Workflow
electroCore Announces Second Quarter 2024 Financial Results
electroCoreelectroCore(US:ECOR) GlobeNewswire News Room·2024-08-07 20:01

Core Insights - electroCore, Inc. reported record quarterly net sales of $6.1 million for Q2 2024, marking a 73% increase compared to Q2 2023 [1][2][3] Financial Performance - The net loss for Q2 2024 was $2.7 million, a 46% decrease from the net loss of $4.9 million in Q2 2023 [2][7] - Gross profit for Q2 2024 was $5.3 million, with a gross margin of 86%, compared to $3.0 million and 84% in Q2 2023 [3][5] - Total operating expenses for Q2 2024 were approximately $7.9 million, slightly down from $8.0 million in Q2 2023 [5][6] - Research and development expenses decreased to $0.6 million in Q2 2024 from $1.2 million in Q2 2023, primarily due to reduced investments in the development of the next generation app-enabled platform [5] - Selling, general, and administrative expenses increased to $7.3 million in Q2 2024 from $6.8 million in Q2 2023, driven by investments in sales and marketing [6] Revenue Breakdown - The revenue from Rx gammaCore™ for the VA/DoD channel was $4.6 million in Q2 2024, a 120% increase from $2.1 million in Q2 2023 [4] - Revenue from Truvaga™ reached $0.6 million in Q2 2024, a 97% increase from $0.3 million in Q2 2023 [4] - Total revenue before TAC-STIM™ was $6.1 million in Q2 2024, an 88% increase from $3.2 million in Q2 2023 [4] Cash Position - As of June 30, 2024, the company had approximately $14.5 million in cash, cash equivalents, marketable securities, and restricted cash, up from $10.6 million as of December 31, 2023 [10]