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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), a bioelectronic medicine company, will participate in a fireside chat at the BTIG Virtual MedTech Conference from February 17-19, 2021. The chat is scheduled for February 17 at 12:30 PM ET. A live webcast will be available on the company's website. The company focuses on non-invasive vagus nerve stimulation therapy to treat conditions such as cluster headaches and migraines.
electroCore (Nasdaq: ECOR) announced that gammaCore Sapphire (nVNS) is included in NHS England's new MedTech Funding Mandate Policy 2021/22, effective April 1, 2021. This policy supports NHS commissioners and providers in adopting NICE-approved technologies to enhance patient outcomes. It emphasizes that gammaCore could save the NHS up to £4,561,223 over five years. The policy aims for effective, affordable, and cost-saving innovations, transitioning from shorter renewal cycles to more stable reimbursement structures.
electroCore, Inc. (Nasdaq: ECOR) announced an agreement with RSK Medical Inc. to distribute its gammaCore Sapphire™ non-invasive vagus nerve stimulator (nVNS) in Canada. This partnership aims to provide treatment for patients with primary headache disorders, particularly migraines and cluster headaches. The agreement, with a three-year initial term, includes minimum purchase commitments. Both companies emphasize their commitment to improving patient access to innovative therapies.
electroCore, Inc. (Nasdaq: ECOR) announced that Health Improvement Scotland has published a Scottish Health Technology Group adaptation for NHS Scotland regarding the use of gammaCore for cluster headache treatment. This recommendation supports NICE guidelines from 2019, stating gammaCore can reduce attack frequency and intensity, improving patients' quality of life and saving £450 per patient in the first year. The adaptation allows for a three-month trial of gammaCore in NHS Scotland. The company aims to expand access to its treatment for cluster headache patients.
electroCore, Inc. (Nasdaq: ECOR) announced that the Centers for Medicare and Medicaid Services (CMS) published a new HCPCS code K1020 for its gammaCore Sapphire™ D device, effective April 1, 2021. This non-invasive vagus nerve stimulator code aims to enhance patient access to gammaCore therapy, which treats primary headache conditions. The decision reflects CMS’s recognition of the clinical and economic benefits of the gammaCore treatment, positioning the company for broader coverage opportunities.
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.
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