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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 its preliminary inclusion in the Russell Microcap® Index. The newly reconstituted indexes will take effect after the market close on June 28, 2024, and begin trading on July 1, 2024, according to a preliminary list by FTSE Russell posted on May 24, 2024. CFO Brian Posner highlighted that this inclusion could boost the company's exposure to investors. The Russell indexes, used by investment managers and institutional investors, benchmark approximately $10.5 trillion in assets. FTSE Russell, a leading global index provider, oversees these indexes.
electroCore has closed a $9.3M registered direct offering and concurrent private placements. The offering includes 225,000 pre-funded warrants and 112,500 common stock warrants sold to institutional investors, plus 1,208,310 shares and 604,150 warrants sold in separate private placements. Each pre-funded warrant was priced at $6.43, exercisable at $0.001 per share, while shares were priced at $6.43 each. The total gross proceeds are $9.3M, with $5.645M from company directors and officers. Funds are earmarked for sales, marketing, working capital, and general purposes. CEO Dan Goldberger highlights strong revenue momentum and operational leverage, expecting positive cash flow by 2025.
ElectroCore announced a $9.3 million registered direct offering and concurrent private placements. The company will issue pre-funded warrants and common stock shares to institutional and accredited investors. Each share is priced at $6.4925, and accompanying warrants will be exercisable at $6.43 per share for five years. The proceeds will support sales, marketing, working capital, and general corporate activities. The transactions include significant investments from company directors and officers amounting to $5.645 million. The completion of these offerings is expected by June 5, 2024, pending customary closing conditions.
electroCore, Inc. (Nasdaq: ECOR) announced record first quarter 2024 net sales of $5.4 million, a 96% increase over first quarter 2023. The company launched Truvaga Plus, a direct-to-consumer mobile app-enabled product for general wellness. Gross profit for Q1 2024 was $4.6 million with a gross margin of 84%. Operating expenses were $8.4 million with a decrease in R&D expenses and an increase in sales and marketing investments. GAAP net loss improved to $3.5 million, or $0.53 per share, compared to $5.9 million in Q1 2023. Adjusted EBITDA net loss was $3.1 million, down from $5.1 million in Q1 2023. Cash, cash equivalents, and restricted cash as of March 31, 2024, totaled approximately $8.1 million.
electroCore, Inc. announced that Donald Melnikoff joined as SVP, Engineering, Regulatory, and Compliance, with an inducement grant of 10,000 RSUs. The RSUs were granted under NASDAQ Listing Rule 5635(c)(4) and will vest over three years.
electroCore, Inc. (Nasdaq: ECOR) will announce its first quarter financial results on May 8, 2024, after the market closes. The company, specializing in bioelectronic medicine and wellness, will hold a conference call to discuss the results and answer questions.
electroCore, Inc. (NASDAQ: ECOR) announced positive results from its recent Truvaga Plus consumer study, showing improvements in sleep, focus, stress, energy, and mood. 82% felt calmer, 82% mentally healthier, 77% more alert, 77% more relaxed, 74% slept better, 74% mood improved, and 67% had more energy. Users reported between 30 mins to 2+ hours of additional sleep per night. 87% expressed interest in continuing the product for ongoing wellness benefits.
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