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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, will be added to the Russell Microcap Index effective June 28, 2021. This inclusion enhances the company's visibility to institutional investors and investment managers. The Russell Microcap Index tracks smaller market-cap companies and is part of FTSE Russell, which manages approximately $10.6 trillion in assets. CFO Brian Posner emphasized that being part of this index represents a significant opportunity for shareholder value.
electroCore, Inc. (Nasdaq: ECOR) has successfully sold $1.4 million in tax benefits through the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer program for fiscal years 2019 and 2020. This sale enhances the company's balance sheet and bolsters its cash position, aiding in the commercialization of gammaCore and expansion of its non-invasive vagus nerve stimulation therapy. The program allows eligible companies to convert net operating losses into cash, thus supporting their growth objectives.
electroCore, Inc. (NASDAQ: ECOR) announced a peer-reviewed publication demonstrating the efficacy of non-invasive vagus nerve stimulation (nVNS) for Parkinson's disease treatment. The randomized trial, conducted with 36 participants, indicated significant improvements in motor function, gait, and inflammation markers after nVNS. Enhanced walking speed and rhythm were observed, with minimal adverse events. The study highlights the potential for nVNS as an adjunctive therapy for Parkinson's patients. The findings emphasize the growing burden of Parkinson's disease, impacting over 1 million individuals in the U.S. with annual costs exceeding $51.9 billion.
electroCore, a bioelectronic medicine company listed on NASDAQ under the symbol ECOR, announced its participation in several investor conferences throughout June 2021. Key events include the Summer Solstice Best Ideas Conference on June 1 at 9:30 AM EDT, the LD Micro Invitational XI on June 8 at 3:30 PM EDT, and the JMP Securities Life Sciences Conference on June 17 at 12:30 PM EDT. CEO Dan Goldberger and CFO Brian Posner will present an overview of the company and conduct virtual meetings.
electroCore reported a strong first quarter in 2021, achieving net sales of $1.2 million, a 64% increase year-over-year and a 30% rise from the previous quarter. The company maintained a cash balance of $25.5 million as of March 31, 2021, with net cash used of $4.1 million. Significant achievements include obtaining a unique CMS reimbursement code and expanding gammaCore's FDA indication for adolescent migraine treatment. Despite ongoing challenges, electroCore expects to exceed $1.2 million in net revenue for Q2 2021.
electroCore, Inc. (Nasdaq: ECOR) has announced an investigator-initiated study by the U.S. Department of Veterans Affairs to evaluate the efficacy of gammaCore Sapphire™ for treating post-traumatic headache (PTH). The study targets 100 veterans and is led by the VA Headache Center of Excellence. PTH is common among veterans with traumatic brain injuries. With over 350,000 veterans affected, this study aims to expand gammaCore's application, previously successful in treating cluster headaches. The randomized trial highlights the commitment to improving veterans' healthcare outcomes.
electroCore (NASDAQ: ECOR) announced it will report its Q1 2021 financial results on May 6, 2021, after the market closes. Management will hold a conference call at 4:30 PM ET to discuss the results. The company specializes in bioelectronic medicine aimed at improving patient outcomes through non-invasive vagus nerve stimulation therapy. Current treatment focuses on cluster headaches and migraines. Investors can join the conference via a dedicated webcast link provided in the press release.
electroCore, Inc. (Nasdaq: ECOR) announced an investigator-initiated trial by Johns Hopkins University School of Medicine. The study will explore non-invasive vagus nerve stimulation (nVNS) using their gammaCore device to treat nausea in patients with gastroparesis and related disorders (NCT04857281). Approximately 6 million Americans suffer from gastroparesis, leading to significant quality of life impacts and economic burdens. The gammaCore device aims to provide an alternative to traditional invasive treatments, potentially reducing the need for rescue medications.
electroCore (Nasdaq: ECOR) has announced a partnership with East Agency to distribute its gammaCore Sapphire™ non-invasive vagus nerve stimulator in Qatar. This agreement, effective for three years, aims to provide innovative treatment options for patients with primary headache disorders. East Agency specializes in healthcare technologies, enhancing electroCore's reach in the Middle East. The gammaCore device is FDA cleared for various headache treatments, offering self-administration without common drug side effects. This move signifies electroCore's commitment to expanding its market presence.
electroCore, Inc. (Nasdaq: ECOR) announced a new publication in Nature Reviews: Neurology detailing cluster headache pathophysiology and treatment options. The paper emphasizes gammaCore as the only therapy effective for both acute and preventive treatment of cluster headaches, highlighting its ability to alleviate pain within 15 minutes. Experts note advancements in treatment options could substantially reduce healthcare costs and improve patient outcomes. The company remains focused on non-invasive therapies for neurology, with ongoing potential for clinical and market developments.
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