Electrocore ( (ECOR) ) has released its Q4 earnings. Here is a breakdown of the information Electrocore presented to its investors.
ElectroCore, Inc. is a bioelectronic medicine and wellness company that specializes in non-invasive vagus nerve stimulation technology to improve health and well-being, operating primarily in the medical devices sector in the United States and select international markets.
ElectroCore has reported a significant financial performance for the full year 2024, with net sales reaching a record $25.2 million, marking a 57% increase compared to the previous year. This growth was largely driven by the expansion of their Rx gammaCore product in the U.S. Department of Veteran Affairs and Department of Defense, as well as a notable rise in sales of their Truvaga product.
Key financial metrics from the report include a reduction in net loss by 37% to $11.9 million and a decrease in net cash used in operating activities by 53% to $7.0 million. The company also reported an improved gross profit of $21.4 million with a gross margin of 85%. Operating expenses saw a slight increase, primarily due to higher selling and marketing costs, while research and development expenses decreased significantly.
Looking ahead, ElectroCore’s management is optimistic about continued growth and progress towards profitability. The company plans to expand its market presence and capitalize on established sales channels, while also exploring inorganic growth opportunities and partnerships to broaden its market reach.