Dan Goldberger, CEO, will host a group presentation on Wednesday, April 23, 2025 at 1:30 p.m. PT and host one-on-one meetings throughout both days. To schedule a one-on-one meeting with Mr. Goldberger, investors are encouraged to reach out to Planet MicroCap or electroCore's investor relations at ecor@fnkir.com. 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") te ...

ROCKAWAY, N.J., April 03, 2025 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, has been recognized by the Financial Times as one of “The Americas’ Fastest Growing Companies 2025.” Debuting at number 125, electroCore joins 300 other companies dominating in their respective sectors. This is the sixth annual list that the Financial Times published, ranking companies based on the highest compound annual revenue growth between the years 2020 a ...

Dan Goldberger, CEO and Joshua Lev, Chief Financial Officer, will host a group presentation at 2:15 p.m. ET and participate in one-on-one meetings throughout the day. 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 util ...

ROCKAWAY, N.J., March 31, 2025 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine and wellness company, announced today that electroCore has received a new Federal Supply Schedule (FSS) contract, with an effective date of June 15, 2025 and running through June 14, 2030. "Obtaining a follow-on contract in this macro environment is a tremendous vote of confidence by the Veterans Affairs (VA) FSS Service, demonstrating that gammaCore continues to be a cost effective ...

Financial Data and Key Metrics Changes - Revenue for 2024 was $25.2 million, up 57% from $16 million in 2023 [35] - Fourth quarter revenue was $7 million, marking a 36% increase over the same quarter last year [9] - Full year gross margins improved to 85% from 83% in the previous year [10] - Net loss for 2024 narrowed by 37% to $11.9 million compared to $18.8 million in 2023 [38] - Cash, cash equivalents, and marketable securities totaled approximately $12.2 million at year-end 2024, up from $10.6 million in 2023 [39] Business Line Data and Key Metrics Changes - Sales in the VA channel grew 85% to $17.8 million in 2024 from $9.6 million in 2023 [14] - Truvaga net sales reached $2.8 million in 2024, a 174% increase over 2023 [16] - TAC-STIM sales were $1.2 million for the full year, down from $1.7 million in the previous year [20] - U.S. prescription gammaCore channel recorded revenue of $1.5 million, down 15% from 2023 [22] Market Data and Key Metrics Changes - Approximately 30 million covered lives in the U.S. for the prescription headache business [12] - Revenue from channels outside the U.S. was flat at $1.9 million for 2024 [24] - The VA Hospital System remains the largest customer, with 170 facilities purchasing gammaCore products [15] Company Strategy and Development Direction - The company aims to become a leader in the bioelectronic health and wellness sector through acquisitions like NeuroMetrix [25] - Plans to leverage existing sales channels for new products, including Quell for fibromyalgia and Sparrow for opioid withdrawal [28][32] - Focus on expanding Truvaga's market presence through e-commerce and partnerships [49] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about long-term prospects, citing growth in prescription products and wellness offerings [42] - The company is aware of macroeconomic disruptions affecting VA hospital customers but has not seen direct impacts on business cadence [46] - Future growth is expected from prescription gammaCore sales and direct-to-consumer initiatives [118] Other Important Information - The company plans to maintain discipline around operating expenses while investing in growth [55] - The acquisition of NeuroMetrix is expected to close in Q2 2025, enhancing the product portfolio [26] - The company is exploring international expansion for Truvaga products [125] Q&A Session Summary Question: Plans for selling the Quell product post-acquisition - The company plans to integrate Quell into existing sales channels and provide training to the sales team after the acquisition closes [62][64] Question: Update on Joerns and its growth - The company acknowledges slower traction with Joerns but is seeing early signs of growth with more prescribers [80] Question: Comparison of Kaiser channel to VA system - The Kaiser channel is more challenging to penetrate but once established, it is expected to be a sticky business [89] Question: Future growth opportunities - The company sees potential in prescription gammaCore sales, direct-to-consumer growth, and new product acquisitions [118] Question: Impact of VA personnel reductions - No material impact observed yet, but the situation is being monitored closely [126] Question: Confidence in achieving mid-80s gross margin - The company expects to maintain mid-80s gross margins in 2025, primarily from existing products [129] Question: Plans for Truvaga sales growth - The company is focusing on omnichannel distribution, including e-commerce and influencer marketing [146]

Financial Data and Key Metrics Changes - Revenue for 2024 was $25,200,000, up 57% from $16,000,000 in 2023, driven by increased sales of prescription gammaCore devices and non-prescription Truvega products [9][28] - Gross margins improved to 85% in 2024 from 83% in 2023, with total operating expenses rising to approximately $33,600,000 from $32,500,000 in the previous year [10][28] - The net loss for 2024 was $11,900,000, a significant improvement from $18,800,000 in 2023, with adjusted EBITDA net loss decreasing to $9,000,000 from $15,400,000 [30][31] Business Line Data and Key Metrics Changes - Sales in the VA channel grew 85% to $17,800,000 in 2024 from $9,600,000 in 2023, with fourth-quarter sales increasing 47% to $4,600,000 [13] - Truvega net sales reached $2,800,000 in 2024, a 174% increase over 2023, with fourth-quarter sales approximately $1,200,000, a 271% increase year-over-year [14] - TaxSim sales for human performance were $1,200,000 in 2024, down from $1,700,000 in 2023, with revenue from this product line being difficult to predict due to the DoD acquisition process [18] Market Data and Key Metrics Changes - The company has approximately 30,000,000 covered lives in the U.S. for its products, with the VA hospital system being the largest customer [11] - Revenue from channels outside the U.S. was flat at $1,900,000 for 2024, with most revenue generated from the UK through NHS-funded gammaCore sales [20] Company Strategy and Development Direction - The company aims to become a leader in the bioelectronic health and wellness sector, with plans to leverage the acquisition of NeuroMetrix to enhance its product offerings [21][23] - The strategy includes expanding the Truvega brand through e-commerce and exploring new channels, including influencers and affiliates [16][35] - The company is focused on maintaining gross margins in the mid-80s while navigating potential impacts from trade policies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term prospects, citing continued revenue growth in core business lines and the potential for new product introductions [32] - The company is aware of macroeconomic disruptions affecting VA hospital customers but has not seen direct impacts on business cadence [34] - Future growth is expected from prescription gammaCore sales, direct-to-consumer initiatives, and new product acquisitions [39] Other Important Information - The company ended 2024 with approximately $12,200,000 in cash, a significant increase from $10,600,000 in 2023, and plans to maintain discipline around operating expenses [31][38] - The acquisition of NeuroMetrix is expected to close in the second quarter of 2025, which will provide additional growth opportunities [22][39] Q&A Session Summary Question: Plans for selling the Quell product post-acquisition - Management plans to integrate Quell into existing sales channels and provide training to the sales team after the acquisition closes [45][46] Question: Update on the Jerns channel - Management acknowledged slower traction but noted an increase in prescribers and optimism for future growth [55][59] Question: Comparison of Kaiser channel to VA system - Management indicated that the Kaiser system is more challenging to penetrate but once established, it offers a sticky business opportunity [65][67] Question: Confidence in achieving mid-80s gross margin - Management expressed confidence in maintaining mid-80s gross margins in 2025, with potential impacts from new product mixes in the future [89] Question: Capital adequacy and funding needs - The company has sufficient cash to execute its plans and does not anticipate needing to raise additional capital in the near term [95]

Revenue Sources - The United States Department of Veterans Affairs accounted for 70.6% of the company's revenue for the year ended December 31, 2024[26]. - Sales under the UK MedTech Funding Mandate for cluster headache represented 6.6% of total revenue for the year ended December 31, 2024[29]. - A significant portion of sales will be made to the VA under the FSS contract, with 70.6% and 60.1% of total revenue derived from VA facilities in 2024 and 2023 respectively[155]. - In 2024, one specific VA facility accounted for approximately 11.3% of revenue from the government channel, highlighting customer concentration risk[155]. - The company expects a portion of 2025 sales to be processed through a distribution agreement with Lovell Government Services, which may increase credit risk associated with state and local government agencies[141]. Product Development and Innovation - The company launched Truvaga Plus, an app-enabled general wellness product, in April 2024, expanding its product offerings[23]. - The company is developing future iterations of nVNS technology, including smartphone-integrated therapies, to enhance product offerings[40]. - The company has received CE Certificate of Conformity for gammaCore therapy to treat primary headaches, which includes migraine and cluster headache, and has extended indications for reactive airway disease[67]. - The FDA has cleared gammaCore for multiple indications, including the acute treatment of pain associated with episodic cluster headache and migraine headache[42]. - The company is exploring potential acquisitions, including the acquisition of NURO, which may disrupt its business and financial condition[126]. Regulatory and Compliance - NICE is expected to review the Medical Technology Guidance for gammaCore in 2025, which could impact its use within the NHS[47]. - gammaCore is classified as a Class II medical device in the EU, requiring compliance with extensive regulatory obligations for clinical studies[70]. - The FDA classifies the company's medical devices as Class II, requiring pre-market review and clearance through the 510(k) process[58]. - The European Commission extended the transition period for Class IIa devices, including gammaCore products, from May 26, 2024, to December 31, 2028[71]. - The company has the necessary certificates for the Medical Devices Regulation (MDR) compliance[72]. Financial Position and Risks - The company incurred net losses of $11.9 million and $18.8 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $177.1 million as of December 31, 2024[116]. - The company faces risks related to its financial position, including the need for additional capital to support commercialization efforts and research activities[89]. - The company may need to seek additional funds in the future, with an aggregate offering price of up to $20 million under an At The Market Offering Agreement[91]. - The company’s operations have consumed substantial amounts of cash since inception, impacting its ability to fund planned activities[89]. - The company anticipates incurring substantial expenses related to the integration of NURO, which could adversely affect its financial condition[129]. Market and Competitive Landscape - The global general wellness market is estimated to exceed $1.8 trillion, with the US market valued at over $480 billion and growing at more than 5% annually[38]. - The company faces competition from larger firms that have established relationships with physicians and hospitals, which may hinder market penetration[198]. - The company has a limited history of commercializing general wellness products and faces significant competition from established companies with greater resources in the migraine treatment market[193][197]. - The company must continue to develop and retain an effective sales force to market its nVNS platform technology, as competition for qualified personnel is significant[192]. - The company may experience pricing pressure and competitive disadvantages in international markets due to established relationships of competitors[211]. Operational Challenges - The company has limited experience in direct-to-consumer marketing and may struggle to gain market acceptance for its nVNS platform technology[98]. - The company faces challenges in enrolling patients for clinical trials, which could delay the development timeline and regulatory approval processes[175]. - The company may encounter difficulties with manufacturing, quality control, and supply chain issues, potentially leading to revenue generation delays[189]. - The company relies on third-party service providers for finance and accounting functions, increasing its dependency and associated risks[187]. - Cybersecurity threats to the company's information technology infrastructure could significantly disrupt operations and adversely affect business results[161]. Marketing and Brand Awareness - Establishing and strengthening brand awareness for products like gammaCore and Truvaga is critical, requiring significant marketing efforts and expenses[214]. - The company must demonstrate the medical and economic benefits of gammaCore therapy compared to competitors to gain physician adoption, which is critical for sales growth[144]. - The commercialization strategy may involve increased billing, cash application, and credit risks due to the high cost of claims and complex reimbursement processes[137]. - The company has launched new cash pay initiatives, including gConcierge and gCDirect programs, and plans to expand its direct-to-consumer business channel in 2025[94]. - The company currently generates a small portion of revenue through the distribution of other manufacturers' products, which could negatively impact its relationship with the Veterans Administration[157]. Future Outlook - The company is facing significant risks and uncertainties in achieving profitability due to challenges in commercialization and clinical development activities[117]. - The company anticipates potential changes in government spending and healthcare funding that could adversely affect its business operations and financial condition[140]. - The company may need to expand its product offerings and distribution channels, potentially increasing research and development costs and decreasing operating margins[201]. - The company expects an increasing portion of its 2025 sales to come from the distribution agreement with Lovell, which may concentrate its customer base further[156]. - Seasonal variations in cluster and migraine headache attacks may lead to fluctuations in quarterly revenue, complicating sales forecasts[152].

Revenue - Net revenue for the fiscal quarter ended December 31, 2024, was $7.07 million[5] - Net revenue for the fiscal year ended December 31, 2024, was $25.2 million[5] Cash and Securities - As of December 31, 2024, cash, restricted cash, cash equivalents, and marketable securities totaled $12.2 million[5]

Core Insights - electroCore, Inc. reported record full year 2024 net sales of $25.2 million, a 57% increase from $16.0 million in 2023, driven by significant growth in Rx gammaCore and Truvaga sales [1][4][8] Financial Performance - The increase in net sales was primarily attributed to an 85% growth in Rx gammaCore sales within the VA/DoD channel and a 174% increase in Truvaga sales [4][5] - Gross profit for 2024 was $21.4 million, with a gross margin of 85%, compared to $13.2 million and 83% in 2023 [4][8] - Total operating expenses for 2024 were approximately $33.6 million, slightly up from $32.5 million in 2023, with R&D expenses decreasing significantly to $2.4 million from $5.3 million [6][7] - The net loss for 2024 was $11.9 million, a 37% reduction from $18.8 million in 2023, with net loss per share improving to $1.59 from $3.42 [8][9] - Adjusted EBITDA net loss for 2024 was $9.0 million, an improvement from $15.4 million in 2023, reflecting the positive impact of increased sales [10][24] Cash Position - As of December 31, 2024, the company had cash, cash equivalents, restricted cash, and marketable securities totaling approximately $12.2 million, up from $10.6 million in 2023 [12][21] Strategic Outlook - The CEO emphasized the company's strong market position and plans to expand sales channels and partnerships to drive future growth and profitability [3]

Core Insights - electroCore, Inc. will report its financial results for Q4 and the full year ended December 31, 2024, on March 12, 2025, after market close [1] - A webcast and conference call will be held at 5:30 PM EDT to discuss the financial results and address questions [2] Company Overview - electroCore, Inc. is a commercial-stage bioelectronic medicine and wellness company focused on improving health through its non-invasive vagus nerve stimulation (nVNS) technology platform [3] - The company aims to commercialize medical devices for managing specific medical conditions and consumer products that utilize nVNS to enhance general well-being and human performance in the U.S. and select international markets [3]