electroCore reports Q2 EPS (41c), consensus (45c)
Reports Q2 revenue $623K, consensus $840K. 1,023 paid months of therapy in the second quarter of 2019 as compared to 671 in the first quarter of 2019. "During the second quarter, we continued to see growth in many of our key metrics, including net sales, paid months of therapy, total prescribers and dispensed prescriptions," said Frank Amato, Chief Executive Officer of electroCore. "Perhaps most notably, the shipments pursuant to our Federal Supply Schedule contract accelerated nicely, with 233 units shipped to VA facilities during the quarter, a significant increase from 66 in the prior quarter. And this momentum continued into the beginning of the third quarter, with 115 shipments in July. "The comprehensive redeployment and cost reduction plan that we announced in May has made electroCore a more efficient organization capable of quickly reacting to changes in the rapidly evolving headache market. We believe our sharpened focus on our existing or near-term revenue generating opportunities is prudent while we continue to work to add the support of larger payers, which can take some time to bring across the finish line. We believe our non-invasive vagus nerve stimulation technology has applicability across a broad range of high-value indications, and we expect that we will be able to sustain or accelerate our current growth trajectory," Mr. Amato concluded.