NeuroPace, Inc.
NPCE Healthcare Medical Devices
In the quarter to June 2026, revenue grew 17.1%, EPS grew 30.8%, free cash flow fell 78.7% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
Follow NPCE
NeuroPace, Inc. (NPCE) Beneish M-score
NeuroPace, Inc.'s Beneish M-score for fiscal 2025 is −2.88; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.88 | 0.08 |
| FY2024 | −2.96 | (0.38) |
| FY2023 | −2.58 | (49.95) |
| FY2022 | 47.37 | 50.52 |
| FY2021 | −3.15 | (5.92) |
| FY2020 | 2.78 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.91 | — | 0.84 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.76 | — | 0.31 | |
| Sales growth index | 1.25 | — | 1.12 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 0.92 | — | −0.16 | |
| Total accruals to total assets | (0.10) | — | −0.46 | |
| Leverage index | 0.92 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.88 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| OFIX ORTHOFIX MEDICAL INC. compare | −3.2× |
| SGHT Sight Sciences, Inc. compare | −3.0× |
| NPCE NeuroPace, Inc. | −2.9× |
| CERS Cerus Corporation compare | −2.9× |
| DCTH Delcath Systems, Inc. compare | −2.7× |
| SENS Senseonics Holdings, Inc. compare | −2.6× |
| MASS 908 Devices Inc. compare | −2.5× |
| BWAY Brainsway Ltd. Sponsored ADR compare | −2.5× |
| SI Shoulder Innovations, Inc. compare | −2.4× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI