ECOR - electroCore Announces Fourth Quarter and Full Year 2023 Financial Results | Benzinga
Record full year 2023 net sales of $16.0 million increased 87% over $8.6 million for the full year 2022
Company to host conference call and webcast today, March 13, 2024 at 4:30pm EST
ROCKAWAY, N.J., March 13, 2024 (GLOBE NEWSWIRE) -- electroCore, Inc. (NASDAQ:ECOR) (the "Company"), a commercial-stage bioelectronic medicine and wellness company, today announced fourth quarter and full year 2023 financial results.
Fourth Quarter 2023 and Recent Highlights
- Reported record full year of 2023 revenue of $16.0 million, an increase of approximately 87% over full year of 2022
- Record revenue in the fourth quarter of 2023 of $5.2 million, an increase of approximately 103% over the fourth quarter of 2022
Fourth Quarter and Full Year 2023 Financial Results
For the year ended December 31, 2023, electroCore reported net sales of $16.0 million, compared to $8.6 million during the same period of 2022, which represents an approximately 87% increase over the prior year. The increase of $7.4 million is due to an increase in net sales across major channels including our prescription gammaCore medical devices sold in the U.S. and abroad; and revenue from the sales of our nonprescription general well-being and human performance Truvaga and TAC-STIM products.
| Three months ended |
| Year ended |
| (in thousands) |
| December 31, |
| December 31, |
| Channel |
| 2023 |
| 2022 |
| % Change |
| 2023 |
| 2022 |
| % Change |
| Rx gammaCore – VA/DoD |
| $ |
| 3,113 |
| $ |
| 1,539 |
| 102% |
| $ |
| 9,636 |
| $ |
| 5,099 |
| 89% |
| Rx gammaCore – U.S. Commercial |
| 483 |
| 489 |
| (1% |
| ) |
| 1,797 |
| 1,735 |
| 4% |
| Outside the United States |
| 523 |
| 429 |
| 22% |
| 1,821 |
| 1,618 |
| 13% |
| Truvaga |
| 323 |
| 15 |
| * |
| 1,027 |
| 15 |
| * |
| TAC-STIM |
| 749 |
| 88 |
| * |
| 1,749 |
| 125 |
| * |
| $ |
| 5,191 |
| $ |
| 2,560 |
| 103% |
| $ |
| 16,030 |
| $ |
| 8,592 |
| 87% |
| * not applicable |
Gross profit for the full year of 2023 was $13.2 million as compared to $7.0 million for the full year of 2022. Gross margin was 83% and 81% for the years ended December 31, 2023 and 2022, respectively.
Total operating expenses for the full year of 2023 were approximately $32.5 million, as compared to $29.9 million for the full year of 2022.
Research and development expense for the full year of 2023 was $5.3 million as compared to $5.5 million for the full year of 2022. This decrease in research and development expense was due to a decrease in compensation associated with cost cutting measures effected April 1, 2023, offset by targeted investments to support the future iterations of our therapy delivery platform, including the use of our intellectual property around the delivery of smart phone-integrated and smart phone-connected non-invasive therapies.
Selling, general and administrative expense for the full year of 2023 was $27.2 million as compared to $24.3 million for the full year of 2022. This increase was due to greater variable selling and marketing costs consistent with our increase in sales and severance charges, offset by decreases in insurance and stock-based compensation expenses.
GAAP net loss for the full year of 2023 was $18.8 million, as compared to the $22.2 million net loss for the full year of 2022.
Adjusted EBITDA net loss in the fourth quarter of 2023 was a loss of $2.9 million as compared to a loss of $4.7 million in the fourth quarter of 2022. Adjusted EBITDA net loss for the full ...