electroCore reports Q1 EPS (59c) vs. (47c) last year

Reports Q1 revenue $9.58M, consensus $9.01M. “Our first quarter results reflect what we believe is a meaningful inflection point for electroCore (ECOR),” said Joshua Lev, Interim President and Chief Financial Officer of electroCore. “Quarterly revenue of $9.6 million was our highest ever and was accomplished with 87% gross profit margin. Net loss for the quarter was $5.3 million, however, after removing items such as non-recurring expenses associated with the leadership changes, we exhibited a 24% year-over-year improvement in adjusted EBITDA loss, demonstrating the operating leverage we expect to see as our platform scales. Each of our prescription channels – gammaCore in the VA and our Quell Fibromyalgia franchise acquired from NeuroMetrix, Inc. (“NURO”) last year – is contributing meaningfully, while our Truvaga consumer wellness brand continues to grow. With the leadership transition substantially behind us and Michael Fox on board to accelerate revenue growth, we believe we are well-positioned to execute against our full-year guidance.”