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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 (Nasdaq: ECOR) announced expected full-year 2020 revenue between $3.3M and $3.5M, reflecting over 40% growth from 2019's $2.4M. Q4 2020 net cash usage was $3.7M, better than the $4M guidance, and cash reserves at year-end totaled $22.6M. The company continues initiatives in COVID-19 and opioid use disorder treatments, alongside favorable data from the PREMIUM II migraine study. Expansion efforts included distribution agreements in Eastern Europe and government channels, despite challenges posed by COVID-19. Management expresses optimism for future growth opportunities.
electroCore, Inc. (Nasdaq: ECOR) has partnered with Pro Medical Baltic UAB to exclusively distribute its gammaCore Sapphire™ non-invasive vagus nerve stimulation (nVNS) therapy for headache disorders in Eastern Europe, including Lithuania, Latvia, Belarus, Kazakhstan, and Ukraine. The three-year agreement aims to enhance market access for gammaCore's treatment of cluster headaches and migraines. Pro Medical Baltic has experience in neuromodulation and a robust network of physicians, which is expected to benefit the introduction of nVNS therapy in the region.
electroCore (Nasdaq: ECOR) announced the top-line results of its PREMIUM II study, which evaluated the efficacy of gammaCore™ in reducing migraine days. Despite early termination due to COVID-19, results indicated that patients using gammaCore experienced 3.1 fewer migraine days compared to 2.3 in the sham group. Notably, 44.9% of gammaCore users achieved at least a 50% decrease in migraine days versus 26.8% for the sham group. The results also showed significant improvements in quality of life and migraine-associated disability, especially in patients with aura. Complete study results are expected in early 2021.
BASKING RIDGE, N.J., Dec. 07, 2020 – electroCore, a bioelectronic medicine company (Nasdaq: ECOR), will present at the 13th Annual LD Micro Main Event Conference on December 14, 2020. The presentation is scheduled for 2:40-3:00 PM EDT. Investors can register for the conference HERE. A webcast replay will be available on the company's website post-conference. electroCore focuses on non-invasive vagus nerve stimulation therapy for migraines and cluster headaches.
electroCore, Inc. (Nasdaq: ECOR) announced that its gammaCore non-invasive vagus nerve stimulator will be evaluated in a randomized study for treating opioid use disorders, led by Dr. Douglas Bremner at Emory University. The study will enroll 40 subjects to assess the effectiveness of nVNS in reducing opioid cravings. The initiative is part of addressing the growing health crisis of addiction in the U.S. and is supported by the National Institute on Drug Abuse. The project aims to explore innovative treatments during the critical withdrawal period.
electroCore, Inc. (Nasdaq: ECOR) reported Q3 2020 revenue of approximately $1.1 million, a 44% sequential increase and 58% year-over-year growth. The company reduced its quarterly cash burn to $4.1 million and secured an Emergency Use Authorization for gammaCore Sapphire™ CV to treat COVID-19 related symptoms. The Veterans Administration has initiated a clinical trial for non-invasive vagal nerve stimulation. Overall, operating expenses declined to $5.2 million, a significant drop from $11.2 million in Q3 2019, indicating cost management progress.
electroCore (Nasdaq: ECOR) has announced that CEO Dan Goldberger and CFO Brian Posner will participate in two upcoming investor conferences on November 19, 2020. The first event is the Sidoti Virtual Microcap Conference 2020, featuring a corporate presentation and 1x1 meetings from 10:45am to 11:45am ET. The second event is the Canaccord Genuity Virtual MedTech & Diagnostics Forum, also consisting of 1x1 meetings. The company specializes in non-invasive vagus nerve stimulation therapy, targeting conditions in neurology such as migraine and cluster headaches.
electroCore, Inc. (Nasdaq: ECOR) will release its third-quarter financial results on November 12, 2020, after market close. A conference call is scheduled for the same day at 4:30 PM Eastern Time, where management will discuss these results and answer questions. The company focuses on non-invasive vagus nerve stimulation therapy for neurological conditions, primarily targeting cluster headaches and migraines. For additional details, visit their website or join the conference via the provided webcast link.
electroCore, a bioelectronic medicine company, has appointed Sylvester "Sly" Steele as Vice President and General Manager of its newly established Government Channels Business Unit. With over 20 years of experience in the U.S. Navy, Steele will focus on expanding the reach of gammaCore Sapphire non-invasive vagus nerve stimulation therapy, particularly within the Veterans Administration and Department of Defense. The company aims to leverage his skills to drive growth and create new revenue opportunities in government sectors.
electroCore (Nasdaq: ECOR) anticipates Q3 2020 revenue will surpass $1 million, marking over a 35% increase sequentially and over 50% from Q3 2019. The company reported an operating cash burn of approximately $4.1 million, while raising $11.2 million through an existing stock purchase agreement. The Department of Veterans Affairs has agreed to sponsor a study of gammaCore Sapphire for veterans with traumatic brain injury and PTSD. Despite challenges due to COVID-19, the company is well-positioned for future growth.
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