ElectroCore, Inc.(ECOR), a leading bioelectronic medicine company, has released its unaudited condensed consolidated financial statements for the first quarter ended March 31, 2023. The company reported a net loss of $5.9 million for the quarter. Additionally, ElectroCore generated revenue of $2.8 million during the same period.
Net Income/Loss
During the first quarter of 2023, ElectroCore recorded a net loss of $5.9 million, representing a decrease compared to the net loss of $5.6 million in the corresponding period of the previous year. The company's net loss per share of common stock, both basic and diluted, stood at $1.24 for the quarter.
Revenue
ElectroCore achieved revenue of $2.8 million in the first quarter of 2023, reflecting an increase from the $1.9 million reported in the first quarter of 2022. This growth in revenue can be attributed to the company's continued efforts in expanding its market presence and driving product adoption.
The increase in revenue was driven by the strong performance of ElectroCore's bioelectronic medicine products in the market. These innovative therapies have been instrumental in addressing unmet medical needs and improving patient outcomes across various therapeutic areas.
Condensed Consolidated Balance Sheets
As of March 31, 2023, ElectroCore's total assets amounted to $18.3 million, a decrease from $24.8 million reported at the end of December 31, 2022. The decrease in assets primarily resulted from a decline in current assets, including cash and cash equivalents, accounts receivable, and inventories.
Condensed Consolidated Statements of Operations
ElectroCore's gross profit for the first quarter of 2023 was $2.3 million, indicating a significant increase from $1.5 million in the same period of the previous year. However, operating expenses rose to $8.5 million from $7.1 million, driven by higher research and development expenses, as well as selling, general, and administrative costs. As a result, the company recorded a loss from operations of $6.2 million in Q1 2023.
In terms of cash flow, ElectroCore reported a net cash used in operating activities of $5.9 million in the first quarter of 2023. The company also highlighted its investments in stock-based compensation, depreciation and amortization, and changes in operating assets and liabilities.
Looking ahead, ElectroCore remains committed to advancing its bioelectronic medicine portfolio and expanding its market reach. The company continues to invest in research and development efforts to drive innovation and bring novel therapies to patients in need.
These unaudited financial results provide a snapshot of ElectroCore's performance for the first quarter of 2023, demonstrating its ongoing dedication to delivering innovative solutions in the field of bioelectronic medicine.