Business
electroCore Announces Second Quarter 2023 Financial Results
Record second quarter 2023 net sales of $3.6 million, an increase of approximately 65% over second quarter 2022 Company to host a conference call and webcast
About this update from Electrocore, Inc.
[{"type":"text","content":"Record second quarter 2023 net sales of $3.6 million, an increase of approximately 65% over second quarter 2022 Company to host a conference call and webcast today, August 9, 2023 at 4:30 PM EDT ROCKAWAY, N.J., Aug. 09, 2023 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company and wellness company, today announced second quarter 2023 financial results and provided an operational update. Second Quarter 2023 and Recent Highlights Record revenue of $3.6 million, an increase of approximately 65% over second quarter 2022TAC-STIM™ Non-Invasive Vagal Nerve Stimulation has been selected for inclusion in the Air Force Research Laboratories (AFRL) Real-Time Assessing and Augmenting Cognitive Performance in Extreme Environments Project (A2PEX)Announced gammaCore™ Non-Invasive Vagal Nerve Stimulation has been selected for a study funded by the National Football League (NFL) and National Football League Players Association (NFLPA) on Alleviating Concussion SymptomsAnnounced publication of a peer reviewed manuscript indicating gammaCore™ Non-Invasive Vagal Nerve Stimulation improves attention and memory in patients with posttraumatic stress disorder (PTSD)Raised net proceeds of approximately $7.5 million in a registered direct public offering and concurrent private placement to institutional and accredited investors, and officers and directors. “We recorded record revenue of $3.6 million during the second quarter of 2023, an increase of 65% over the second quarter of 2022,” stated Dan Goldberger, Chief Executive Officer of electroCore. “This is our third consecutive quarter of significant sequential growth fueled by our prescription gammaCore business as well as our new products, Truvaga™, and TAC-STIM.” Second Quarter 2023 Financial Results For the quarter ended June 30, 2023, electroCore reported net sales of $3.6 million compared to $2.2 million during the same period of 2022, which represents an approximately 65% increase over the prior year. The increase of $1.4 million is due to an increase in net sales across major U.S. channels including the sale of our prescription gammaCore products in all channels, and revenue from the sales of our nonprescription performance TAC-STIM and Truvaga wellness products. (in thousands) Threemonthsended June30, Threemonthsended June30, % Change Sixmonthse...