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electroCore Announces Fourth Quarter and Full Year 2023 Financial Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: GlobeNewswire - 13 Mar 2024 | Back to overview list |
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Record full year 2023 net sales of $16.0 million increased 87% over $8.6 million for the full year 2022 Company to host conference call and webcast today, March 13, 2024 at 4:30pm EST ROCKAWAY, N.J., March 13, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (the “Company”), a commercial-stage bioelectronic medicine and wellness company, today announced fourth quarter and full year 2023 financial results. Fourth Quarter 2023 and Recent Highlights
Fourth Quarter and Full Year 2023 Financial Results For the year ended December 31, 2023, electroCore reported net sales of $16.0 million, compared to $8.6 million during the same period of 2022, which represents an approximately 87% increase over the prior year. The increase of $7.4 million is due to an increase in net sales across major channels including our prescription gammaCore medical devices sold in the U.S. and abroad; and revenue from the sales of our nonprescription general well-being and human performance Truvaga and TAC-STIM products.
Gross profit for the full year of 2023 was $13.2 million as compared to $7.0 million for the full year of 2022. Gross margin was 83% and 81% for the years ended December 31, 2023 and 2022, respectively. Total operating expenses for the full year of 2023 were approximately $32.5 million, as compared to $29.9 million for the full year of 2022. Research and development expense for the full year of 2023 was $5.3 million as compared to $5.5 million for the full year of 2022. This decrease in research and development expense was due to a decrease in compensation associated with cost cutting measures effected April 1, 2023, offset by targeted investments to support the future iterations of our therapy delivery platform, including the use of our intellectual property around the delivery of smart phone-integrated and smart phone-connected non-invasive therapies. Selling, general and administrative expense for the full year of 2023 was $27.2 million as compared to $24.3 million for the full year of 2022. This increase was due to greater variable selling and marketing costs consistent with our increase in sales and severance charges, offset by decreases in insurance and stock-based compensation expenses. GAAP net loss for the full year of 2023 was $18.8 million, as compared to the $22.2 million net loss for the full year of 2022. Adjusted EBITDA net loss in the fourth quarter of 2023 was a loss of $2.9 million as compared to a loss of $4.7 million in the fourth quarter of 2022. Adjusted EBITDA net loss for the full year of 2023 was a loss of $15.4 million, as compared to an adjusted EBITDA net loss of $19.0 million for the full year of 2022. The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, write-off of right of use operating lease, inventory reserve charges, legal fees associated with stockholders’ litigation, and provision/benefit from income taxes. A reconciliation of GAAP net loss to Non-GAAP adjusted EBITDA net loss has been provided in the financial statement tables included in this press release. Net cash used in operating activities for the full year ended December 31, 2023 was $14.7 million, as compared to $16.6 million for the full year of 2022. Cash, cash equivalents and restricted cash at December 31, 2023, totaled approximately $10.6 million, as compared to approximately $18.0 million as of December 31, 2022. In July 2023, the Company raised net proceeds of approximately $7.5 million through a registered direct offering and concurrent private placements priced “at the market” under NASDAQ rules. Webcast and Conference Call Information electroCore’s management team will host a conference call today, March 13, 2024, beginning at 4:30 pm EST. Investors interested in listening to the conference call or webcast may do so by dialing 877-407-8835 for domestic callers or 201-689-8779 for international callers, using conference ID: 13744117, or connecting to the Web at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ISZCGFO3. An archived webcast of the event will be available on the “Investors” section of the Company’s website at: www.electrocore.com. 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 Contact:
(Unaudited) Use of Non-GAAP Financial Measure The Company is presenting adjusted EBITDA net loss because it believes this measure is a useful indicator of its operating performance. Management uses this non-GAAP measure principally as a measure of the Company’s core operating performance and believes that this measure is useful to investors because it is frequently used by the financial community, investors, and other interested parties to evaluate companies in the Company’s industry. The Company also believes that this measure is useful to its management and investors as a measure of comparative operating performance from period to period. Additionally, the Company believes its use of non-GAAP adjusted EBITDA net loss from operations facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by gains and charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable charges such as restructuring expenses. The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, write-off of right of use operating lease, inventory reserve charges, legal fees associated with stockholders’ litigation, and provision/benefit from income taxes. A reconciliation of GAAP net loss to Non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.
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