electroCore, Inc. (NASDAQ: ECOR) has announced that the company has ended the second quarter with around $23.7 million of cash.
Financial Guidance presented by the company
June 30, 2021 Cash: The company finished the second quarter of 2021 with around $23.7 million of cash, cash equivalents, and marketable securities, compared to $25.5 million as of the end of the first quarter of 2021. During the second quarter of 2021, the company received around $1.4 million in non-dilutive cash from the auction of New Jersey loss tax reimbursements. The $1.4 million of cash profits were offset by net cash used of about $3.2 million to fund processes during the second quarter of 2021.
Second Quarter Revenue: electroCore forestalls that second-quarter 2021 income will be around $1.3 million. It characterizes a 5% surge over the first quarter of 2021 income of $1.2 million and 69% growth over the second quarter 2020 income of $753,000.
Dan Goldberger, Chief Executive Officer of electroCore, stated, “Income for the quarter ended June 30, 2021 is anticipated to be around $1.3 million. Our annoyance markets in the U.S. and U.K. endure to surface from the epidemic and we look forward to hastening Income in the future.”
Military Channels: During the second quarter of 2021, the company expects to documented Income of around $779,000 under the Department of Veterans Affairs (“V.A.”) and Department of Defense (“DoD”) initiating instructions, compared to $679,000 during the first quarter of 2021 and $415,000 second quarter of 2020. 85 V.A. and DoD military management amenities have bought gammaCore yields through June 30, 2021, compared to 79 through the first quarter of 2021 and 67 through the second quarter of 2020.
External of U.S.: During the second quarter of 2021, electroCore envisages to differentiate Income of about $369,000 outdoor of the United States over direct conduits compared to $335,000 during the first quarter of 2021 and $247,000 during the second quarter of 2020. These figures do not include new worldwide stocking wholesalers which backed incomes from Canada and Western Europe during the second quarter of 2021.
The company endures expanding its wholesaler associations globally. In April 2021, the company announced that East Agency would serve as the select supplier of the gammaCore Sapphire™ non-invasive vagus nerve stimulator (“nVNS”) in Qatar. In June, the company announced a delivery contract with Kromax International Corporation to serve as the limited gammaCore Sapphire™ (nVNS) supplier in Taiwan and China.