electroCore, Inc. Announces Second Quarter Financial Results
13 Agosto 2018 - 5:05PM
electroCore, Inc. (“electroCore”) (Nasdaq: ECOR), a
commercial-stage bioelectronic medicine company, today reported
financial results for the three month and six months ended June 30,
2018.
Second Quarter 2018 and Recent Highlights
- Second quarter net sales was $393,000, an increase of $217,000
over second quarter of 2017
- Completed initial public offering of our common stock,
receiving net proceeds of approximately $77.7 million after
deducting underwriting discounts, commissions and offering
costs
- Presented six abstracts across three primary headache disorders
at the 60th Annual Meeting of the American Headache Society
- Launched Program with UpScript to Offer Direct-to-Patient
Telemedicine Option for gammaCore™ in the US
- Appointed Carrie S. Cox as Chairman of its Board of Directors,
and Michael G. Atieh and Stephen L. Ondra, M.D. as Board
members
“I am encouraged by our second quarter financial results,” said
Frank Amato, Chief Executive Officer. “I believe our successful IPO
will not only enable us to expand our commercial presence, but also
allows us to build upon our growing list of positive clinical
studies.”
Second Quarter Financial Results
Net sales for the three months ended June 30, 2018 increased
$217,000 from the second quarter of 2017. The growth in sales was
due to an increase in the company’s sales force and the January
29th FDA clearance for an expanded label for gammaCore as an acute
treatment for pain associated with migraine in adult
patients.
Gross profit for the second quarter of 2018 was $153,000, up
from $138,000 in the same period of the prior year.
Total operating expenses for the second quarter of 2018 were
$16.4 million, an increase of $8.8 million compared to the same
period in 2017. The increase in operating expenses was driven
primarily by costs related to expansion of the company’s sales and
additional stock based compensation expense, due to the corporate
conversion.
Operating loss in the second quarter of 2018 was $16.2 million,
as compared to an operating loss of $7.4 million in the second
quarter of 2017.
Cash, cash equivalents, and short-term investments were $95.8
million as of June 30, 2018. In June 2018, electroCore completed an
initial public offering, raising net proceeds of approximately
$77.7 million, net of underwriting discounts, commissions and other
offering expenses.
Webcast and Conference Call
InformationelectroCore’s management team will host a
conference call today beginning at 4:30 p.m. ET. Investors
interested in listening to the conference call may do so by dialing
(877) 371-5740 for domestic callers or (629) 228-0724 for
international callers, using Conference ID: 7279125. A live and
archived webcast of the event will be available on the “Investors”
section of the company’s website at: www.electrocore.com.
About electroCore, Inc.
electroCore, Inc. is a commercial-stage bioelectronic medicine
company dedicated to improving patient outcomes through its
platform non-invasive vagus nerve stimulation therapy initially
focused on the treatment of multiple conditions in neurology and
rheumatology. The company’s initial targets are the acute treatment
of migraine and episodic cluster headache.
Forward-Looking Statements
This 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 business prospects and product
development plans, its pipeline or potential markets for its
technologies, 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.
electroCore, Inc. |
|
Consolidated Statements of
Operations |
|
(Unaudited) |
|
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
393 |
|
|
$ |
177 |
|
|
$ |
474 |
|
|
$ |
293 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
240 |
|
|
|
39 |
|
|
|
289 |
|
|
|
111 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
153 |
|
|
|
138 |
|
|
|
185 |
|
|
|
182 |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
4,367 |
|
|
|
2,771 |
|
|
|
6,673 |
|
|
|
4,498 |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
|
12,007 |
|
|
|
4,798 |
|
|
|
18,832 |
|
|
|
7,857 |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expense |
|
|
16,374 |
|
|
|
7,569 |
|
|
|
25,505 |
|
|
|
12,355 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(16,221 |
) |
|
|
(7,431 |
) |
|
|
(25,320 |
) |
|
|
(12,173 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
- |
|
|
|
3,434 |
|
|
|
- |
|
|
|
4,474 |
|
|
|
|
|
|
|
|
|
|
|
|
Other expense net |
|
|
1,561 |
|
|
|
709 |
|
|
|
1,905 |
|
|
|
1,284 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest loss |
|
|
- |
|
|
|
(6 |
) |
|
|
55 |
|
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,561 |
|
|
|
4,137 |
|
|
|
1,960 |
|
|
|
5,752 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(17,782 |
) |
|
$ |
(11,568 |
) |
|
$ |
(27,281 |
) |
|
$ |
(17,925 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to electroCore, LLC subsidiaries and affiliate |
|
|
(11,620 |
) |
|
|
(11,568 |
) |
|
|
(21,119 |
) |
|
|
(17,925 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to electroCore, Inc. subsidiaries and affiliate |
|
|
(6,162 |
) |
|
|
- |
|
|
|
(6,162 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share - Basic and diluted |
|
$ |
(0.21 |
) |
|
$ |
- |
|
|
$ |
(0.21 |
) |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
and potential shares outstanding |
|
|
29,262 |
|
|
|
- |
|
|
|
29,262 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
electroCore, Inc. |
|
Consolidated Balance Sheet
Information |
|
(Unaudited) |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
Assets |
|
|
2018 |
|
|
|
2017 |
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
88,358 |
|
|
$ |
13,224 |
|
|
Debt
securities and other investments available for sale |
|
|
7,469 |
|
|
|
23,951 |
|
|
Accounts
receivable, net |
|
|
298 |
|
|
|
103 |
|
|
Inventories |
|
|
752 |
|
|
|
328 |
|
|
Prepaid
expenses and other current assets |
|
|
2,857 |
|
|
|
570 |
|
|
Deferred
financing costs |
|
|
- |
|
|
|
857 |
|
|
Total
current assets |
|
|
99,734 |
|
|
|
39,033 |
|
|
|
|
|
|
|
|
Property
and equipment – net |
|
|
377 |
|
|
|
169 |
|
|
Security
deposits |
|
|
31 |
|
|
|
31 |
|
|
Total
assets |
|
$ |
100,142 |
|
|
$ |
39,233 |
|
|
|
|
|
|
|
|
Liabilities, Convertible Preferred Units and Stockholders
and Members’ Equity/(Deficit) |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
6,886 |
|
|
$ |
3,880 |
|
|
Warrant
liability |
|
|
- |
|
|
|
2,239 |
|
|
Other
current liabilities |
|
|
28 |
|
|
|
- |
|
|
Total
current liabilities |
|
|
6,914 |
|
|
|
6,119 |
|
|
Noncurrent
liabilities: |
|
|
|
|
|
Deferred
rent |
|
|
279 |
|
|
|
307 |
|
|
Total liabilities |
|
|
7,193 |
|
|
|
6,426 |
|
|
|
|
|
|
|
|
Convertible preferred
units: |
|
|
|
|
|
Series A
Preferred Units, 0 Units authorized at June 30, 2018 and
71,050,860 |
|
|
— |
|
|
|
53,518 |
|
|
at
December 31, 2017; 0 Units issued and outstanding at June 30, 2018
and |
70,918,506 at December 31, 2017 |
Series B
Preferred Units, 0 Units authorized at June 30, 2018 and
123,000,000 |
|
|
— |
|
|
|
68,756 |
|
|
at
December 31, 2017; 0 Units issued and outstanding at June 30,
2018 |
and 105,186,020 at December 31, 2017 |
Series
B-1 Preferred Units, 0 Units authorized at June 30, 2018 and |
|
|
— |
|
|
|
— |
|
|
December 31, 2017; 0 Units issued and outstanding at June 30, |
2018 and December 31, 2017 |
Total
convertible preferred units |
|
|
— |
|
|
|
122,274 |
|
|
Stockholders'/members’
equity/(deficit): |
|
|
|
|
|
Common
Units, 0 Units authorized at June 30, 2018 and 600,000,000 |
|
|
— |
|
|
|
40,181 |
|
|
December 31, 2017; 0 Units issued and outstanding at |
June 30, 2018 and 218,982,140 December 31, 2017 |
Preferred
Stock, par value $0.001 per share; 10,000,000 shares authorized
at |
|
|
— |
|
|
|
— |
|
|
June 30, 2018, 0 shares authorized at December 31, 2017; 0
shares issued and |
outstanding at June 30, 2018 and December 31, 2017 |
Common
stock, par value $0.001 per share; 500,000,000 shares authorized
at |
|
|
29 |
|
|
|
— |
|
|
June 30, 2018, 0 shares authorized at December 31, 2017; 29,450,034
issued |
and outstanding at June 30, 2018 and 0 at December 31, 2017 |
Additional paid-in capital |
|
|
102,775 |
|
|
|
22,596 |
|
|
Accumulated deficit |
|
|
(10,533 |
) |
|
|
(152,929 |
) |
|
Accumulated other comprehensive income |
|
|
42 |
|
|
|
80 |
|
|
Total
equity/(deficit) attributable to electroCore, Inc., subsidiaries
and affiliate |
|
|
92,313 |
|
|
|
(90,072 |
) |
|
Noncontrolling interest |
|
|
636 |
|
|
|
604 |
|
|
Total
stockholders' equity/members’ (deficit) |
|
|
92,949 |
|
|
|
(89,468 |
) |
|
Total
liabilities, convertible preferred units and stockholders'
equity/members' equity |
|
$ |
100,142 |
|
|
$ |
39,232 |
|
|
|
|
|
|
|
|
Contacts
Investors:Greg Chodaczek or Lynn LewisGilmartin
Groupinvestors@electrocore.com(646) 924-1769
or
Media:Alexandra Canale GCI Health(617)
921-9353alexandra.canale@gcihealth.com
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