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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, Inc. (Nasdaq: ECOR) reported a 33% increase in third quarter 2022 revenue, totaling approximately $2.0 million, compared to $1.5 million in Q3 2021. Net loss widened to $5.5 million, up from $4.0 million year-over-year. Gross profit improved to $1.7 million with a gross margin of 87%, up from 76%. Total operating expenses rose to $7.3 million, up from $5.1 million. The company anticipates Q4 2022 revenue between $2.2 million and $2.3 million with cash usage of $4.0 million to $4.5 million.
electroCore (Nasdaq: ECOR) announced a distribution agreement with Joerns Healthcare to exclusively distribute the gammaCore Sapphire™, an FDA-cleared non-invasive device for treating headache pain. This collaboration aims to enhance patient access in managed care health systems and streamline billing processes. Joerns Healthcare's role is expected to facilitate broader usage of gammaCore therapy, benefiting primary headache sufferers. With this partnership, electroCore looks to expand its market presence and improve patient outcomes in the neurology sector.
electroCore, Inc. (Nasdaq: ECOR) has announced a strategic partnership with Joerns Healthcare for the distribution and billing of gammaCore Sapphire™, an FDA-cleared device for treating various headache types via vagus nerve stimulation. Joerns, known for streamlining healthcare delivery, aims to enhance access to electroCore's therapy within managed care systems. This collaboration is positioned to expand usage among patients suffering from primary headaches, aligning with electroCore's mission of improving patient outcomes using non-invasive treatments.
electroCore, Inc. (Nasdaq: ECOR) will release its third quarter financial results on November 3, 2022, after market hours. A conference call and webcast will follow at 4:30 PM EDT to discuss the results. The company focuses on bioelectronic medicine, utilizing non-invasive vagus nerve stimulation therapy for treating various neurological conditions, including migraines and cluster headaches.
electroCore, a bioelectronic medicine company, announced promising results from a pre-clinical trial investigating the use of gammaCore (nVNS) for treating Traumatic Brain Injury (TBI). Presented at the NCS Annual Meeting, the study showed that nVNS significantly reduced brain lesion size by up to 89% and improved neurobehavioral outcomes in rodent models. The company received a grant from NINDS to further explore nVNS's effects on TBI. Notably, TBI affects millions annually in the U.S. with immense healthcare costs, highlighting the potential impact of this research.
electroCore, Inc. (Nasdaq: ECOR) announced preliminary financial guidance for Q3 2022, projecting revenue of approximately $1.976 million, a 33% increase from Q3 2021. Revenue from government channels is expected at $1.148 million, up 21%, while commercial revenues might hit $411,000, a 160% rise. International revenue is projected at $416,000, a 9% increase. However, the company's cash position decreased to $21.9 million from $26.6 million in the previous quarter. A detailed update will follow in November 2022.
electroCore, Inc. (Nasdaq: ECOR) announced the issuance of four patents by the USPTO related to its non-invasive vagus nerve stimulation (nVNS) technology. These patents enhance their mobile connectivity platform, focusing on treating conditions such as dementia and gastrointestinal disorders. The patents cover:
- nVNS for dementia
- Remote therapy and patient monitoring
- Electrical nerve stimulation for gastrointestinal issues
- Stimulators compatible with mobile devices
CEO Dan Goldberger emphasized the company's commitment to expanding therapeutic applications of nVNS.
electroCore, Inc. (Nasdaq: ECOR) announced its 2022 Annual Meeting of Stockholders scheduled for December 2, 2022, to be held virtually. Proxy materials will be sent in October 2022. Stockholders wishing to submit proposals must notify the Corporate Secretary by September 30, 2022. The company specializes in non-invasive vagus nerve stimulation therapy for treating various headaches. Currently, gammaCore™ is FDA cleared and CE-marked for multiple headache treatments, focusing on improving patient outcomes.
electroCore, Inc. (Nasdaq: ECOR) announced the publication of a peer-reviewed study demonstrating that non-invasive vagus nerve stimulation (nVNS) significantly alleviates opioid withdrawal symptoms in patients with opioid use disorder (OUD). Conducted with the support of Emory and Georgia Tech, the double-blind study involved 21 patients and showed substantial reductions in distress and pain compared to sham treatment. This research highlights the potential for nVNS as a valuable non-pharmacological therapy for OUD, amidst an escalating opioid crisis in the United States.
electroCore, Inc. (Nasdaq: ECOR) announced that CEO Dan Goldberger will participate in two upcoming conferences. The H.C. Wainwright 24th Annual Global Investment Conference is scheduled for September 14, 2022, from 12:30 to 1:00 PM EDT, featuring a fireside chat. The Ladenburg Thalmann 2022 Healthcare Conference will take place on September 29, 2022, from 3:30 to 3:55 PM EDT, where Goldberger will present. electroCore is focused on bioelectronic medicine, specializing in non-invasive vagus nerve stimulation therapies for conditions such as migraines and cluster headaches.
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