electroCore, Inc. (NASDAQ:ECOR) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET

Company Participants

Rich Cockrell - Investor Relations

Dan Goldberger - Chief Executive Officer

Brian Posner - Chief Financial Officer

Conference Call Participants

John Vandermosten - Zacks

Operator

Good afternoon, ladies and gentlemen and thank you for standing by. Welcome to the electroCore Second Quarter 2022 Earnings Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Rich Cockrell, Investor Relations. Thank you. You may begin.

Rich Cockrell

Thank you all for participating in today's electroCore earnings call. Joining me today are Dan Goldberger, Chief Executive Officer; Brian Posner, Chief Financial Officer; and Dr. Peter Staats, electroCore's Chief Medical Officer. Earlier today, electroCore released results for the second quarter ended June 30, 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 this 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. A forward-looking statement including, without limitation, our limitation of operating trends and our future financial expectations 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 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 4, 2022.

And with that, I’ll turn the call over to Dan.

Dan Goldberger

Thank you, Rich. Hello, everyone and thank you for joining us on today's call. Our business performance continued to improve in the second quarter ended June 30, 2022. Revenue for the second quarter of 2022 hit a record $2.2 million, increasing approximately 70% over the second quarter of 2021 and approximately 14% sequentially. Gross margins expanded to 83% and net cash used in operations was about $3.2 million for the quarter ended June 30, 2022.