Electrocore Stock Price, News & Analysis

electroCore, Inc. (Nasdaq: ECOR) announced the completion of a sale of approximately $211,000 in non-dilutive cash through New Jersey's Technology Business Tax Certificate Transfer program. This program allows qualifying New Jersey-based technology companies to sell net operating loss tax benefits, enabling them to convert tax losses into cash for business growth. Over the past three years, electroCore has received about $2.7 million from this program. CFO Brian Posner emphasized the importance of this funding in supporting their investment in the company's growth and ongoing operations.

electroCore, Inc. (Nasdaq: ECOR) announced a reverse stock split of its common stock at a ratio of 1-for-15, effective February 15, 2023. This decision follows stockholder approval on February 13, 2023, to amend the Company’s certificate of incorporation, allowing a split ratio between 1-for-5 and 1-for-50. The split aims to increase the stock price to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share. After the split, stockholder ownership percentages will remain unchanged, except for fractional shares, which will be compensated with cash based on the closing price on February 14, 2023.

electroCore (Nasdaq: ECOR) reported a record revenue of approximately $8.5 million for the full year 2022, marking a 57% increase from 2021. The company also achieved $2.5 million in revenue for the fourth quarter, a 68% growth year-over-year. Key revenue drivers included about $5.1 million from government channels, showing a 56% growth compared to 2021, and $1.7 million from U.S. commercial channels, reflecting a 158% increase. The firm ended 2022 with approximately $18.0 million in cash and equivalents, down from $21.9 million in Q3.

electroCore, Inc. (Nasdaq: ECOR) has launched a new wellness product, Truvaga^TM, available in the U.S. via its ecommerce site, www.truvaga.com. This handheld, non-invasive vagus nerve stimulator is designed to promote general wellbeing through stress reduction, requiring only two-minute sessions without the need for apps or chargers. CEO Dan Goldberger emphasized that Truvaga is part of the company's strategy to enhance accessibility to vagus nerve stimulation technology. This move aligns with electroCore's focus on improving health outcomes through innovative therapies.

electroCore (Nasdaq: ECOR) announced the issuance of two new patents by the USPTO, enhancing its non-invasive vagus nerve stimulation (nVNS) technology. The first patent, U.S. Patent No. 11,511,109, relates to treating gastroparesis and functional dyspepsia with nVNS methods. The second patent, U.S. Patent No. 11,517,742, covers devices and methods for treating various disorders using nVNS. CEO Dan Goldberger highlighted that these patents broaden the application of nVNS therapy beyond migraines and cluster headaches, reflecting the company's commitment to innovation.

electroCore, Inc. (NASDAQ: ECOR) announced that its gammaCore Sapphire device has received a National Code Number (CNK) in Belgium. This unique identifier, issued by the Belgian Pharmaceutical Association, will facilitate the availability of gammaCore in pharmacies across Belgium. Iain Strickland, Senior Vice President at electroCore, emphasized that this development enhances patient access to their innovative vagus nerve stimulation therapy, which is used to treat various headache conditions. gammaCore is FDA cleared in the U.S. and CE-marked in the EU for several indications.

electroCore, Inc. (Nasdaq: ECOR) announced that CEO Dan Goldberger will hold one-on-one meetings at the Canaccord Genuity MedTech and Diagnostics and Digital Health & Services Forum on November 17, 2022. electroCore focuses on bioelectronic medicine, aiming to enhance patient outcomes through non-invasive vagus nerve stimulation therapy. Their current treatments address several neurological conditions, including cluster headaches and migraines.

electroCore, Inc. (Nasdaq: ECOR) reported a 33% increase in third quarter 2022 revenue, totaling approximately $2.0 million, compared to $1.5 million in Q3 2021. Net loss widened to $5.5 million, up from $4.0 million year-over-year. Gross profit improved to $1.7 million with a gross margin of 87%, up from 76%. Total operating expenses rose to $7.3 million, up from $5.1 million. The company anticipates Q4 2022 revenue between $2.2 million and $2.3 million with cash usage of $4.0 million to $4.5 million.

electroCore (Nasdaq: ECOR) announced a distribution agreement with Joerns Healthcare to exclusively distribute the gammaCore Sapphire™, an FDA-cleared non-invasive device for treating headache pain. This collaboration aims to enhance patient access in managed care health systems and streamline billing processes. Joerns Healthcare's role is expected to facilitate broader usage of gammaCore therapy, benefiting primary headache sufferers. With this partnership, electroCore looks to expand its market presence and improve patient outcomes in the neurology sector.