electroCore Announces Second Quarter 2024 Financial Results
electroCore, Inc. (Nasdaq: ECOR) reported its second quarter 2024 financial results, marking its seventh consecutive record quarterly net sales of $6.1 million, a 73% increase from Q2 2023. The company's net loss decreased by 46% to $2.7 million compared to the same period last year. Key highlights include:
- Launch of direct-to-consumer product Truvaga Plus™
- Raised $9.0 million in a Registered Direct Offering
- Joined the Russell Microcap® Index
- Commercial launch of next-generation TAC-STIM™
The company's gross profit increased to $5.3 million with an 86% gross margin. Total operating expenses remained stable at $7.9 million. The significant improvement in financial performance was primarily attributed to the substantial increase in net sales across major channels.
electroCore, Inc. (Nasdaq: ECOR) ha riportato i suoi risultati finanziari del secondo trimestre del 2024, segnando il settimo trimestre consecutivo con vendite nette record di 6,1 milioni di dollari, un aumento del 73% rispetto al secondo trimestre del 2023. La perdita netta dell'azienda è diminuita del 46%, a 2,7 milioni di dollari, rispetto allo stesso periodo dell'anno precedente. Tra i punti salienti vi sono:
- Lancio del prodotto diretto al consumatore Truvaga Plus™
- Raccolta di 9,0 milioni di dollari in un'Offerta Diretta Registrata
- Inclusione nell'Indice Russell Microcap®
- Lancio commerciale della TAC-STIM™ di nuova generazione
Il profitto lordo dell'azienda è aumentato a 5,3 milioni di dollari con un margine lordo dell'86%. Le spese operative totali sono rimaste stabili a 7,9 milioni di dollari. Il significativo miglioramento delle prestazioni finanziarie è stato principalmente attribuito all'aumento sostanziale delle vendite nette attraverso i principali canali.
electroCore, Inc. (Nasdaq: ECOR) informó sobre sus resultados financieros del segundo trimestre de 2024, marcando sus séptimos resultados trimestrales récord consecutivos con 6,1 millones de dólares, un incremento del 73% en comparación con el segundo trimestre de 2023. La pérdida neta de la compañía disminuyó un 46% hasta 2,7 millones de dólares en comparación con el mismo período del año pasado. Los aspectos más destacados incluyen:
- Lanzamiento del producto directo al consumidor Truvaga Plus™
- Recaudación de 9,0 millones de dólares en una Oferta Directa Registrada
- Ingreso al Índice Russell Microcap®
- Lanzamiento comercial de la TAC-STIM™ de nueva generación
El beneficio bruto de la empresa aumentó a 5,3 millones de dólares con un margen bruto del 86%. Los gastos operativos totales se mantuvieron estables en 7,9 millones de dólares. La mejora significativa en el rendimiento financiero se atribuyó principalmente al aumento sustancial en las ventas netas a través de los principales canales.
electroCore, Inc. (Nasdaq: ECOR)는 2024년 2분기 재무 결과를 발표하며 7분기 연속 기록적인 순 매출 610만 달러를 기록했으며, 이는 2023년 2분기 대비 73% 증가한 수치입니다. 회사의 순손실은 46% 감소하여 지난해 같은 기간에 비해 270만 달러로 줄었습니다. 주요 하이라이트는 다음과 같습니다:
- 소비자 직접 판매 제품 Truvaga Plus™ 출시
- 등록된 직접 공모를 통해 900만 달러 모금
- 러셀 마이크로캡® 지수에 가입
- 차세대 TAC-STIM™ 상업 출시
회사의 총 이익은 530만 달러로 증가했으며, 86%의 총 이익률을 기록했습니다. 총 운영 비용은 790만 달러로 안정세를 유지했습니다. 재무 성과의 중요한 향상은 주요 채널에서 순 매출의 상당한 증가에 주로 기인했습니다.
electroCore, Inc. (Nasdaq: ECOR) a publié ses résultats financiers du deuxième trimestre 2024, marquant son septième trimestre consécutif de ventes nettes record de 6,1 millions de dollars, soit une augmentation de 73% par rapport au deuxième trimestre 2023. La perte nette de l'entreprise a diminué de 46% pour atteindre 2,7 millions de dollars par rapport à la même période l'année dernière. Les points forts incluent :
- Lancement du produit direct au consommateur Truvaga Plus™
- Collecte de 9,0 millions de dollars lors d'une Offre Directe Enregistrée
- Intégration à l'Indice Russell Microcap®
- Lancement commercial de la TAC-STIM™ de nouvelle génération
Le bénéfice brut de l'entreprise a augmenté à 5,3 millions de dollars avec une marge brute de 86%. Les dépenses opérationnelles totales sont restées stables à 7,9 millions de dollars. L'amélioration significative des performances financières a été principalement attribuée à l'augmentation substantielle des ventes nettes à travers les principaux canaux.
electroCore, Inc. (Nasdaq: ECOR) hat seine Finanzergebnisse für das zweite Quartal 2024 veröffentlicht und damit die siebte aufeinanderfolgende Rekordquartalsnettoeinnahme von 6,1 Millionen Dollar verzeichnet, was einen Zuwachs von 73% im Vergleich zum zweiten Quartal 2023 darstellt. Der Nettoverlust des Unternehmens sank um 46% auf 2,7 Millionen Dollar im Vergleich zum Vorjahr im gleichen Zeitraum. Zu den wichtigsten Highlights gehören:
- Markteinführung des Direct-to-Consumer-Produkts Truvaga Plus™
- Beschaffung von 9,0 Millionen Dollar in einer registrierten Direktplatzierung
- Aufnahme in den Russell Microcap® Index
- Kommerzielle Einführung von TAC-STIM™ der nächsten Generation
Der Bruttogewinn des Unternehmens stieg auf 5,3 Millionen Dollar bei einer Bruttomarge von 86%. Die Gesamtausgaben blieben mit 7,9 Millionen Dollar stabil. Die signifikante Verbesserung der finanziellen Leistung wird hauptsächlich auf den erheblichen Anstieg der Nettoumsätze in den wichtigsten Vertriebskanälen zurückgeführt.
- Record quarterly net sales of $6.1 million, a 73% increase year-over-year
- Net loss decreased by 46% to $2.7 million compared to Q2 2023
- Gross profit increased to $5.3 million with an 86% gross margin
- Raised approximately $9.0 million in a Registered Direct Offering
- Joined the Russell Microcap® Index, potentially increasing visibility to investors
- Operating expenses remained high at $7.9 million, despite slight decrease from Q2 2023
- TAC-STIM revenue decreased by 82% compared to Q2 2023
electroCore's Q2 2024 results show impressive growth and improved financial health. Net sales reached a record
The company's gross margin improved to
While promising, investors should note that electroCore is still operating at a loss, albeit a shrinking one. The company's focus on sales and marketing investments suggests a continued growth strategy, which could lead to profitability if the current trajectory continues.
electroCore's Q2 results highlight the growing adoption of its bioelectronic medicine devices. The
The launch of Truvaga Plus™, a direct-to-consumer wellness product and the
The introduction of next-generation TAC-STIM™ demonstrates ongoing innovation, although the
Seventh consecutive record quarterly net sales of
Company to host a conference call and webcast today, August 7, 2024 at 4:30 PM EST
ROCKAWAY, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company and wellness company, today announced second quarter 2024 financial results.
Recent Highlights
| • | Net loss of |
| • | Launched our direct-to-consumer mobile app-enabled product for general wellness, Truvaga Plus™ |
| • | Raised approximately |
| • | electroCore joined the Russel Microcap® Index |
| • | Commercial launch of our next generation TAC-STIM™ |
| • | Seventh consecutive record quarterly revenue of |
Second Quarter 2024 Financial Results
For the quarter ended June 30, 2024, electroCore reported net sales of
| (in thousands) | Three months ended June 30, | % Change | Six months ended June 30, | % Change | ||||||||||||||||||
| Channel | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Rx gammaCore™ – VA/DoD | $ | 4,572 | $ | 2,081 | $ | 8,447 | $ | 3,786 | ||||||||||||||
| Rx gammaCore – U.S. Commercial | 476 | 445 | 909 | 875 | ||||||||||||||||||
| Outside the United States | 464 | 424 | 913 | 834 | ||||||||||||||||||
| Truvaga™ | 572 | 290 | 957 | 437 | ||||||||||||||||||
| Total Before TAC-STIM™ | 6,084 | 3,240 | 11,226 | 5,932 | ||||||||||||||||||
| TAC-STIM | 55 | 311 | - | 356 | 399 | - | ||||||||||||||||
| Total Revenue | $ | 6,139 | $ | 3,551 | $ | 11,582 | $ | 6,331 | ||||||||||||||
Gross profit for the second quarter of 2024 was
Total operating expenses in the second quarter of 2024 were approximately
Research and development expense in the second quarter of 2024 was
Selling, general and administrative expense in the second quarter of 2024 was
GAAP net loss in the second quarter of 2024 was
Adjusted EBITDA net loss in the second quarter of 2024 was
The Company defines adjusted EBITDA net loss as GAAP net loss, adjusted to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve charges, severance and other related charges, legal fees associated with stockholders’ litigation, and benefit from income taxes. A reconciliation of GAAP net loss to Non-GAAP adjusted EBITDA net loss has been provided in the financial statement tables included in this press release.
Cash, cash equivalents, marketable securities and restricted cash at June 30, 2024 totaled approximately
Webcast and Conference Call Information
electroCore’s management team will host a conference call today, August 7, 2024, beginning at 4:30 PM EST. Investors interested in listening to the conference call, or webcast may dial 877-407-8835 for domestic callers or 201-689-8779 for international callers, using Conference ID: 13744119, or click through the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=CJzxi2hM
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, 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.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
| Three months ended | Six months ended | |||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Net sales | $ | 6,139 | $ | 3,551 | $ | 11,582 | $ | 6,331 | ||||||||||||
| Cost of goods sold | 838 | 585 | 1,726 | 1,043 | ||||||||||||||||
| Gross profit | 5,301 | 2,966 | 9,856 | 5,288 | ||||||||||||||||
| Gross profit margin | 86% | 84% | 85% | 84% | ||||||||||||||||
| Operating expenses | ||||||||||||||||||||
| Research and development | 635 | 1,155 | 1,034 | 2,964 | ||||||||||||||||
| Selling, general and administrative | 7,257 | 6,799 | 15,262 | 13,509 | ||||||||||||||||
| Total operating expenses | 7,892 | 7,954 | 16,296 | 16,473 | ||||||||||||||||
| Loss from operations | (2,591) | (4,988) | (6,440) | (11,185) | ||||||||||||||||
| Other (income) expense | ||||||||||||||||||||
| Interest and other income | (55) | (85) | (280) | (204) | ||||||||||||||||
| Other expense | 119 | — | 123 | — | ||||||||||||||||
| Total Other expense (income) | 64 | (85) | (157) | (204) | ||||||||||||||||
| Loss before income taxes | (2,655) | (4,903) | (6,283) | (10,981) | ||||||||||||||||
| Benefit from income taxes | — | — | 122 | 211 | ||||||||||||||||
| Net loss | $ | (2,655) | $ | (4,903) | $ | (6,161) | $ | (10,770) | ||||||||||||
| Net loss per share of common stock - Basic and Diluted | $ | (0.38) | $ | (1.03) | $ | (0.90) | $ | (2.27) | ||||||||||||
| Weighted average common shares outstanding - Basic and Diluted | 7,046 | 4,751 | 6,831 | 4,747 | ||||||||||||||||
electroCore, Inc.
Condensed Consolidated Balance Sheet Information
(unaudited)
(in thousands)
| June 30, 2024 | December 31, 2023 | |||||||
| Cash and cash equivalents | $ | 10,302 | $ | 10,331 | ||||
| Restricted cash | $ | 250 | $ | 250 | ||||
| Marketable securities | $ | 3,928 | $ | — | ||||
| Total assets | $ | 22,355 | $ | 16,102 | ||||
| Current liabilities | $ | 7,252 | $ | 8,123 | ||||
| Total liabilities | $ | 10,883 | $ | 8,660 | ||||
| Total stockholders' equity | $ | 11,472 | $ | 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, severance and other related charges, legal fees associated with stockholders’ litigation, and benefit from income taxes. A reconciliation of GAAP net loss to Non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.
| Three months ended | Six months ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| GAAP net loss | $ | (2,655) | $ | (4,903) | $ | (6,161) | $ | (10,770) | |||||||
| Depreciation and amortization | 201 | 322 | 407 | 444 | |||||||||||
| Stock-based compensation | 472 | 183 | 956 | 755 | |||||||||||
| Inventory reserve charge | — | (10) | — | 65 | |||||||||||
| Severance and other related charges | — | — | — | 332 | |||||||||||
| Legal fees associated with stockholders' litigation | 2 | 35 | 71 | 35 | |||||||||||
| Interest and other (income) expense | 64 | (85) | (157) | (204) | |||||||||||
| Benefit from income taxes | — | — | (122) | (211) | |||||||||||
| Adjusted EBITDA net loss | $ | (1,916) | $ | (4,458) | $ | (5,006) | $ | (9,554) | |||||||
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
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