The brief

Analyst view

• VNS Therapy leads epilepsy with 80% seizure reduction (CORE-VNS). Pursuing Medicare coverage for treatment-resistant depression.
• RECOVER trial showed 52% benefit in depression at 24 months. Revenue $1.43B (TTM Mar 2026) with double-digit growth.
• Established player in neuromodulation with 2,900 employees and expanding reimbursement for end-of-service procedures.

Technical approach

As reported

Vagal Circuit

Stimulate the vagus nerve

Pulse generator under collarbone sends signals via lead to vagus nerve. Signal reaches nucleus tractus solitarius and other key brain regions.

Neurotransmitter Release

Increased monoamines

VNS increases noradrenaline and serotonin release, modulating neural networks that control seizure generation and mood.

Seizure Prevention

Regular and on-demand modes

Normal Mode delivers scheduled pulses to prevent seizures. Magnet Mode lets patients trigger treatment when they sense a seizure coming.

Clinical Maturity

Established safety since 1997

VNS has been refined for 25+ years with strong safety data. FDA approved; long-term tolerance established.

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