electroCore Announces Third Quarter 2021 Financial Results Third quarter 2021 revenue grew 17% sequentially and 38% over third quarter 2020 Company to host a conference call and webcast today

Announces Third Quarter 2021 Financial Results

Third quarter 2021 revenue grew 17%

sequentially and 38% over third quarter 2020

Company to host a conference call and

webcast today, November 4, 2021 at 4:30 pm ET

ROCKAWAY, NJ, November 4, 2021 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company,

today announced third quarter 2021 financial results and provided an operational update.

Third Quarter 2021 and Recent

Dan Goldberger, Chief Executive Officer of electroCore,

commented: "We are pleased that our third quarter results continue to show steady sequential revenue growth, despite the impact

of the pandemic on our headache markets in the U.S. and U.K." Mr. Goldberger added: "Revenue for the quarter was $1.5 million

and we continue to be confident about the growth prospects of the business. Our cash balance, including our marketable securities, of

$39.0 million at September 30, 2021, puts the company in an excellent position to execute on its strategy."

Third Quarter 2021 Financial Results

For the quarter ended September 30, 2021, electroCore reported

net sales of $1.5 million compared to $1.3 million in the second quarter of 2021 and $1.1 million during same period of 2020. This represents

a quarterly revenue increase of 17% sequentially and 38% over the same period last year.

Revenue from the Department of Veterans Affairs ("VA")

and Department of Defense ("DOD") increased 21% sequentially to $946,000 in the third quarter of 2021 from $779,000 in the

second quarter of 2021 and increased 46% as compared to $646,000 in the third quarter of 2020.

96 VA and DoD military treatment facilities have purchased

gammaCore products through September 30, 2021 as compared to 85 facilities through the June 2021 and 67 facilities through the third quarter

Revenue from outside the United States through direct sales

channels was flat sequentially to $371,000 in the third quarter of 2021, as compared to $369,000 during the second quarter of 2021 and

increased 33% from $278,000 during the third quarter of 2020. These figures do not include global stocking distributors in other countries

which contributed $12,000 of net sales.

Gross profit for the third quarter of 2021 was $1.1 million

as compared to $895,000 for the second quarter of 2021 and $733,000 for the third quarter of 2020. Gross margin for the third quarter

of 2021 was 76%, compared to 71% in the second quarter of 2021 and 68% in the third quarter of 2020.

Total operating expenses in the third quarter of 2021 were approximately $5.1 million, a reduction of approximately $1.0 million from

$6.1 million in the second quarter of 2021. Operating expenses decreased by $100,000 from $5.2 million in the third quarter of 2020.

Research and development expense

in the third quarter of 2021 was $470,000 as compared to $825,000 in the second quarter of 2021, a decrease of approximately $355,000

sequentially. Research and development expense decreased by $159,000 from $629,000 during the third quarter of 2020.

Selling, general and administrative

expense in the third quarter of 2021 was $4.6 million as compared to $5.3 million in the second quarter of 2021. Selling, general and

administrative expense was flat compared to the third quarter of 2020.

GAAP net loss in the third quarter of 2021 was $4.0 million compared to a GAAP net loss of $2.9 million in the second quarter of 2021.

GAAP net loss decreased by 11% or $500,000 as compared to a GAAP net loss of $4.5 million in the third quarter of 2020. In the second

quarter of 2021, the company recorded a total gain of $2.3 million on the extinguishment of debt and a tax benefit from the sale of New

Jersey NOL carryforwards.

Adjusted EBITDA net loss in

the third quarter of 2021 was $3.1 million as compared to $4.1 million during the second quarter of 2021 and as compared to adjusted

EBITDA net loss of $3.3 million in the third quarter of 2020.

The company defines adjusted EBITDA net loss as GAAP net loss, excluding depreciation and amortization, stock-compensation expense, restructuring

and other severance related charges, legal fees associated with stockholders' litigation, total other income/expense, extinguishment

of debt, 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 during the quarter ended

September 30, 2021, was approximately $3.4 million as compared to $3.2 million in the second quarter of 2021, and $4.1 million in the

third quarter of 2020. The second quarter of 2021 amount is exclusive of cash proceeds from the sale of NOL carryforwards.

Cash, cash equivalents and marketable securities at September 30, 2021, totaled approximately $39.0 million, as compared to approximately

$23.7 million at June 30, 2021. During the third quarter, the company raised net proceeds of approximately $18.8 million through a public

offering of 20,700,000 shares of its common stock. The Company believes its cash and marketable securities will enable it to fund

its operating expenses and capital expenditure requirements, as currently planned, for at least the next 12 months.

Webcast and Conference Call

electroCore's management team will host a conference

call today, November 4, 2021, beginning at 4:30 pm ET.

Investors interested in listening to the conference call, or

webcast may do so by dialing 877-269-7756 (Toll Free) or 201-689-7817 (Toll), or by connecting to the Web: electroCore

3Q21 Earnings Webcast

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.

gammaCoreTM (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. 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:

Please refer to the gammaCore Instructions for Use for all

of the important warnings and precautions before using or prescribing this product.

The U.S. FDA has cleared the gammaCore Sapphire CV (nVNS) device

under an emergency use authorization for acute use at home or in a healthcare setting to treat adult patients with known or suspected

COVID-19 who are experiencing an exacerbation of asthma-related dyspnea and reduced airflow, and for whom approved pharmacologic therapies

are not tolerated or provide insufficient symptom relief as assessed by their healthcare provider, using noninvasive vagus nerve stimulation

(nVNS) on either side of the patient's neck.

gammaCore Sapphire CV has been authorized only for the duration

of the statement that circumstances exist that warrant authorization of the emergency use of medical devices under section 564(b)(1) of

the Act, 21 U.S.C. 360bbbb-3(b)(1), until the authorization is terminated or revoked.

More information can be found

Letter of authorization: https://www.fda.gov/media/139967/download

Fact sheet for healthcare workers:

Patient information sheet: