Q2 2024 electroCore, Inc. Earnings Call Transcript
Key Points
- electroCore Inc (ECOR) reported its seventh consecutive record revenue quarter with $6.1 million, marking a 73% increase over the prior year.
- The company achieved an 86% gross margin and reduced its net loss by 46% compared to the same period in 2023.
- Sales in the VA channel grew 120% year-over-year, with 160 VA facilities purchasing gammaCore products.
- The Truvaga product line exceeded sales expectations, with a media efficiency ratio of 2.81%, indicating strong return on advertising spend.
- The company raised approximately $9 million through a registered direct offering and private placements, strengthening its financial position.
- TAC-STIM sales declined compared to the previous year, attributed to anticipation of the new product launch.
- The company continues to face challenges in expanding its penetration within the VA system, with only 1% of the addressable market reached.
- The Joerns managed care relationship is taking longer than expected to develop, delaying potential revenue growth.
- Research and development expenses decreased significantly, indicating a reduction in investment in new projects.
- The timeline for FDA approval for new indications, such as PTSD, remains uncertain, potentially impacting future growth opportunities.
Greetings, and welcome to the electroCore second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Dan Goldberger. Thank you, sir. You may begin.
Thank you all for participating in today's electroCore earnings call. My name is Dan Goldberger. I'm the Chief Executive Officer of electroCore, and I'm also a member of the Board of Directors. Joining me today is Brian Posner, Chief Financial Officer. Earlier today, electroCore published results for the second quarter ended June 30, 2024. A copy of the press release is available on the company's website.
Before we begin, I'd like to remind you that management will make statements during the call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained
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