electroCore, Inc. (NASDAQ:ECOR) Q1 2022 Earnings Conference Call May 5, 2022 4:30 PM ET

Company Participants

Rich Cockrell - Investor Relations

Dan Goldberger - Chief Executive Officer

Brian Posner - Chief Financial Officer

Peter Staats - Chief Medical Officer

Conference Call Participants

Swayampakula Ramakanth - H.C. Wainwright

Jeffrey Cohen - Ladenburg Thalmann

John Vandermosten - Zacks

Jeremy Pearlman - Maxim Group

Operator

Greetings and welcome to electroCore First Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Rich Cockrell. Thank you. You may begin.

Rich Cockrell

Thank you all for participating in today’s electroCore’s 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 release results for the first quarter ended March 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 are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including, without limitation, our examination 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, May 5, 2022.

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

Dan Goldberger

Thank you, Rich. Hello, everybody, and thanks for joining us on today’s call. Our U.S. business performance was solid in the first quarter ended March 31, 2022, more than making up for a slow start in our United Kingdom business. Revenue for the first quarter of 2022 hit a record $1.9 million, increasing approximately 58% over the first quarter of 2021 and approximately 27% sequentially. Gross margins expanded to 81% and net cash used in operations was about $4.8 million for the quarter ended March 31, 2022.