electroCore sees Q2 revenue $3.55M, consensus $3.28M

electroCore provided select preliminary unaudited financial guidance for the second quarter of 2023. Financial Guidance – Preliminary unaudited financial guidance for the second quarter of 2023: Revenue: The Company anticipates reporting record quarterly revenue of approximately $3,550,000 for the quarter ended June 30, 2023. This would represent approximately 65% growth over second quarter 2022 revenue of approximately $2,157,000. Rx gammaCore – Department of Veterans Affairs and Department of Defense: For the second quarter of 2023, the Company expects to recognize record revenue of approximately $2,085,000 from its government channel which includes sales pursuant to the Department of Veterans Affairs and Department of Defense originating prescriptions for the Company’s gammaCore products. Rx gammaCore – United States Commercial: Physician dispense cash pay channel prescribers, including gC Direct and gConcierge, have grown to approximately 2,225 at the end of the second quarter of 2023, up from 660 at the end of the second quarter of 2022. The Company expects revenue in these cash pay channels to be approximately $430,000 in the second quarter of 2023 representing approximately 32% growth over the second quarter 2022 revenue of $325,000. Truvaga: For the second quarter of 2023, the Company expects to recognize net revenue of approximately $291,000 as compared $147,000 in the first quarter of 2023. Truvaga was launched in late 2022. TAC-STIM: Revenues associated with our human performance brand, TAC-STIM(TM) which was launched in late 2022, is expected to be approximately $311,000. Outside of the U.S.: The Company expects to recognize revenue of approximately $427,000 from its business outside of the U.S. for the second quarter of 2023, which would represent approximately an 8% decrease from the second quarter of 2022. Revenue from outside of the U.S. increased by 8% in local currency, before unfavorable adjustments in foreign exchange rate. Net Cash Used: Net cash used during the quarter ended June 30, 2023, was approximately $3.5 million.