electroCore Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 9, 2023

There are 6 speakers on the call.

Operator

Greetings, and welcome to the electroCore Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen only mode. And please make sure to mute yourself. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.

Operator

It is now my pleasure to introduce your host, Dan Goldberger. Thank you, sir. You may begin.

Speaker 1

Thank you all for participating in today's electroCore 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 Q2 ended June 30, 2023.

Speaker 1

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 fact 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 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.

Speaker 1

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. ElectorCourt 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 $3,600,000 for the 3 months ended June 30, 2023.

Speaker 1

That's a 65% increase over the prior year. Gross margins continue at 84% and cash used in operating activities was $3,300,000 for the Q2 of 2023. Subsequent to the end of the quarter, we strengthened our balance sheet by raising net proceeds of approximately $7,500,000 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 should provide us with enough runway to operate our business through 2024 and beyond. More on that later when we discuss guidance.

Speaker 1

Our prescription headache business continues to grow worldwide. We launched 2 new non prescription product lines in late 2022, Grevega as a direct to consumer wellness brand and TactSim for human performance for our active duty military personnel. Both new products continue to exceed our expectations in the second quarter and are driving excitement about the future. Crevega is currently available exclusively through our e commerce platform at crevega.com. We are positioning Truvega as a direct to consumer wellness product for stress, mental acuity and sleep.

Speaker 1

No prescription is required for this category. Truvega recorded net sales of $290,000 in the Q2 of 2023, up from $147,000 in the Q1 of 2023. Based on this initial success, we continue to make targeted investments in marketing through Vega. Through the first half of twenty twenty three, our revenue return on advertising spend, what the industry calls a media efficiency ratio, has been greater than $2.2 In other words, we are spending $1 to generate more than $2.20 of revenue. We are carefully monitoring Truvega return rates as well, which have increased slightly to approximately 14% so far this year.

Speaker 1

We believe that the Truvega business can scale nicely if we can maintain or improve these metrics as we move through the year. Tacton for human performance is being sold to select Air Force Special Forces and Army Special Forces units No prescription is required, and you can find more information at www.taxstim.com. We recorded $311,000 of tax exempt revenue in the Q2 of 2023, up from $88,000 in the Q1 The sales funnel for this product continues to grow as word spreads across military units of the potential human performance benefits provided by TaxDIM. In parallel, we're developing a 2nd generation product known internally as TaxDIM 2.0 in collaboration with AFRL, and we delivered 10 prototypes to AFRL at Wright Patterson Air Force Base for evaluation last month. Note That revenue growth for this product line is likely to be lumpy as active duty units purchase in bulk for pilot deployment.

Speaker 1

Turning now to our prescription headache business, the VA DoD hospital channel continues to be our largest You'll recall that our gammaCore prescription therapy is free to patients covered by Veterans Administration benefits, representing about 9,000,000 covered lives across approximately 1300 healthcare facilities. Sales in the VA DoD panel grew 75% from $1,190,000 in Q2 2022 to $2,081,000 in the Q2 of 2023. 138 VA and DoD military treatment facilities have purchased Prescription gammaCore products through June 30, 2023 as compared to 106 through June 30, 2022. Our physician dispense cash paid channel, including BC Direct and G concierge, grew 33% from $325,000 in 2Q 'twenty two to $433,000 in the Q2 of 2023. These channels have grown from 660 prescribers at the end of the Q2 of 2022 to 2,237 at the end of the Q2 of 2023.

Speaker 1

We added 403 new prescribers during the Q2 of 2023. We believe that the increase in prescribers could be a leading indicator of future growth. Last year, we announced a distribution with Jearns Healthcare LLC that we believe will add more than 12,500,000 covered lives within a select managed care health system. The business model with Jearns will be similar to how we work with the VA hospital system. Jearns will handle adjudications, billing and collections, while electroCore will ship directly to patients and provide in servicing and patient support.

Speaker 1

Our field sales team is responsible for educating clinicians within those Managed Care Systems. We continue to work with Jirens on the implementation, and while we did not have any revenue in this channel in the Q2 of 2023, We did process several prescriptions during the quarter and expect to begin recognizing small initial revenues in the current quarter. Revenue from channels outside the United States decreased by 9% in U. S. Dollars to $424,000 in the Q2 of 2023 as compared to $467,000 for the Q2 of 2022.

Speaker 1

Most of our OUS revenue was generated in the United Kingdom by prescription gammaCore sales funded by the National Health Service or NHS, which increased 8% in local currency before unfavorable foreign exchange adjustments. Now turning to our clinical progress. On July 25, 2023, we announced the publication of a peer reviewed manuscript, Effect of Transcutaneous Cervical Vagus Nerve Stimulation on Declarative and Working Memory in Patients with Post Traumatic Stress Disorder for PTSD in the Journal of Affective Disorders. The study was conducted under the direction of Doctor. Bremner with the of Emory University, the Georgia Institute of Technology and the Atlanta Veterans Affairs Medical Center and was sponsored by Department of Defense Small Business Technology Transfer Grant?

Speaker 1

The FDA previously awarded prescription gammaCore breakthrough designation to treat the symptoms of PTSD And we are working with the agency towards a de novo submission for that indication. On July 6, 2023, we announced that the NFL and the NFL Players Association jointly awarded 2 grants to independent medical researchers at the American Society of Pain and Neuroscience, ESPN and Emory University to fund investigations into innovative first of their kind alternative pain management methods that could benefit NFL players and society at large. NVNS will be used in a pilot study assessing noninvasive treatment of refractory post concussion headache pain led by Doctor. Erica Peterson and researchers at the ASPN. The randomized study will compare NVNS and contact sport athletes experiencing post traumatic headache to current standard of care treatment.

Speaker 1

On April 26, 2023, we announced that the National Institute on Drug Abuse, NIDA, Part of the National Institute of Health, NIH, was awarded Emory University and the Georgia Institute of Technology a 3 year $6,000,000 grant through the NIH Helping TO End Addiction Long Term Initiative or HEAL to conduct a pivotal Clinical trial of gammaCore NVNS for the treatment of opioid use disorder or OUD. The double blind randomized sham controlled study to be funded by this grant will recruit approximately 100 patients with OUD. The primary efficacy endpoint of the study will be peak difference in the subjective opioid withdrawal score between NVNS and sham treatment on day 23 of the initial withdrawal period. On April 24, 2023, we announced The Air Force Research Laboratories reported data from its study on the ability of our noninvasive vagus nerve stimulation to improve second language learning. The study was conducted at the Defense Language Institute in Monterey, California, the U.

Speaker 1

S. Department of Defense Premier Language School. The study was supported by the Defense Advanced Research Projects Agency, DARPA, within their targeted neuroplasticity training program. The study showed a significant positive effect of NVNS over sham on language recall. Participants received our treatment also showed significant increases in energy and focus over the course of each training sector.

Speaker 1

We'll continue to provide updates about our pipeline and other opportunities in the future. Now, I'll turn the call over to Brian for a review of our financials and other guidance items. Brian?

Speaker 2

Thank you, Dan. For the quarter ended June 30, 2023, electroCore reported net sales of $3,600,000 compared to $2,200,000 during the same period of 2022, which represents an approximately 65% increase over the prior year. The increase of $1,400,000 is due to an increase in net sales across major U. S. Channels, including the sale of our prescription gammaCore devices and revenue from the sales of our non prescription human performance Taxtin and Trivega Products.

Speaker 2

Total operating expense in the Q2 of 2023 were approximately dollars 8,000,000 as compared to $7,600,000 in the Q2 of 2022. Research and development Thanks for the Q2 of 2023 was $1,200,000 as compared to $1,300,000 in the Q2 of 2022. This decrease was due to a decrease in compensation associated with cost cutting measures, offset by our targeted investments to support the future iterations of our NVNS delivery platform. Selling, general and administrative expense in the Q2 of 2023 was $6,800,000 as compared to $6,300,000 in the Q2 of 2022. This increase was due to our continuing targeted investments to support our commercial efforts, offset by decreases in insurance and stock based compensation expense.

Speaker 2

GAAP net Loss in the Q2 of 2023 was $4,900,000 compared to the $5,300,000 net loss in the second Adjusted EBITDA net loss in the Q2 of 2023 was $4,500,000 as compared to a net loss of $4,900,000 in the Q2 of 2022. A reconciliation of GAAP net loss to non GAAP adjusted EBITDA net loss has been provided in the financial statement tables included in today's press Net cash used in operating activities in the quarter ended June 30, 2023 was approximately $3,300,000 as compared to $3,200,000 in the Q2 of 2022 and significantly lower and the $5,900,000 reported in the Q1 of 2023. Cash, Cash equivalents and restricted cash at June 30, 2023 totaled approximately $8,700,000 as compared to approximately $18,000,000 as of December 31, 2022. Subsequent to June 30, 2023, The company raised net proceeds of approximately $7,500,000 through a registered direct offering and concurrent private placements Price at the market under NASDAQ rules. Looking ahead, for the full year 2023, We are reiterating our net revenue guidance of $14,000,000 to $15,000,000 representing more than 60% growth over 2022.

Speaker 2

We believe that our prescription headache channels will continue growing by more than 50% to at least $12,000,000 for the full year. Revenue from new products in the Trivega and Taxtem brands could be more than $2,000,000 for the full year, and we will begin Recognizing revenue from our distribution agreement with Jerns Healthcare for the sale of prescription gammaCore with a select managed Care Health System. Including our recent capital raise, we had a pro form a cash balance of $16,200,000 As of June 30, 2023, we expect that cash usage will continue to decrease For the remainder of 2023, as revenues increase, we reduce R and D expense and continue to rationalize other operating expenses. Therefore, we expect our net cash usage to decrease significantly as we progress through the year. And now I'll turn the call back over to Dan.

Speaker 1

Thank you, Brian. I'm very impressed With our Q2 2023 operating results and with the continued momentum in our prescription headache business and bolstered balance sheet, We are increasingly enthusiastic about the company's long term prospects. Continued investment in our cash pay and covered business models have greatly expanded the prescription gammaCore therapy market. As reflected by the continued revenue growth, number of facilities and number of prescribers realized in the Q2 of 2023. Rubega has tons of potential as a direct to consumer wellness offering.

Speaker 1

We have started with an e commerce business model, which will be the focus this year, and I look forward to launching a next generation app enabled product platform next year. Our metrics held strong during the Q2 of 2023, and is a next generation human performance product being financed in part by the Air Force Spectral Forces through their Boost program. It could accelerate the adoption of NVNS for human performance among our active duty military in coming years. A pipeline of interest from different branches of the military Civilian crossover as first responders, athletes, transportation workers and e gamers become aware of the human performance benefits published so far. Demand for our prescription gammaCore therapy in the VA DoD panel continues to grow based on clinical performance and our increased presence in the field.

Speaker 1

We have about 35 trade commission sales agents for 10.99 reps in the field, managed by our Small team of territory business managers and supported by our customer experience team. Note that our sales and marketing expense increased by approximately $550,000 in the Q2 of 2023, while sales grew almost $1,400,000 signaling that there may be real leverage opportunities in the P and L if revenue increases over time. Our R and D spend on new products likely peaked during the Q1 of 2022, and we expect our quarterly cash usage to decline as We go through the year due to anticipated revenue growth, gross margins stable at approximately 84%, Declining R and D investments and our intention to maintain discipline around operating expenses. Further out, We're working towards establishing additional indications for prescription gammaCore to treat post traumatic stress disorder and or opioid use disorder. Look for new product launches in 2024 featuring our app enabled technology that can provide digital health solutions.

Speaker 1

That product platform will be launched in headache, wellness and human performance as we ramp up our supply chain. We see many potential growth drivers for the remainder of 2023 and beyond, including continued growth in our U. S. Prescription headache business in both the VA, DoD and commercial panels further development of the Truvega product for wellness, mental acuity And sleep, driven by ongoing consumer marketing efforts further development of the Tactim brand for human performance in the active duty military and beyond Revenue through our distribution agreement with Verint's Healthcare for the sale of prescription gammaCore within a select managed care health system, Our app enabled new product platform that will facilitate consumer facing digital health solutions and unlock new business models and prescription gammaCore label extensions into PTSD and or OUD in 2024 2025. Finally, in July 2023, we strengthened our balance sheet by raising net proceeds of approximately The cash infusion along with increased revenues and consistent reduction in burn could provide us with enough runway to operate our business well into the future.

Speaker 1

At this time, I'll turn the call over to the operator. Operator, please open the line for questions.

Operator

Thank you. Our first question comes from John Vandermosten with Zacks. Please state your question.

Speaker 3

Great. Thank you and good evening, Dan and Brian. Can you review the structure of the Elite Span arrangement and how the economics work for that?

Speaker 1

So, we haven't said very much publicly about it. We have signed a distribution agreement with Reliefband for their RelaTEX product That we're going to take to our channel in the VA hospital system and it's early days, But it overlaps very nicely with our Call Point and with our broader mission of bringing neurostimulation devices to the healthcare marketplace.

Speaker 3

Great. And TaxDIM and Truvega have really seemed to have come out pretty strong. And with regards to TaxDIM, are there any international opportunities, international defense agencies perhaps that you can pursue there? And You need clearance from the DoD to do that? And then perhaps also maybe the DoD could kind of be a conduit to Talking to others, what do you think about the opportunity there in terms of international partners?

Speaker 1

Yes, you're exactly right. Over the long haul, in the short run, the Air Force And army that we're working with are very confidential about how they're deploying Our vagus nerve stimulation technology and their conversations with their colleagues in NATO, it has come up, So we don't have very much visibility on how aggressively they're going to offer it to our colleagues overseas. Truvega, we have to go through some regulatory compliance issues, but I certainly expect that Truvega is going to be In Canada, in the United Kingdom and in the European Union as we roll into next year and get through some of those compliance issues.

Speaker 3

Great. Sounds like a lot of opportunities there.

Speaker 1

And last

Speaker 3

question for me, you had mentioned that R R and D is going to be going down, but I'm wondering how that might be allocated going forward. I think there's PTSD, OUD and perhaps there's been a lot of other small Things that are potential out there. How do you see kind of, I guess, the pie chart of breaking down R and D into those different areas?

Speaker 1

Yes. So our largest chunk of R and D spend right now is in new product development. We are looking forward to launching our next generation technology platform that's going to use a Smartphone as a display and a control system and as a way to incorporate other wellness Data from other devices in our own device, that is on track for product launch early next year. And so the R and D spend on product development is going to tail off as we go through the rest of this year and transition to Pilot production and ultimately building inventory for product launch. We're working with the FDA around a De novo submission to extend our label to treat the symptoms of post traumatic stress disorder.

Speaker 1

That data has already been collected, so it's not a large component of our R and D spend. The next label extension beyond that is to treat the symptoms of withdrawal from controlled substances like opioids, NIDA, the National Institute on Drug Abuse has awarded a $6,000,000 grant to fund The pivotal trial in that indication, Doctor. Bremner at Emory University and the VA Hospital in Atlanta is the principal investigator for that trial. And so again, that's not going to hit our books because the pivotal trial is almost entirely funded by the NIDA grant. So We see our sorry for the long winded explanation here, but we see our R and D expense Declining over the course of this year and settling out at a much lower level through 2024.

Speaker 3

Great. Well, that's very helpful for the model. Thank you, Dan. Yes.

Operator

Our next question comes from Swayampakula Ramakanth with H. C. Wainwright. Please state your question.

Speaker 4

Thank you very much. This is RK from HFC Wainwright. Good afternoon, Dan. Couple of questions, starting off at the high level. So you ended 6 months With $6,300,000 revenue run and Obviously, the guidance is beyond what we can analyze on that 6.3 number.

Speaker 4

So Just trying to understand the cadence of revenues in terms of Where do you think the contribution is going to come from? Obviously, you added close to 800 plus 1,000 from the new businesses, the Truvega and the TaxDIM. Is that growth, The additional growth that we are expecting, is that going to come from there or is it more as you're opening up more point of contacts At the VA, just trying to understand where this business is going to grow for the next 6 months?

Speaker 1

Yes, that's a great question, RK, and Appreciate it, Jeff. So the good news is that from where we sit, all of our U. S. Channels are really starting to accelerate through the current quarter, right? We're The VA hospital system is our largest customer that grew 75% in the 2nd quarter.

Speaker 1

We see that Growth pace continuing and maybe even accelerating just in the VA hospital as we go through the back half of the year, Driven a little bit because we're kind of at a tipping point now with sort of general acceptance that VEGUS nerve stimulation works very well in that population. And also, we're having more and more success recruiting Straight commission sales reps, what we call 10.99 reps. And so our network of feet on the street It is growing very rapidly and it's growing in a scalable way. So that's already our largest revenue line and it's Growing by the largest percent. Our commercial prescription commercial sales It's flattened out a bit this year compared to last year, but the big opportunity in our commercial prescription sales It is the Durance relationship that gives us access to Kaiser.

Speaker 1

We haven't reported any revenue from that channel. We will be reporting some small revenue in the Current quarter, that's $12,000,000 give or take covered lives that are going to have access To gammaCore prescription therapy for headache, now that we've got that agreement in place and we've worked out the back office issues. So I see a lot of greenfield growth from that new medical benefit available to Kaiser patients. Truvega and Tactim, both of those new products have really surprised us With their early adoption, it's still smaller numbers compared to other channels, but a lot of room for growth. And we've said over and over again, but the tax in business could be very large in coming years, It's going to be lumpy because it comes in on TOS or significant numbers of devices at a time.

Speaker 1

So It's hard for us to predict the timing, but the funnel for tax NPOs is large and growing.

Speaker 4

Thanks for that, Dan. And then on the tax stem and the military business itself, To me, it's a little bit interesting in the sense you it's hardly 6 months And since you started bringing in revenues and you're already trying to think of a second generation product there. So and I understand you can't talk too much about what's going on behind on the boardroom. But in general, how should we think about the 2nd generation product coming in? And is this going to create a second wave of revenues?

Speaker 4

And how what will be the Would tax then be gobbled up with the 2nd generation coming in or you can market both The 1st generation and the 2nd generation over the next at least over the next year, year and a half?

Speaker 1

Yes. So very good question. And going forward, we need to do a better job of explaining what's going on. There are some pictures on the Taxtim, www.taxtim.comwebsite Of the new military grade version of our non invasive vagus nerve stimulator, That's a very rugged mill spec implementation of the technology that was Largely financed the development of that product was largely financed by the Air Force Research Laboratories at Wright Patterson Air Force Base. Completely separately, we are developing a platform for our, Let's call it civilian applications of vagus nerve stimulation that's going to be Connected via Bluetooth to a smartphone.

Speaker 1

The DoD specifically does not want Smartphone connections for all of their various security reasons. So these are physically different products for different end users that are both fundamentally non invasive vagus nerve stimulator. So I hope that's helpful. There are better pictures on our various websites of the different product configurations.

Speaker 4

Okay. And then I'm sorry, I'm flipping back and forth. Then going back to the VA channel, Since the COVID ended, I had to be careful, it might be coming back. Europe had more Interactions of the VA Centers. So is the depth of your relationship with individuals at the VA increasing and how much of that you have already recognized and how much of that is still on the table?

Speaker 1

There is a tremendous amount of runway ahead of us both in terms of the number of facilities that we have opened up And within any given facility, the number of departments that we have opened up. We generally start with neurology in any particular facility. Behavioral Health is very interested in what we're doing, especially around PTSD and substance abuse. We have access now to women's health to pain management and In some cases, we're now getting into primary care in the VA hospital settings as well. So We have tremendous forward opportunity, not just to open up new facilities, but to go deeper into our existing customer facilities.

Speaker 4

Okay, thanks. One last question for Brian. So this quarter, you clocked 84% gross margin. With the 2nd generation product coming up on the tax stem business And also, with at the same time increasing in terms of volume of product leaving your facility, How should we think about gross margin, not just for 'twenty three, but in the short to mid term Yes.

Speaker 2

Hi, RK. Yes, so I think we're going to we're pretty comfortable saying we're going to stay over 80%. We've been over 80% Since late 2021 at this point, excluding one time adjustments from time to time. So I think we're very comfortable that we'll be Over 80% for the foreseeable future.

Operator

And our next question comes from Nick Sherwood with Maxim. Please state your question.

Speaker 3

Hi. Thank you and congrats on the quarter.

Speaker 2

Thank you.

Speaker 3

Can you give us any information on some of the demographic data that you've or metrics that you've gotten from your e commerce Platform and digital marketing initiatives sort of like which social media platforms you're driving traffic from and what sort of customers you're seeing that are coming in from These digital marketing initiatives?

Speaker 1

Yes, very good question. We have not given out much of that Publicly, one of the metrics that we do watch carefully is we call it the media efficiency rate, What do we spend on media, which is overwhelmingly Internet Versus the revenue that we're generating and we're solidly and I think we said in the call That we're spending $1 on media to generate $2.20 $2.25 of revenue, which is very scalable. The vast majority of our spending so far has been on search And you can see that in the Google Analytics. We engaged an agency To help us with social media to develop creative material for us, that agency just started to come online in June and And so candidly, our social media metrics right now are anemic, but I'm looking forward now that this agency is kicking in To seeing some of that social media, Facebook, Instagram, TikTok, I don't think we're doing much on Twitter or X yet. But we're looking at a much more concerted campaign, not so much over the summer, but kicking in, in the Q4 and then running up to the launch of our next generation product early next

Operator

Our next question comes from Tyler Buschian with Brookline Capital. Please state your question.

Speaker 5

Hey, Dan and Brian. Thanks for taking the question. I've got 2 quick ones here for you. The first one is primarily based on kind of the 2nd generation device plans. So do you have any sense of are you going to be Pushing those devices out through both the gammaCore and the Truvaga's platforms, I know you already said it's not part of the tax Do you think you're going to do something separate for branding for that app connected device?

Speaker 1

We're going to start In the consumer segment, with our Truvega brand, gammaCore Sapphire, our flagship Prescription product has been a workhorse, but we do think that there's a segment of the prescription customer population That would prefer an app enabled platform that can collect Data and can record data, especially in the headache space, the notion of having a headache diary and yes, Pedic diarrhea is pretty common. So we do see rolling that out in the prescription space, but probably alongside of gammaCore Not to replace it.

Speaker 5

Got it. So just for clarification, the plan is to take The current Truvaga device and fully replace all offerings with this app enabled, not offer the non application based Device when you get 2.0 out?

Speaker 1

Correct.

Speaker 5

Okay, great. And then the other quick question I've got. So Research and development plans are primarily to wind down for the rest of the year. But Brian, do you know for SG and A, how should we think about that line item going It seemed like at the last two quarters, it stayed pretty stable. Is that still the plan?

Speaker 5

Should it maybe raise a little bit with sales continuing to grow? What's kind of your

Speaker 2

Yes, I think you've got to look at it kind of in 2 buckets. There's the sales and marketing, which has a variable element to it In addition to a fixed element, that will increase, right, with sales, Right, the variable portion, Will. However, there is a rationalization of operating expenses that Dan referred to earlier in the call. So we're looking at we've reduced some positions in G and A. So I think the G and A fixed part will go down a bit And that will be offset somewhat by the variable cost element of sales and marketing.

Speaker 2

So it should stay around that number More or less. Obviously, we'd like the variable to go up more and as the revenue going up is a good thing too, right? So that's the way you should look at it.

Speaker 5

Great. Well, fantastic guys. Thank you very much.

Speaker 1

Thank you.

Operator

Thank you. There are no further questions at this time. I'll hand the floor over to Dan Goldberger for closing remarks.

Speaker 1

Thank you, operator. We appreciate everybody joining our call today. I want to give special thanks to all of our employees who worked tirelessly to deliver our amazing therapy to patients. I also want to thank the healthcare professionals and their patients for their loyal support of Gammacore Therapy. We are also thankful for the support of AFRL, NIDA, The NFLPA for supporting our new product initiatives and research.

Speaker 1

Lastly, we have to thank our shareholders, new and old, for their ongoing support of the company and our mission to improve health through our proprietary non invasive vagus nerve stimulation technology platform. 2 of our long term directors, Jay Pierico and Trevor Moody, did not stand for reelection at our shareholder meeting last week, And we've reduced the size of the Board from 9 to 7 directors. JP Ereco co founded the company with his uncle, Doctor. Tom Ereco, many years ago. He's the most brilliant and passionate inventor and businessman I've ever had the pleasure to work with.

Speaker 1

Trevor Moody Has been a Director for many years preceding and through the initial public offering and the difficult transitions that followed. Trevor's strategic insight and advice have been fundamental to the business success that we're starting to report. We're very fortunate that both of these fine executives will continue to be available to us as consultants going forward. Sadly, I want you to know that the electroCore family is mourning the untimely passing last week of Stefan Floria, A long time engineering team member at our Rockaway, New Jersey facility due to his illness, he'll be missed. We've made a lot of progress at electroCore and we couldn't have done it without all of your unwavering support.

Speaker 1

Thank you all and have a good evening.

Operator

Thank you. This concludes today's conference. All parties may disconnect.

Powered by Quartr
Earnings Conference Call
electroCore Q2 2023
00:00 / 00:00