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We are a medical device company focused on transforming the lives of people living with epilepsy by reducing or eliminating the occurrence of debilitating seizures. Our novel and differentiated RNS System is the first and only commercially available, brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source.
The business is unprofitable at the operating level (-16.34% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 25.1% YoY with margins expanding 10.8pp.
Negative free cash flow of -$11M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$100M
▲ +25.1% YoY
Net Income (TTM)
-$22M
▲ +20.9% YoY
Op. Margin
-16.84%
▲ +10.8pp YoY
ROIC
-14.90%
▲ +4.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$10M
▲ +37.9% YoY
Op. Cash Flow (TTM)
-$9M
▲ +38.7% YoY
Net Debt
$16M
Cash & Equiv.
$54M
5Y CAGR: +19.4%
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