electroCore, Inc. (NASDAQ:ECOR) Q2 2023 Earnings Conference Call August 9, 2023 4:30 PM ET
Company Participants
Daniel Goldberger - CEO & Director
Brian Posner - CFO & Corporate Secretary
Conference Call Participants
John Vandermosten - Zacks
Swayampakula Ramakanth - H.C. Wainwright & Co.
Nick Sherwood - Maxim
Tyler Bussian - Brookline Capital Markets
Operator
Greetings, and welcome to the electroCore Second Quarter 2023 Earnings Conference Call. [Operator Instructions].
It is now my pleasure to introduce your host, Dan Goldberger. Thank you, sir. You may begin.
Daniel Goldberger
Thank you all for participating in today's electroCore's earnings call. My name is Dan Goldberger. I'm the Chief Executive Officer of electroCore, and I am also a member of the Board of Directors. Joining me today is Brian Posner, our Chief Financial Officer. Earlier today, electroCore released results for the second quarter ended June 30, 2023. A copy of the press release is available on the company's website.
Before we begin, I'd like to remind you that management will make statements during the call that include forward-looking statements within the meaning of the federal securities laws, which were made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical fact could be deemed to be forward-looking statements. All forward-looking statements, including, without limitation, any guidance, outlook or future financial expectations or operational activities and performance are based upon the company's current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.
Accordingly, you should not place undue reliance on these statements. For a list of the risks and uncertainties associated with the company's business, please see the company's filings with the Securities and Exchange Commission. electroCore disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information that is accurate only as of the live broadcast today, August 9, 2023.
We're thrilled to report another record revenue quarter with sales of $3.6 million for the 3 months ended June 30, 2023. That's a 65% increase over the prior year. Gross margins continue at 84% and cash used in operating activities was $3.3 million for the second quarter of 2023. Subsequent to the end of the quarter, we strengthened our balance sheet by raising net proceeds of approximately $7.5 million in a registered direct and private placement of equity to returning institutional and accredited investors and certain directors and officers. We believe that our increased cash balance, along with potential future increases in revenue and continued rationalization of operating expenses will provide us with enough runway to operate our business through 2024 and beyond. More on that later when we discuss guidance.