Monday, November 16, 2020
electroCore, Inc. (ECOR)
3Q: Cost reduced, Revenue Generation Continues
electroCore, Inc. is a commercial-stage bioelectronic medicine company dedicated to improving patient outcomes through its platform non-invasive vagus nerve stimulation therapy initially focused on the treatment of multiple conditions in neurology. The company’s current indications are the preventative treatment of cluster headache and migraine and acute treatment of migraine and episodic cluster headache.
Ahu Demir, Ph. D., Biotechnology Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q Results. electro’s 3Q20 results were uneventful. The company exited 3Q with $26 million in cash and marketable securities, which is expected to last through 2022. In the quarter, the company noted that it continues to generate revenue $1.1 million (+44% sequential growth compared to 2Q) with 2,881 total paid months of therapy (+17% compared to Q2). The net loss was $4.5 million with earnings per shares (EPS) of ($0.10) in the quarter.
Model update. We update our estimates to reflect slower revenue generation, reduce operating expenses, and shares outstanding. We now forecast $3.1 million, $6.5 million, and $10.7 million in revenues; ($0.62), ($0.45), and ($0.37) in EPS for F2020, F2021 and F2021, respectively. Our previous estimates were $4.7 million, $11.6 million, and $23.4 million in revenues and ($0.63), ($0.43), and ($0.22) …
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.