NPCE Q1 revenue dips 2% as DIXI exit offsets RNS growth; margin jumps 480bp to 81.8%

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~1 min read

Key Changes

• high

  Gross margin improved 480 basis points to 81.8% from 77.0% year-over-year, driven by the elimination of lower-margin DIXI Medical product sales following the September 2025 distribution agreement expiration.

  MD&A: Gross Margin verify on EDGAR →
• high

  NAUTILUS study primary effectiveness endpoint missed statistical significance, but pre-specified secondary endpoints showed 77% median GTC seizure reduction at 18 months. PMA-S filed December 2025 for idiopathic generalized epilepsy label expansion, with anticipated approval mid-2026.

  MD&A: NAUTILUS Study verify on EDGAR →
• high

  MidCap refinancing in June 2025 extended debt maturity to 2030 and reduced interest rate to SOFR + 5.5% from 13.5%, cutting quarterly interest expense 32% to $1.5 million and improving cash flow.

  MD&A: Debt Restructuring verify on EDGAR →