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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 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.
electroCore, Inc. (Nasdaq: ECOR) has shared insights on managing COVID-19 symptoms as new cases rise, with 97,309 reported. Chief Medical Officer Peter Staats highlights at-home strategies for symptoms like confusion, migraines, cough, and trouble breathing. The gammaCore Sapphire™ (nVNS) device is mentioned for migraine relief and asthma-related symptoms in COVID patients. Recommendations include hydration, rest, and consulting healthcare providers for persistent issues. The press release emphasizes continued health precautions even post-vaccination.
electroCore, Inc. (Nasdaq: ECOR) reported a 46% increase in full-year 2020 net sales, totaling approximately $3.5 million compared to $2.4 million in 2019. The fourth quarter saw net sales of around $928,000, up 38% year-over-year. The company also reduced net cash usage to $3.7 million in Q4 2020 from $4.1 million in Q3 2020. Cash and equivalents were $22.6 million as of December 31, 2020. The establishment of a unique reimbursement code and multiple distribution agreements highlight significant operational progress.
electroCore (Nasdaq: ECOR) will announce its financial results for Q4 and the fiscal year ending December 31, 2020, after market close on March 11, 2021. A conference call is scheduled for 4:30 PM ET for management to discuss the results. The company focuses on bioelectronic medicine, particularly through non-invasive vagus nerve stimulation therapy, addressing conditions such as cluster headaches and migraines in adults and adolescents.
electroCore, Inc. (Nasdaq: ECOR) announced participation in two investor conferences. The first is the H.C. Wainwright Global Life Sciences Conference, featuring a pre-recorded fireside chat available from March 9, 2021, at 7:00 a.m. ET. The second is the M Vest LLC and Maxim Group LLC Emerging Growth Virtual Conference, starting with a presentation on March 17, 2021, at 9:00 a.m. ET. Both events will include virtual investor meetings and replays will be accessible on the company's website for 90 days.
electroCore, Inc. (Nasdaq: ECOR) has entered a three-year agreement with Medistar, making them the exclusive distributor of the gammaCore Sapphire™ non-invasive vagus nerve stimulator in Australia. This follows the Australian Therapeutic Goods Administration's approval for the sale of gammaCore products. The partnership aims to provide patients suffering from primary headache disorders with access to this innovative therapy. Medistar will officially launch gammaCore at the ANZHS Headache Annual Scientific Meeting on March 13-14, 2021.
electroCore, Inc. (Nasdaq: ECOR) has announced the completion of patient enrollment for its SAVIOR-1 study, which evaluates the impact of non-invasive vagus nerve stimulation (nVNS) on respiratory symptoms in COVID-19 patients. This significant step aims to uncover potential therapeutic benefits for respiratory distress caused by the virus. Dr. Carlos Tornero highlights the promise of vagus nerve stimulation in treating respiratory functions. The study is backed by electroCore and underscores the ongoing search for effective COVID-19 treatments.
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