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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.
On September 29, 2021, electroCore (Nasdaq: ECOR) released findings from the SAVIOR-1 study, which evaluated the use of non-invasive vagus nerve stimulation (nVNS) during COVID-19 treatment. Conducted in Spain, the study enrolled 110 patients and demonstrated significant reductions in inflammation biomarkers, specifically C-reactive protein and procalcitonin, among nVNS patients compared to controls. The therapy was well-tolerated, administered three times daily, and suggested potential benefits in managing COVID-19 symptoms. The manuscript is now available on MedRxiv and under peer review.
electroCore, a commercial-stage bioelectronic medicine company, announced its management will present at the Cantor Fitzgerald Virtual Global Healthcare Conference on September 30, 2021, at 8:15 am EDT. The conference runs from September 27 to 30, 2021. Investors can register for the event HERE.. Additionally, the company will attend the MicroCap Rodeo: Fall Harvest Best Ideas Conference from October 5-8, 2021.
electroCore, Inc. (Nasdaq: ECOR) announced the appointment of Peter Cuneo as Chairman of the Board, effective October 1, 2021. Cuneo, who joined the board in April 2020, succeeds Mike Atieh but will remain an independent director. With over 35 years of experience, Cuneo has led various successful companies including Marvel Entertainment and Remington Products. CEO Dan Goldberger expressed confidence in Cuneo's leadership to drive the company’s future, particularly in expanding its gammaCore therapy for treating migraine and cluster headaches.
electroCore, Inc. (Nasdaq: ECOR) announced the issuance of US Patent No. 11,097,102 by the U.S. Patent Office, expanding its portfolio of smartphone-integrated non-invasive therapy devices. This patent is part of the company's strategy to leverage mobile connectivity in delivering Vagus Nerve Stimulation (nVNS) therapy. The integration could enable new business models and revenue streams through Remote Patient Monitoring. The company aims to enhance its product offerings and patient care, potentially reaching millions globally.
electroCore, Inc. (Nasdaq: ECOR) announced FDA clearance for gammaCore nVNS's label expansion to treat Paroxysmal Hemicrania (PH) and Hemicrania Continua (HC) in adults, effective September 10, 2021. This non-invasive treatment shows promise for patients suffering from these rare types of headaches, with clinical audits indicating that 79% of patients experienced significant relief. gammaCore is also already indicated for cluster headaches. This clearance opens up new treatment avenues for debilitating headache conditions, offering patients a much-needed alternative.
electroCore, a commercial-stage bioelectronic medicine company (NASDAQ: ECOR), will present at the HC Wainwright 23rd Annual Global Investment Conference, taking place virtually from September 13-15, 2021. The presentation will be available online starting at 7:00 am EDT on September 13. Investors can register for the conference through provided links. A webcast replay will be accessible on the company’s website after the conference. electroCore focuses on non-invasive vagus nerve stimulation therapy aimed at treating conditions like migraines and cluster headaches.
electroCore (Nasdaq: ECOR) announced a new reseller agreement with Red One Medical Devices, enhancing the availability of its gammaCore therapy within the federal marketplace. This collaboration targets U.S. Department of Veterans Affairs and Department of Defense hospitals, aiming to provide support to military personnel suffering from severe headaches. The partnership is set to streamline procurement processes, facilitating quicker access to gammaCore’s non-invasive vagus nerve stimulation therapy, which is designed for migraine and cluster headache relief.
electroCore, Inc. (Nasdaq: ECOR) announced the publication of a study in the Journal of Affective Disorders Reports, highlighting the effects of non-invasive vagus nerve stimulation (nVNS) on PTSD symptoms. Conducted at Georgia Tech and Emory University, the randomized trial showed a significant 31% reduction in PTSD symptoms and improvement in hyperarousal through nVNS after three months (p<0.013). The study indicates nVNS can effectively block inflammation markers related to PTSD, showcasing potential in addressing unmet medical needs for the estimated 8 million Americans suffering from PTSD annually.
electroCore reports strong second quarter 2021 results with net sales of $1.3 million, up 69% year-over-year and 5% sequentially. Revenue from the VA and DoD increased 15% sequentially to $779,000. The company’s cash balance at June 30, 2021, stood at approximately $23.7 million, bolstered by a recent public offering yielding $18.8 million net proceeds. Despite a GAAP net loss of $2.9 million, this marks a 39% improvement from a year ago. The company anticipates third quarter revenue of at least $1.5 million.
On August 4, 2021, electroCore announced the publication of an article in PharmacoEconomics that highlights the cost-effectiveness of gammaCore for treating cluster headaches. It shows that gammaCore therapy can save £450 per patient in the first year compared to standard treatments, while also reducing headache frequency and severity. The UK National Institute for Health and Care Excellence (NICE) guidance supports the adoption of gammaCore in the NHS, aiming to enhance its market presence. Iain Strickland noted the significance of NICE’s endorsement for growth in the UK market.
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