electroCore Announces Expected Record 4Q 2022 Revenue of $2.5M; Provides Business Update
January 17 2023 - 8:00AM
electroCore, Inc. (the “Company”) (Nasdaq: ECOR), a
commercial-stage bioelectronic medicine company, today provided
select unaudited preliminary financial guidance for the fourth
quarter and the full year of 2022.
Financial Guidance Preliminary unaudited
financial guidance for the fourth quarter and full year of
2022:
Revenue: The Company anticipates reporting
record full year 2022 revenue of approximately $8.5 million. This
would represent approximately 57% growth over full-year 2021
revenue of $5.5 million. Fourth quarter 2022 revenue is anticipated
to be approximately $2.5 million, which would represent
approximately 68% growth over fourth quarter of 2021.
Government Channels: For the full year of 2022,
the Company expects to recognize revenue of approximately $5.1
million pursuant to the Department of Veterans Affairs (“VA”) and
Department of Defense (“DoD”) originating prescriptions for the
Company’s gammaCore® products, compared to $3.3 million during the
full year 2021, which would represent approximately 56% growth. 117
VA and DoD military treatment facilities have purchased gammaCore
products through December 31, 2022, as compared to 100 through the
December 31, 2021.
Commercial: For the full year of 2022, the
Company expects to recognize revenue of approximately $1.7 million
from its U.S. commercial channels, which would represent
approximately a 158% increase from the full year of 2021.
New Products: The Company also recorded small
initial revenues from TAC-STIM™ under the Air Force BOOST program
and sales generated from the Truvaga™ eCommerce launch.
Outside of the U.S.: The Company expects to
recognize revenue of approximately $1.6 million from its business
outside of the U.S. for the full year of 2022, which would
represent approximately a 7% increase from the full year of 2021.
International revenue is expected to include approximately $139,000
of license fees pursuant to the previously announced license
agreement with Teijin Limited for commercialization in Japan.
Cash Position: The Company ended 2022 with
approximately $18.0 million of cash and cash equivalents, compared
to approximately $21.9 million as of September 30, 2022.
The Company intends to provide a detailed operational and
financial update during its fourth quarter and full-year 2022
earnings call in March 2023.
About electroCore, Inc. electroCore, Inc. is a
commercial stage bioelectronic medicine company dedicated to
improving patient outcomes through its non-invasive vagus nerve
stimulation therapy platform, initially focused on the treatment of
multiple conditions in neurology. The company's current indications
are the preventive treatment of cluster headache and migraine, the
acute treatment of migraine and episodic cluster headache, the
acute and preventive treatment of migraines in adolescents, and
paroxysmal hemicrania and hemicrania continua in adults. For more
information, visit www.electrocore.com.Forward-Looking
Statements This press release and other written and oral
statements made by representatives of electroCore may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements include, but are not limited to, statements about
expectations for revenue and cash used in operations during the
fourth quarter and full-year 2022, electroCore’s business prospects
and clinical and product development plans; its pipeline or
potential markets for its technologies; the timing, outcome and
impact of regulatory, clinical and commercial developments;
business prospects around its TAC-STIM and wellness offerings and
other new products and markets, and other statements that are not
historical in nature, particularly those that utilize terminology
such as "anticipates," "will," "expects," "believes," "intends,"
and other words of similar meaning, derivations of such words and
the use of future dates. Actual results could differ from those
projected in any forward-looking statements due to numerous
factors. Such factors include, among others, the ability to raise
the additional funding needed to continue to pursue electroCore’s
business and product development plans, the inherent uncertainties
associated with developing new products or technologies, the
ability to commercialize gammaCore™, TAC-STIM, and Truvaga, the
potential impact and effects of COVID-19 on the business of
electroCore, electroCore’s results of operations and financial
performance, inflation and currency fluctuations, and any measures
electroCore has and may take in response to COVID-19 and any
expectations electroCore may have with respect thereto, competition
in the industry in which electroCore operates and overall economic
and market conditions. Any forward-looking statements are made as
of the date of this press release, and electroCore assumes no
obligation to update the forward-looking statements or to update
the reasons why actual results could differ from those projected in
the forward-looking statements, except as required by law.
Investors should consult all of the information set forth herein
and should also refer to the risk factor disclosure set forth in
the reports and other documents electroCore files with
the SEC available at www.sec.gov.
Contact: Rich Cockrell CG Capital 404-736-3838
ecor@cg.capital
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