electroCore, Inc. Announces Third Quarter Financial Results
13 Novembro 2018 - 7:05PM
electroCore, Inc. (“electroCore”) (Nasdaq: ECOR), a
commercial-stage bioelectronic medicine company, today reported
financial results for the three months and nine months ended
September 30, 2018.
Third Quarter 2018 and Recent Highlights
- Generated 4,516 gammaCore® prescriptions in the third quarter
of 2018, with over 11,000 prescriptions written as of October 31,
2018
- Nearly 1,500 unique prescribing physicians through the third
quarter of 2018, an increase of 48% from the second quarter
- Launched reloadable and rechargeable gammaCore Sapphire across
the U.S. market
- Submitted 510(k) application to the FDA for the prevention of
cluster headache
- Commercial payer coverage for 35 million lives beginning in the
first quarter of 2019
- National Institute of Health and Care Excellence (NICE)
publication advising gammaCore for the treatment of cluster
headache in the U.K.
“We are pleased with our performance in the third quarter and
are encouraged by the positive prescription trends we are
generating while we progress forward several clinical and strategic
initiatives,” said Frank Amato, Chief Executive Officer. “With
continuing discussions and negotiations for payer coverage for an
additional 90 million lives, and our increasing base of prescribing
physicians, we are well positioned for gammaCore to be an early
option for patients suffering from migraine and episodic cluster
headaches.”
Third Quarter Financial Results
electroCore recognized $150,972 in net sales for the three
months ended September 30, 2018. The decrease in net sales of
$132,267 versus the third quarter of 2017 contrasts with the
significant increase in prescriptions during the same period as a
result of a vast majority of prescriptions being dispensed under
our patient voucher and copay assistance programs, as the Company
continues negotiations with commercial payers for formulary
coverage of gammaCore. The Company expects this trend to be
temporary, as increased numbers of patients are expected to obtain
commercial prescription coverage for gammaCore starting in January
2019. The Company dispensed approximately $1.7 million in
product sales value to patients through the patient voucher
program.
Gross profit for the third quarter of 2018 was $53,905, down
from $154,921 in the same period of the prior year.
Total operating expenses for the third quarter of 2018 were
$13.6 million, an increase of $7.5 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
marketing functions.
Operating loss in the third quarter of 2018 was $13.2 million,
as compared to an operating loss of $12.4 million in the third
quarter of 2017.
Cash, cash equivalents, and short-term investments were
approximately $80.5 million as of September 30, 2018.
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: 5067968. 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™, the willingness and degree of third-party
payors to provide adequate coverage and reimbursement for the use
of gammaCore, competition in the industry in which electroCore
operates, overall market conditions, and continuing positive trends
in prescriptions and user demand for our therapy. 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.
Contacts
Investors:Greg Chodaczek or Lynn LewisGilmartin
Group(646) 924-1769investors@electrocore.com
or
Media:Alexandra Canale GCI Health(617)
921-9353alexandra.canale@gcihealth.com
electroCore,
Inc.Condensed Consolidated Statements of
Operations(Unaudited)(In thousands, except per share
data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
151 |
|
|
$ |
283 |
|
|
$ |
625 |
|
|
$ |
577 |
|
Cost of goods sold |
|
|
97 |
|
|
|
128 |
|
|
|
387 |
|
|
|
240 |
|
Gross
profit |
|
|
54 |
|
|
|
155 |
|
|
|
238 |
|
|
|
337 |
|
Research and
development |
|
|
2,333 |
|
|
|
1,882 |
|
|
|
9,007 |
|
|
|
6,380 |
|
Selling, general and
administrative |
|
|
11,273 |
|
|
|
4,260 |
|
|
|
30,104 |
|
|
|
12,117 |
|
Total operating
expense |
|
|
13,606 |
|
|
|
6,142 |
|
|
|
39,111 |
|
|
|
18,497 |
|
Operating
loss |
|
|
(13,551 |
) |
|
|
(5,987 |
) |
|
|
(38,873 |
) |
|
|
(18,160 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
3,869 |
|
|
|
|
|
|
|
3,869 |
|
Interest expense |
|
|
- |
|
|
|
1,822 |
|
|
|
- |
|
|
|
6,296 |
|
Other (income)/expense,
net |
|
|
(348 |
) |
|
|
683 |
|
|
|
1,556 |
|
|
|
1,968 |
|
Non-controlling
interest |
|
|
- |
|
|
|
- |
|
|
|
55 |
|
|
|
- |
|
Total other
(income)/expense |
|
|
(348 |
) |
|
|
6,374 |
|
|
|
1,611 |
|
|
|
12,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(13,203 |
) |
|
$ |
(12,361 |
) |
|
$ |
(40,484 |
) |
|
$ |
(30,293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to electroCore, LLC subsidiaries and affiliate |
|
|
- |
|
|
|
(12,361 |
) |
|
|
(21,118 |
) |
|
|
(30,293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to electroCore, Inc. subsidiaries and affiliate |
|
|
(13,203 |
) |
|
|
- |
|
|
|
(19,366 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share - Basic and diluted |
|
$ |
(0.45 |
) |
|
$ |
- |
|
|
$ |
(0.66 |
) |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
and potential shares outstanding |
|
|
29,262 |
|
|
|
- |
|
|
|
29,262 |
|
|
|
- |
|
electroCore,
Inc.Condensed Consolidated Balance Sheet
Information(Unaudited)(in thousands)
|
|
September 30, |
|
|
December 31, |
|
Assets |
|
2018 |
|
|
2017 |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash,
cash equivalents and investment securities |
|
$ |
80,511 |
|
|
$ |
37,175 |
|
other
assets |
|
|
4,913 |
|
|
|
2,058 |
|
Total
assets |
|
$ |
85,424 |
|
|
$ |
39,233 |
|
|
|
|
|
|
|
|
|
|
Liabilities,
Convertible Preferred Units and Stockholders and
Members’
Equity/(Deficit) |
|
|
|
|
|
|
|
|
Liabilities |
|
$ |
5,029 |
|
|
$ |
6,427 |
|
Convertible preferred units |
|
|
- |
|
|
|
122,274 |
|
Stockholders'/members’ equity/(deficit) to electroCore Inc.
subsidiaries and affiliate |
|
|
79,759 |
|
|
|
(90,072 |
) |
Noncontrolling interest |
|
|
636 |
|
|
|
604 |
|
Total
stockholders' equity/members’ (deficit) |
|
|
80,395 |
|
|
|
32,806 |
|
Total
liabilities, convertible preferred units and stockholders'
equity/members' equity |
|
$ |
85,424 |
|
|
$ |
39,233 |
|
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