0001560258
false
0001560258
2023-07-11
2023-07-11
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
July 11, 2023
electroCore, Inc.
(Exact name of registrant as specified in its
charter)
|
|
|
|
|
Delaware |
|
001-38538 |
|
20-3454976 |
(State or other jurisdiction of
incorporation or organization)
|
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
200 Forge Way, Suite 205
Rockaway, NJ 07866
(Address of principal executive offices and
zip code)
(973) 290-0097
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
Title of each class |
|
Trading
symbol(s)
|
|
Name of each exchange
on which registered |
Common Stock, Par Value $0.001 Per Share |
|
ECOR |
|
NASDAQ Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
On July 11, 2023, electroCore, Inc. (the “Company”)
issued a press release providing a business update, including select unaudited preliminary financial guidance for the second quarter of
2023. A copy of the press release is filed herewith as Exhibit 99.1.
The information in this Item 2.02 of this Current
Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities
Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current
Report shall not be incorporated by reference into any filing with the SEC made by the Company, whether made before or after the date
hereof, except as shall be expressly set forth by reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
electroCore, Inc. |
|
|
July 11, 2023. |
/s/ Brian Posner |
|
Brian Posner |
|
Chief Financial Officer |
electroCore Provides Select Second
Quarter 2023 Financial Guidance
• |
Record revenue of approximately $3,550,000 for the three months ended June 30, 2023; 65% increase
over second quarter of 2022 |
ROCKAWAY, N.J., July 11, 2023 (GLOBE NEWSWIRE) -- 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 Guidance
Preliminary 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 Guidance
The 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) 302-9253
investors@electrocore.com
v3.23.2
Cover
|
Jul. 11, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jul. 11, 2023
|
Entity File Number |
001-38538
|
Entity Registrant Name |
electroCore, Inc.
|
Entity Central Index Key |
0001560258
|
Entity Tax Identification Number |
20-3454976
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
200 Forge Way
|
Entity Address, Address Line Two |
Suite 205
|
Entity Address, Address Line Three |
|
Entity Address, City or Town |
Rockaway
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
07866
|
City Area Code |
(973)
|
Local Phone Number |
290-0097
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock, Par Value $0.001 Per Share
|
Trading Symbol |
ECOR
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
true
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 3 such as an Office Park
+ References
+ Details
Name: |
dei_EntityAddressAddressLine3 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
electroCore (NASDAQ:ECOR)
Historical Stock Chart
From Jul 2024 to Jul 2024
electroCore (NASDAQ:ECOR)
Historical Stock Chart
From Jul 2023 to Jul 2024