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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) announced a $6.0 million grant from the National Institute on Drug Abuse for a pivotal clinical trial of its gammaCore nVNS device to treat opioid use disorder (OUD). The trial, to be conducted at Emory University and Georgia Institute of Technology, will enroll approximately 100 patients and evaluate the efficacy of gammaCore in reducing opioid withdrawal symptoms. Dr. Douglas Bremner noted the significance of this research as there are limited effective treatments for OUD. Peter Staats, CMO of electroCore, emphasized the potential of gammaCore to alleviate withdrawal pain and reduce healthcare costs. The study follows promising pilot data highlighting the device's ability to decrease both psychological and physiological withdrawal symptoms.
electroCore (Nasdaq: ECOR) has announced results from a clinical trial that highlights the efficacy of its gammaCore non-invasive vagus nerve stimulation (nVNS) in enhancing second language learning. Conducted at the Defense Language Institute (DLI) and supported by DARPA, the study involved 36 participants learning Arabic. Results showed that those using gammaCore exhibited significantly improved language recall compared to a sham group (p=0.025). Additionally, participants reported enhanced energy (p=0.036) and focus (p=0.001) throughout the training. The trial's findings suggest potential applications for military training and cognitive performance improvement. The study represents a critical advancement for electroCore's nVNS technology, which aims to promote overall wellbeing.
electroCore, Inc. (Nasdaq: ECOR), a bioelectronic medicine company, will announce its financial results for Q1 2023 on May 3, 2023, after market close. A conference call will be held at 4:30 PM EDT to discuss results and answer questions. The company focuses on non-invasive vagus nerve stimulation (nVNS) technology for managing medical conditions and enhancing wellbeing. electroCore aims to commercialize medical devices and consumer products in the U.S. and selected international markets.
electroCore, a bioelectronic medicine company, anticipates reporting a record revenue of approximately $2.8 million for the first quarter of 2023, representing a 46% increase from $1.9 million in Q1 2022. Revenue from the government channel is projected at $1.8 million, a growth of 42% year-over-year, with purchases from 124 military treatment facilities. Commercial revenue is expected to reach $581,000, a 74% rise, including $147,000 from Truvaga sales. The company also predicts $406,000 from international business, up 33% compared to last year. For the full year 2023, electroCore reaffirms its revenue guidance of $14.0-$15.0 million, with legacy headache channels expected to grow over 50%. A detailed update is planned for the May earnings call.
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