StockTwitsGhost
Nov 13, 9:13 PM
$NPCE The selloff prices in execution risk but overlooks the model. At ~
$6.30, EV is ~
$230M, ~2.5x 2026E sales of
$91-92M, for the only FDA-approved closed-loop neurostimulator for epilepsy. Q3 miss traces to likely transitory factors: sales realignment, capacity at a few large centers, SEEG exit. Mgmt says cases were deferred, not lost. Adj. GM 84.8%, adj. EBITDA positive. Trajectory: ~15% core growth in 2027 accelerating toward 20%, before IGE (Breakthrough, mid-‘27) and Remote Care (Q2'27). At ~2.5x sales with 85% margins, a buyout becomes much more plausible. Logical suitors:
$MDT (DBS for epilepsy),
$LIVN (VNS, epilepsy pure-play),
$BSX and
$ABT (DBS/neuromod). ~86% institutional, specialist funds hold ~35%. Wouldn’t be surprised to see an approach. Long NPCE.
0 replies
