electroCore Announces Third Quarter 2024 Financial Results
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 ha riportato risultati finanziari record per il terzo trimestre del 2024, con un fatturato di 6,6 milioni di dollari, in aumento del 45% rispetto all'anno precedente. La crescita è stata principalmente trainata da un incremento del 75% nelle vendite di Rx gammaCore™ nel VA/DoD e da un aumento del 147% nelle vendite di Truvaga™. La perdita netta della società è diminuita del 38%, scendendo a 2,5 milioni di dollari rispetto al terzo trimestre del 2023. L'utile lordo ha raggiunto 5,5 milioni di dollari, con un margine dell'84%. La posizione di cassa si è rafforzata a 13,2 milioni di dollari al 30 settembre 2024. Le spese operative sono rimaste stabili a 8,1 milioni di dollari, mentre il flusso di cassa netto utilizzato nelle operazioni è diminuito del 51%, scendendo a 5,7 milioni di dollari per i primi nove mesi del 2024.
electroCore reportó resultados financieros récord para el tercer trimestre de 2024, con ingresos de 6.6 millones de dólares, un aumento del 45% interanual. El crecimiento fue impulsado principalmente por un aumento del 75% en las ventas de Rx gammaCore™ en VA/DoD y un incremento del 147% en las ventas de Truvaga™. La pérdida neta de la empresa disminuyó un 38%, hasta 2.5 millones de dólares en comparación con el tercer trimestre de 2023. El beneficio bruto alcanzó los 5,5 millones de dólares con un margen del 84%. La posición de efectivo se fortaleció a 13,2 millones de dólares al 30 de septiembre de 2024. Los gastos operativos se mantuvieron estables en 8,1 millones de dólares, mientras que el efectivo neto utilizado en operaciones disminuyó un 51%, alcanzando los 5,7 millones de dólares en los primeros nueve meses de 2024.
electroCore는 2024년 3분기 재무 실적에서 660만 달러의 수익을 기록하며 전년 대비 45% 증가한 역대 최대치를 보고했습니다. 이 성장은 VA/DoD에서 Rx gammaCore™ 판매가 75% 증가하고 Truvaga™ 판매가 147% 증가한 데 크게 기인했습니다. 회사의 순손실은 2023년 3분기 대비 38% 감소하여 250만 달러로 줄어들었습니다. 총 이익은 550만 달러에 달하고, 마진은 84%입니다. 현금 보유액은 2024년 9월 30일 기준으로 1320만 달러로 강화되었습니다. 운영 비용은 810만 달러로 안정세를 유지했으며, 2024년 첫 9개월 간 운영에 사용된 순 현금은 570만 달러로 51% 감소했습니다.
electroCore a signalé des résultats financiers records pour le troisième trimestre 2024, avec des revenus de 6,6 millions de dollars, en hausse de 45 % par rapport à l'année précédente. Cette croissance a été principalement tirée par une augmentation de 75 % des ventes de Rx gammaCore™ dans le VA/DoD et une hausse de 147 % des ventes de Truvaga™. La perte nette de l'entreprise a diminué de 38 %, passant à 2,5 millions de dollars par rapport au troisième trimestre 2023. Le bénéfice brut a atteint 5,5 millions de dollars avec une marge de 84 %. La position de trésorerie s'est renforcée à 13,2 millions de dollars au 30 septembre 2024. Les dépenses d'exploitation sont restées stables à 8,1 millions de dollars, tandis que le flux de trésorerie net utilisé dans les opérations a diminué de 51 %, atteignant 5,7 millions de dollars pour les neuf premiers mois de 2024.
electroCore berichtete über Rekordergebnisse für das dritte Quartal 2024, mit Einnahmen von 6,6 Millionen US-Dollar, was einem Anstieg von 45% im Vergleich zum Vorjahr entspricht. Das Wachstum wurde hauptsächlich durch einen Anstieg der Rx gammaCore™-Verkäufe um 75% im VA/DoD und einen Anstieg der Truvaga™-Verkäufe um 147% vorangetrieben. Der Nettoverlust des Unternehmens verringerte sich um 38% auf 2,5 Millionen US-Dollar im Vergleich zum dritten Quartal 2023. Der Bruttogewinn erreichte 5,5 Millionen US-Dollar bei einer Marge von 84%. Die Liquiditätsposition wurde zum 30. September 2024 auf 13,2 Millionen US-Dollar gestärkt. Die Betriebskosten blieben stabil bei 8,1 Millionen US-Dollar, während der netto für den Betrieb verwendete Cashflow um 51% auf 5,7 Millionen US-Dollar für die ersten neun Monate 2024 sank.
- Record quarterly revenue of $6.6M, up 45% YoY
- Rx gammaCore VA/DoD sales increased 75% YoY
- Truvaga sales grew 147% YoY
- Net loss reduced by 38% to $2.5M
- 51% reduction in operating cash burn
- Strong gross margin at 84%
- Cash position improved to $13.2M
- Operating expenses increased to $8.1M
- TAC-STIM sales declined 68% YoY
- Still operating at a net loss
Insights
The Q3 2024 results show remarkable progress in electroCore's financial health. Revenue reached a record
Key positives include
The strong performance in VA/DoD channels with
The reduction in R&D expenses, primarily from decreased Truvaga Plus development costs, indicates a shift toward commercialization. While TAC-STIM™ sales declined
Record quarterly revenues driven by
Company to host a conference call and webcast today, November 13, 2024 at 4:30 p.m. EST
ROCKAWAY, N.J., Nov. 13, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company and wellness company, today announced third quarter 2024 financial results.
Recent Highlights
- Eighth consecutive record quarterly revenue of
$6.6 million , an increase of45% over third quarter 2023 - Year to date, revenue of
$18.1 million ; an increase of67% over the first nine months of 2023 - Sales of Rx gammaCore™ and Truvaga™ before variable TAC-STIM™ sales increased
63% over the third quarter 2023 - Net loss of
$2.5 million , a reduction of38% over third quarter 2023 - Net cash used in operating activities through the nine months ended September 30, 2024 of
$5.7 million , a decrease of51% over the nine months ended September 30, 2023
“Demand for our Rx gammaCore™ and Truvaga™ solutions continue to drive robust growth,” commented Dan Goldberger, Chief Executive Officer of electroCore. “Outside of TAC-STIM sales which are inherently variable and incremental to our operations, our business continues showing consistent growth on a quarterly and year to date basis. As we continue to scale, we will generate incremental revenues that will benefit from operating leverage helping us to reach positive cash flow and ultimately drive earnings.”
Third Quarter 2024 Financial Results
For the quarter ended September 30, 2024, electroCore reported net sales of
| (in thousands) | Three months ended September 30, | % Change | Nine months ended September 30, | % Change | ||||||||||||||||||
| Channel | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Rx gammaCore™ – VA/DoD | $ | 4,777 | $ | 2,737 | 75 | % | $ | 13,224 | $ | 6,523 | 103 | % | ||||||||||
| Rx gammaCore – U.S. Commercial | 441 | 439 | — | 1,350 | 1,314 | 3 | % | |||||||||||||||
| Outside the United States | 485 | 465 | 4 | % | 1,398 | 1,299 | 8 | % | ||||||||||||||
| Truvaga™ | 657 | 266 | 147 | % | 1,614 | 703 | 130 | % | ||||||||||||||
| Total Before TAC-STIM™ | 6,360 | 3,907 | 63 | % | 17,586 | 9,839 | 79 | % | ||||||||||||||
| TAC-STIM | 194 | 601 | -68 | % | 550 | 1,000 | -45 | % | ||||||||||||||
| Total Revenue | $ | 6,554 | $ | 4,508 | 45 | % | $ | 18,136 | $ | 10,839 | 67 | % | ||||||||||
Gross profit for the third quarter of 2024 was
Total operating expenses in the third quarter of 2024 were approximately
Research and development expense in the third quarter of 2024 was
Selling, general and administrative expense in the third quarter of 2024 was
GAAP net loss in the third quarter of 2024 was
Adjusted EBITDA net loss in the third 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 September 30, 2024 totaled approximately
Webcast and Conference Call Information
electroCore’s management team will host a conference call today, November 13, 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: 13744121, or click through the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qH6ud5sW
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 | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 6,554 | $ | 4,508 | $ | 18,136 | $ | 10,839 | ||||||||
| Cost of goods sold | 1,065 | 661 | 2,791 | 1,704 | ||||||||||||
| Gross profit | 5,489 | 3,847 | 15,345 | 9,135 | ||||||||||||
| Gross profit margin | 84 | % | 85 | % | 85 | % | 84 | % | ||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 521 | 1,249 | 1,555 | 4,213 | ||||||||||||
| Selling, general and administrative | 7,619 | 6,724 | 22,881 | 20,233 | ||||||||||||
| Total operating expenses | 8,140 | 7,973 | 24,436 | 24,446 | ||||||||||||
| Loss from operations | (2,651 | ) | (4,126 | ) | (9,091 | ) | (15,311 | ) | ||||||||
| Other (income) expense | ||||||||||||||||
| Interest and other income | (159 | ) | (94 | ) | (439 | ) | (298 | ) | ||||||||
| Other expense | 5 | — | 128 | — | ||||||||||||
| Total Other expense (income) | (154 | ) | (94 | ) | (311 | ) | (298 | ) | ||||||||
| Loss before income taxes | (2,497 | ) | (4,032 | ) | (8,780 | ) | (15,013 | ) | ||||||||
| Benefit from income taxes | — | — | 122 | 211 | ||||||||||||
| Net loss | $ | (2,497 | ) | $ | (4,032 | ) | $ | (8,658 | ) | $ | (14,802 | ) | ||||
| Net loss per share of common stock - Basic and Diluted | $ | (0.31 | ) | $ | (0.68 | ) | $ | (1.19 | ) | $ | (2.87 | ) | ||||
| Weighted average common shares outstanding - Basic and Diluted | 8,093 | 5,945 | 7,255 | 5,149 | ||||||||||||
| electroCore, Inc. | ||||||||
| Condensed Consolidated Balance Sheet Information | ||||||||
| (unaudited) | ||||||||
| (in thousands) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Cash and cash equivalents | $ | 4,929 | $ | 10,331 | ||||
| Restricted cash | $ | 250 | $ | 250 | ||||
| Marketable securities | $ | 8,018 | $ | — | ||||
| Total assets | $ | 21,045 | $ | 16,102 | ||||
| Current liabilities | $ | 7,912 | $ | 8,123 | ||||
| Total liabilities | $ | 11,590 | $ | 8,660 | ||||
| Total stockholders' equity | $ | 9,455 | $ | 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 | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| GAAP net loss | $ | (2,497 | ) | $ | (4,032 | ) | $ | (8,658 | ) | $ | (14,802 | ) | |||
| Depreciation and amortization | 185 | 291 | 592 | 735 | |||||||||||
| Stock-based compensation | 400 | 543 | 1,356 | 1,298 | |||||||||||
| Inventory reserve charge | — | 193 | — | 258 | |||||||||||
| Severance and other related charges | — | 113 | — | 445 | |||||||||||
| Legal fees associated with stockholders' litigation | 2 | 7 | 73 | 42 | |||||||||||
| Interest and other (income) expense | (154 | ) | (94 | ) | (311 | ) | (298 | ) | |||||||
| Benefit from income taxes | — | — | (122 | ) | (211 | ) | |||||||||
| Adjusted EBITDA net loss | $ | (2,064 | ) | $ | (2,979 | ) | $ | (7,070 | ) | $ | (12,533 | ) | |||
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 in Q3 2024?
How much did electroCore's (ECOR) Truvaga sales grow in Q3 2024?
What was electroCore's (ECOR) net loss in Q3 2024?
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