electroCore, Inc. (NASDAQ:ECOR) Q4 2022 Results Conference Call March 8, 2023 4:30 PM ET
Company Participants
Nicole Jones - IR
Dan Goldberger - Chief Executive Officer
Brian Posner - Chief Financial Officer
Conference Call Participants
Jeffrey Cohen - Ladenburg Thalmann
John Vandermosten - Zacks Small-Cap Research
Ramakanth Swayampakula - H.C. Wainwright
Kemp Dolliver - Brookline Capital Markets
Operator
Hello, and welcome to the electroCore Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast [Operator Instructions]. As a reminder, this conference is being recorded.
It’s now my pleasure to turn the call over to Nicole Jones at CG Capital. Please go ahead, Nicole.
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 December 31, 2022. 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, March 8, 2023.
With that, I will turn the call over to Dan.
Dan Goldberger
Thank you, Nicole. Hello everyone, and thank you for joining us on today's call. We made great progress advancing non-invasive vagus nerve stimulation in 2022 for various uses. We reported record sales of $8.6 million for the year ended December 31, 2022, a 58% increase over the prior year and record fourth quarter 2022 sales of $2.6 million. Gross margins expanded nicely to 81% for the full year 2022. Revenue from the US commercial channel was $1.7 million for the full year ended December 31, 2022, a 158% increase from $679,000 in the full year 2021. $1.6 million of our US commercial revenue in 2022 came from cash pay programs as compared to $310,000 for 2021. We have several initiatives in the US Commercial Channel, which continue to grow in terms of revenue and number of prescribers. Our cash pay clinician dispense programs, gCDirect and gConcierge have grown from 218 prescribers at the end of 2021 to 1,328 by the end of 2022. In the fourth quarter ended December 31, 2022, we added an additional 390 new prescribers and our prescriber numbers continue to show strong growth through the first few months of 2023. We believe the increase in prescribers could be a leading indicator of future growth. In December 2022, we announced the launch of Truvaga, our direct-to-consumer wellness product for stress, anxiety and sleep available online without a prescription at truvaga.com. We're pleased with the early performance of Truvaga, which has generated sales of almost $100,000 in January and February, 2023. On future earnings calls, we'll provide additional metrics around the Truvaga product line, but the soft launch so far has greatly exceeded our expectations.