electroCore Provides Select Second Quarter 2023 Financial Guidance
July 11 2023 - 8:00AM
electroCore, Inc. (the “Company”) (Nasdaq: ECOR), a
commercial-stage bioelectronic medicine and wellness company, today
provided select preliminary unaudited financial guidance for the
second quarter of 2023.
Financial GuidancePreliminary unaudited
financial guidance for the second quarter of 2023:
Revenue: The Company anticipates reporting
record quarterly revenue of approximately $3,550,000 for the
quarter ended June 30, 2023. This would represent approximately 65%
growth over second quarter 2022 revenue of approximately
$2,157,000.
Rx gammaCore - Department of Veterans Affairs and
Department of Defense: For the second quarter of 2023, the
Company expects to recognize record revenue of approximately
$2,085,000 from its government channel which includes sales
pursuant to the Department of Veterans Affairs (“VA”) and
Department of Defense (“DoD”) originating prescriptions for the
Company’s gammaCore® products. This would represent approximately
75% revenue growth compared to approximately $1,189,000 of revenue
from this channel during the second quarter of 2022. 138 VA and DoD
military treatment facilities have purchased gammaCore products
through June 30, 2023, as compared to 106 through June 30,
2022.
Rx gammaCore – United States Commercial:
Physician dispense cash pay channel prescribers, including gC
Direct and gConcierge, have grown to approximately 2,225 at the end
of the second quarter of 2023, up from 660 at the end of the second
quarter of 2022. The Company expects revenue in these cash pay
channels to be approximately $430,000 in the second quarter of 2023
representing approximately 32% growth over the second quarter 2022
revenue of $325,000.
Truvaga: For the second quarter of 2023, the
Company expects to recognize net revenue of approximately $291,000
as compared $147,000 in the first quarter of 2023. Truvaga was
launched in late 2022.
TAC-STIM: Revenues associated with our human
performance brand, TAC-STIM™ which was launched in late 2022, is
expected to be approximately $311,000.
Outside of the U.S.: The Company expects to
recognize revenue of approximately $427,000 from its business
outside of the U.S. for the second quarter of 2023, which would
represent approximately an 8% decrease from the second quarter of
2022. Revenue from outside of the U.S. increased by 8% in local
currency, before unfavorable adjustments in foreign exchange
rate.
Net Cash Used: Net cash used during the quarter
ended June 30, 2023, was approximately $3.5 million.
FY 2023 Revenue GuidanceThe Company reiterated
its revenue guidance of $14.0-$15.0 million for the year ending
December 31, 2023.
The Company intends to provide a detailed operational and
financial update during its second quarter 2023 earnings call in
August 2023.
About electroCore, Inc.electroCore, Inc. is a
commercial stage bioelectronic medicine and wellness company
dedicated to improving health through its non-invasive vagus nerve
stimulation (“nVNS”) technology platform. Our focus is the
commercialization of medical devices for the management and
treatment of certain medical conditions and consumer product
offerings utilizing nVNS to promote general wellbeing and human
performance in the United States and select overseas markets.
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 during the second quarter
2023 and revenue for 2023, 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 Truvaga 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:ECOR Investor Relations(973)
302-9253investors@electrocore.com
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