ECOR - Earnings call transcript Q2 2020

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Operator

Greetings and welcome to electroCore's Second Quarter 2020 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Hans Vitzthum with LifeSci Advisors. begin. may you you, Thank

Hans Vitzthum

Thank you, today's for in you and thank call. all participating operator,

are Executive XX, available Chief website. Joining Posner, Goldberger, the release Earlier Dan me Chief is results released copy Officer. be for for Peter of today will press electroCore Chief ended Officer company's Dr. Staats, A Officer on electroCore's June the Medical quarter available Q&A. XXXX. Financial Brian and the

during risks to deemed this we Any Private federal statements the be management statements to the historical Before events made are these I'd will including Securities XXXX. this assumptions. in within Act statements, statements of remind call like that of our securities are the provisions those that to actual that the you by not our Safe contained differ Harbor call the results you forward-looking various place on and and future All involve expectations not and begin, be statements. to or which Litigation pursuant undue and of these should company's should forward-looking are from of statements or include make meaning financial implied statements. without based reliance anticipated Reform facts, laws, cause materially upon material These operating estimates that uncertainties trends limitation, statements. forward-looking statements forward-looking Accordingly, current examination could

to I'll conference otherwise. today is information as that the Dan. accurate contains company's with intention update Securities XXXX. that, law a financial please new the projections and turn For broadcast associated any information, as or electroCore and the of the Commission. disclaims time-sensitive the whether call forward-looking to any future except revise call or XX, over with required live business, of company's list and events of with Exchange description see or And uncertainties only or obligation filings by August statements, This the risks because

Dan Goldberger

joining results. our for with thank turning Hello, over review you, update before Hans. call and us the financial an begin today. to Thank you everyone I'll Brian to

You'll our ended for recall the indications. start the second equivalent our is We sheet. purchase stages quarter early subsequent therapy to I'd gammaCore with draw to with the Park additional agreement cash commercialization $XX.X like of electroCore balance various Lincoln the $XX.X in review we the through that of on additional of raised of and with quarter cash our of million, million stock proprietary existing end Capital. an down an

rate the significant and to million pro to substantial with quarter run As million commercial indication proved sufficient in in at $X.X and opportunity June At progress cash headache time the existing of COVID-XX. we've meaningful quarter XXXX. provide us cash first a to $XX.X I million. our Together, of is both channels a XX, XXXX our milestones made as achieve cash the reducing believe in is compared XXXX as as actions well result, second emerging these quarter that our revenue in the same forma the burn of second $XX.X balance in million $X.X

his Non-Invasive to Paper and lungs This with an nVNS in get COVID-XX EUA in expedite are Treat nVNS of at to look to therapy. Associated the to describes XX, that COVID and symptomatic the and a paper tolerated symptoms tight, cases Needless suspected or authorization announced use of mechanisms”. vagus peer case case known reports International meaningful from used nVNS two proven nVNS benefits A entitled experience we we therapy, With rationale thrilled review official forward and via not clear opioid rapidly to require medications initially clinical that Society. patient Vagus observations designation. concludes and issued highlights symptoms July journal been who an Nerve paper have and I patients utility home on stimulation to received of clinically, medical in journal Neuromodulation discontinue who mechanistic a benefits use the The Sapphire FDA the ineffective. hospital highly proved as available patients. we're able therapeutics was immediate treatments the patient chest the to CV discharge say, of COVID-XX Interface. the exacerbation now and in has in Stimulations after one “preliminary well Early now as Sapphire Theoretical highlighted asthma In and is COVID has Turning to of through related Technology small from experienced did therapy due published be making our recovery available CV of Clinical nVNS ability suppressant That group Respiratory COVID-XX cannot in of from April patients hospitalization. or Neuromodulation: both approved community nerve currently nVNS consistent shortness patients and that Use scientific improved strong XXXX experiencing two, at Hypothesis patient COVID-XX: more gammaCore non-invasive the multiple emergency of Experience. of use was very regarded and Symptoms that In patients paper EUA COVID-XX and gammaCore provide The cough was for than and COVID-XX might a to breath the XXXX relief one, to of anticipate. Neural to for

Sapphire the in study for underway positive. clinical called patients. stimulation COVID-XX a study called I Universitario in follow Hospital early to recommendations conducting Pittsburgh that hospitalized combination evaluating vagus EUA. General COVID-XX their will COVID-XX XX Dr. the SAVIORII standard laboratory trials be study trials States, Dr. randomized As United Clínico the evidence hospitalized the our hospitalized care COVID-XX presumed confirmed plus SAVIOR [ph], gammaCore a blueprint positive. clinical of presumed of assessing or a with open R&D is care studies a patients targeting in COVID-XX CV Valencia of diagnosis the to a confirmed of broad endpoints. symptoms. standard patients supported with de is trials efficacy nerve that alone by of Sapphire respiratory of In XX outline Both Spain, Carlos clinical a in Tariq This across targeting is gammaCore conducting TORNERO, hospitalized and Cheema of study and with In investigators is patients diagnosis be issuance of and in and a of result with this versus are measure safety Allegheny CV clinical the Two Hospital or range initiated COVID-XX label WHO

TORNERO is Cheema and their for nVNS taking will to should country admission Center. to Administration and different patients patients a the one fluctuate country. by tends studies look to More to coordinated when treat to and in the studies clinical to next VA Hanson, the within agreed grateful the enrollment their from of the that are be to it hospitalized an COVID within we important to staff system of Veterans on we've achieve hospital Medical lead that any Virginia, recently, outpatient a full prior note predict COVID-XX will of regions difficult We trial support setting We forward number results. these doctors and as

study provide will later on tentatively QX. this details called VAnguard additional We in

will issued pandemic gammaCore $X,XXX. pharmacy reimbursement. partner CV, speciality active price In eligible to we Sapphire of to customers notice. activities VA making access further a a Sapphire $X,XXX, on In EUA for terms expressed believe Telehealth the available July COVID-XX CV of very discount of option the is Military on support until fulfilment for will a emerging to this of instituted of XX, immediate pricing Sapphire XX% facilities Affairs, gammaCore release available to and the planning prescriptions. confidence has than processing CV what for that XXXX as Sapphire the light we're list physicians, patients instructions. process more CV and further gammaCore shows treatment of launch I Note we're for gammaCore cases August specific be you X,XXX availability that and Veteran of To simple all and Sapphire Department National We've XX. to refer that facilitate these distribution our for internet press hospitals, Summary The the be CV gammaCore therapy

recall trained our on in been small the team on a system to to effect. out COVID in Operationally, we X,XXX the calling of sales team started safety the system have to XXXX and all channel. place customers reached our almost Sapphire VA that protect in health Since we VA announcement may executives team CV has [ph] relationships. employees, suppliers our of facility, gammaCore has patients legacy in put that in emergence July protocols XX, and therapy You that remain military that pandemic headache and for our within treatment of our promoting providers the the upon has addition

product and schedule on and manufacture and hour continue We to managed few chain, very supply with disruptions. ship inventory

Total now We results the particularly Physician representing fight key to month paid of quarter a and the some ended softness hospitals June to as XXXX. the X,XXX made and of physician were the therapy direct second from paid in X,XXX travel difficult approximately restriction months quarter. to sequential first Turning therapy metrics experienced XX, appointments pivoted of for other our of of our in and in outreach. conduct quarter it pandemic. were physicians postponed XXXX X.X% decline

physicians of have as the for the that the at by quarter. the a given However we're quarter revenue written Total posed X,XXX least logistical compared the quarter in pandemic. $XXX,XXX a X,XXX first one the increase was more $XXX,XXX by to modest result pleased prescription than the with from challenges at quarter, first end end of gammaCore second the

the release quarters, our recognized contributed in and channels of business time some the previewed revenue I'll year. commercial we Kingdom's which for we the first update the revenue federal in schedule most more XXXX. now for of United of press our discuss July National each channel detail Health with prior the Service this in and XX, supply revenue As

and the from as first first and to the and quarter military the Defense, fourth of treatment XXXX of paid $XXX,XXX during the fourth in DoD Affairs, gammaCore During the second XXXX paid quarter quarter compared to DoD quarter, during to second pursuant Department quarter of in Also DoD; the of months $XXX,XXX XXXX. $XXX,XXX and XX the quarter compared during to prescriptions, XXXX. the VA second fourth quarter therapy was approximately XXX product the months VA of XX facilities the purchased quarter of and first company XXX departments of Revenue XXXX. therapy Veterans of shipped during X,XXX the and XX compared VA in the during quarter the originating as of

cancelled some officials according call to nearly has with pandemic early which VA between current this ongoing April been and As the VA's were X.X we XX of and VA and appointments offsetting Telehealth the light ability March indicated during million doctors fold from advanced X,XXX our to our XX,XXX providers sessions hospitals first in daily according limited partly session quarter to February capabilities conference almost increased have Federal visit the News Network. in daily to

before gammaCore with said allowed but during us pain deliver in prescribed Telehealth patients' has directly this a sequential therapy. we the repeating, crisis to modest and As to bears and console be only can a home reduction easily the through navigate

in staff continue of certain see planning our in-person hospitals patients to field We are see are meetings starting and encouraging signs to to VA with host clinic.

of July, paid is months the US, Germany. Innovation and the result sequential the a during modest second was the United operations restrictions pandemic paid a the XXXX. of from reimbursed XXX other United discontinuation now way quarter the X% months X,XXX program. system also loosening decline OUS by of the of Technology wave, to in as particularly Kingdom is of therapy from are compared territories. XXX to and the opening in of quarter. turning Payment is XXXX up, good XXX per Kingdom as during average in through fourth off and XXX Barring affected While UK the a in COVID-related the was decreased current hard gammaCore Outside We second start. The quarter first quarter to about an and therapy during month hit reminder; The a to VA shipped XXXX long

in generated During to outside was the of fourth and as of $XXX,XXX $XXX,XXX quarter in the first XXXX XXXX, the compared XXXX. second revenue quarter total US the quarter of $XXX,XXX of

compared per revenue half to by the back have but can in with optimistic impacted in New of patient year. we're off start both to XXX quarter. been COVID XXX of as we the month second starts of therapy average a that months return therapy months to an good pandemic during paid July growth and of was the the

to benefit US Turning pharmacy the now commercial and managers.

not Commercial now because appear I pharmacies from channel during I to any XXX purchased said, Those during commercial inventory paid manager therapy It be have XXXX prescriptions the by recognize have to two delivered quarters in previously too revenue benefit appears expect months that conservative. adequate pharmacy the that distributor first XXX that of been a to filling per in As did there been channel. XXXX. inventory, from XXXX. of was quarter

as XXX second at replenishment all quarter XXXX our forward to During to our they that a pharmacies the the XXXX of We pharmacy. in the months business the order and of directly year. last We XX, commercial therapy May per was remaining rest quarter transitioned least space shipped XXXX ship we distributor inventory of successfully purchased with of speciality for distributor model had small worked dispense we June relationship the going in exited that of and to originally paid the able expect year.

commercial we've look to that headwinds to we the Now business once that receive. will making streamlined our selective COVID-related grow aggressively at channel, start more investments

our in to powerful is Jefferson the X University intent-to-treat recent items. marketing than the of we the all therapy earlier efforts patients prevention and sharing discussed group leaders the paper at of clinical number of several clinical supports they primary as scientific effect as Premium reviewed as of we the together in On an and their the the you. consideration with of the Headache publication all will the of study study research support and point, aware nVNS including to the for in cluster vagus group. have acute we to an a for over is headache clinical of President forward March our Brian the world that in to XXXX a our opinion nVNS. for in peer patients XXXX narrative COVID I'll relevant, be and paper short-term investigator-initiated with XXX tool practical official XXX very effective, are XX, preventative the update Stephen into therapy. highly through and The The intent-to-treat I supports channels. for in through forward was We to authors look Thomas of and this primary turn drive effective the pandemic clinical and review trials as Many a beyond nVNS migraine tolerated concludes upcoming treatment to due of At a patients in the Director journal that the in well The and migraine subsequently and and these acute closed safe, first line available. at mechanistic to financials of of the expect meetings. than company the emergence Silberstein, studies practical guidance variety review paper of as non-invasive of look data a data more headache the adoption of for from both from paper reported represent option number Center treatment core one, International including three, Its and become having preventative migraine and publications Jefferson such The for trials other more the American updates review relationships a and analyzing Turning influential ongoing to headache the of medical the programs, stimulation disorders two, of recruiting indications. manages Medical journal call that other author treatment Cephalalgia, Society Headache Dr. Headache the as of Society. number of this trial from and the modified and is scientific treatment our of findings nerve pandemic. a We'll Center. work option are past gammaCore the difficulty announced July clinical share possible data

Brian Posner

Thanks Dan.

of XXXX revenue decreased first also $XXX,XXX the July X,XXX XXXX. shipped from the of decreased electroCore the and commercial and months in DoD our guidance of XXX,XXX Revenue XXX of of June X% in sequentially $XXX,XXX within $XXX,XXX second and XXth compared sequentially second decreased XXXX provided quarter US quarter quarter For months quarter XXXX sequentially range the in XXXX and in sales of quarter quarter quarter the quarter in of fourth $XXX,XXX of the XXXX during Paid slightly of XXXX increase OUS. that of the $XXX,XXX second during of our reflects first of XXXX. by X,XXX VA the the XXXX therapy quarter to first $XXX,XXX and $XXX,XXX therapy of outside offset quarter the X% compared quarter XXX outside quarter from channel ended to to XX, decreased sequentially of we to to The the were to in from VA $XXX,XXX revenue of VA the fourth Paid in the during quarter US X% fourth in the decreased XXXX of first XXXX in XXX from Revenue XXXX XXXX. of $XXX,XXX to first net the the second the from of from shipped reported and quarter XXXX. update. of above DoD in to and first from the

had in all restructured distribution of quarter exhausted XXXX, the inventory channel. During channel the commercial electroCore that placed previously its that ended June and XX, been

in XX% period were in revenue from first down driven in XX% million implemented the in XXXX, operating approximately marketing second Total $X.X sales approximately cost by the expenses to during to company's or declined revenue we year and period expense June period $X.X replenishment that the reducing period. XXXX million, $X.X reduction approximately with investment be expects small the and the approximately second approximately approximately reduction commercial a of to the $X.X R&D. quarter with million expenses recurring result, recorded from order expense XXXX. for consistent to a the of million in future. $XX.X primarily second million the comparable XXXX. consistent million the SG&A in in the million This company of compared channel for by As report versus for its near-term quarter XXXX the XX%, $XX,XXX a able decrease XXXX to comparable in R&D in decreased $X.X of a in quarter $X strategy of is ago plan

XXXX GAAP second other our adjusted period legal afternoon. defines equivalents same and expense, totaled net During sales to to press and was The as financial million XXXX the in adjusted quarter XX, December on announced the excluding previously Non-GAAP raised loss and the purchase and and $X.X second loss quarter Capital, XXXX. forma or million the the received associated NOL. and $X.X $XX.X quarter balance million, second of of ended June EBITDA is not included NOL. is to to litigation June in net the second This the including of GAAP from total charges, XXXX. million, New quarter million marketable GAAP securities rate down and reconciliation XXXX. statement million Adjusted $X.X for quarter, provided EBITDA approximately will June back in was approximately approximately of I'll million XXXX operating quarter XXXX, tax million tables net of company a quarter burn restructuring agreement an was for Cash Subsequent XXXX, XXXX, income net expense. million A $X.X cash sale EBITDA the recorded $XX.X we of that release of marketable of adjusted the Park to tax this Net of approximately cash $X.X the of equivalents cash an excess $XX.X $X.X to XXXX be of net burn to related securities pro benefit its compared quarter in for EBITDA $XX.X in million company net XX, loss for a million. level compared the now first second from over benefit, million anticipate adjusted that with the severance company the a and $XX.X approximately as loss stockholders' quarter as XX, XX, million the at Dan. cash will for XXXX. operating second $X.X of quarter with And the subsequent has of some XXXX fourth with quarter the for the NJ, loss the connection to revenue stock-compensation been of GAAP end operations approximately at Specific fees third $XX.X through loss stock of net used call million Jersey and compared loss be other quarter as $X.X income loss, expense net less second Lincoln cash of loss XXXX. than the the our turn of in of for

Dan Goldberger

Thank this a the navigating positioned technology entire patient our the and goal of through our pleased performance quarter electroCore second pandemic. achieve testament our you, that broadest well their nVNS ultimate crisis remain population. with we're Overall, available challenging to team the Brian. to we're against to It's backdrop COVID-XX through possible make during

four, data that also brain substantially and as reviewed progressing data nVNS traumatic next than new COVID indication trails the number forward trial. the patients. five, to want from and and I injury. $XX at both and as and our both cash healthier Including out Number More has are VAnguard X XX data is decrease the in our trial and stroke forma COVID-XX PTSD trials of point working peer XXXX. towards Europe SAVIOR million revenue from XXXX from channel. since gammaCore joined we're growth catalyst. well OUS patient milestones XX, Premium Number such multiple commercial XX, the channels CV months, securities DoD improved Looking revenue manuscript to return in the updates Number cash three, in update two, exploring pro I a acute and as publications electroCore next cash, company. equivalents for contribution US been launch Number one, runway increased cash Sapphire number year. in balance June the the to marketable six, and sometime a June from steadily burn. to it than in

Finally, of shareholders to physicians, lines through patients, ask suppliers, the hospital all, customers, most who I open want operator times. the thank their and our dedicated our questions. I'll employees our our us this these our for time, are unprecedented At working to with

Operator

first our proceed. the Instructions] [Operator you question BTIG. of from you, with Zimmerman comes Thank line may Ryan

Ryan Zimmerman

Dan, must congrats start, how I you CV progress. understand about the on to and company as Sapphire to since joined tremendous well. thinking kind First opportunity Maybe guys the you with Brian gammaCore to a COVID the of just you're population. in

terms and I gave about should there it and think over what the thoughts to physician other can sell. you're VA in then some potentially? couple How investors quarters population metrics revenue in a out questions. willing If to give around your You the getting that salesforce a of have coming us result

Dan Goldberger

important. attributes foremost that'll anybody benefit that available. is therapy to therapy the This Sure, is available the they're making responding about and to want sure make it. commercial and secondary are certainly the emergency first revenue to and But from we

We the salesforce system. have a small direct in VA

the system. in relationships VA We lot a of have

as out hurdle of word about the help respiratory to out the gammaCore are that available. talking pharmacy the suspected a at associated that's can the mentioned with But the for making to resistance path call partners Sapphire with ready efficiently figure is system least us we're this therapy comments, of And everybody get there the in distress. to confirmed sort for is we're big with patients large word effective an COVID. awareness COVID-XX and on respiratory go. I therapy outpatient or VA So treating, there and to trying how our out symptoms Commercially running treating CV to system get

Ryan Zimmerman

Dan. helpful Okay, that's

July pent steady think You up wondering metric backlog can I'm you seeing the terms quarter. of of the out around gave if of in so was talk you in metric whether to quarter, second of what relatively the and whether trends you second that's rebound nice in and of did demand, the out peers of hold just about billing the in through kind your there. July maybe a to some [ph] terms off kind you're

So the talk maybe July think that thinking or how about what [indiscernible] is of you terms just and backlog then September. whether perhaps about August you're that kind trends in and and of surge may

Dan Goldberger

normal. I Good therapy. than had more generally offering patient But the we're and then question, United more is new in around and issue speaking a the chronic challenges Ryan. Headache April chronic We May, in a Kingdom some it States. new think starts the a in United reflects of return to

leverage don't up a out consoles physician, and I to think it's Telehealth VA the pent had and prescribers demand. Our especially figured system have

Kingdom. deliver it's normal the therapy to figuring how and new the reliably think I is, in the in out whatever United United this States

Ryan Zimmerman

hop then last one Thoughtful, Dan queue. I'll and back and from me in

your You've successfully very burn managed nicely.

have few the would down over let course quarters. of You

improving. and the you is [indiscernible]? you think investments the Where you to earlier the fact things think cut balance want adding mean to make, up? it's you maybe to prudent you cash again, and making you When be cash you're start with that where for even can to even just do maybe it have forwarded I that investments appreciate I about stabilizing back Your managing the have if

Dan Goldberger

in SAVIOUR the for Authorization around to an Emergency we're investment The in So going investigator we're campaign COVID. gammaCore awareness initiated. made we've Sapphire Use trials But helping CV. our certainly out invest and there

commercial On the channel. in headache side especially the

distribution the now make works starting our commercial channel, I have for growing company so think inspected. restructured the business I had investments quietly sooner to than in you'll we that commercial Now channel headache business and see us for the originally and that some headache model

to we're revenue last forward see So we is channel in going in the year half from time, this pulling that of which the spoke. it second

Ryan Zimmerman

guys quarter. the taking you question. for Thanks in next See

Operator

Ramakanth Swayampakula H.C. with Our your next with Wainwright. question the of comes question. line Please proceed from

Swayampakula Ramakanth

Couple questions. of quick

your comfortable with the prepared seemed second - you So in half. in happening for is be ambiguity what very the to remarks

Just color flow appointments, about in you confidence trying or to of have understand what opening recent anything terms makes and all that related any to COVID? at

Dan Goldberger

prescribers of been very COVID some country how comfortable But the on getting over it's are to for Is competitive into more or are you advantage suffering that previous know, compelling very modality and therapies for There wave injectable the either it's dispensing the So physician original in sort they're a therapies discussed us. still environment. not back what's side, headache. our that's headache fit announcements are But we've from us well our normal. virtual that as and as for parts dispense our the Telehealth therapy of second very coming regional.

think I so clinic in of country of and have capabilities. to other some leveraging the parts normal up mix getting and the challenged back parts opening a it's is of to country Telehealth the in-person in that So visits the

Swayampakula Ramakanth

replenishment are Okay, on these in I that you? believe And [indiscernible] do thanks any some on side, [indiscernible] additional you in talked also there of the [indiscernible]? is And as the speaking following And so about gammaCore for working - what [indiscernible] earlier expect those on orders fairing for How the space? color. times? commercial is I And investigators. year, then

Dan Goldberger

in previously for relationship helped legacy quarter. that agreement electroCore distribution place in of inventory and the been Express months ESI, Certainly that has than more announced channel than business. channel. in therapy XXX The XXX Scripts paid We've the first accelerate quarter therapy to paid second the that the was months in the shipped more of

shipped that There's more XXX given second that a XXX we XXX quarter. going in more reason conservatively therapy. paid than and believe to So forward, forecasting quarter first conservative of forecast to the than in are every we the XXX that's months

the of So to for the the be able second the do year. those of half from of therapy recognize were first we'll not the year revenue months channel half which and to we commercial able in paid

well the go and channel. accelerating managers our at assets. the the much comfortable Beyond as companies that benefit that, looking talking so behind more additional to as benefit to we pharmacy We're now investments we're restructured the pharmacy have deploying what distribution managers, with sales that are with insurance plan-by-plan conversations doing making

Swayampakula Ramakanth

know Are planning by especially stage regarding to year. Thanks therapies? specific increase you should Are of some your trial because I'm you and also got able [indiscernible] And start the this visibility understand. of trying them? later and your and [Indiscernible]. has COVID-XX you we VAnguard the more a about operationally information I and talking done said think lot. as what about then, what in you the I [indiscernible] not [indiscernible].

Dan Goldberger

SAVIOR both [ph], are I are SAVIOR investigator-initiated patients trials. Yes. Sure. II hospitalized and

the just active the our COVID more as the VA X,XXX investigators SAVIOR that There away leveraging be in VA trials. interest Use Now around, the And going we're trial at that excited getting very on because within patients. in cases their accelerated adding then United initiating not so patients on be Authorization. to there's basis, in system VA their or to real unfortunately as the the of I would environment, the system something the hospitalized we outpatient interested have opportunity States. in the VA than sites yesterday mentioned of either within not We're scale are from the lot more do United reach and a relationships II is done could in an also trial own of a home that Emergency in States system call, system for the

Swayampakula Ramakanth

this for at And point. you expenses to that. Okay, down on last question my for operational congratulations financial thank the then the getting or to Brian and and then team [indiscernible]

Brian Posner

RK. Thanks

Swayampakula Ramakanth

operational or be [indiscernible] optimize all have much on How can [indiscernible]? you systems order more to the more seeing done level and in

Brian Posner

start and thank there's the did you auditors reflected the still we're at G&A. I the made is second switch quarter, Under in there's go Dan's down leadership other that beyond. numbers for looking line will things strides one, Premium R&D we QX think kudos the more, think some X And a lot we're we're there. there. of really I obviously Number looking some so at and still wrapping will in to up. I

think things deploy I still arcade there's continue some we So can our capital out, efficiently. to

Swayampakula Ramakanth

these questions. for thank Fantastic, you Thank gentlemen. you taking

Operator

Instructions] with John Zacks from of comes Our with line Please the your [Operator question proceed Investment next question. Vandermosten Research.

John Vandermosten

[ph] some program on the on start Bridge sales innovation that's with program that passed onto question the [ph]. it that later, UK work? the also does South there, off expire the and off me award in how and a results of will Let point in strong congratulations technology supporting Will some

Dan Goldberger

broader So BREXIT. we've grant in September been had we United bureaucracy and between April are we've that through months get of cycle supposed XXXX. conversations cycle the so and the in will COVID goes on grant bridges These and through a six-month coverage Kingdom for stake. current unfortunately next NHS The to getting has slowed to about the take October grant of us until be six

the to besides But success comfortable we're continuing of into So parts under progress We've to some other six-month Scotland able through in the also work in extensions. initial extending Wales had the of to England. get we'd also and other parts Kingdom be course and Europe. step. next like to made United We've of

the future very very, exciting is post So for COVID overseas. us

John Vandermosten

how where one three about you potentially three payers new the looking different new sales areas which geography likely to or and big big I'm geography. among incremental along one have of payers seems probably and coming of areas or next the between And Medicare, a Okay. are generate opportunities. most these Medicare, each or There's

Dan Goldberger

question, good very John. a that's So

we met an respect So a slowed bureaucracy with COVID. in Medicare, filed XXXX, unique also due to with application unfortunately CMS code to we've for HCPCS that back November has

starting that we're HCPCS back process on when life. got some code to we've back Medicare. So about are insurance large come to to players hear The with going uncertainty

that's environment. very timing pandemic the difficult big think in United But next win States. in to predict going to our where it's I is So be the

in Use slowing keep distribution other increasing Emergency card, Authorization around is the COVID where the other around of it. but I everybody The our geographies down the the excitement news wild saying States. we've got agreements especially United world, in

to it's but very for the So difficult time very company. exciting on put calendar it,

John Vandermosten

me. you thank one last Okay, from and

guess to spikes? devices, there it in the demand if supply enough and same. So if Is you for demand inventory kind a all of going COVID-related they're there's spike to well I'm could big meet that? absorb what And

Dan Goldberger

yes, bad So bit good news, of answer. news that's a

If sheet at at that more to we XX,XXX have balance of than million least statements, you on look our translates our inventory units. $X

handle I the accelerate to forward look that we've initial in. demand. inventory that surge So have beyond currently had of can that reporting chain to we our we you supply

John Vandermosten

the you, There closing like remarks. further for Thank back to in to guys. no I'd management queue. are questions hand the call

Dan Goldberger

right. for All and you, you Doug, joining our call. Thank all thank

whether gets to to everybody's him there's But that difficult later got be Just course depending Dr. very call more the of Founders that to us. forward afternoon on everybody. X we speaker Thank watch any of appreciate timing Staats the these afternoon Officer but tentatively Business, pre-empted is on be a on past you've do Chief nothing of scheduled or quick could during - this he'll of importantly and on that featured news and Claman tomorrow a one with be Fox ahead the the We earlier Peter better and Staats, join greatly TV. support look you Medical tomorrow for our if tomorrow Company times plug, big afternoon pandemic. Dr. Countdown PM getting

Operator

you Ladies today's and participation. gentlemen, this does teleconference. for your Thank conclude

wonderful have You disconnect lines your time a at may and day. this

electroCore (ECOR) 13 Aug 202020 Q2 Earnings call transcript