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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 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.
electroCore, Inc. (Nasdaq: ECOR) reported strong preliminary financial guidance for Q1 2021, projecting revenues exceeding $1.1 million, a 50% increase from Q1 2020. The company utilized approximately $4.1 million in cash for operations and ended the quarter with about $25.5 million in cash and equivalents. Growth is driven by new distribution agreements, improved sales in both the U.S. and U.K., and an expanded international presence. Significant advancements include FDA clearance for treating migraines in adolescents and increased adoption in military facilities.
electroCore (ECOR) announced positive top-line results from the SAVIOR-1 study, exploring non-invasive vagus nerve stimulation (nVNS) in COVID-19 patients. Conducted in Spain, the study involved 110 hospitalized patients and evaluated the safety and feasibility of nVNS alongside standard care. Results showed a significant decrease in C-Reactive Protein (CRP) in the nVNS group (-59.08 vs. -27.83; p<0.01). While modest improvements were noted in clinical endpoints, further data will be submitted for peer review. The findings suggest nVNS may enhance recovery in severe COVID-19 cases.
electroCore, Inc. (Nasdaq: ECOR) has received regulatory approval from Health Canada for the gammaCore Sapphire products, intended for the prevention and therapeutic treatment of migraines and cluster headaches. These products will be exclusively distributed by RSK Medical Inc. under a three-year agreement. The approval is a significant milestone for electroCore as it expands its market presence. The device offers a non-invasive treatment option, promoting better patient outcomes without the side effects common with traditional medications.
electroCore (Nasdaq: ECOR), a bioelectronic medicine company, has announced a partnership with Silvert Medical to distribute its gammaCore Sapphire non-invasive vagus nerve stimulator in Belgium, Luxembourg, the Netherlands, and France. This agreement, effective for three years, marks a significant step in expanding the reach of gammaCore, aimed at treating chronic migraine and cluster headaches. Eric Silvert, Managing Director of Silvert Medical, expressed enthusiasm about this collaboration, while electroCore's VP of European Operations emphasized their goal in enhancing patient care in these territories.
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