electroCore Provides Select First Quarter 2023 Financial Guidance
April 17 2023 - 7:00AM
electroCore, Inc. (the “Company”) (Nasdaq: ECOR), a
commercial-stage bioelectronic medicine and wellness company, today
provided select preliminary unaudited financial guidance for the
first quarter of 2023.
Financial GuidancePreliminary unaudited
financial guidance for the first quarter of 2023:
Revenue: The Company anticipates reporting
record quarterly revenue of approximately $2.8 million for the
quarter ended March 31, 2023. This would represent approximately
46% growth over first quarter 2022 revenue of approximately $1.9
million.
Government Channels: For the first quarter of
2023, the Company expects to recognize record revenue of
approximately $1.8 million from its government channel which
includes sales pursuant to the Department of Veterans Affairs
(“VA”) and Department of Defense (“DoD”) originating prescriptions
for the Company’s gammaCore® products as well as revenues
associated with our human performance brand, TAC-STIM™. This would
represent approximately 42% revenue growth compared to
approximately $1.3 million of revenue from this channel during the
first quarter of 2022. 124 VA and DoD military treatment facilities
have purchased gammaCore products through March 31, 2023, as
compared to 117 through December 31, 2022.
Commercial: For the first quarter of 2023, the
Company expects to recognize record revenue of approximately
$581,000 from its U.S. commercial channels, which would represent
approximately a 74% increase from the first quarter of 2022. This
includes roughly $147,000 of revenues generated from the sales of
Truvaga™ in the first full quarter since the eCommerce launch in
December 2022.
Outside of the U.S.: The Company expects to
recognize revenue of approximately $406,000 from its business
outside of the U.S. for the first quarter of 2023, which would
represent approximately a 33% increase from the first quarter of
2022. International revenue for the first quarter of 2023 is
expected to include approximately $45,000 of license fees pursuant
to the previously announced license agreement with Teijin Limited
for commercialization in Japan.
FY 2023 Revenue GuidanceThe Company reiterated
its revenue guidance of $14.0-$15.0 million for the year ending
December 31, 2023. The Company believes that our legacy headache
channels will again grow by more than 50% to at least $12.0 million
for the full year and revenue from new products in the Truvaga and
TAC-STIM brands could be more than $2.0 million for the full
year.
The Company intends to provide a detailed operational and
financial update during its first quarter 2023 earnings call in May
2023.
About electroCore, Inc.electroCore, Inc. is a
commercial stage bioelectronic medicine and wellness company
dedicated to improving health through its non-invasive vagus nerve
stimulation (“nVNS”) technology platform. Our focus is the
commercialization of medical devices for the management and
treatment of certain medical conditions and consumer product
offerings utilizing nVNS to promote general wellbeing and human
performance in the United States and select overseas markets.
For more information, visit www.electrocore.com.
Forward-Looking Statements This press release
and other written and oral statements made by representatives of
electroCore may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements about expectations for revenue during the first quarter
2023 and revenue for 2023, electroCore’s business prospects and
clinical and product development plans; its pipeline or potential
markets for its technologies; the timing, outcome and impact of
regulatory, clinical and commercial developments; business
prospects around its TAC-STIM and Truvaga wellness offerings and
other new products and markets, and other statements that are not
historical in nature, particularly those that utilize terminology
such as "anticipates," "will," "expects," "believes," "intends,"
and other words of similar meaning, derivations of such words and
the use of future dates. Actual results could differ from those
projected in any forward-looking statements due to numerous
factors. Such factors include, among others, the ability to raise
the additional funding needed to continue to pursue electroCore’s
business and product development plans, the inherent uncertainties
associated with developing new products or technologies, the
ability to commercialize gammaCore™, TAC-STIM™, and Truvaga™, the
potential impact and effects of COVID-19 on the business of
electroCore, electroCore’s results of operations and financial
performance, inflation and currency fluctuations, and any measures
electroCore has and may take in response to COVID-19 and any
expectations electroCore may have with respect thereto, competition
in the industry in which electroCore operates and overall economic
and market conditions. Any forward-looking statements are made as
of the date of this press release, and electroCore assumes no
obligation to update the forward-looking statements or to update
the reasons why actual results could differ from those projected in
the forward-looking statements, except as required by law.
Investors should consult all of the information set forth herein
and should also refer to the risk factor disclosure set forth in
the reports and other documents electroCore files with
the SEC available at www.sec.gov.
Contact:Rich CockrellCG
Capital404-736-3838ecor@cg.capital
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