electroCore Announces Full Year 2024 Financial Results

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]