electroCore Q2 2022 revenue $2.2M (+70% YoY); GAAP net loss $5.3M; gross margin 83%

electroCore, Inc.

2023-Q2 EPS reported -$2.25 revenue$4,056,000

Revenue $2.2M, up 70% YoY and 14% sequentially; VA/DoD $1.19M (+52.6% YoY), US Commercial $501K (+381.7%).
GAAP net loss $5.3M; Adjusted EBITDA loss $4.9M; net cash used in ops $3.2M, improved from $4.8M in Q1 2022.
Gross margin 83% vs 71% a year ago; cash $26.6M at June 30, down from $34.7M at Dec 31, 2021.
Q3 2022 outlook: net revenue expected near Q2 levels; net cash usage $4.5M-$5.0M.
gammaCore selected for DoD BOOST program; exclusive license with Teijin for Japan.

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