Business
electroCore Provides Business Update and Select Third Quarter 2021 Financial Guidance
Third quarter 2021 revenue expected to be approximately $1.5 millionNet cash used to fund operations in the third quarter 2021 of approximately $3.5 million
About this update from Electrocore, Inc.
[{"type":"text","content":"Third quarter 2021 revenue expected to be approximately $1.5 millionNet cash used to fund operations in the third quarter 2021 of approximately $3.5 million ROCKAWAY, NJ, Oct. 12, 2021 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today provided an operating and business update as well as select unaudited preliminary financial guidance for the third quarter of 2021. “We are pleased to announce preliminary third quarter results, which continued to show sequential growth in our revenue generating channels.,” stated Dan Goldberger, Chief Executive Officer of electroCore. “Revenue for the quarter ended September 30, 2021, is expected to be approximately $1.5 million. Our headache markets in the US and UK were impacted somewhat by the pandemic and we look forward to accelerating revenue in the future.” Government Channels: During the third quarter of 2021, the company expects to recognize revenue of approximately $946,000 pursuant to the Department of Veterans Affairs (“VA”) and Department of Defense (“DoD”) originating prescriptions, compared to $779,000 during the second quarter of 2021 and $646,000 third quarter of 2020. 96 VA and DoD military treatment facilities have purchased gammaCore products through September 30, 2021, as compared to 85 through the second quarter 2021 and 67 through the third quarter of 2020. Outside of the U.S.: During the third quarter of 2021, electroCore expects to recognize revenue of approximately $371,000 outside of the United States through direct channels, as compared to $369,000 during the second quarter of 2021 and $278,000 during the third quarter of 2020. These figures do not include new global stocking distributors which contributed revenues from Australia, Canada, and Qatar. The company continued to expand its distributor relationships internationally, entering into an agreement with Kromax South Asia Ptd Ltd. to serve as the exclusive distributor of the gammaCore SapphireTM non-invasive vagus nerve stimulator (nVNS) in Malaysia, Singapore, and Indonesia. Commercial: The company continues to make targeted investments in its Commercial channel. In January 2021, CMS published its Level II Healthcare Common Procedure Coding System, commonly known as HCPCS, including a unique code “K1020” for “Non-invasive vagus nerve stimulator,” which we...