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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, a bioelectronic medicine company, announced CEO Dan Goldberger's presentation at the Canaccord Genuity 42nd Annual Growth Conference on August 11, 2022, at 8:30 AM EDT. The conference will be available via webcast. electroCore is focused on non-invasive vagus nerve stimulation therapies for conditions like cluster headaches and migraines.
electroCore reported a record second quarter 2022 net sales of $2.2 million, marking a 70% increase year-over-year and a 14% sequential rise. However, net cash used in operating activities was $3.2 million, with approximately $26.6 million in cash reserves as of June 30, 2022. The company announced its gammaCore nVNS device participation in the Department of Defense BOOST program and an exclusive licensing agreement with Teijin for Japan. Third-quarter revenue is expected to remain stable compared to Q2 2022.
electroCore, Inc. (Nasdaq: ECOR) plans to announce its second quarter financial results for the period ending June 30, 2022, after market close on August 4, 2022. A conference call will follow at 4:30 PM EDT for management to discuss the results and address questions. The company focuses on bioelectronic medicine, particularly through its non-invasive vagus nerve stimulation platform aimed at treating several neurological conditions, including migraines and cluster headaches.
electroCore anticipates record revenue of at least $2.1 million for Q2 2022, representing a 65% increase from Q2 2021. This guidance indicates an 11% rise over Q1 2022 revenue. Key revenue sources include approximately $1.2 million from government channels, $465,000 from commercial sales, and $466,000 from international markets. The company's cash balance at the end of Q2 2022 stands at $26.6 million. A detailed financial update is expected in August.
electroCore (Nasdaq: ECOR) announced that Mayo Clinic is initiating a study on gammaCore Sapphire, a non-invasive vagus nerve stimulation therapy, to evaluate its efficacy in treating post-COVID syndrome. The study aims to enroll up to 20 patients with symptoms persisting over 28 days post-COVID infection. The trial will assess clinical questionnaires and brain metabolism using PET-CT. This follows gammaCore’s past FDA approval for treating migraines and cluster headaches, suggesting its relevance in addressing post-COVID health issues that may affect millions globally.
electroCore, Inc. (Nasdaq: ECOR) announced it has received approval from Nasdaq to transfer its common stock listing from the Nasdaq Global Select Market to the Nasdaq Capital Market, effective June 23, 2022. This move follows a notification regarding noncompliance with the minimum bid price requirement. The company is granted an additional 180 days to regain compliance with the closing bid price of at least $1.00 per share. electroCore focuses on bioelectronic medicine, particularly in treating conditions like migraines and cluster headaches.
On May 24, 2022, electroCore (Nasdaq: ECOR) announced that its gammaCore Sapphire™ non-invasive vagus nerve stimulator (nVNS) will be available at over 130 National Spine and Pain Centers (NSPC) locations across the U.S. This partnership aims to enhance patient access to non-opioid pain management solutions for primary headaches. Mitch DeShon from electroCore emphasized the importance of collaboration with NSPC to improve treatment outcomes, while NSPC's mission focuses on alleviating unnecessary pain through innovative therapies. GammaCore is FDA cleared and CE-marked for various headache treatments.
electroCore, Inc. (Nasdaq: ECOR) announced that CEO Dan Goldberger will present at two upcoming conferences. The H.C. Wainwright Global Investment Conference is scheduled for May 24, 2022, at 7:00 AM EDT, with a webcast available. The LD Micro Invitational Conference will take place on June 7, 2022, at 10:30 AM PDT, also offering a livestream. After the events, presentation replays will be accessible on the company’s investor website. electroCore focuses on non-invasive vagus nerve stimulation therapies for neurological conditions.
electroCore (Nasdaq: ECOR) reported first-quarter 2022 net sales of $1.9 million, marking a 58% increase over the same period in 2021 and a 27% increase sequentially. The company used $4.8 million in operating cash, ending the quarter with $29.9 million in cash and equivalents. Notable developments include the launch of a U.S. e-commerce portal for gammaCore™ therapy, receiving FDA Breakthrough Device Designation for PTSD treatment, and signing an exclusive licensing agreement with Teijin for Japan.
electroCore, Inc. (Nasdaq: ECOR) will report its first quarter financial results on May 5, 2022, after market close. A conference call and webcast are scheduled for 4:30 PM EDT to discuss these results. The company specializes in bioelectronic medicine, focusing on non-invasive vagus nerve stimulation therapies for conditions like migraines and cluster headaches.
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