Updated
The most significant concentration Neuropace discloses is RNS System, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Neuropace’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'We currently rely on our RNS System, which can only be marketed in the United States for use in adults with drug-resistant focal epilepsy, as our primary source of revenue.'”
“10-K Item 1A: 'We depend on a limited number of single-source suppliers and vendors in connection with the manufacture of our products, which makes us vulnerable to supply shortages and price fluctuations'”
“10-K Item 1A: 'With the expiration of our exclusive distribution agreement with DIXI Medical and loss of the associated revenue, our revenue growth, financial condition and results of operations may be'”
NeuroPace's concentration exposures stack across product, supply, and customer lines, and none of them offset each other. The company relies on its RNS System — currently marketable only in the United States for drug-resistant focal epilepsy — as its primary source of revenue, a high, mixed-character exposure combining structural single-product dependence with the practical risk that comes from having no approved alternative indication or geography. On the supply side, NeuroPace depends on a limited number of single-source suppliers and vendors for manufacturing, a high dependency that leaves the company vulnerable to shortages or price increases with little ability to substitute quickly. Compounding both is the loss of the exclusive DIXI Medical distribution agreement, whose expiration removes an associated revenue stream — a moderate customer-side dependency. Together, these three exposures point the same direction: a single-product company, sole-sourced on manufacturing, that has also just lost a distribution channel. None of the disclosed claims suggest a diversifying force — such as a second approved product, alternative suppliers, or a replacement distributor — that would cushion any one of these risks materializing.
For the engine’s reasoning on NPCE’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AORT | Artivion, Inc. | 4 | 4 | 0 | 8 |
| NPCE● | Neuropace, Inc. | 2 | 1 | 0 | 3 |
| AVNS | Avanos Medical, Inc. | 2 | 0 | 1 | 3 |
| ATEC | Alphatec Holdings, Inc. | 1 | 1 | 0 | 2 |
| ABT | Abbott Laboratories | 1 | 0 | 0 | 1 |
| AHCO | AdaptHealth Corp. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.