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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 (NASDAQ: ECOR) has announced a distribution agreement with Spark Biomedical Inc. to distribute Sparrow Ascent™ within certain Department of Veterans Affairs (VA) facilities. Sparrow Ascent is an FDA-cleared non-invasive transcutaneous auricular neuromodulation device prescribed for treating opioid withdrawal symptoms.
The partnership aims to leverage electroCore's established distribution network to expand access to this drug-free, wearable neurostimulation solution for veterans. The Sparrow Ascent therapy complements electroCore's existing gammaCore™ therapy portfolio, offering VA customers a non-addictive treatment option for opioid withdrawal symptoms.
electroCore (NASDAQ: ECOR) has announced the availability of its flagship wellness product, Truvaga Plus, on Amazon's retail platform. The hand-held vagus nerve stimulator is designed to provide stress relief, improve sleep, enhance peace of mind, and improve focus through gentle vagus nerve activation.
CEO Dan Goldberger highlighted that the Amazon listing will help showcase their product to a broader audience through America's largest e-commerce marketplace, potentially increasing consumer accessibility and adoption.
electroCore (Nasdaq: ECOR) has strengthened its intellectual property portfolio with two new U.S. patents granted by the USPTO. The first patent (No. 12,208,263), issued on January 28, 2025, covers methods for vagal nerve stimulation using electrodes with conductive gel on the neck, including position adjustment based on pressure sensation.
The second patent (No. 12,213,795), issued on February 4, 2025, relates to systems and methods for nerve modulation that incorporate data storage of electrical impulse parameters and patient monitoring, including the ability to track user status data such as headache severity.
electroCore (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, has announced its participation in the 12th Annual BTIG MedTech, Digital Health, Life Science & Diagnostic Tools Conference. The event is scheduled for February 11-12, 2025 in Snowbird, Utah.
CEO Dan Goldberger will be available for one-on-one meetings throughout the conference. Interested investors can arrange meetings through their BTIG representative or by contacting electroCore's investor relations team directly at investors@electrocore.com.
electroCore (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, announced the issuance of five new U.S. patents by the USPTO between December 17, 2024, and December 31, 2024.
These patents include:
- US Patent No. 12,168,128 - Issued on December 17, 2024, it covers systems and methods for treating medical conditions by transmitting electrical impulses to the trigeminal nerve, controlled via a mobile device.
- US Patent No. 12,168,121 - Also issued on December 17, 2024, it relates to treating developmental disorders in fetuses by delivering electrical impulses to a nerve in pregnant women.
- US Patent No. 12,172,015 - Issued on December 24, 2024, it involves a medical device generating electrical impulses and using a smart card for refilling the device after specific usage.
- US Patent No. 12,172,016 - Issued on December 24, 2024, it pertains to non-invasive vagal nerve stimulation for treating Parkinson's disease.
- US Patent No. 12,179,012 - Issued on December 31, 2024, it describes a device for non-invasive nerve stimulation, transmitting electrical impulses through the skin to a target nerve.
These patents enhance electroCore's intellectual property portfolio, potentially strengthening its market position in bioelectronic medicine.
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.
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