Business
electroCore Announces Fourth Quarter and Full Year 2022 Financial Results
Record full year 2022 net sales of $8.6 million increased 58% over $5.5 million for full year 2021 Company to host conference call and webcast today, March 8,
About this update from Electrocore, Inc.
[{"type":"text","content":"Record full year 2022 net sales of $8.6 million increased 58% over $5.5 million for full year 2021 Company to host conference call and webcast today, March 8, 2023 at 4:30pm EST ROCKAWAY, N.J., March 08, 2023 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (the “Company”), a commercial-stage bioelectronic medicine and wellness company, today announced fourth quarter and full year 2022 financial results and provided an operational update. Fourth Quarter 2022 and Recent Highlights Reported record full year 2022 net sales of $8.6 million, representing an increase of 58% over $5.5 million for full year 2021Fourth quarter net sales of $2.6 million, an increase of 72% over $1.5 million for the fourth quarter of 2021Launched two new brands: TAC-STIM™ under the Air Force BOOST program and Truvaga™ wellness product for stress, anxiety, and sleepAnnounced distribution agreement with Joerns Healthcare, LLC Dan Goldberger, Chief Executive Officer of electroCore, commented: “This past year we have made great progress advancing gammaCore and further developing our nVNS technology for various uses. We reported record sales of $8.6 million for the year ended December 31, 2022, representing a 58% increase over the prior year. Additionally, we had a record fourth quarter of $2.6 million in sales. In December 2022, we announced the launch of Truvaga, our direct-to-consumer wellness product for stress, anxiety, and sleep, and in April 2022, we announced the launch of TAC-STIM, our Human Performance initiative in collaboration with the Air Force Research Laboratory (AFRL). Looking forward, we are excited about driving awareness to make non-invasive vagus nerve stimulation technology more accessible to people who can benefit.” Fourth Quarter and Full Year 2022 Financial ResultsFor the quarter ended December 31, 2022, electroCore reported record net sales of $2.6 million, which represents a 72% rate of growth compared to $1.5 million in the same period of 2021. For the full year of 2022, the Company reported net sales of $8.6 million, which represents a 58% rate of growth as compared to net sales of $5.5 million for the full year of 2021. The increase of $3.1 million is due to an increase in net sales across all major channels, including the U.S. Department of Veteran Affairs, U.S. commercial channel, and sales from outside the U.S., which includ...