Full Press Release Details
electroCore Announces Full Year 2024 Financial Results
Record full year 2024 net sales of $25.2 million increased 57% over $16.0 million for the full year 2023 driven by 85% annual growth of Rx gammaCoreTM in the United States Department of Veteran Affairs and United States Department of Defense (VA) and 174% increase in TruvagaTM sales
Company to host a conference call and webcast today, March 12, 2025 at 5:30pm EDT
ROCKAWAY, NJ, March 12, 2025 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) ("electroCore" or the "Company"), a commercial-stage bioelectronic medicine Company and wellness company, today announced fourth quarter and full year 2024 financial results.
| Reported record full year of 2024 revenue of $ 25.2 million, an increase of approximately 57% over full year of 2023 | ||
| Net loss of $11.9 million for the full year ended December 31, 2024, a reduction of 37% over full year 2023 | ||
| Net cash used in operating activities for the full year ended December 31, 2024 of $7.0 million, a decrease of 53% compared to the full year ended December 31, 2023 | ||
| Cash, cash equivalents, restricted cash, and marketable securities of $12.2 million at December 31, 2024. |
enter 2025 well-positioned for continued success, with established channels to
market and solutions that provide meaningful value to patients and consumers,"
commented Dan Goldberger, CEO of electroCore. "Our focus now is to expand our
presence within the key sales channels we have developed to deliver continued
growth and progress towards profitability. Simultaneously, we are expanding our
addressable market inorganically and through recently announced partnerships."
Full Year 2024 Financial Results
For the year ended December
31, 2024, electroCore reported net sales of $25.2 million
compared to $16.0 million during the same period in 2023, which
represents an approximate 57% increase over the prior year. The
increase of $9.2 million is primarily due
to an increase in net sales of Rx gammaCore in the VA channel and of Truvaga handsets
in the health and wellness channel.
| Year ended | ||||||||||||
| (in thousands) | December 31, | |||||||||||
| Channel | 2024 | 2023 | % Change | |||||||||
| Rx gammaCore TM - VA/DoD | $ | 17,788 | $ | 9,636 | 85% | |||||||
| Rx gammaCore - U.S. Commercial | 1,536 | 1,797 | -15% | |||||||||
| Outside the United States | 1,850 | 1,821 | 2% | |||||||||
| Truvaga TM | 2,811 | 1,027 | 174% | |||||||||
| Total Before TAC-STIM TM | 23,985 | 14,281 | 68% | |||||||||
| TAC-STIM | 1,197 | 1,749 | -32% | |||||||||
| Total Revenue | $ | 25,182 | $ | 16,030 | 57% |
Gross profit for the full year of 2024 was $21.4 million as compared to $13.2 million for the full year of 2023. Gross margin was 85% for full year 2024 as compared to 83% for the full year of 2023.
Total operating expenses for the full year of 2024 were approximately $33.6 million as compared to $32.5 million for the full year of 2023.
Research and development expense for the full year of 2024 was $2.4 million as compared to $5.3 million for the full year of 2023. This decrease was primarily due to a significant reduction in investments associated with the development of Truvaga Plus.
Selling, general and administrative expense for the full year of 2024 was $31.2 million as compared to $27.2 million for the full year of 2023. This increase was primarily due to greater variable selling and marketing costs consistent with an increase in sales.
GAAP net loss for the full year of 2024 was $11.9 million compared to $18.8 million for the full year of 2023. This significant improvement was primarily
due to the increase in net sales to $25.2 million for the full year of 2024 as
compared to $16.0 million during the same period in 2023. Net loss per share for
the full year of 2024 was $1.59 as compared to a $3.42 net loss per share in
the full year of 2023.
Adjusted EBITDA net loss for the full year of 2024 was $9.0 million as compared to adjusted EBITDA net loss of $15.4 million for the full year of 2023. These improved results are also primarily
due to the increase in 2024 net sales as compared to the same period in 2023.
The Company defines adjusted EBITDA net loss as GAAP net
loss, adjusting to exclude non-operating gains/losses, depreciation and
amortization, stock-compensation expense, inventory reserve charges,
non-recurring recruiting fees, severance and other related charges, legal fees
associated with stockholders' litigation, benefit from income taxes, and
non-recurring transaction charges associated with the pending acquisition of
NeuroMetrix and other filing fees. A reconciliation of GAAP net loss to
non-GAAP adjusted EBITDA net loss is provided in the financial statement table
Cash, cash equivalents, marketable securities and restricted cash at December 31, 2024, totaled approximately $12.2 million, as compared to approximately $10.6 million as of December 31, 2023.
Webcast and Conference Call Information
electroCore's management team will host a webcast and conference
call today March 12, 2025, beginning at 5:30 PM EDT. Investors may register
at the following link to receive login credentials and dial-in details: https://electrocore.zoom.us/webinar/register/WN_uVGFnUIGRry42ug9G2hIfw#/registration
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
Forward-Looking Statements
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, 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
prescription gammaCore product, general wellness Truvaga and TAC-STIM
products, and other potential new products and markets, the pending
acquisition of NeuroMetrix 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, electroCore's results of operations and financial performance,
inflation and currency fluctuations, 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.
ECOR Investor Relations
Consolidated Statements of Operations
(in thousands, except per share data)
| December 31, | |||||||||
| 2024 | 2023 | ||||||||
| Net sales | $ | 25,182 | $ | 16,030 | |||||
| Cost of goods sold | 3,785 | 2,804 | |||||||
| Gross profit | 21,397 | 13,226 | |||||||
| Operating expenses | |||||||||
| Research and development | 2,360 | 5,321 | |||||||
| Selling, general and administrative | 31,199 | 27,174 | |||||||
| Total operating expenses | 33,559 | 32,495 | |||||||
| Loss from operations | ( 12,162 | ) | ( 19,269 | ) | |||||
| Other (income) expense: | |||||||||
| Interest and other income | ( 572 | ) | ( 433 | ) | |||||
| Other expense | 389 | 184 | |||||||
| Total other income | ( 183 | ) | ( 249 | ) | |||||
| Loss before income taxes | ( 11,979 | ) | ( 19,020 | ) | |||||
| Benefit from income taxes | 93 | 186 | |||||||
| Net loss | $ | ( 11,886 | ) | $ | ( 18,834 | ) | |||
| Net loss per share of common stock - Basic and Diluted | $ | ( 1.59 | ) | $ | ( 3.42 | ) | |||
| Weighted average common shares outstanding - Basic and Diluted (see Note 11) | 7,483 | 5,515 |
Consolidated Balance Sheet Information
| December 31, 2024 | December 31, 2023 | |||||||
| Cash and cash equivalents | $ | 3,450 | $ | 10,331 | ||||
| Restricted cash | $ | 250 | $ | 250 | ||||
| Marketable securities | $ | 8,519 | $ | - | ||||
| Total assets | $ | 20,471 | $ | 16,102 | ||||
| Current liabilities | $ | 9,152 | $ | 8,123 | ||||
| Total liabilities | $ | 12,927 | $ | 8,660 | ||||
| Total stockholders' equity | $ | 7,544 | $ | 7,442 |
(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