$ECOR reports strong YoY sales increase and positive outlook
Mar 8th 2023, 9:22 pm
Analyst Summary: Bioelectronic medicine and wellness company, electroCore, Inc., announced its fourth-quarter and full-year 2022 financial results, revealing that net sales for the year ending 31 December 2022 increased 58% YoY to $8.6m. The rise is due to the increase in net sales across all major channels, including licensing revenue outside the US, US commercial channel and US Department of Veteran Affairs. The company's gross margin for the full year of 2022 was 81%, compared to 75% in the same period in 2021. ElectroCore has announced a preliminary unaudited financial guidance for the first quarter of 2023 and revenue guidance for full-year 2023. electroCore's CEO, Dan Goldberger, said: "We are excited about driving awareness to make non-invasive vagus nerve stimulation technology more accessible to people who can benefit."