electroCore, Inc. (the “Company”) (Nasdaq: ECOR), a
commercial-stage bioelectronic medicine company, today provided an
operating and business update as well as select unaudited
preliminary financial guidance for the first quarter of 2022.
“We are pleased to announce preliminary first quarter results,
recording approximately 60% growth over same period last year, and
approximately 27% growth over the fourth quarter of 2021,” stated
Dan Goldberger, Chief Executive Officer of electroCore. “Revenue
from product sales in the quarter ended March 31, 2022, will be
approximately $1.9 million. This is the second consecutive quarter
where our total revenue growth over the prior year quarter was
approximately 60% indicating that our continued investment in our
sales channels and marketing initiatives are expanding consumer
awareness and building momentum into the remainder of
2022.”
Government Channels: During the first quarter
of 2022, the Company expects to recognize revenue of approximately
$1,260,000 pursuant to the Department of Veterans Affairs (“VA”)
and Department of Defense (“DoD”) originating prescriptions,
compared to $858,000 or 47% growth from the fourth quarter of 2021
and $679,000 or 86% growth over the first quarter of 2021. 105 VA
and DoD military treatment facilities have purchased gammaCore
products through March 31, 2022, as compared to 100 through the
fourth quarter of 2021 and 79 through the first quarter of
2021.
Commercial: During the first quarter of
2022, the Company expects to recognize revenue of approximately
$300,000 from our commercial channels, dominated by our cash pay
initiatives and representing approximately an 11% increase over Q4
2021 and a 107% increase from Q1 2021.
Outside of the U.S.: The Company expects to
recognize revenue of approximately $300,000 outside of the U.S. for
the first quarter ended March 31, 2022, representing approximately
15% decrease from Q4 2021 and 20% decrease from Q1 2021. Our
international business was impacted by COVID in January and
February of this year, but the channel started to rebound in March
2022.
Financial GuidancePreliminary unaudited
financial guidance for the first quarter of 2022:
Revenue: The Company anticipates first quarter
2021 revenue from product sales will be approximately $1.9 million.
This represents an approximately 27% increase over fourth quarter
2021 revenue of $1.5 million and approximately 60% growth over
first quarter 2021 revenue of $1.2 million.
Cash Position: The Company ended the first
quarter of 2022 with approximately $29.9 million of cash, cash
equivalents, and marketable securities, compared to $34.7 million
as of the end of 2021.
Mr. Goldberger further commented, “Our business grew robustly in
the first quarter, despite the headwinds faced overseas as a result
of COVID. With our strong balance sheet and discipline around
targeted investment in sales and marketing, we will be able to
educate and improve physician and patient awareness, which will
ultimately lead to the successful adoption of gammaCore
globally.”
The Company intends to provide a detailed operational and
financial update during its first quarter of 2022 earnings call in
May 2022.
About electroCore, Inc.electroCore, Inc. is a
commercial stage bioelectronic medicine company dedicated to
improving patient outcomes through its non-invasive vagus nerve
stimulation therapy platform, initially focused on the treatment of
multiple conditions in neurology. The company's current indications
are the preventive treatment of cluster headache and migraine, the
acute treatment of migraine and episodic cluster headache, the
acute and preventive treatment of migraines in adolescents, and
paroxysmal hemicrania and hemicrania continua in adults.
For more information, visit www.electrocore.com.
About gammaCore™gammaCore™ (nVNS) is the first
non-invasive, hand-held medical therapy applied at the neck to
treat migraine and cluster headache through the utilization of a
mild electrical stimulation to the vagus nerve that passes through
the skin. Designed as a portable, easy-to-use technology, gammaCore
is self-administered by patients, as needed, without the potential
side effects associated with commonly prescribed drugs. When placed
on a patient’s neck over the vagus nerve, gammaCore stimulates the
nerve’s afferent fibers, which may lead to a reduction of pain in
patients.
gammaCore (nVNS) is FDA cleared in the United States for
adjunctive use for the preventive treatment of cluster headache in
adult patients, the acute treatment of pain associated with
episodic cluster headache in adult patients, and the acute and
preventive treatment of migraine in adolescent (ages 12 and older)
and adult patients, and paroxysmal hemicrania and hemicrania
continua in adult patients. gammaCore is CE-marked in the European
Union for the acute and/or prophylactic treatment of primary
headache (Migraine, Cluster Headache, Trigeminal Autonomic
Cephalalgias and Hemicrania Continua) and Medication Overuse
Headache in adults.
gammaCore is contraindicated for patients if they:
- Have an active implantable medical device, such as a pacemaker,
hearing aid implant, or any implanted electronic device
- Have a metallic device, such as a stent, bone plate, or bone
screw, implanted at or near the neck
- Are using another device at the same time (e.g., TENS Unit,
muscle stimulator) or any portable electronic device (e.g., mobile
phone)
Safety and efficacy of gammaCore have not been evaluated in the
following patients:
- Adolescent patients with congenital cardiac issues
- Patients diagnosed with narrowing of the arteries (carotid
atherosclerosis)
- Patients who have had surgery to cut the vagus nerve in the
neck (cervical vagotomy)
- Pediatric patients (less than 12 years)
- Pregnant women
- Patients with clinically significant hypertension, hypotension,
bradycardia, or tachycardia
For more information, please visit gammaCore.com.
Forward-Looking StatementsThis press release
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 electroCore’s expectations for revenue and cash
used in operations during the first quarter 2022, growth through
acquisitions, its expectations for future performance, as well as
electroCore's business prospects (including its e-commerce
initiative, and gConcierge and gCDirect programs) and clinical and
product development plans for 2022 and beyond, its pipeline or
potential markets (including cash pay programs) for its
technologies, additional indications for gammaCore, the timing,
outcome and impact of regulatory, clinical and commercial
developments (including human trials for the study of headache,
PTH, mTBI, Parkinson’s diseases and sleep deprivation stress and
the business, operating or financial impact of such studies),
further international expansion, and statements about anticipated
distribution arrangements, government and payor funding
arrangements (including those relating to Canada, Western Europe,
Qatar, Taiwan, and China) and other statements that are not
historical in nature, particularly those that utilize terminology
such as "anticipates," "will," "expects," "believes," "intends,"
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™, competition in the industry in
which electroCore operates and overall 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:Rich CockrellCG
Capital404-736-3838ecor@cg.capital
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