Full Press Release Details
electroCore Announces
Expected Record 4Q 2022 Revenue of $2.5M; Provides Business Update
ROCKAWAY, N.J., January 17, 2023 (GLOBE NEWSWIRE) -- electroCore, Inc.
(the "Company") (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today provided select unaudited preliminary
financial guidance for the fourth quarter and the full year of 2022.
Preliminary unaudited financial guidance for the fourth quarter and full year of 2022:
Revenue: The Company anticipates reporting record full year
2022 revenue of approximately $8.5 million. This would represent approximately 57% growth over full-year 2021 revenue of $5.5 million.
Fourth quarter 2022 revenue is anticipated to be approximately $2.5 million, which would represent approximately 68% growth over fourth
Government Channels: For the full year of 2022, the Company
expects to recognize revenue of approximately $5.1 million pursuant to the Department of Veterans Affairs ("VA") and Department
of Defense ("DoD") originating prescriptions for the Company's gammaCore products, compared to $3.3 million during
the full year 2021, which would represent approximately 56% growth. 117 VA and DoD military treatment facilities have purchased gammaCore
products through December 31, 2022, as compared to 100 through the December 31, 2021.
Commercial: For the full year of 2022, the Company expects to
recognize revenue of approximately $1.7 million from its U.S. commercial channels, which would represent approximately a 158% increase
from the full year of 2021.
New Products: The Company also recorded small initial revenues
from TAC-STIM under the Air Force BOOST program and sales generated from the Truvaga eCommerce launch.
Outside of the U.S.: The Company expects to recognize revenue
of approximately $1.6 million from its business outside of the U.S. for the full year of 2022, which would represent approximately a 7%
increase from the full year of 2021. International revenue is expected to include approximately $139,000 of license fees pursuant to the
previously announced license agreement with Teijin Limited for commercialization in Japan.
Cash Position: The Company ended 2022 with approximately $18.0
million of cash and cash equivalents, compared to approximately $21.9 million as of September 30, 2022.
The Company intends to provide a detailed operational and financial
update during its fourth quarter and full-year 2022 earnings call in March 2023.
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.
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 fourth quarter and full-year 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 its TAC-STIM and 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.