID revenue shortages Omicron associated was first driven on of were in headwinds The January procedure decrease surge limits XXXX, decline entered the from December. infections.

was our pandemic. of January result, most a one As months of COVID-impacted the

or However, we we the levels In of pre-pandemic improved. have patients March. compared the levels. volume improving off the trends seen EMUs operating continuing of the with has going a the month to monitoring environment through improvement pandemic, into epilepsy marked February, of saw January units reduced Throughout

is a we backlog increasing As the of result, there at an believe patients EMUs.

RNS As months to from EMU we System it initial admission discussed about six have Implant. takes previously,

will We investments creating EMU utilization the we have significant increase business. to centers levels opportunity The making positions and of our increase for there to for and increase. we pre-pandemic return made number and are eventually volumes to volume that expect the well grow when implanting EMU from us progress

and provide long-term drive update me and key organization commercial with an our let on awareness extend you to increasing as our starting Now growth, and on generation. we our initiatives, focus position demand our leadership look

which unique communicated patients we throughout number have presented COVID has have As and commercial the our our challenges, impacted a pandemic, of efforts.

it ever to the Given make in more channel. commercial this critical reality, investments than we is believe

RNS outside is We will centers. practice One increasingly centers. specialists, to are X targeting of level we the centers of on increase epilepsy System focused who implanting increase within and the the of utilization area continue number our rate implanting

them CECs significantly. did X our materially few order a to the management practicing In outside epilepsy RNS relationships educate now larger level field comprehensive with field last System. their RNS number to have with X organization. years, We We hiring not plan programming treated within the patients outside are there CECs. available organization specialists our XX RNS it understanding in size the epilepsy X the number and are of can these to specialists our this, of of and field XXXX. we to ended accelerating about the therapy to with help do within and make XXXX than change System epilepsy representatives collaborate epileptologists CECs. of with we device more these that centers specialists Over level And provided is level ongoing practicing has patients epilepsy Through by patient grown

is the we in for productive. end and anticipate our of investments Given time making, XXXX additions year anticipated place would of those patient XX are in This us ensure at of as be coming we with the representatives size having first to in that XXXX approximately want the It quarters. takes new the end coming fully a most year. to earlier. with we organization increase a initially team in get half we And to the expect the productive, we volumes field hire to field

generation marketing epilepsy drug-resistant they in and to earlier driving digital treatment including We increase in demand identifying medication. lead by patient efforts our multi-channel ambassador their connections. consider are beyond educating and social advertising, expand an programs, intend also treatments and We patients as journey, generation

connect patient earlier journey, the about care our in System appropriate team RNS more patients NeuroPace's with we candidates through provide their will RNS education information process. As and guide

clinical future opportunities. recent and to expansion indication Moving updates

of our our to We include pivotal communicated for remain -- approval FDA on on to last supplement enroll trial first for indication primary our IDE our a we earnings received PMA middle to generalized XXXX. NAUTILUS support call, expand epilepsy. As around the to the track patient the from

epilepsy, large for an that our to patient population differences market excellent therapy. make addition important are opportunity generalized current epilepsy opportunity for RNS from the this In there focal our

with patients temporary be two-week patients of epilepsy XX% EMU and for onset monitoring. EEG diagnosis seizure the intracranial for stay EMU with a onset can second monitoring. our a stay First, not often In brain non-invasive seizure the to generalized outpatient are two-week the Approximately focal in one epilepsy to require location. of implanted electrodes in to established admitted in hospital the identify for requires an contrast, does localization with one

As consequence, six approximately until NeuroPace initial takes patients RNS implantation the it the device. on average a the from of months EMU epilepsy admission focal

path the and For be generalized treatment to RNS to simpler. epilepsy, shorter from diagnosis we expect

difference the to is ablated. can rollout, selling epilepsy, physicians anticipate be no focal fast or already generalized that Another are same there there using same relatively NeuroPace epilepsy treat a approval, is we we focus since because no patients resected FDA alternatives Upon device. are the that surgical treating generalized commercial with to expect who epilepsy

look to population. into this the patient and and start an are underserved to indication enrollment large in expansion We NAUTILUS study excited forward

XX in the enrolled the for the on aged study progress has patient patients with was RNS implanted RESPONSE epilepsy focal been first to recently with XX While study expected, the than System. slower

going We the System trial to expect RESPONSE in study. our on to the to RNS through the XXXX, continue forward support patients impact look and of seeing

life approved barrier, for of increase longer announce, update for would represents a to battery implant important like neurostimulator we have to previously XX This battery life. than pleased on under selling, Next, more over competitive battery devices years, labeling epilepsy other a am conditions. labeling. I that We approval provide from update that I shorter two-year use estimated advantage our XXXX. the have us an life the life claim an which we battery received our estimated to been believe the gives neuromodulation since expected removes from of to much typical FDA nearly a and distinct adoption initial an

to XX%, and this believe patients especially recharging burden continue procedure, of our by over required rate expanding support relatively as We nearly with significant of reducing of indication over patient the a number adolescent that age life the young change replacement trial no an patient's a service the estimated brings lifetime. patients. Given of providing our XX pivotal years experience, enhance replacement we benefit to our will

as previously. replacement transparency, were To battery to While the end devices. implant reduce benefit of it actively life will being provide significant of patients the first-generation years there communicated XXXX, the of our was is increased with revenue treated XXX in longer as coming patients,

the those end to their of two-thirds life devices approximately XXXX. expect in reach battery We of

been XXXX, look make key on say, back on milestones. have we I significant I company to able proudly can progress As

indication market patient side, adolescent expand first breakthrough clinical enrolled we IDE for study, the our and approval study primary the device epilepsy and received steps to On and our designation the opportunity. generalized indication important in

were utilization make centers, physicians programming our we prescribing System. into XXX by of side, implanting and and the expanding increased significant to progress able RNS number expanding commercial the On driving

the turn NeuroPace's over Lastly, for With in completed a successful epilepsy to proceeds patients million care will Chief growth in of globally. therapy, Rebecca, investments facilitate of Officer. we RNS to net standard I future $XXX.X raising call make the Financial that, to IPO capital April,

Rebecca Kuhn

primarily implanting revenue to of initial $XX $X.X quarter Fourth of by fourth XXXX increase quarter for Thanks The XXXX. System increase compared implant XXXX, was comprehensive NeuroPace's of the initial of of was for RNS million centers quarter, for our over in period. the XX% increase million, increase initial of epilepsy X%. in revenue quarter an the an an of sales $XX.X fourth compared procedures. Mike. from number to by the fourth unit driven an million, increase driven was quarter implant fourth accounts, primarily revenue In implants the was to year prior the XXXX

As XXX to and by in XXXX Mike the headwinds Revenue beginning of active mentioned with ended quarter, from a back was Growth of decrease XXXX. we fourth at by in in was of accounts, up from variant XXX the impacted $X.X million from the implanting Delta half replacement quarter of December. compared the XXXX. the Omicron quarter the previously, implants XX%

XXXX. operating of expect continue due $X.X were We was of fourth fourth in levels year. the battery. the disruptions our the was generally the the year was expense XX% period. XXXX. for to to margin the of margin year increased costs XXXX a sales the marketing COVID-XX-related a in quarter expense compared quarter Total fourth from of returned to with R&D decline period the fourth costs, was the prior normal Loss relative increase has $XX.X in operating primarily was period. XXXX. and million recorded million expenses. same the $X of in for certain expenses. of million XXXX period several million XXXX of SG&A implant with The with due $X by the as was the et XX% SG&A quarter operations which of $XX.X product to XXXX prior an fourth in flat million to $X.X in and manufacturing million in the prior XXXX. increase $X.X million year clinical the in the the with quarter compared to compared years fourth to million period. We $X.X operations of $XX.X driven study was in The associated same in to longer-lasting in in gross million next revenue fourth period interest quarter to compared increase quarter, million and increased device by XXXX was prior compared driven to million was R&D quarter loss current with in quarter compared prior in public following the an company in increase fourth development primarily the primarily expense of as our which for compared expense in expenses Gross $XX.X in replacement the The $X.X model of fourth year transition decrease in XXXX quarter

Our short-term investments our totaled while December of was million cash borrowings and as XXXX XX, balance $XX.X long-term million. $XXX.X

our XXXX. for outlook Now, turning to

Given surrounding impact on near-term the of the hospital, and January, and severity we had procedure remain potential on the variant given behavior. uncertainty the Omicron and in impact physician, volumes duration patient COVID-XX cautious

and steady the levels recovery assumptions scheduling to around elective Our anticipates which year. XXXX procedure highly sensitive outlook throughout case a normalizing is global

XXXX, This range assumes revenue initial the to revenue, initial be uncertainty to with clinical from million XXXX. revenue annual revenue range expect $XX $XX implant minimal quarters $XX million. million guidance several For assumes Consistent the in in clinical our between trials trial $XX we and implant million. guidance around given last to to of

the anticipate we Mike replacement revenue approximately be $X to replacement previously, mentioned revenue million. Lastly, given dynamics

lowest the of Following bounced back strong. one the of in pandemic February revenue initial implant months January,

suggest February. initial implant increase As trends compared of March to sequential a today, booking revenue

and revenue be Given $XX replacement momentum, revenue $XX $X to revenue initial million million. total this of $X.X quarter expect the range range to XXXX to of $X.X which implant positive million million range a includes we an first $X of to implant million, million in

will we million, million of in the expenses concludes $XX I statement, operating the $X to is turn million prepared gross approximately income the percent mid-XXs the would be remarks. like to to in which compensation down to questions. expect Moving range over margin be and $X expense. who call to to the back million for open non-cash of our stock-based $XX call This the operator

Operator

Instructions] [Operator Please line from you. JPMorgan. comes from Our the first Robbie ahead. question Thank Marcus of go

Robbie Marcus

the you good modestly better? taking now here, a improve start or Street Maybe place, Maybe assume assume in it's Great. that questions. throughout hear there, start, trends COVID for trends it just they think that quarter. sit does very where first improving on Thanks The guidance does from to to great is are first quarter? to And do get materially we

Mike Favet

the for Thanks question, Robbie.

guidance $XX of seen million, be the in So few to of to going where really the last based for what quarter. and is here in trends we million far the QX, we weeks range in provided in able quarter which on revenue see out $XX the to we've the of quarter so close

is So stand things overall I our QX. think best for about really provided we where guidance in what thoughts

in our the pace the of the that's being As guidance by of is business continue we in the the number driven that rest the EMU low normalized of through portion think growth the assumptions the about impacted year, at to rest patients we about the year-over-year believe COVID a for the to – way that of growing mid-XXs implant were to XXXX. year, in they revenue that coming percent a Primarily, similarly over environment. initial

quarter COVID. guidance, than specifically revenue the Our in provided early we a year of waves having start disruption range the higher end in other lower guidance that for Omicron of to recent with the the slow degree XXXX the we saw of incorporates

remaining where QX provided for by we're for are when year. the we generation taking where of revenue guidance that's range November. of in initial that implant from. number this – that that been better being driven providing where – you the that's revenue. those of progress devices so guidance the lower coming thoughtful that know specifically, the The about we thought finished we've of encouraged And replacement being the QX were into the numbers really in continuing We're make and as than would by old into first end for the incorporated We we that into we and to account that

trend been with January continuing we Things after that as a finish we're go impact incorporating So able the significant year. positive and the to to pleased how have really in very in were we forward. direction

business That reminder, revenue initial our of combination business. those of did Just XXXX increase by we new driven as the implant portion the as centers year-over-year about for was in in more by centers, additional a device our XX% the really centers. of well as prescribing each utilization

built off to build to that longer continue run, business in an but will to do XXXX to number be i.e. we and growing to be be up able be foundation in visits a to XXXX levels to over that longer-term anticipating we able the not the really a and impact much is that the that when from of. able anticipate strong strong beyond expect grow We that so that. us EMU back the pre-pandemic really a XXXX. puts one from going And for impact, there, we'll of of But do in impact position

Robbie Marcus

factor How new not it me a help It to Shame grow are quick awareness guidance. apologize. follow-up you're feet really sounds like And where going driving Street spending I to time? feels think for still be increased trying on interest is Maybe like a Thanks. the The do than sales on existing bring you Is sales? faster within expected, they accounts? accounts as can force limiting the just on first here. their or building major here. out hearing quarter the

Mike Favet

Robbie. Thanks,

focus increased increased of new within on or primarily on bringing the So utilization utilization and the centers centers. epilepsy pushing is the field driving organization,

two. those a year grew we So of our last business from combination

do to that. continue to expect We

that on The reason with beyond on to device well center of the care. those practicing Street with hiring to and those more implanted patients X Level centers, bring we that. and organization X centers to outside allow the The more settings to one centers specialists, be additional specialists call are as being NeuroPace epilepsy as be that to these of on the epilepsy able have back for support relationships feet As team specialists epilepsy accelerating community go for implanting timing Level epileptologists the ongoing communicated we're a there's to managed is in by at establishing with then our field more previously these to

establishing centers, approximately the of with growth on to epilepsy centers creating epilepsy, for practices able in tie able great implanting patients being opportunity, drug-resistant focused bringing with have trends, not large outside want to specialists of to a not are X be in of but combination there's centers with more that to of patients implantation XX% increasing that And businesses for where us patients, the be accelerate portion, epilepsy that level be those we are recent those So a identify X – over new opportunity the patient treating recognizing also able to utilization Level on time but practice a with epilepsy are general seen that to really specialists, additional more neurologists, currently and center. those business. the

Robbie Marcus

Thanks lot. Great. a

Operator

show ahead. Larry Fargo. you. Wells Biegelsen Please our line go Thank the I of from comes question next from

Unidentified Analyst

the Thanks good from question. for is Hey, Vik This for afternoon. a so Maybe Larry. us. couple in taking much

the return us expect should the mentioned levels? not That's margin was XXXX? cadence how levels. to second I that volumes we perhaps had those to Thanks about on patient understand for first much. then You so volumes Help question. when to XXXX Help And yet you think question us patient the the back understand fact guidance. your are EMU pre-COVID

Mike Favet

Thanks.

of epilepsy our through the cases couple as a EMU through assumptions number system off built through an centers the for monitoring just epilepsy of candidates that two the hospital relative I'll to unit and everybody for these stay monitoring number the process -- maybe of a become that the for are XX% coming levels, comment then in NeuroPace patient on In into go forecast of from last and challenges. epilepsy comes monitoring those or reasons limitation, units because start reduced of a time a has staffing So reminder stays or variety the unit, unit. patients top pre-pandemic the device in -- that for Those it candidates in takes that been our of epilepsy years significant the We assuming the monitoring diagnostic make patients EMU XXXX. other implanted. patients specifically impact of visits about for is, get on in into to to increasing NeuroPace have -- ultimately of guidance six for revenue months patient doesn't impact XXXX, our on in a we're a our that volumes

six-month that in year So the words, volumes get come in where that this when to they in not EMU initially those levels other time a we're pre-pandemic assuming back year between later delta a our with about get margin? NeuroPace they the admitted do EMU And in on device want impact to the implanted then would talk XXXX. and when significant business you the have Rebecca to

Rebecca Kuhn

Sure. Absolutely.

guidance range. gross Our We our be the differences throughout margin significant anticipate in don't mid-XXs the that is year. will

throughout the gross course, improve, Of that in within within volume. range margin of with will generally And over expect mid-XXs. range it that that it within mid-XXs. will the will general fairly stay we that year but general of narrow we expect guidance time throughout the But year, a fluctuate

Unidentified Analyst

Thank you.

Operator

comes the from from Leerink. SVB Please I Antalffy you. question next show of Danielle line ahead. our Thank go

Priya Sachdeva

the team are combat these barriers enter in as you barriers for sales Hi some of increase new number centers? COVID for on to despite But an past the adoption first Priya that an quarters? at in seen solid few aside we is me anticipating COVID you the centers. Thanks. guess of guys. the from that appreciate force, Congrats one here these quarter And a guys Danielle. expect is all now to expanded of look challenges. you've I implanting the This you've on I when what how that got center, per is, utilization

Mike Favet

grow institutions of see epilepsy doctors and overcoming the prescribing additional those we're adoption centers The we're within centers a is we using that larger that we of patients. implanting comprehensive the within to growth The epilepsy within two barriers work implanting typically the specialists of doing that centers. is number have prescribing centers within NeuroPace device those a utilization Thanks. business, moving started one of usually combination that mentioned more combination where the from their utilization within is practicing. to epileptologists, as and epilepsy specialists larger These patients. the which multiple epilepsy the centers, specialists, are And device we're their NeuroPace a a for for center or you start

easy growth are of just the there have options. so this NeuroPace incorporating, team. that otherwise fit patients overall outstanding And to those be and physicians. for clinical field benefit don't to education about patients able I that guess, we treatment the they specifically the been these the the providing the improvements make to The the in identification of things doing for to into size practice to our can and then provide options that yet and incorporating good that those we've able of really for team not product, to The that of able of the be of results the it additional practice benefit, increased specify, to neuromodulation into the are neuromodulation, make physicians field terms have practice ease-of-use clinical we're

centers. of But this we over to us what the expansion So field first expect largely be for there's of larger year. into support organization more to going time half is one that getting in

to X that patients their and into And back new those call those number be new support center on They'll implantation, management is really of to be to to of be the more the representatives for then a prescribing can Level getting area more call then in -- able center outside Level able people refer the to care. also physicians into that Level the outside within epilepsy ongoing physicians. patients other specialists of able epilepsy specialists that for a X increase important that's and us X centers. the to are aspect for of will the centers, those come So centers have

that of are coming much And that done in specialists that going point. haven't and into up practice. an the But organization are epilepsy industry practice We the them Level there's as X the this into of are more the to such more centers. medical industry, many outside of trends

we provide can specialists to access the to so then epilepsy have have ongoing the care. NeuroPace they're patients call managing those device want a help team be the on that to able And to and that

Priya Sachdeva

Super squeeze more helpful. in. I the wondering one the you've remote And to could early I you some received speak capabilities staffing of benefit could was NeuroPace if of the long an on especially if you Thanks. guys. the feedback environment do shortages And could over Thanks this System, in have role? a played large term? how think the operating for where RNS question

Mike Favet

patient's signals that really are information device with of The associated do events one the the is including abnormal device that of our we the of think system that information -- records have interesting and the aspects I brain, electrical unique NeuroPace a that records detects. that's inside happening

often being by the can is trending been of helpful physician been with without patient without provide patient uploaded information events into that -- anywhere how about visits. the detected, really viewed as that or in-person also when the That's being information detected. And they're pandemic, those present. all database through fewer We are a there's be

objective it or about intracranial information. So that into to happening information hospital The physically without ECoGs those EEG to patient enables physicians get is their come get reimbursed. information, requiring also to the review diagnostic able be what's signals with of the to patient,

specialists get reimbursed that that the diagnostic a device. a for the by it's remote they're doing work reviewing for stored epilepsy information setting mechanism so in And the to

X in data expect Level some X component multiple diagnostic that with the physicians data for for access optimize physicians do the but those for the reimbursement those and of centers, to As visibility epilepsy able information X be potentially we will go established when diagnostic patients forward unique be those becomes some by important, community in and to that more on able even be centers, they Level and review. that and to we're again focus treatment really Level patients patients that doing managed centers specialists outside within all as more to the we also of implanted

Priya Sachdeva

Thanks helpful. Super again.

Operator

you. Thank

from question of ahead. go comes the from Our next Ranieri Drew Please line Morgan Stanley.

Drew Ranieri

taking Hi. the for Thanks questions.

just that moment. the you about that the you're us are how in can of what We But maybe levels, are to that maybe business RNS the compared like on point a prescribing that question actually for underlying point? at a you better that -- look a do what help utilization sense seeing prescribing for know to prior what's this get understand we there? add or get clinicians RNS Just for to implanters this maybe better I total prescribers. XXXX get many kind utilization at for And kind the -- more more to centers, talk sense so expect trends using you're the but just centers, trying are can like of XXXX?

Mike Favet

this numbers specific provided haven't We at of point prescribing physicians.

provided those of part being you centers the you per that account is we prescribing of is treated more at for by that can the number driven the in so center, I So is their utilization, patients. level patients detail per significant physicians in level. know tell What year as the are growth seeing we within

have implanting seeing are for to and over trends prescribing more per those time we we're then more within for similar seeing utilization pushing centers centers, And physicians also to so what more physician.

prescribing are numbers those by more large the within utilization their into without we're part that getting increases for Drew, question your seeing driven specific centers patients. physicians in So being to answer

Drew Ranieri

Okay. clinical terms It thinking business. And you in with heard word clinical kind what for Helpful. a trial But trial-based the implants XX help point But be of I minimal. implants just as really us the the drive only of percentage think you're growth implants year? the thinking for we to that? can revenue, through takes XX, of few a Thank you. should

Mike Favet

a things clarify just there question. So I around couple the answer to and that your of into wanted specific get to clinical then studies

is for have pursue organization, that we're the primary we for So XXXX study two -- focus The in in the XXXX. on studies into expansion clinical to epilepsy. continuing our pursuing generalized NAUTILUS

business opportunity and made have what interesting, why especially I a remarks, that there. a think number over time. about our for In means of prepared opportunity us that the that significant we for is comments We

in particular expecting of There when very in implanted. a we're collection required start that's because that middle and baseline a of study. much a we're patient's execution Timing-wise, year. of when around to between delay the so And on patient enrolled focused is is trial this information that enrolling

And to timing an be element of is bulk which of these so this, the based implanted. going on there's are studies of the patients when for

reimburse we reimbursement The for is other we in insurance NAUTILUS patients trial. be patient we the comment will while that I'll that companies are for in the know how seeking study, make effective to that at getting don't the

assumption around timing you more questions really And in the reimbursement. ability so XXXX that if and the guiding revenue conservative implant within and overall. or will of revenue, the starting, the reimbursed conservative is for a incorporating our be of to for around taken initial when the comments to That results in guidance minimal get the of trial, result patients to more a view of as much the combination we've going around for the study

Drew Ranieri

you revenue of you your Got it and force year. yet mentioned salespeople sales it sales building the for from It labor XXXX a for but to -- for But you for any potential hire have looks the sounds me. across companies Thank out getting the XX fight there's year? going new haven't you're force adds in adding these pointed medtech. how like to Several kind XXXX, dependent, increased to XX haven't for you. made last challenges talent. Mike, talent like is

Mike Favet

Thanks.

process. just that we clarify started to So have

And been not the the in of in the half largely largely we've ahead year. hiring hiring The of the are so in still us. process of first that organization. results and coming of expansion -- doing But the field it's -- of we're the

before Following there for time would new able hospital to to period a say manage the to months and I is of becomes kind three takes about It by really fully productive be in to be procedures support or new that XX the average to to be the be qualified, of XX themselves really or be to a representative on representative to productive. treating a really field. months clinicians, the implantation in

into the to come benefit run. a patients productive, to business XXXX not coming hires be really longer units, guidance the as and the our in we're talked able of year half given most and first these for epilepsy put assumptions be of to so for that in happening for XXXX us investments building significant The are monitoring time we're the there's expansion we the those of expansion. that impact about of in number And really to that to from the making position increased over the through back and growth support

that expect investments to not but support So XXXX, important our built numbers us able be term. longer to growth the into the we over significantly for for

Operator

like Favet, Thank queue. in further closing you. the over questions portion. the CEO would to this the concludes time, remarks. Mike I'm I call for At showing to turn Q&A no back This

Mike Favet

Thank for evening. to individual you, well a your meeting you Have many as investor meetings. at today. of look again forward great conferences We with upcoming as time

Operator

you. conference participating. Thank you Thank call. for concludes today's This

You may now disconnect.

NeuroPace (NPCE) 10 Mar 222021 Q4 Earnings call transcript