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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 it has regained compliance with the Nasdaq minimum bid price requirement, as the closing bid price exceeded $1.00 per share for 10 consecutive trading days from February 15 to March 1, 2023. This compliance allows the Company to maintain its listing on the Nasdaq Capital Market. electroCore is focused on commercializing medical devices using its non-invasive vagus nerve stimulation technology to treat various medical conditions and promote general wellbeing.
electroCore, Inc. (Nasdaq: ECOR) announced its financial results for the fourth quarter and full year ended December 31, 2022, will be released after the market close on March 8, 2023. The company specializes in bioelectronic medicine, focusing on non-invasive vagus nerve stimulation (nVNS) technology for managing medical conditions and enhancing wellness. A conference call and webcast will be held at 4:30 PM EST on the same day to discuss the results and field questions. Investors and stakeholders can participate via domestic and international phone numbers provided, or through a webcast link.
electroCore, Inc. (NASDAQ: ECOR) has secured an agreement with Byond Healthcare Pty Ltd. to distribute its gammaCore Sapphire™ non-invasive vagus nerve stimulator in South Africa and Namibia. This partnership aims to enhance access to innovative pain management solutions amid the opioid crisis. The gammaCore device is FDA-cleared and CE-marked for treating various headache-related conditions and can be self-administered by patients. The three-year exclusive distribution agreement requires regulatory clearances before sales commence.
On February 16, 2023, electroCore, Inc. (Nasdaq: ECOR) announced the issuance of two new patents by the USPTO and the upcoming issuance of a third patent related to its non-invasive vagus nerve stimulation (nVNS) technology. The patents cover:
- U.S. Patent No. 11,534,600 for treating behavioral disorders including ADHD and autism.
- U.S. Patent No. 11,581,090 regarding medical device usage limits.
- U.S. Patent No. 11,590,341 aimed at post-operative symptom treatment.
CEO Dan Goldberger expressed enthusiasm about expanding their intellectual property and exploring new treatment potentials. The company is focused on the commercialization of nVNS technology for various medical conditions.
electroCore, Inc. (Nasdaq: ECOR) announced the completion of a sale of approximately $211,000 in non-dilutive cash through New Jersey's Technology Business Tax Certificate Transfer program. This program allows qualifying New Jersey-based technology companies to sell net operating loss tax benefits, enabling them to convert tax losses into cash for business growth. Over the past three years, electroCore has received about $2.7 million from this program. CFO Brian Posner emphasized the importance of this funding in supporting their investment in the company's growth and ongoing operations.
electroCore, Inc. (Nasdaq: ECOR) announced a reverse stock split of its common stock at a ratio of 1-for-15, effective February 15, 2023. This decision follows stockholder approval on February 13, 2023, to amend the Company’s certificate of incorporation, allowing a split ratio between 1-for-5 and 1-for-50. The split aims to increase the stock price to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share. After the split, stockholder ownership percentages will remain unchanged, except for fractional shares, which will be compensated with cash based on the closing price on February 14, 2023.
electroCore (Nasdaq: ECOR) reported a record revenue of approximately $8.5 million for the full year 2022, marking a 57% increase from 2021. The company also achieved $2.5 million in revenue for the fourth quarter, a 68% growth year-over-year. Key revenue drivers included about $5.1 million from government channels, showing a 56% growth compared to 2021, and $1.7 million from U.S. commercial channels, reflecting a 158% increase. The firm ended 2022 with approximately $18.0 million in cash and equivalents, down from $21.9 million in Q3.
electroCore, Inc. (Nasdaq: ECOR) has launched a new wellness product, TruvagaTM, available in the U.S. via its ecommerce site, www.truvaga.com. This handheld, non-invasive vagus nerve stimulator is designed to promote general wellbeing through stress reduction, requiring only two-minute sessions without the need for apps or chargers. CEO Dan Goldberger emphasized that Truvaga is part of the company's strategy to enhance accessibility to vagus nerve stimulation technology. This move aligns with electroCore's focus on improving health outcomes through innovative therapies.
electroCore (Nasdaq: ECOR) announced the issuance of two new patents by the USPTO, enhancing its non-invasive vagus nerve stimulation (nVNS) technology. The first patent, U.S. Patent No. 11,511,109, relates to treating gastroparesis and functional dyspepsia with nVNS methods. The second patent, U.S. Patent No. 11,517,742, covers devices and methods for treating various disorders using nVNS. CEO Dan Goldberger highlighted that these patents broaden the application of nVNS therapy beyond migraines and cluster headaches, reflecting the company's commitment to innovation.
electroCore, Inc. (NASDAQ: ECOR) announced that its gammaCore Sapphire device has received a National Code Number (CNK) in Belgium. This unique identifier, issued by the Belgian Pharmaceutical Association, will facilitate the availability of gammaCore in pharmacies across Belgium. Iain Strickland, Senior Vice President at electroCore, emphasized that this development enhances patient access to their innovative vagus nerve stimulation therapy, which is used to treat various headache conditions. gammaCore is FDA cleared in the U.S. and CE-marked in the EU for several indications.
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