Medical device company maintains growth momentum in Q2/22

2/22 and 1/22 electroCore Inc. revenue is up quarter-over-quarter and year-over-year, respectively, and the upward trend is expected to continue until at the end of 2022, noted a report by HC Wainwright & Co.

Commercial-stage ElectroCore Inc. (ECOR:NASDAQ) continued its trend of revenue growth in Q2/22, as reported by HC Wainwright & Co. analyst Dr. Swayampakula Ramakanth.

The bioelectronic medicine company is advancing gammaCore, its non-invasive vagus nerve stimulator, for the treatment of multiple neurological and metabolic conditions.

Currently, the device is approved (depending on the jurisdiction) for:

  • primary, cluster and migraine headaches
  • migraine prevention
  • paroxysmal hemicrania
  • continuous hemicrania

The product has regulatory clearance in the United States, Canada, Australia, United Kingdom, and several European countries, among others.

Ramakanth reviewed and commented on the financial figures just released by electroCore. He also shared his revenue expectations for the New Jersey-based company in the near and long term.

He pointed out that electroCore’s Q2/22 revenue is expected to be $2.1 million ($2.1 million), up 11% from $1.9 million in the prior quarter. H1/22 revenue is also up 60% year-over-year.

Approximately $0.5M of the company’s total Q2/22 revenue comes from US commercial sales, and this amount is 68% higher than Q1/22 revenue of $0.3M $. Business in the United States is strong and it looks like it will remain so at least until the end of 2022, Ramakanth noted. It appears that the company’s concerted efforts to expand gammaCore adoption are paying off.

“The continued growth of this channel should help it become a significant source of revenue over the next few years,” Ramakanth noted. “We currently expect US business to grow from $7 million in 2022 to $83 million in 2030.”

A recurring customer in the United States is the Federal Departments of Veterans Affairs and Defense. Sales to them in Q2/22 of $1.2M are 54% higher than the prior quarter.

“This continued growth in VA/DoD channels bodes well for continued revenue growth beyond 2022,” Ramakanth commented.

Q2/22 revenue from outside the US also increased quarter over quarter, from $0.3M to $0.5M, an increase of 53%. Ramakanth expects electroCore’s non-US revenue to reach $17 million by the end of 2030, up from $2 million this year.

Looking at total 2022 revenue, Ramakanth believes the medical device company will end the year strong, given its track record of strong third and fourth quarters. Specifically, it projects total revenue of $8.9 million for 2022, a 64% growth from the company’s revenue of $5.5 million in 2021.

As for electroCore’s balance sheet at the end of Q2/22, it is solid, containing $26.6 million in cash and cash equivalents. These funds are sufficient to support operations until Q1/23, allegedly Ramakanth.

HC Wainwright & Co. has a buy rating and price target of $2.75 per share on electroCore. Its current price, by comparison, is around $0.64.


1) Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. They or members of their household hold shares in the following companies mentioned in the article: None. They or their household members are compensated by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are Streetwise Reports billboard sponsors: None. Click here for important information on referral fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is provided for informational purposes only and does not constitute a recommendation to buy or sell any securities.

4) The article does not constitute investment advice. Each reader is encouraged to consult their financial professional and any action taken by a reader as a result of the information presented here is their own responsibility. By opening this page, each reader accepts and consents to the full Streetwise Reports Terms of Service and Legal Notice. This article is not an investment solicitation. Streetwise Reports does not provide general or specific investment advice and information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the activities, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or their family members, as well as those interviewed for articles and interviews on the site, may take a long or short position in the titles mentioned. Directors, officers, employees or members of their immediate family are prohibited from making purchases and/or sales of such securities on the open market or otherwise from the time of the decision to publish an article until three days working days after the publication of the article. The foregoing prohibition does not apply to articles which, in substance, merely reproduce previously published company press releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed healthcare professionals. Readers should always contact their healthcare professionals for medical advice.

Disclosures for HC Wainwright & Co., ElectroCore Inc., July 13, 2022

HC Wainwright & Co, LLC (the “Company”) is a member of FINRA and SIPC and a registered US broker-dealer.

I, Swayampakula Ramakanth, Ph.D., Arthur He, Ph.D., and Sean Lee certify that 1) all opinions expressed in this report accurately reflect my personal opinions on all securities or issuers discussed; and 2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendation or opinions expressed in this research report; and 3) neither I nor any member of my household are officers, directors or members of the advisory board of these companies.

None of the research analysts or the research analyst’s household has any financial interest in the securities of electroCore, Inc. (including, without limitation, any option, right, mandate, future position, long or short).

As of June 30, 2022, neither the company nor its affiliates beneficially owns 1% or more of any class of common equity securities of electroCore, Inc. Neither the research analyst nor the company has any knowledge or have reason to be aware of another material conflict of interest at the time of publication of this research report.

The research analyst primarily responsible for preparing the report does not receive compensation based on specific investment banking services or transactions, but is compensated based on factors such as total revenue and firm profitability , a substantial portion of which comes from investment banking. services.

The company or its affiliates have received compensation from electroCore, Inc. for non-investment banking services within the past 12 months.

The company or its affiliates have not received compensation from electroCore, Inc. for investment banking services in the preceding twelve months, but will seek compensation from the companies mentioned in this report for investment banking services. investment within three months of publication of the research report.

The company does not constitute a market for electroCore, Inc. as of the date of this research report.

The securities of the company discussed in this report may not be suitable for investors depending on their specific investment objectives and financial situation. Past performance is not indicative of future results. This report is offered for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities mentioned herein in any jurisdiction where this is prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to anyone. Electronic versions of HC Wainwright & Co., LLC research reports are made available to all clients simultaneously.

HC Wainwright & Co., LLC does not provide personalized investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and special needs of any specific person. Investors should seek financial advice regarding the advisability of investing in financial instruments and implementing investment strategies discussed or recommended in this research report.

Vendors, traders and other professionals of HC Wainwright & Co., LLC and its affiliates may provide oral or written market commentary or trading strategies that reflect opinions contrary to the opinions expressed in this research report.

HC Wainwright & Co., LLC and its affiliates, officers, directors and employees, excluding its analysts, will from time to time take long or short positions, act as principal and buy or sell securities or derivatives (including options and warrants) of covered companies mentioned in this research report.

The information contained herein is based on sources we believe to be reliable, but the accuracy of which we do not guarantee and do not purport to be a complete statement or summary of available company, industry or safety data. discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice.

The securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

Comments are closed.