electroCore Provides Business Update and Select First Quarter 2021 Financial Guidance
First-quarter 2021 revenue expected to be more than $1.1 million
- Net cash used for the first quarter 2021 of approximately $4.1 million
ROCKAWAY, NJ, April 13, 2021 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today provided an operating and business update as well as select unaudited preliminary financial guidance for the first quarter of 2021.
“We are pleased to announce a return to strong sequential revenue growth in the first quarter of 2021,” stated Dan Goldberger, Chief Executive Officer of electroCore. In addition to strong performances in the United States and the United Kingdom, our new OUS distributor relationships have begun generating revenue with initial orders totaling approximately $45,000 from Eastern Europe and Australia, and initial revenue from our new Canadian distributor is expected in the second quarter. Additionally, we have recently announced an exclusive distribution agreement with Silvert Medical who will distribute gammaCore in the Western European countries of Belgium, Luxembourg, the Netherlands, and France. We look forward to supporting our new OUS distribution relationships and growing the use of gammaCore as a therapeutic option for multiple forms of primary headache by expanding global distribution throughout 2021.”
Government Channels: During the first quarter of 2021, we began to see clinician meetings with our staff increase within the Department of Veterans Affairs (“VA”), as the number of COVID-19 cases decreased within the system. There have been a total of 79 VA and Department of Defense (“DoD”) military treatment facilities that have purchased gammaCore products through Q1 2021, as compared to 71 through the fourth quarter of 2020 and 64 through the first quarter of 2020. Also, during the first quarter of 2021, the company shipped approximately 1,768 paid months of therapy pursuant to VA and DoD originating prescriptions, compared to 1,232 during the fourth quarter of 2020 and 1,084 during the first quarter of 2020.
Outside of the U.S.: During the first quarter of 2021, electroCore shipped approximately 1,156 paid months of therapy outside of the United States directly to patients, as compared to 1,123 during the fourth quarter of 2020 and 1,008 during the first quarter of 2020. Note the newly engaged distributors around the world are not included in this metric.
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