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electroCore, Inc. (Nasdaq: ECOR) is a leading US-based bioelectronic medicine and wellness company, renowned for its pioneering non-invasive vagus nerve stimulation (nVNS) technology platform. Founded in 2005, electroCore specializes in developing patient-administered therapies aimed at treating a variety of conditions across neurology, psychiatry, gastroenterology, and other medical fields. The company’s flagship product, gammaCore, is FDA cleared for treating and preventing migraines and cluster headaches in adults, including adjunctive use for adolescent patients. Ongoing trials are exploring its efficacy in conditions such as epilepsy, gastric motility disorders, depression, and anxiety.
The company operates on a global scale, with headquarters in the US and additional offices in Germany, the UK, Italy, Australia, and Canada, employing more than 30 full-time consultants and specialists. electroCore's product portfolio also includes the Truvaga and TAC-STIM devices, designed to enhance general wellbeing and human performance. These devices are seeing increasing market adoption, as evidenced by the company's strong financial performance.
In 2023, electroCore reported a notable 87% increase in net sales, reaching $16 million, compared to $8.6 million in 2022. This growth was driven by higher sales of gammaCore in the US and internationally, along with expanding revenue from their non-prescription wellness products. The company also achieved a gross profit of $13.2 million with an 83% gross margin for the year. While research and development expenses saw a slight reduction, there were targeted investments to enhance the therapy delivery platform, including smartphone-integrated technologies.
electroCore continually strives to foster innovation and improve patient health outcomes. With their robust pipeline, strategic partnerships, and ongoing clinical trials, electroCore is well-positioned to maintain its leadership in the bioelectronic medicine sector. The company remains committed to delivering non-invasive, effective, and easily accessible treatments to improve the quality of life for patients worldwide.
electroCore (ECOR) has announced a definitive agreement to acquire NeuroMetrix (NURO), focusing on its Quell platform while excluding the DPNCheck business. The acquisition aims to strengthen electroCore's position in the bioelectronic health and wellness sector. Quell is a wearable neuromodulation platform FDA-authorized for fibromyalgia symptoms and lower-extremity chronic pain treatment.
The transaction value will equal NURO's net cash balance at closing, with NURO shareholders receiving non-tradeable contingent value rights (CVRs). Each CVR includes rights to DPNCheck divestiture proceeds and up to $500,000 in Quell product royalties over two years post-closing. The deal is expected to close by Q1 2025, subject to NURO shareholder approval.
NeuroMetrix reported Q3 2024 results with total revenue of $600,000, including Quell revenue of $184,000 (50% YoY increase), and a net loss of $1.5 million.
electroCore (Nasdaq: ECOR) announces that its wellness product Truvaga Plus has received recognition in the first-ever Woman's World Magazine 50 over 50 Award. The award evaluation criteria included quality, effectiveness, and value, specifically targeting products beneficial for women over 50. The product is designed to help reduce stress, enhance sleep quality, and improve mental focus. CEO Dan Goldberger expressed pride in this recognition, emphasizing the company's commitment to developing solutions that enhance quality of life.
electroCore (Nasdaq: ECOR) has donated 20 gammaCore Sapphire D devices for a real-world evaluation of non-invasive vagus nerve stimulation (nVNS) among Israelis dealing with trauma. The study will be conducted by Dr. Yori Gidron from the University of Haifa and Dr. Robin Ely, Director of Integrative and Regenerative Medicine. Dr. Gidron, co-author of the PTSD Clinical Practice Guideline published by the Vagus Nerve Society, notes that PTSD is a debilitating psychiatric condition stemming from traumatic events, and nVNS presents a novel therapeutic solution.
electroCore (Nasdaq: ECOR), a bioelectronic medicine and wellness company, announced its participation in the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum on November 21, 2024 in New York City. Joshua Lev, Chief Financial Officer, will be available for one-on-one meetings throughout the event. Interested investors can arrange meetings through their Canaccord Genuity representatives.
electroCore reported record Q3 2024 financial results with revenue of $6.6 million, up 45% year-over-year. The growth was primarily driven by a 75% increase in Rx gammaCore™ sales in VA/DoD and a 147% rise in Truvaga™ sales. The company's net loss decreased 38% to $2.5 million compared to Q3 2023. Gross profit reached $5.5 million with an 84% margin. Cash position strengthened to $13.2 million as of September 30, 2024. Operating expenses remained stable at $8.1 million, while net cash used in operations decreased 51% to $5.7 million for the first nine months of 2024.
ElectroCore (Nasdaq: ECOR) has announced that its wellness product, Truvaga Plus, has received the Men's Health Magazine Tech Award. The award recognizes innovative wellness devices that make significant contributions to men's health and wellness. The product is designed to manage stress, enhance sleep, and improve mental focus. CEO Dan Goldberger expressed pride in receiving this prestigious recognition, emphasizing the company's dedication to developing life-improving solutions.
electroCore (NASDAQ: ECOR) announced the appointment of Thomas Freeburg as VP, Corporate Controller, effective November 11, 2024. The company's Compensation Committee granted him 5,000 restricted stock units (RSUs) as an inducement for employment under NASDAQ Listing Rule 5635(c)(4). The RSUs will vest equally over three years, with 33% vesting on each anniversary of the grant date, contingent on continued employment. Upon vesting, the RSUs will convert to common stock shares.
electroCore (Nasdaq: ECOR), a bioelectronic medicine and wellness company, has scheduled its third quarter 2024 financial results announcement for Wednesday, November 13, 2024, after market close. The company will host a conference call and webcast at 4:30 PM EST for management to discuss results and take questions. Participants can join via phone using dial-in numbers 877-407-8835 (domestic) or +1 201-689-8779 (international) with Conference ID 13744121.
electroCore, a bioelectronic medicine and wellness company, has announced its participation in the LD Micro Main Event XVII on October 29, 2024, at the Luxe Sunset Boulevard Hotel in Los Angeles, CA. Dan Goldberger, CEO, will represent the company and be available for one-on-one meetings throughout the day.
The presentation is scheduled for 4:30 p.m. PT and will be accessible via a live audio webcast. Interested attendees can register for the conference or contact investors@electrocore.com to arrange meetings with management. The webcast link for the presentation is https://me24.sequireevents.com/
electroCore, a bioelectronic medicine and wellness company, has announced its participation in three upcoming investor events:
- October 1: One-on-one meetings at the Lytham Partners Virtual Fall Investor Conference
- October 17: Fireside chat with Anthony Vendetti at the Maxim Virtual Healthcare Summit
- October 29: One-on-one meetings and group presentation at the LD Micro Main Event XVII in Los Angeles
The LD Micro event presentation is scheduled for 4:30 p.m. PT. Live webcasts and replays will be available on electroCore's investor relations website. Investors can contact FNK IR to schedule meetings with management. The company's participation is subject to change.
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