Business
electroCore Announces Third Quarter 2021 Financial Results
Third quarter 2021 revenue grew 17% sequentially and 38% over third quarter 2020 Company to host a conference call and webcast today, November 4, 2021 at 4:30
About this update from Electrocore, Inc.
[{"type":"text","content":"Third quarter 2021 revenue grew 17% sequentially and 38% over third quarter 2020 Company to host a conference call and webcast today, November 4, 2021 at 4:30 pm ET ROCKAWAY, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced third quarter 2021 financial results and provided an operational update. Third Quarter 2021 and Recent Highlights Revenue of $1.5 million, representing an increase of 17% sequentially and 38% over third quarter 2020Gross margin expanded to 76%Net cash used to fund operations was $3.4 million, leaving approximately $39.0 million of cash, cash equivalents, and marketable securities at September 30, 2021 Dan Goldberger, Chief Executive Officer of electroCore, commented, “We are pleased that our third quarter results continue to show steady sequential revenue growth, despite the impact of the pandemic on our headache markets in the U.S. and U.K.” Mr. Goldberger added: “Revenue for the quarter was $1.5 million and we continue to be confident about the growth prospects of the business. Our cash balance, including our marketable securities, of $39.0 million at September 30, 2021, puts the company in an excellent position to execute on its strategy.” Third Quarter 2021 Financial Results For the quarter ended September 30, 2021, electroCore reported net sales of $1.5 million compared to $1.3 million in the second quarter of 2021 and $1.1 million during same period of 2020. This represents a quarterly revenue increase of 17% sequentially and 38% over the same period last year. Revenue from the Department of Veterans Affairs (“VA”) and Department of Defense (“DOD”) increased 21% sequentially to $946,000 in the third quarter of 2021 from $779,000 in the second quarter of 2021 and increased 46% as compared to $646,000 in the third quarter of 2020. 96 VA and DoD military treatment facilities have purchased gammaCore products through September 30, 2021 as compared to 85 facilities through the June 2021 and 67 facilities through the third quarter of 2020. Revenue from outside the United States through direct sales channels was flat sequentially to $371,000 in the third quarter of 2021, as compared to $369,000 during the second quarter of 2021 and increased 33% from $278,000 during the third quarter of 2020. These figures do not includ...