2023-07-11 14:21:05 ET
- electroCore ( NASDAQ: ECOR ) said Tuesday it expects revenue for the second quarter of 2023 to be $3.55 million, up 65% from last year.
- For Q2, ECOR expects to recognize revenue of about $2.1 million from its government channel, up 75%.
- 138 VA and DoD military treatment facilities have purchased gammaCore products through June 30, 2023, as compared to 106 through June 30, 2022, ECOR said.
- Physician dispense cash pay channel prescribers, including gC Direct and gConcierge, have grown to about 2,225 at the end of Q2, up from 660 for the same period last year, and the company expects revenue from these channels to be $430,000.
- ECOR expects to recognize net revenue of $291,000 from Truvaga in Q2.
- Revenues associated with TAC-STIM are expected to be about $311,000 in Q2.
- Revenue from outside of the U.S. is expected to be $427,000 for Q2.
- Net cash used during the quarter ended June 30, 2023, was about $3.5 million.
- The company reiterated its revenue guidance of $14.0–15.0 million for the year ending December 31, 2023.
- Press Release .
- Shares +4.9% at $5.10.
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electroCore forecasts Q2 revenue to jump 65%