UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02. Results of Operations and Financial Condition.
On July 12, 2022, electroCore, Inc. (the “Company”) issued a press release providing a business update, including select unaudited preliminary financial guidance for the second quarter of 2022. A copy of the press release is filed herewith as Exhibit 99.1.
The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report shall not be incorporated by reference into any filing with the SEC made by the Company, whether made before or after the date hereof, except as shall be expressly set forth by reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit No. |
Description of Exhibit | |
| 99.1 | Press release dated July 12, 2022. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| electroCore, Inc. | |
| July 12, 2022 | /s/ Brian Posner |
| Brian Posner | |
| Chief Financial Officer |
electroCore Provides Select Second Quarter 2022 Financial Guidance
| · | Record revenue will be at least $2.1 million; approximately 65% growth over second quarter 2021 |
| · | June 30, 2022, cash and cash equivalents balance of approximately $26.6 million |
ROCKAWAY, N.J., July 12, 2022 (GLOBE NEWSWIRE) -- electroCore, Inc. (the “Company”) (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today provided select unaudited preliminary financial guidance for the second quarter of 2022.
Financial Guidance
Preliminary unaudited financial guidance for the second quarter of 2022:
Revenue: The Company anticipates reporting second quarter 2022 revenue of more than $2,100,000. This represents at least an 11% increase over the first quarter 2022 revenue of $1,899,000 and approximately 65% growth over the second quarter 2021 revenue of $1,269,000.
Government Channels: During the second quarter of 2022, the Company expects to recognize revenue of approximately $1,200,000 pursuant to the Department of Veterans Affairs (“VA”) and Department of Defense (“DoD”) originating prescriptions for the Company’s gammaCore® products, compared to $1,260,00 in the first quarter of 2022 and $779,000 or approximately 54% growth over the second quarter of 2021. 106 VA and DoD military treatment facilities purchased gammaCore products through June 30, 2022, as compared to 105 through the first quarter of 2022 and 85 through the second quarter of 2021.
Commercial: During the second quarter of 2022, the Company expects to recognize revenue of approximately $465,000 from its commercial channels, dominated by our cash pay initiatives and representing approximately a 68% increase over the first quarter of 2022 and approximately a 347% increase from the second quarter of 2021.
Outside of the U.S.: The Company expects to recognize revenue of approximately $466,000 from its business outside of the U.S. for the second quarter ended June 30, 2022, representing approximately a 53% increase from the first quarter of 2022 and approximately a 20% increase from the second quarter of 2021. International revenue includes approximately $50,000 of license fees pursuant to the previously announced license agreement with Teijin Limited for commercialization in Japan.
Cash Position: The Company ended the second quarter of 2022 with approximately $26.6 million of cash and cash equivalents, compared to $29.9 million as of the end of the first quarter of 2022.
The Company intends to provide a detailed operational and financial update during its second quarter of 2022 earnings call in August 2022.
About
electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its non-invasive
vagus nerve stimulation therapy platform, initially focused on the treatment of multiple conditions in neurology. The company's current
indications are the preventive treatment of cluster headache and migraine, the acute treatment of migraine and episodic cluster headache,
the acute and preventive treatment of migraines in adolescents, and paroxysmal hemicrania and hemicrania continua in adults.
For more information, visit www.electrocore.com.
About gammaCore™
gammaCore™ (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck to treat migraine and cluster headache
through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin.
Designed as a portable, easy-to-use technology, gammaCore is self-administered by patients, as needed, without the potential side effects
associated with commonly prescribed drugs. When placed on a patient’s neck over the vagus nerve, gammaCore stimulates the nerve’s
afferent fibers, which may lead to a reduction of pain in patients.
gammaCore (nVNS) is FDA cleared in the United States for adjunctive use for the preventive treatment of cluster headache in adult patients, the acute treatment of pain associated with episodic cluster headache in adult patients, and the acute and preventive treatment of migraine in adolescent (ages 12 and older) and adult patients, and paroxysmal hemicrania and hemicrania continua in adult patients. gammaCore is CE-marked in the European Union for the acute and/or prophylactic treatment of primary headache (Migraine, Cluster Headache, Trigeminal Autonomic Cephalalgias and Hemicrania Continua) and Medication Overuse Headache in adults.
gammaCore is contraindicated for patients if they:
| · | Have an active implantable medical device, such as a pacemaker, hearing aid implant, or any implanted electronic device |
| · | Have a metallic device, such as a stent, bone plate, or bone screw, implanted at or near the neck |
| · | Are using another device at the same time (e.g., TENS Unit, muscle stimulator) or any portable electronic device (e.g., mobile phone) |
Safety and efficacy of gammaCore have not been evaluated in the following patients:
| · | Adolescent patients with congenital cardiac issues |
| · | Patients diagnosed with narrowing of the arteries (carotid atherosclerosis) |
| · | Patients who have had surgery to cut the vagus nerve in the neck (cervical vagotomy) |
| · | Pediatric patients (less than 12 years) |
| · | Pregnant women |
| · | Patients with clinically significant hypertension, hypotension, bradycardia, or tachycardia |
For more information, please visit gammaCore.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 and cash used in operations during the second quarter 2022, 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 treatment of Post-COVID Syndrome or other new markets
and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will,"
"expects," "believes," "intends," 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™,
the potential impact and effects of COVID-19 on the business of electroCore, electroCore’s results of operations and financial performance,
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 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 Cockrell
CG Capital
404-736-3838
ecor@cg.capital