electroCore Announces Full Year 2024 Financial Results
electroCore (ECOR) reported record financial results for full year 2024, achieving net sales of $25.2 million, a 57% increase from $16.0 million in 2023. The growth was primarily driven by an 85% increase in Rx gammaCore sales through VA/DOD channels and a 174% rise in Truvaga sales.
The company's net loss decreased by 37% to $11.9 million in 2024, with gross profit reaching $21.4 million at an 85% margin. Operating expenses totaled $33.6 million, including $2.4 million in R&D and $31.2 million in SG&A costs. Cash burn improved significantly, with net cash used in operations decreasing 53% to $7.0 million.
The company ended 2024 with $12.2 million in cash and equivalents, up from $10.6 million at the end of 2023. The adjusted EBITDA net loss improved to $9.0 million from $15.4 million in the previous year.
electroCore (ECOR) ha riportato risultati finanziari record per l'intero anno 2024, raggiungendo vendite nette di 25,2 milioni di dollari, con un aumento del 57% rispetto ai 16,0 milioni di dollari del 2023. La crescita è stata principalmente guidata da un aumento dell'85% nelle vendite di gammaCore Rx attraverso i canali VA/DOD e da un incremento del 174% nelle vendite di Truvaga.
La perdita netta dell'azienda è diminuita del 37%, attestandosi a 11,9 milioni di dollari nel 2024, con un utile lordo che ha raggiunto i 21,4 milioni di dollari con un margine dell'85%. Le spese operative hanno totalizzato 33,6 milioni di dollari, inclusi 2,4 milioni di dollari in R&S e 31,2 milioni di dollari in costi SG&A. Il consumo di liquidità è migliorato significativamente, con la liquidità netta utilizzata nelle operazioni che è diminuita del 53% a 7,0 milioni di dollari.
L'azienda ha chiuso il 2024 con 12,2 milioni di dollari in liquidità e equivalenti, in aumento rispetto ai 10,6 milioni di dollari alla fine del 2023. La perdita netta di EBITDA rettificato è migliorata a 9,0 milioni di dollari rispetto ai 15,4 milioni di dollari dell'anno precedente.
electroCore (ECOR) informó resultados financieros récord para el año completo 2024, alcanzando ventas netas de 25.2 millones de dólares, un aumento del 57% respecto a los 16.0 millones de dólares en 2023. El crecimiento fue impulsado principalmente por un aumento del 85% en las ventas de gammaCore Rx a través de canales VA/DOD y un aumento del 174% en las ventas de Truvaga.
La pérdida neta de la compañía disminuyó un 37% a 11.9 millones de dólares en 2024, con una ganancia bruta que alcanzó los 21.4 millones de dólares con un margen del 85%. Los gastos operativos totalizaron 33.6 millones de dólares, incluidos 2.4 millones de dólares en I+D y 31.2 millones de dólares en costos SG&A. La quema de efectivo mejoró significativamente, con el efectivo neto utilizado en operaciones disminuyendo un 53% a 7.0 millones de dólares.
La compañía terminó 2024 con 12.2 millones de dólares en efectivo y equivalentes, en comparación con los 10.6 millones de dólares al final de 2023. La pérdida neta de EBITDA ajustado mejoró a 9.0 millones de dólares desde los 15.4 millones de dólares del año anterior.
electroCore (ECOR)는 2024 회계연도에 대한 기록적인 재무 결과를 보고하며, 순매출 2520만 달러를 달성하여 2023년의 1600만 달러에 비해 57% 증가했습니다. 이 성장은 VA/DOD 채널을 통한 gammaCore Rx 판매가 85% 증가하고 Truvaga 판매가 174% 증가한 데 주로 기인합니다.
회사의 순손실은 2024년에 1190만 달러로 37% 감소했으며, 총 이익은 2140만 달러에 도달하여 85%의 마진을 기록했습니다. 운영 비용은 3360만 달러로, 여기에는 240만 달러의 연구개발비와 3120만 달러의 SG&A 비용이 포함됩니다. 현금 소진은 크게 개선되어, 운영에 사용된 순현금이 53% 감소하여 700만 달러에 이르렀습니다.
회사는 2024년을 1220만 달러의 현금 및 현금성 자산으로 마감했으며, 이는 2023년 말의 1060만 달러에서 증가한 수치입니다. 조정된 EBITDA 순손실은 전년도 1540만 달러에서 900만 달러로 개선되었습니다.
electroCore (ECOR) a annoncé des résultats financiers records pour l'année complète 2024, atteignant des ventes nettes de 25,2 millions de dollars, soit une augmentation de 57 % par rapport aux 16,0 millions de dollars en 2023. Cette croissance a été principalement tirée par une augmentation de 85 % des ventes de gammaCore Rx via les canaux VA/DOD et une hausse de 174 % des ventes de Truvaga.
La perte nette de l'entreprise a diminué de 37 % pour s'établir à 11,9 millions de dollars en 2024, avec un bénéfice brut atteignant 21,4 millions de dollars à une marge de 85 %. Les dépenses d'exploitation se sont élevées à 33,6 millions de dollars, dont 2,4 millions de dollars en R&D et 31,2 millions de dollars en coûts SG&A. La consommation de liquidités s'est considérablement améliorée, avec une diminution de 53 % des liquidités nettes utilisées dans les opérations, s'élevant à 7,0 millions de dollars.
L'entreprise a terminé l'année 2024 avec 12,2 millions de dollars en liquidités et équivalents, en hausse par rapport à 10,6 millions de dollars à la fin de 2023. La perte nette d'EBITDA ajusté s'est améliorée, passant de 15,4 millions de dollars l'année précédente à 9,0 millions de dollars.
electroCore (ECOR) berichtete für das Gesamtjahr 2024 von Rekordergebnissen, mit einem Nettoumsatz von 25,2 Millionen Dollar, was einem Anstieg von 57% gegenüber 16,0 Millionen Dollar im Jahr 2023 entspricht. Das Wachstum wurde hauptsächlich durch einen Anstieg der Rx gammaCore-Verkäufe um 85% über VA/DOD-Kanäle und einen Anstieg der Truvaga-Verkäufe um 174% vorangetrieben.
Der Nettoverlust des Unternehmens verringerte sich um 37% auf 11,9 Millionen Dollar im Jahr 2024, während der Bruttogewinn 21,4 Millionen Dollar bei einer Marge von 85% erreichte. Die Betriebskosten beliefen sich auf insgesamt 33,6 Millionen Dollar, einschließlich 2,4 Millionen Dollar für F&E und 31,2 Millionen Dollar für SG&A-Kosten. Der Cashburn verbesserte sich erheblich, wobei der Nettobetrag, der für den Betrieb verwendet wurde, um 53% auf 7,0 Millionen Dollar sank.
Das Unternehmen schloss das Jahr 2024 mit 12,2 Millionen Dollar an liquiden Mitteln ab, ein Anstieg von 10,6 Millionen Dollar zum Ende des Jahres 2023. Der angepasste Nettoverlust von EBITDA verbesserte sich auf 9,0 Millionen Dollar von 15,4 Millionen Dollar im Vorjahr.
- Record revenue of $25.2M, up 57% YoY
- Net loss reduced by 37% to $11.9M
- Operating cash burn decreased 53% to $7.0M
- Gross margin improved to 85%
- VA/DOD channel sales grew 85%
- Truvaga sales increased 174%
- Cash position improved to $12.2M from $10.6M YoY
- Still operating at a significant net loss of $11.9M
- Operating expenses increased to $33.6M from $32.5M
- SG&A expenses rose to $31.2M from $27.2M
Insights
electroCore delivered exceptional financial results for 2024, demonstrating a compelling transition from development-stage to commercial growth. The
The financial transformation is particularly evident in their operational metrics. Net losses contracted by
The company's resource allocation strategy shows disciplined execution. R&D spending decreased by
Gross margin expansion to
The reference to inorganic growth opportunities signals potential strategic acquisitions that could accelerate their market expansion beyond their current strong positions in VA/DoD and wellness channels. The company appears positioned for continued strong performance as they leverage their established commercial infrastructure with minimal additional investment required.
Record full year 2024 net sales of $25.2 million increased
Company to host a conference call and webcast today, March 12, 2025 at 5:30pm EDT
ROCKAWAY, N.J., March 12, 2025 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) ("electroCore" or the “Company”), a commercial-stage bioelectronic medicine Company and wellness company, today announced fourth quarter and full year 2024 financial results.
Recent Highlights
- Reported record full year of 2024 revenue of
$25.2 million , an increase of approximately57% over full year of 2023 - Net loss of
$11.9 million for the full year ended December 31, 2024, a reduction of37% over full year 2023 - Net cash used in operating activities for the full year ended December 31, 2024 of
$7.0 million , a decrease of53% compared to the full year ended December 31, 2023 - Cash, cash equivalents, restricted cash, and marketable securities of
$12.2 million at December 31, 2024.
“We enter 2025 well-positioned for continued success, with established channels to market and solutions that provide meaningful value to patients and consumers,” commented Dan Goldberger, CEO of electroCore. “Our focus now is to expand our presence within the key sales channels we have developed to deliver continued growth and progress towards profitability. Simultaneously, we are expanding our addressable market inorganically and through recently announced partnerships.”
Full Year 2024 Financial Results
For the year ended December 31, 2024, electroCore reported net sales of
| Year ended | ||||||||
| (in thousands) | December 31, | |||||||
| Channel | 2024 | 2023 | % Change | |||||
| Rx gammaCoreTM – VA/DoD | $ | 17,788 | $ | 9,636 | 85 | % | ||
| Rx gammaCore – U.S. Commercial | 1,536 | 1,797 | -15 | % | ||||
| Outside the United States | 1,850 | 1,821 | 2 | % | ||||
| TruvagaTM | 2,811 | 1,027 | 174 | % | ||||
| Total Before TAC-STIMTM | 23,985 | 14,281 | 68 | % | ||||
| TAC-STIM | 1,197 | 1,749 | -32 | % | ||||
| Total Revenue | $ | 25,182 | $ | 16,030 | 57 | % | ||
Gross profit for the full year of 2024 was
Total operating expenses for the full year of 2024 were approximately
Research and development expense for the full year of 2024 was
Selling, general and administrative expense for the full year of 2024 was
GAAP net loss for the full year of 2024 was
Adjusted EBITDA net loss for the full year of 2024 was
The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation, benefit from income taxes, and non-recurring transaction charges associated with the pending acquisition of NeuroMetrix and other filing fees. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.
Cash, cash equivalents, marketable securities and restricted cash at December 31, 2024, totaled approximately
Webcast and Conference Call Information
electroCore’s management team will host a webcast and conference call today March 12, 2025, beginning at 5:30 PM EDT. Investors may register at the following link to receive login credentials and dial-in details: https://electrocore.zoom.us/webinar/register/WN_uVGFnUIGRry42ug9G2hIfw#/registration
An archived webcast of the event will be available on the “Investors” section of the company’s website at: www.electrocore.com.
About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine and wellness company dedicated to improving health through its non-invasive vagus nerve stimulation (“nVNS”) technology platform. Our focus is the commercialization of medical devices for the management and treatment of certain medical conditions and consumer product offerings utilizing nVNS to promote general wellbeing and human performance in the United States and select overseas markets.
For more information, visit www.electrocore.com.
Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about, electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; business prospects around its prescription gammaCore product, general wellness Truvaga and TAC-STIM products, and other potential new products and markets, the pending acquisition of NeuroMetrix and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” and other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore, TAC-STIM, and Truvaga, electroCore’s results of operations and financial performance, inflation and currency fluctuations, and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall economic and market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.
Contact:
ECOR Investor Relations
(973) 302-9253
investors@electrocore.com
| electroCore, Inc. Consolidated Statements of Operations (in thousands, except per share data) | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| Net sales | $ | 25,182 | $ | 16,030 | |||
| Cost of goods sold | 3,785 | 2,804 | |||||
| Gross profit | 21,397 | 13,226 | |||||
| Operating expenses | |||||||
| Research and development | 2,360 | 5,321 | |||||
| Selling, general and administrative | 31,199 | 27,174 | |||||
| Total operating expenses | 33,559 | 32,495 | |||||
| Loss from operations | (12,162 | ) | (19,269 | ) | |||
| Other (income) expense: | |||||||
| Interest and other income | (572 | ) | (433 | ) | |||
| Other expense | 389 | 184 | |||||
| Total other income | (183 | ) | (249 | ) | |||
| Loss before income taxes | (11,979 | ) | (19,020 | ) | |||
| Benefit from income taxes | 93 | 186 | |||||
| Net loss | $ | (11,886 | ) | $ | (18,834 | ) | |
| Net loss per share of common stock - Basic and Diluted | $ | (1.59 | ) | $ | (3.42 | ) | |
| Weighted average common shares outstanding - Basic and Diluted (see Note 11) | 7,483 | 5,515 | |||||
| electroCore, Inc. Condensed Consolidated Balance Sheet Information (in thousands) | |||||
| December 31, 2024 | December 31, 2023 | ||||
| Cash and cash equivalents | $ | 3,450 | $ | 10,331 | |
| Restricted cash | $ | 250 | $ | 250 | |
| Marketable securities | $ | 8,519 | $ | - | |
| Total assets | $ | 20,471 | $ | 16,102 | |
| Current liabilities | $ | 9,152 | $ | 8,123 | |
| Total liabilities | $ | 12,927 | $ | 8,660 | |
| Total stockholders' equity | $ | 7,544 | $ | 7,442 | |
(Unaudited) Use of Non-GAAP Financial Measure
The Company is presenting adjusted EBITDA net loss because it believes this measure is a useful indicator of its operating performance. Management uses this non-GAAP measure principally as a measure of the Company’s core operating performance and believes that this measure is useful to investors because it is frequently used by the financial community, investors, and other interested parties to evaluate companies in the Company’s industry. The Company also believes that this measure is useful to its management and investors as a measure of comparative operating performance from period to period. Additionally, the Company believes its use of non-GAAP adjusted EBITDA net loss from operations facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by gains and charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable charges such as restructuring expenses.
The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation, benefit from income taxes, and non-recurring transaction charges associated with the pending acquisition of NeuroMetrix and other filing fees. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.
| Year ended | |||||||
| December 31, | |||||||
| (in thousands) | 2024 | 2023 | |||||
| GAAP net loss | $ | (11,886 | ) | $ | (18,834 | ) | |
| Depreciation and amortization | 760 | 962 | |||||
| Stock-based compensation | 1,870 | 1,698 | |||||
| Inventory reserve charge | - | 682 | |||||
| Non-recurring recruiting fees | 130 | - | |||||
| Severance and other related charges | - | 464 | |||||
| Legal fees associated with stockholders’ litigation | 111 | 50 | |||||
| Interest and other (income) expense | (183 | ) | (249 | ) | |||
| Benefit/expense from income taxes | (93 | ) | (186 | ) | |||
| Non-recurring one-time charges | 261 | - | |||||
| Adjusted EBITDA net loss | $ | (9,030 | ) | $ | (15,413 | ) | |
The Company’s use of a non-GAAP measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of its results as reported under GAAP. Some of these limitations are: (i) the non-GAAP measure does not reflect interest or tax payments that may represent a reduction in cash available; (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and the non-GAAP measure does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (iii) the non-GAAP measure does not reflect the potentially dilutive impact of equity-based compensation; and (iv) the non-GAAP measure does not reflect changes in, or cash requirements for working capital needs; other companies, including companies in electroCore’s industry, may calculate adjusted EBITDA net loss differently, effectively reducing its usefulness as a comparative measure.
Because of these and other limitations, you should consider the non-GAAP measure together with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and other GAAP results. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss has been provided in the preceding financial statements table of this press release.
FAQ
What was electroCore's (ECOR) revenue growth in 2024?
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