Electrocore (ECOR – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Swayampakula Ramakanth from H.C. Wainwright remains neutral on the stock and has a $11.00 price target.
Swayampakula Ramakanth’s Buy rating for Electrocore’s stock is largely influenced by the company’s positive financial performance and promising growth prospects. Electrocore’s 3Q23 financial report showed significant growth with revenues of $4.5M, surpassing the consensus estimates of $3.8M. This robust financial performance, coupled with the company’s raised revenue guidance of $15.0M-$15.5M for the full year 2023, displays Electrocore’s ability to exceed expectations and indicates potential for future growth. Furthermore, the company ended 3Q23 with strong liquidity of $13.7M in cash and cash equivalents, which is expected to sufficiently fund operations through 2024.
The company’s sales have also shown a significant increase, especially in the VA/DOD business segment which generated $2.7M, a 31.5% QoQ and 135% YoY growth. This growth is largely due to the continued strong demand for Electrocore’s gammaCore at VA and DoD treatment facilities. Additionally, the number of cash pay channel prescribers increased by 362 during the quarter, indicating a strong future growth potential. Notably, Electrocore has also made strides in expanding its market reach with approval for gammaCore to be listed in the NHS Supply Chain catalogue for two more years till March 2026. The company is also seeking label extension for gammaCore in Post-traumatic Stress Disorder and/or Opioid Use Disorder which, if approved, could provide additional growth opportunities. The continued growth in sales of their new products, Truvaga and TAC-STIM, further fortifies the company’s growth prospects.
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Electrocore (ECOR) Company Description:
electroCore, Inc. is a commercial-stage bio-electronic medicine company, with a platform non-invasive vagus nerve stimulation therapy focuses on neurology and rheumatology. The company’s therapy, gammaCore, has pharmacologic effects on the peripheral and central nervous systems, which modulate neurotransmitters and immune function. It focuses on acute treatment of migraine and episodic cluster headache. The company was founded by Joseph P. Errico, Steve Mendez, Peter S. Staats and Thomas J. Errico in September 2005 and is headquartered in Morris Plains, NJ.
Read More on ECOR:
- electroCore Announces Third Quarter 2023 Financial Results
- electroCore announces data from abstract on nVNS
- Data Highlighting Non-invasive Vagus Nerve Stimulation (nVNS) for Treatment of Symptoms of Gastroparesis Presented at 2023 American College of Gastroenterology Annual Meeting
- electroCore Announces Two-Year Extension of gammaCore™ Device Listing in the NHS Supply Chain Catalogue
- electroCore announces extension of gammaCore device listing in NHS Supply Chain
