electroCore, Inc. (NASDAQ:ECOR) Q1 2023 Earnings Conference Call May 3, 2023 4:30 PM ET

Company Participants

Nicole Jones - IR

Dan Goldberger - Chief Executive Officer

Brian Posner - Chief Financial Officer

Conference Call Participants

John Vandermosten - Zacks Small-Cap Research

Ramakanth Swayampakula - H.C. Wainwright

Kemp Dolliver - Brookline Capital Markets

Nick Sherwood - Maxim Group

Operator

And welcome to the electroCore First Quarter 2023 Earnings Call. [Operator Instructions]. As a reminder, this conference is being recorded.

It’s now my pleasure to introduce your host, Nicole Jones, investor Relations. Please go ahead..

Nicole Jones

Thank you all for participating in today’s electroCore earnings call. Joining me today are Dan Goldberger, Chief Executive Officer; and Brian Posner, Chief Financial Officer. Earlier today, electroCore released results for the fourth quarter and full year ended March 31, 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 are 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 facts should 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 assumptions 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, May 3, 2023.

With that, I will turn the call over to Dan.

Dan Goldberger

Thank you, Nicole. Hello everybody, and thank you for joining us on today's call. We are thrilled to report another record revenue Quarter with sales of $2.8 million for the period ended March 31, 2023, a 46% increase over the prior year. Gross margins expanded nicely to 84% for the first quarter of 2023.