Business
electroCore Announces Second Quarter 2024 Financial Results
Seventh consecutive record quarterly net sales of $6.1 million, an increase of 73% over second quarter 2023 Company to host a conference call and webcast
About this update from Electrocore, Inc.
[{"type":"text","content":"Seventh consecutive record quarterly net sales of $6.1 million, an increase of 73% over second quarter 2023 Company to host a conference call and webcast today, August 7, 2024 at 4:30 PM EST ROCKAWAY, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company and wellness company, today announced second quarter 2024 financial results. Recent Highlights •Net loss of $2.7 million, a decrease of 46% over second quarter 2023 •Launched our direct-to-consumer mobile app-enabled product for general wellness, Truvaga Plus™ •Raised approximately $9.0 million in a Registered Direct Offering and Concurrent Private Placements priced At-the-Market under Nasdaq Rules •electroCore joined the Russel Microcap® Index •Commercial launch of our next generation TAC-STIM™•Seventh consecutive record quarterly revenue of $6.1 million, an increase of 73% over second quarter 2023 Second Quarter 2024 Financial Results For the quarter ended June 30, 2024, electroCore reported net sales of $6.1 million compared to $3.6 million during the same period of 2023, which represents an approximately 73% increase over the prior year. The increase of $2.6 million is primarily due to an increase in net sales across the majority of our major channels. (in thousands) Three months ended June 30, % Change Six months ended June 30, % Change Channel 2024 2023 2024 2023 Rx gammaCore™ – VA/DoD $4,572 $2,081 120% $8,447 $3,786 123% Rx gammaCore – U.S. Commercial 476 445 7% 909 875 4% Outside the United States 464 424 9% 913 834 9% Truvaga™ 572 290 97% 957 437 119% Total Before TAC-STIM™ 6,084 3,240 88% 11,226 5,932 89% TAC-STIM 55 311 -82% 356 399 -11% Total Revenue $6,139 $3,551 73% $11,582 $6,331 83% Gross profit for the second quarter of 2024 was $5.3 million as compared to $3.0 million for the second quarter of 2023. Gross margin was 86% for the second quarter of 2024 as compared to 84% in the second quarter of 2023. Total operating expenses in the second quarter of 2024 were approximately $7.9 million as compared to $8.0 million in the second quarter of 2023. Research and development expense in the second quarter of 2024 was $0.6 million as compared to $1.2 million in the second quarter of 2023. This decrease was primarily due to a significant reduction in investments associated with the development of our n...