Full Press Release Details
electroCore Announces Fourth Quarter and Full Year 2021
Full year 2021 net sales of approximately
$5.5 million increased 56% over $3.5 million for full year 2020
Ended 2021 with cash and cash equivalents
Company to host conference call and
webcast today, March 10, 2022, at 4:30 PM EST
ROCKAWAY, N.J., March 10, 2022 (GLOBE NEWSWIRE) -- electroCore, Inc.
(Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced fourth quarter and full year 2021 financial results
and provided an operational update.
Fourth Quarter 2021 and Recent Highlights
Dan Goldberger, Chief Executive Officer of electroCore, commented: "I am thrilled about long-term prospects of our Company. Our
fourth quarter revenue grew 61% year-over-year while we delivered 56% annual revenue growth for the full year. We continue to make our
gammaCore therapy more broadly available around the world."
"We are making select investments in cash pay initiatives that we believe will make our gammaCore therapy available directly to
consumers through a growing number of physician prescribers in the United States, as well as through ecommerce platforms in both the US
"I believe we have made significant progress towards making our
gammaCore therapy available directly to consumers through multiple channels, and we plan to further invest in awareness campaigns through
advertising and promotional activities. We continue to conduct clinical programs across a diverse range of indications including secondary
headaches, traumatic brain injury, PTSD, stroke, opioid use disorder, Parkinson's, and postoperative ileus. Lastly, we are exploring
growth opportunities to enhance and leverage distribution channels through acquisitions. With a cash and cash equivalents balance of $34.7
million at December 31, 2021, we believe there is substantial runway to execute our plan into the future."
Fourth Quarter and Full Year 2021 Financial Results
For the quarter ended December 31, 2021, electroCore reported net sales
of approximately $1.5 million compared to $928,000 in the same period of 2020. For the full year 2021, the Company reported net sales
of approximately $5.5 million, as compared to net sales of approximately $3.5 million for the full year 2020.
Net sales from the Department of Veterans Affairs (VA) and Department
of Defense (DOD) of $858,000 increased 69% as compared to $509,000 in the fourth quarter of 2020. Full year 2021 net sales from the VA
and DOD grew 61% to approximately $3.3 million, as compared to net sales of approximately $2.0 million for the full year 2020.
100 VA and DoD military treatment facilities have purchased gammaCore
products through December 31, 2021, as compared to 96 facilities through September 30, 2021 and 71 facilities through the fourth quarter
Net sales from the Commercial channel was $271,000 in the fourth quarter
of 2021, as compared to $108,000 during the fourth quarter of 2020. For the full year 2021, net sales in the Commercial channel grew 89%
to $679,000 as compared to $358,000 for the full year 2020. These figures include net sales from the commercial payer and cash pay channels
in the US through our new online store, our gConcierge, and our gCDirect programs.
Net sales from outside the United States (OUS) was $361,000 in the fourth quarter of 2021, inclusive of all OUS channels, an increase
of 16% as compared to $311,000 in the fourth quarter of 2020. For the full year 2021, the Company reported total OUS net sales of approximately
$1.5 million, as compared to net sales of approximately $1.1 million for the full year 2020.
Gross profit for the fourth quarter of 2021 was $1.2 million as compared
to $109,000 for the fourth quarter of 2020. Gross profit for the fourth quarters of 2021 and 2020 included an increase in inventory reserves
of $70,000 and $434,000, respectively. Gross margin for the full year 2021 was 76% as compared to 63% for the full year of 2020, excluding
the increase in inventory reserves in both years.
Total operating expenses in the fourth quarter of 2021 were approximately
$6.7 million, an increase of approximately $300,000 from $6.4 million in the fourth quarter of 2020. Total operating expenses for the
fourth quarter of 2020 included a charge of $558,000 in connection with the write-off of a right of use operating lease asset. Total operating
expenses for the full year 2021 were $24.1 million as compared to $26.5 million for the full year 2020.
Research and development expense in the fourth quarter of 2021 was
$742,000, as compared to $1.0 million for the same period in 2020. Research and development expenses for the full year 2021 were $2.5
million as compared to $4.2 million for the full year 2020.
Selling, general and administrative expense in the fourth quarter of
2021 was $5.9 million, as compared to $5.4 million for the same period in 2020. Selling, general and administrative expense for the full
year 2021 was $21.6 million as compared to $21.8 million for the full year 2020.
GAAP net loss in the fourth quarter of 2021 was $4.9 million as compared
to a GAAP net loss of $6.3 million in the fourth quarter of 2020. GAAP net loss for the full year 2021 was $17.2 million as compared to
a GAAP net loss of $23.5 million for the full year 2020.
Adjusted EBITDA net loss in the fourth quarter of 2021 was a loss of $4.4 million as compared to a loss of $4.3 million in the fourth
quarter of 2020. Adjusted EBITDA net loss for the full year 2021 was $15.8 million as compared to an adjusted EBITDA net loss of $18.4
million for the full year 2020.
The company defines adjusted EBITDA net loss as GAAP net loss as adjusted
to exclude non-operating gains and losses, depreciation and amortization, stock-compensation expense, write-off of right of use operating
lease asset, inventory reserve charges, restructuring and other severance related charges, gain on lease settlement, 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 the quarter ended December 31, 2021, was approximately
$4.4 million, as compared to $3.6 million in the fourth quarter of 2020. Net cash used in the fourth quarter of 2021 included approximately
$700,000 due to the company's refund of overpayments it received related to the sale of NJ net operating losses and the termination
of the company's lease for its former corporate headquarters. Net cash used for the full year 2021 was $13.6 million as compared
to net cash used of $20.1 million reported in 2020.
Cash and cash equivalents and marketable securities at December 31,
2021 totaled approximately $34.7 million, as compared to approximately $22.6 million at December 31, 2020.
Webcast and Conference Call Information
electroCore's management team will host a conference call today,
March 10, 2022, beginning at 4:30 PM EST.
interested in listening to the conference call or webcast may do so by dialing 877-269-7756 for domestic callers or 201-689-7817 for international
callers, using conference ID: 13726544, or click here to
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 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.
gammaCore (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck as an adjunctive therapy 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 can be 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:
Safety and efficacy of gammaCore have not been evaluated
in the following patients:
For more information, please visit gammaCore.com
Forward-Looking Statements