Core Insights - electroCore, Inc. announced new findings from the Air Force Research Laboratories (AFRL) that support the effectiveness of its TAC-STIM (nVNS) technology in enhancing pilot training [1][3] - The study demonstrated a significant improvement in sensorimotor learning among participants using nVNS compared to a sham treatment, with a 51% improvement in performance by trial 12 [2] Company Overview - electroCore, Inc. is a commercial-stage bioelectronic medicine and wellness company focused on non-invasive vagus nerve stimulation (nVNS) technology for health improvement and performance enhancement [5] - The company aims to commercialize medical devices for managing specific medical conditions and consumer products that promote general well-being [5] Product Information - TAC-STIM is a non-invasive vagus nerve stimulator designed to enhance human performance by improving memory retention, attention, and mood, while also accelerating training and reducing fatigue [7] - The device is marketed as a low-risk general wellness product and is not intended for the treatment or diagnosis of any medical conditions [7] Research and Development - The study conducted by AFRL involved 28 participants and assessed the impact of nVNS on their training performance over a series of trials [2] - The results indicated a 99% probability that active nVNS was superior to sham treatment, suggesting a higher learning rate in the nVNS group [2] Future Prospects - The CEO of electroCore expressed optimism about ongoing studies and the potential applications of TAC-STIM across various branches of the Armed Forces [3] - The company is looking forward to additional data that could further validate the effectiveness of its technology in military training contexts [3]

Financial Data and Key Metrics Changes - The company reported record revenue of $6.1 million for Q2 2024, a 73% increase compared to $3.6 million in Q2 2023, reflecting a 69% five-year compound annual growth rate [6][16] - Gross margins improved to 86% in Q2 2024 from 84% in Q2 2023, with a gross profit increase of $2.3 million [16][17] - The net loss for Q2 2024 was $2.7 million, significantly reduced from a net loss of $4.9 million in Q2 2023 [17][18] - Cash used from operations was approximately $1.8 million for the quarter, with cash and equivalents totaling about $14.5 million as of June 30, 2024 [23][20] Business Line Data and Key Metrics Changes - The prescription gammaCore therapy sales in the VA channel grew 120% to $4.6 million in Q2 2024 from $2.1 million in Q2 2023 [8][9] - Truvaga sales reached approximately $572,000 in Q2 2024, up from $290,000 in Q2 2023, indicating strong market acceptance [9][10] - TAC-STIM sales were $55,000 in Q2 2024, down from $311,000 in the same period last year, attributed to anticipation of the new handset launch [12][33] Market Data and Key Metrics Changes - Revenue from channels outside the U.S. increased by 9% to $464,000 in Q2 2024, primarily driven by prescription gammaCore sales in the UK [14] - The VA hospital system remains the largest revenue channel, with approximately 600,000 patients treated for headaches [9] Company Strategy and Development Direction - The company is focused on expanding its presence in the VA hospital system and developing clinical champions within managed care systems [32][37] - Plans to establish additional indications for prescription gammaCore to treat PTSD and opioid use disorder are underway [20][34] - The launch of Truvaga Plus has been positively received, with expectations for further product offerings and channels to enhance customer lifetime value [19][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive cash flow early next year, supported by the current financial resources [20][21] - The company anticipates that TAC-STIM revenue will increase in the latter half of 2024 as active-duty units evaluate and purchase in bulk [19][12] - There is optimism regarding the growth potential of the Truvaga brand as a direct-to-consumer wellness product [19][10] Other Important Information - The company raised approximately $9 million through a registered direct offering and private placements in June 2024 [20][18] - The VA hospital system's gammaCore therapy is free for patients covered by veterans administration benefits, representing about 9 million covered lives [8] Q&A Session Summary Question: Current shares outstanding - The company has 4.6 million shares outstanding, with an average of 7.05 million used for the quarter [21][22] Question: Cash loss for the quarter - Cash used from operations was about a little under $1.8 million [23] Question: Expectations for TAC-STIM sales - Sales are expected to be stronger in the back half of the year, with a large commitment for delivery in October [24] Question: Growth expectations in the UK and other territories - The UK is expected to grow in the mid-single digits, while other geographies are more of a 2025 story [25] Question: Update on commercial payers - The focus is on developing clinical champions within the Joerns managed care system before directing resources to other national payers [32] Question: Effectiveness of vagus nerve stimulation for language learning - The trial was conducted with gammaCore handsets, and results could be inferred for TAC-STIM and Truvaga [38] Question: Updated VA DoD facility count - The current count is 160 facilities [39] Question: Comments on new indications or studies - The company is supportive of the research interest in new indications, which could lead to future opportunities [40]

Company Participation in Conferences - electroCore's CEO, Dan Goldberger, will participate in the 9th Annual Needham Virtual MedTech & Diagnostics 1x1 Conference on August 12-13, 2024 [1] - CFO Brian Posner is scheduled to attend the 44th Annual Canaccord Genuity Growth Conference in Boston, MA, with 1x1 investor meetings hosted by electroCore on August 13, 2024 [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 and treating specific medical conditions, as well as consumer products utilizing nVNS to enhance general wellbeing and human performance in the U.S. and select international markets [3]

ElectroCore, Inc. (ECOR) came out with a quarterly loss of $0.38 per share versus the Zacks Consensus Estimate of a loss of $0.39. This compares to loss of $1.03 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 2.56%. A quarter ago, it was expected that this company would post a loss of $0.50 per share when it actually produced a loss of $0.53, delivering a surprise of -6%. Over the last four quarters, the company has surpasse ...

Financial Performance - Net sales for Q2 2024 reached $6.139 million, a 73% increase from $3.551 million in Q2 2023[10] - Gross profit for Q2 2024 was $5.301 million, compared to $2.966 million in Q2 2023, reflecting a 78% increase[10] - The company reported a net loss of $2.655 million for Q2 2024, an improvement from a net loss of $4.903 million in Q2 2023[10] - For the six months ended June 30, 2024, the net loss was $6.161 million, compared to a net loss of $10.770 million for the same period in 2023, representing a 42.5% improvement[15] - Total net sales for the six months ended June 30, 2024, were $11.582 million, compared to $6.331 million for the same period in 2023, representing an increase of 83.5%[33] Assets and Liabilities - Total current assets increased to $17.959 million as of June 30, 2024, up from $14.294 million at the end of 2023, representing a 26% growth[7] - The company’s total liabilities rose to $10.883 million as of June 30, 2024, compared to $8.660 million at the end of 2023, indicating a 26% increase[8] - Cash and cash equivalents were $10.302 million as of June 30, 2024, compared to $10.331 million at the end of 2023[7] - The accumulated deficit increased to $(171.365) million as of June 30, 2024, from $(165.204) million at the end of 2023[8] - The total stockholders' equity as of June 30, 2024, was $11.472 million, up from $7.064 million as of June 30, 2023, marking a 62.5% increase[14] Operating Expenses - Operating expenses for Q2 2024 totaled $7.892 million, slightly down from $7.954 million in Q2 2023[10] - Research and development expenses for Q2 2024 were $635,000, down from $1.155 million in Q2 2023[10] - The Company recognized lease expenses of $99,000 for the six months ended June 30, 2024, compared to $76,000 for the same period in 2023, reflecting a 30.3% increase[40] Cash Flow and Investments - The company experienced a net cash used in operating activities of $4.330 million for the six months ended June 30, 2024, compared to $9.172 million for the same period in 2023, reflecting a 52.8% reduction[15] - The Company's cash position as of June 30, 2024, was $14.2 million, following net proceeds of approximately $9.0 million from securities sales during the same period[29] - Marketable securities amounted to $3.9 million as of June 30, 2024, consisting entirely of U.S. treasury bills, with no marketable securities held at December 31, 2023[24] Stock and Equity - The weighted average common shares outstanding increased to 7.046 million in Q2 2024 from 4.751 million in Q2 2023[10] - The Company raised $8.3 million through the sale of common stock and warrants during the six months ended June 30, 2024[15] - The Company raised approximately $9.0 million from the sale of securities, with $1 million allocated to settle financial obligations to its legal counsel[46] - As of June 30, 2024, the total number of outstanding stock purchase warrants increased to 1,640,000, with a weighted average exercise price of $5.37[50] Operational Changes - The company has paused operations in Germany, with sales managed by its UK subsidiary[17] - The Company extended its lease in Rockaway, New Jersey for an additional 10 years, increasing the leased area from 13,643 square feet to 22,557 square feet[41] Legal and Compliance - The Company is subject to various legal claims, including stockholder litigation, which may result in substantial defense costs[62] - A material weakness in internal controls over financial reporting was identified due to an unauthorized payment based on incorrect vendor information[109] - The Company plans to implement measures to remediate the identified material weakness in internal controls[110] Future Outlook - The Company expects to continue incurring net losses as it works to increase market acceptance of its products, raising substantial doubt about its ability to continue as a going concern[28] - The Company is assessing the impact of recently adopted accounting standards but does not expect them to materially affect its financial position or cash flows[26][27]

Financial Performance - Record quarterly net sales of $6.1 million, a 73% increase compared to $3.6 million in Q2 2023[2] - Net loss reduced to $2.7 million, a 46% improvement from the $4.9 million loss in Q2 2023[5] - Gross profit for Q2 2024 was $5.3 million, with a gross margin of 86%, up from 84% in Q2 2023[4] - Adjusted EBITDA net loss improved to $1.9 million from $4.5 million in Q2 2023, primarily due to increased net sales[5] - GAAP net loss for the three months ended June 2024 was $2,655,000, an improvement from a loss of $4,903,000 in the same period of 2023[17] - Adjusted EBITDA net loss for the six months ended June 30, 2024, was $5,006,000, compared to a loss of $9,554,000 for the same period in 2023[17] Expenses - Research and development expenses decreased to $0.6 million from $1.2 million in Q2 2023, reflecting reduced investment in the app-enabled platform[4] - Selling, general and administrative expenses increased to $7.3 million from $6.8 million in Q2 2023, driven by investments in sales and marketing[4] - Stock-based compensation increased to $472,000 for the three months ended June 2024, up from $183,000 in the same period of 2023[17] - Interest and other expenses improved to $64,000 for the three months ended June 2024, compared to an expense of $85,000 in the same period of 2023[17] - Legal fees associated with stockholders' litigation were $2,000 for the three months ended June 2024, down from $35,000 in the same period of 2023[17] - Depreciation and amortization expenses decreased to $201,000 for the three months ended June 2024, compared to $322,000 in the same period of 2023[17] - The company reported an inventory reserve charge of $0 for the three months ended June 2024, compared to a charge of $10,000 in the same period of 2023[17] Cash and Securities - Cash, cash equivalents, marketable securities, and restricted cash totaled approximately $14.5 million as of June 30, 2024, up from $10.6 million at the end of 2023[6] Product Launches - Launched the direct-to-consumer mobile app-enabled product Truvaga Plus™[2] - Commercial launch of the next generation TAC-STIM™[2] Company Developments - electroCore joined the Russell Microcap® Index[2] Non-GAAP Measures - The company highlighted the limitations of non-GAAP measures, emphasizing the need to consider them alongside GAAP-based financial performance measures[18] - The reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss was provided in the financial statements table[18] - The company noted that adjusted EBITDA net loss does not reflect interest or tax payments, depreciation, or changes in working capital needs[18]

Seventh consecutive record quarterly net sales of $6.1 million, an increase of 73% over second quarter 2023 Company to host a conference call and webcast today, August 7, 2024 at 4:30 PM EST ROCKAWAY, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercialstage bioelectronic medicine company and wellness company, today announced second quarter 2024 financial results. Recent Highlights • Net loss of $2.7 million, a decrease of 46% over second quarter 2023 • Launched our direct- ...

Group 1 - electroCore, Inc. announced the appointment of Stephen Smith as VP of Quality, Regulatory, and Compliance on August 1, 2024 [1] - The Compensation Committee granted 10,000 restricted stock units (RSUs) to Mr. Smith as an inducement for his employment, in accordance with NASDAQ Listing Rule 5635(c)(4) [1] - The RSUs will vest in three equal parts over three years, contingent upon Mr. Smith's continued employment [1] Group 2 - electroCore, Inc. is a commercial-stage bioelectronic medicine and wellness company focused on non-invasive vagus nerve stimulation (nVNS) technology [2] - The company aims to commercialize medical devices for managing and treating specific medical conditions, as well as consumer products that utilize nVNS for general wellbeing and human performance [2]

ROCKAWAY, N.J., Aug. 02, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (the "Company"), (NASDAQ: ECOR), a commercial-stage bioelectronic medicine and wellness company, today announced that on August 1, 2024, Stephen Smith joined electroCore as the Company's VP, Quality, Regulatory, and Compliance, and the Compensation Committee of electroCore's Board of Directors granted 10,000 restricted stock units ("RSUs") to Mr. Smith in connection with the commencement of his employment. The RSUs were granted as an induce ...

ROCKAWAY, N.J., June 25, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercialstage bioelectronic medicine and wellness company, is thrilled to announce the Commercial Off the Shelf (COTS) availability of the next generation TAC-STIM™, a non-invasive vagus nerve stimulator (nVNS) designed in partnership with the US military to enhance human performance exclusively for active-duty military use. Key benefits of TAC-STIM include: TAC-STIM is available for wholesale purchase only. More informa ...