Chek the Channels
Q4 2019 Results: Lagged Commercial Success
electrocore Inc is a commercial-stage bioelectronic medicine company with a platform for non-invasive vagus nerve stimulation therapy initially focused on neurology and rheumatology. Its product gammaCore is FDA-cleared for the acute treatment of pain associated with migraine and episodic cluster headache in adults.
Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fourth quarter 2019 financial results. The company focuses on two channels to commercialize gammaCore: i) the Federal Supply Schedule eligible entities and ii) the United Kingdom’s National Health Service. The net sales in Q4 were $675,000 compared to $683,000 in Q3 2019. There was a 24% sequential growth in paid months of therapy, that was not reflected on sales driven by the timing of revenue recognition and currency exchange fluctuations.
Did it meet our expectations? The company reported total revenue of $2.4 million, operating expenses of $47.3 million, and EPS of ($1.54) for the full year of 2019 compared to our estimates of $3.0 million in revenue, $46.1 in operating expenses and...
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