ECOR - Earnings call transcript Q4 2020

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Operator

Greetings, ladies and gentlemen and welcome to the electroCore's Fourth Quarter 2020 Earnings Conference Call. Currently at this time, all participants are in a listen-only mode. Later we'll conduct the question-and-answer session and instructions will follow at that time.

As a reminder, this conference call is being recorded. At this time, I'd like to turn the call over to your host, Hans Vitzthum, of LifeSci Advisors. ahead. go Please Sir.

Hans Vitzthum

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

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

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

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

Dan Goldberger

for upper million, used net revenue previously end $X.X Full-year to from begin the Thank the Furthermore, financials year cover Hello, for $XX.X joining a but today. range XX% to want for few us of million $X.X for will you Hans. XXXX. was million the highlights. cash provided you, full-year Brian XXXX decreased I guidance full thank with the XXXX to million of in full-year the million. detail, everybody, and $X.X $XX.X our

revenue spite to For headwinds. the compared $X.X the growth XXXX, revenue full-year the million XXXX pandemic full-year drove XXXX We're key that as in year of pleased $X.X approximately COVID-XX total million increased across for XX% restructuring our channels in XXXX. activities and generating aggressive of

or of $XXX,XXX. therapy X,XXX, fourth the quarter sequential VA, Federal our therapy of During paid to be in most XXXX channels, Schedule quarter paid total third COVID. the the months third FSS, across channel. of due largely DoD three XXXX, from The sales in of resulting The net government of wave our XXXX other military months important which generating and decline Supply encompasses were revenue and the of utilized to agencies continues revenue

in and to QX of country many the impacted facilities therapy months quarter VA of continue the of of purchased gammaCore of shipped the During months Also, to during third count months therapy fourth of XXX of fourth XXXX. XX COVID-XX third and paid parts DoD XXXX to to pursuant XXXX XX and as Military XXXX. Department compared the Facilities XXXX therapy during and Fourth quarter products, be fourth and case Defense Department paid fourth during Affairs quarter the sales XXXX. quarter quarter in of XXXX, XXXX, during of Treatment the paid VA compared saw and the of the the during ongoing XX company pandemic, by to quarter prescriptions of of which originating Veterans surge quarter XXXX, approximately DoD

pandemic and sales well leverage outreach and positioned as function and resume to management company the the marketing normalized to remains activities virtual telehealth believes other continues subsides. that capabilities Our

the Turning United to other Kingdom, now and O-U.S. territories.

of sequential be in of quarter Revenue of as outside paid compared XXXX during quarter the of the United the XXXX hit $XXX,XXX as XXXX. XXX which During XXXX to U.S. to XXXX, the the of quarter UK see compared paid outside to fourth the were electroCore therapy of approximately fourth of hard quarter by $XXX,XXX by fourth of months the therapy shipped of the months quarter of States, paid very the has in and pandemic. driven continues and a therapy XXXX, during third fourth to XXXX the months increase third pleased in quarter We mostly and in generated XXXX. $XXX,XXX was been

During the continue for be announced and that adults cluster March quarter NHS Technology under reimbursed ITPP through XXXX. to headache gammaCore England in fourth XXXX, six additional Program, we the an months of in of the Innovation would treatment for Payment

five hospitals UK important use over their adult Care that patient In adoption patients cost MedTech with for vagus NHS projection for marks at a cluster grateful Pro adaptation Mandate across widespread called learned policy our the milestone exclusive the into an of policy In effective MedTech Australia. an also as therapies provision such for The The We're the and its support the to In gammaCore in including the as gammaCore catalog has with Mandate patients to Lithuania, gammaCore distribution a serve Scottish HIS for recently boards of inclusion NHS broad medical RSK of new 'XX, Belarus, Improvement value Scotland the Similarly, with gammaCore. a much of that Excellence And Kazakhstan, January we selected saving gammaCore coverage as NICE the devices Health England entered in way. digital we listing technologies extended account meaningful Medistar, of in easier with Policy. A budgetary cost-effective agreement was an headache. Health the use December, learned confident of supply gammaCore's on distribute for short, use technologies Funding gammaCore January, cluster ongoing medical being or more outcomes. we chain of remain company's The nerve we NHS long-term that inclusion Ukraine. cluster Sapphire the and inform published as to will by the two And now for to agreement Scotland chain years works announced Eastern savings England with therapy most supports has selected NHS allows National NICE an NHS Canada. took Medical we in improve for Group, Latvia, best their who of cutting-edge the in stimulation announced non-invasive SHTG XXXX, restrictions. Technology February notification recent is In and in clinically will listing we adaptation been distributor supply SHTG similar in in headache additional next gammaCore availability. NHS in NHS purchase Institute providers as £X.X Policy primary catalog Health the June the NHS an agreement cost approved, disseminated will Sapphire from exclusive the that taking of deliver January XXXX. could to for in to to commissioners that transition the headache. we into Improvement are health headache 'XX, gammaCore gammaCore ITPP steps NHS Scotland Medical team and deliver diagnostic for own products to an as Funding months, years. their gammaCore With its global an and reimbursement to clinically concludes in NHS in expand Baltic X, through to helps as e-direct Europe, assured quality product patients. In million March,

leading We partners expand technology distribution network broadly available expect USA. our to with gammaCore more global outside make the to medical

expanding the establishment into That non-invasive on known the the make second non-drug continue services application with unique will X final for the vagus vagus within from code differentiator medical covers All Xnd benefit commercial CMS the regional a Procedure of most X, investments of in nerve notably, HCPCS coding Biannual negotiations effect Sapphire covered XXXX The in remain nerve decisions our meaningful that stimulation and cycle decision wins and market other services. the States. purpose D commercial we gammaCore April In therapy. economic potentially coding of through population January and and managers go We response and view the to pharmacy future. Most Coding clinical Cycle code announced access nerve technologies additional during significant its for We and published as on as XXXX. non-biological commonly non-invasive and benefit of items biannual and CMS we national measured items unique We reimbursement unique advantages is stimulator recent contribute for of driver optimistic coverage do insurers coding establishing XXXX lives. XXXX, United and that the important lot still a gammaCore non-drug a Healthcare to for to an will the have work pathway. stimulator. focused of gammaCore to KXXXX the for channel code in in and the submitted HCPCS, Level that for System, Coding Common application non-biological

in Rockaway, The clinician health and at adult of in obtaining our of XXXX VA CV continues specialty the implement New topic patient's preserving our pharmacy prescription interest. through telehealth use Sapphire the for for or On a from telehealth and by best COVID-XX employees channels acute through our of partner healthcare in of home to DoD granted was a field provider, to hospitals, in that Jersey LLC. setting generate to our for or FDA or emergency continue a premier treatment consult, by authorization throughout safety Sapphire the July suspected directly known with COVID-XX, of EUA, use the us gammaCore or patients the to Upscript powered all available is gammaCore from company, the healthcare pandemic, the CV the practices stakeholders.

patients We have online portal for an use, to www.getgammacore.com. also up set

prescriptions this our want source generating update an a the While the on Peter pleased in revenue during NVNS various is At Chief of interest through as it initiatives. ask meaningful to quarter, Dr. Officer, not be to our generated that provide Staats, with to therapy. a were fourth I point, clinical Medical viable EUA we continue the

Peter Staats

Dan. Thanks,

clinical Sapphire other clinical that efficacy initiated this later recall, of for opioid study selected in of have gammaCore The subjects opioid known hospitalized CV this we pulmonary cravings use opioid of SAVIOR for disorders. announced One and will to in gammaCore is enrollment Drug gammaCore Valencia the SAVIOR of and the plus X our sponsored in well evaluated possible standard in two Institute occasion, clinical Abus endpoints. of SAVIOR is enroll trial that December respectively Bremner, hospitalized at Pittsburg We X are patients PTSD. by the of and nVNS studies being measure and sponsored decrease study alone care SAVIOR control also in subjects year. a ability SAVIOR Sapphire might will been is currently XX Pennsylvania. versus being use of hospitalized NIDA standard history effect. These COVID-XX leading X National laboratory investigator with who XXX care forward a range assess CV that in In XXXX, that randomized data trials and or a as in Researcher study X study facilitated are as VA COVID-XX on our recall, to The Spain, by in to stable as IITs run a gammaCore seeing mechanisms safety leading You in the of you patients. at look Douglas may patients across the is aims disorder, examine with field, COVID this completed X ongoing. which broad who

in of for Just suggest data as the year in gammaCore TR-VENUS a December that X announced treatment been stroke. from double few enrollment the evaluating nVNS the weeks to look Phase pandemic. the that Study full can of that a evidence the this is we XXXX, this ago, TR-VENUS is announced have measurable we acute positive migraine at utility achieved nine major a an later in unrestricted PREMIUM outcome reporting We through by trial preclinical study, at after ischemic hypothesis terminated strong In Neurological injury. results stimulation blind partially provide nerve improvement was topline April across funded brain the multi-center XXXX, There our electroCore. Turkey, of supported clinical a from well. forward vagus grant of and early study due Society TR-VENUS from this Recall, scientific prevention. randomized, is as to X study COVID-XX centers sham-controlled conducted research trial, supporting Turkish which

and children gammaCore to on treatment to However, that front, available XX a and their The and this from all the way several the evidence age. patients now to nVNS the clear improvement of for nerve acute school to up most demonstrated an with analysis of believe sham a development with And We treatments stimulation. year. to population. that of of positive just XX% of effective, gammaCore most measures With ago, headache. within statistically including treatment results add that take patient expansion, migraine headache migraine life treatment. XX among XX% demonstrating between the compared non-drug showing flexible significant XX of the XX X control looking is to of ages for publication endpoints years forward a showed benefit It's this aged to estimated adolescents endpoints and between resonate and live a safe with expand will body reviewed PREMIUM In of assess we submission forms all cleared teens of this weeks option few preventive that of include nVNS the data study many primary another help FDA vagus to patients XXX(k) quality stimulation, our is look label of migraine. a of significant and peer data later positive the non-invasive

in hospital colorectal publication ileus announced a in only surgery is further Disease, result than we potential nVNS. a important development greater the that The in the larger the ongoing. the showed several funded The XXXX, to Well, is Health equivalent from effectiveness preventing nVNS study results elective improvement all group. the pilot this for sham post-operative England study, ileus using a study strongly the the post-surgery in Research of of major continued such morphine in broad February paper condition group extended decreasing study evaluated used indication, Institute serious surgery. Colorectal in in complications a in amount as National clinically suggests endpoints, a Journal this Finally, the in by and nVNS demonstrates detailed and Post-operative that of following compared stay. can

and COVID, may disorders, patients headache, that ileus opioid our clinical studies the and ongoing lives post-op thrilled of We are nVNS everywhere. the of indications improve use PTSD, ultimately stroke, other

adolescent We are At as that Brian? for clinical other Brian our items. a of over turn the increase review total also call the to optimistic foundation I'll work expansion this by guidance evidenced will the last month. nVNS financials to addressable of and point, market label migraine the for

Brian Posner

Thanks, Peter.

an the XXXX. effect DoD electroCore reserves, loss Revenue for revenue Paid in other was fourth as VA of quarter $XXX,XXX for write-off operating declined sales XX% XX, DoD the quarter DoD For the ship XXXX net inventory the GAAP fourth $X XXXX. outside Paid $XXX,XXX $X.X fourth were quarter statement quarter. VA as from release. increase and in severance quarter as DoD quarter in was sequentially $XXX,XXX, margin to same increase was of in excluding net XXXX $XXX,XXX. a quarter XXXX XX% VA increased of ago Revenue the expense, fourth loss from XXXX therapy from the of approximately the channels. from quarter. EBITDA XXXX fourth as for in as with inclusive GAAP loss income million in fourth million for third months for the expenses for of compared net significantly of in EBITDA XXXX. in legal Gross financial loss of was compared of compared fees XXXX fourth excluding expenses quarter. in restructuring third quarter of the ongoing third development, quarter investment in channel XXXX in reduction termination $XXX,XXX shipped the XXXX months inventory has third to expenses press net to reported an to XX, of the quarter. fourth December been Adjusted U.S. well the compensation the Revenue year. The or net The income ended was period XXXX $XXX,XXX million of declined the third and XXXX. from revenue loss year $X.X the quarter, to near-term VA tax XX% reconciliation sales quarter quarter quarter quarter and company's was the the PREMIUM the also period decrease the XXXX $X,XXX,XXX for increased associated to therapy XXXX. of of $XXX,XXX and strategy our million $XXX,XXX XX% XXX,XXX adjusted XXXX. $X.X study in stockholders with ended quarter in U.S. period period. in in fourth the due to reserves $X.X from the to and of or comparable loss to net during the of $XXX,XXX defines to the in Gross and afternoon's a XX% in as XXXX XXXX the tables of the approximately to the quarter quarter SG&A the quarter sequentially quarter. quarter O-U.S. of XXXX during is GAAP in the the of of $XXX,XXX and $X.X fourth of Net to expense was for inventory of fourth non-GAAP from litigation the of XXXX. net XXXX reserves third quarter. to particularly revenue last in for of sequentially for million in related $XXX,XXX $XXX,XXX $XX,XXX fourth the the to $X.X from of outside XXXX. Total was loss of profit compared of stock the XXXX operating in the sequential This XXXX benefit, loss, quarter March Revenue provided the million the early other net as from adjusted increase fourth compared million December research COVID-XX, was fourth to expense. from declined decreased fourth lease, of GAAP $X.X this the of $X.X million right approximately the amortization, and for $X.X reducing XXXX million total its charges, Research net and EBITDA consistent in included approximately and EBITDA comparable net in to as A compared in the company use XX% fourth million for development in depreciation adjusted loss X by in compared commercial fourth

the at full looking Now year.

full to increase for year as in full an year million of for of XXXX full inventory the the year full $X.X $XXX,XXX total as for compared year of Gross for XX% XXXX million $X.X XXXX. million to compared full compared $X.X the year of of $X.X to as gross the XXXX. margin revenue XXXX, XX% The XXXX. generated inclusive for reserves, the was For we year profit was the full million

for gross as to full million XXXX, loss $XX.X was expenses The XXXX. the due and XXXX reserves, was PREMIUM $XX.X the as to well XXXX. XXXX significant year the as for to Total year operating for the related in compared our X terminated net GAAP reductions costs full of during operating implemented to from decrease operations trial the $XX.X inventory margin COVID. year our full XX%. which was year elimination in compared in for increase the full early structure, million million as $XX.X million full XXXX for to expenses XXXX the were year due cost Excluding

securities raised proforma full purchase net loss Subsequent the to of million $XX $XX.X million million XXXX. XXXX XXXX, million to to $X.X million Cash, XXXX. due the a EBITDA December adjusted XX, $XX.X resulting announced to in December Our $XX.X stock of cash was for balance totaled XX, cash at year the December equivalents fourth compared the company's agreement, XX, year quarter XXXX for as company as compared and of $XX.X XXXX. marketable full at approximately million end previous of the as

representing third a the fourth $X.X well cash net million the XXXX, to as usage cash as cash million. fourth decline $X.X usage XXXX of quarter quarter million, For as compared XXXX usage our net of net was quarter both of $X.X

capital. be Looking increase million $X.X XXXX, we the ahead, for the be and the quarter net cash usage revenue I'll range turn to expected to largely of first quarter of in over million, $X the affecting XXXX XXXX now cash back of is usage quarter to approximately to factors net approximately compared of first in And net a seasonal to Dan. expect in $X.X fourth call working to due the

Dan Goldberger

you, Thank Brian.

the during the year, of to indications with pleased important are want million XX, our related XXXX point substantial $XX.X are sheet proforma subsequent $X.X performance December that milestones of in believe healthy also the as work. I our rate. we we clinical balance position success and out, in as a raise several of with we including achieved financial burn earlier headache million and ongoing very cash quarter and on reducing commercialization to mentioned We our the

of recedes, sequential DoD revenue to returning am and our excited Mandate later in growth prospects the our pandemic takes this market, subsidiary, the MedTech as accelerated effects As UK growth achieving Funding year. about VA the in I headache

dramatically that nVNS supported other year. ongoing national XXXX. continued and of Dr. We've Longer Our I reimbursement addressable unique three become and increase HCPCS the effective could for we migraine max announced throughout that to expansion cluster channel to discussed, the the regional increasingly look the by in And XXXX. forward recently international therapy. and optimistic term, through receptive therapy developments nVNS code I'm will label market clinical become as will of new total payers and Staats beyond distributors exciting regional April that expansions go

to steadfastly recognize point, And support the dedicated pandemic our of open professionals At and their gammaCore staff for we'll disruptions. healthcare through I again Finally, for the thank their line to questions. the gammaCore that to prescribed ask therapy. the want patients for working this loyal operator

Operator

be and Zimmerman Ladies first we'll gentlemen, you. Instructions] of proceed now your conducting question-and-answer question. Please question [Operator the a Thank session. Our from with BTIG. Ryan line with comes

Ryan Zimmerman

It's thank And guys it's everyone. And, in wondering there some So, to appreciate where the maybe can quarter. the going guidance I and you flavor a quarter, at? requirements gotten could Maybe be the today this of you you're commercial have, for helpful. good and would forward us at have, question. you've you. in if the you I'm then turn Brian, are first sales start Great, tenor characterize kind good recognized afternoon, channel. kind they the bit commercial of the for let's Dan, you one kind on opportunity of the of for of, then give to you, and the where little coding just poised kind how channel you updates a and given conversations of other you

Dan Goldberger

patients - Scripts. through million Thanks, as covered much up previously, said XX a we Yeah, Express copay. paying to commercial on CVS those And the through have we $XX and $XX side, as per month We've Ryan. have roughly so as are lives

challenge larger a hicks the call lives now, to a to The covered step April point. forward. much efficient get an benefit not really coverage. of prescriptions that. more the all and the critical mass, more that add is to miscellaneous, regional process picks The for huge the our channel to establish e-commercial with have the us sets number of of code component about more that's coverage, it unique order a us out-of-pocket negotiate plan. private to get to max goes to in an to the that insurers to is unique streamlines once is in the that live code Right do new, for national same, we coded we make there But even need So, stage importantly, and to regional the Medicare

be code different work companies specific really conversations earnest we around and scripts, test benefit goes the live, that kicking insurance going in all So, have we and April their off is once to with can in plans. can run

So, additional we year. through decisions list come yet for do coverage in the XXXX the we [ph] to announcements revenue of of Willington year. a to coverage go is lot over But back really course this of of the work can about advantage going XXXX. as Look those as take half

Ryan Zimmerman

Okay. And as then a be for commercial East O-U.S. on to NHS as Canada, I as some added Dan. that continues appreciate but Eastern color the area have you side, Helpful. Australia, now the a countries, Kazakhstan. solid channel, you far European

we relative see sales revenue we as year COVID internationally some and subsides? move diverse think broader much those year there's can associated the just I maybe and how So, the and contribution minimums and with I about this NHS incrementally a that to understand guess, say agreements want to as through to think

Dan Goldberger

UK around world. a are fair commitments in obligations upfront more some those attractive to to to us at transfer not national they stocking distributors we're template, build world. point, to care some business Using but have our becoming around used Strickland a scope to only for with UK success broad Ian the is be the agreements right. our the in and product health buy as a also under our come launching. sales, absolutely General he's you're got Yes, more price business up Manager our the and system from of And your to

So, as through announcements year we and also revenue you'll so distributor definitely as much lift a roll go you're going see in through to not the the see current we quarter, but additional XXXX.

Ryan Zimmerman

questions thanks Okay, guys. for the taking

Operator

you. Thank

of next comes with Turkaly with Securities. your Please David Our question question. the line proceed from JMP

Daniel Stauder

outreach mitigate you actually how I the so on XXXX curious to steps normalized should keeping for appreciate far any Yes, COVID, Thanks have I burn once any you questions. and mind should spending will Dave. hi. operating about one, or cash for in expenses quarter. color was that that really subside, This be post online is the think we would Thanks. color mentioned we that COVID are for comeback in the so for But XXXX, guys My more be as just costs first first Danny guidance helpful. taking there as and should taken as other

Dan Goldberger

want that you take do Brian, one? to

Brian Posner

and Yeah, way I you a think look in done 'XX sure, at reduction significant costs basically, Yeah, it, the Dan. we've over XXXX.

I marketing. sense investments in going we're makes targeted sales where to think make it and

going dependent that be largely And in made past, some reported lot our have announced as to just that a we on in the inventory the our have channels XXXX. in we be use And it. of additional is, a inventory, We inventory. sell of late growth. million of after investments cash sheet. to $X.X revenue acquire forward that government said as going is the source the I've cash our cash of But good that balance will we news all on We burn

GAAP as So that'll be we start favorable results than revenue cash is up where forward more beyond. and XXXX ramping in going

Daniel Stauder

an benefits pharmaceuticals. you talked about up, I had impacts and came audience the in given past, systemic of course, then to one adolescent that to had of Great, the follow bring avoid

those the be, look in long significant patient in how as as a those be be and campaign, if could steps look it Anything what mid could what So, in at Would lines great. color well of on here short us And market would along you marketing, term Thanks. outreach? like? give you could the this indication, any next term? this it

Dan Goldberger

prescribers, is absolutely haul. Yeah, is the a long over coming, label time getting extension company right, adolescent Step been you're a for to noticing. for one It's the and significant long opportunity the just specialists. business thank you one But specialist. headache is than the for primarily headache know, adolescent more us it's you to step new, for the us because educate to neurology migraine managed brand by as is

So, we working of awareness leverage substantial other outlets. have with that opportunity awareness force, media media trying really through but a to sales ahead but direct us and with the our nimble social small campaigns

in expect early that building to about population There who we've some this the be in for adolescent so are year, talk been in brag successes some we awareness. specialize So, going specialists about it's to anecdotally. be adolescents, with to to able clinical contact headache

increase the So, really in again, whole XXXX, a not total in market but addressable for XXXX. stage substantial our setting of lot in a lift

Daniel Stauder

Thank guys. you, Great.

Operator

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

Sean Kang

you thank taking question. for my Hi,

distributors Regarding ex-U.S. additional the ex-U.S. ongoing region? have discussions distributorship. for additional you any Do in

Dan Goldberger

you to more And launch Yes, XXXX some later can absolutely. international distributors. successfully in as few announcements a we forward look conclude or additional

Sean Kang

already I the or regarding Do but by study from see. Turkish you data I if stroke am you mentioned, relate expect see And Neurological data. sure to Society? any not study

Dan Goldberger

going so topline reading trial some time, scans from to but of to able endpoints XXXX. take should one enrolment the that's should see concluded in half we Yes, is of the we results second and be CT the that

Sean Kang

Second okay. half XXXX,

Sounds you. Thank good.

Operator

you. Thank

Maxim of the question. proceed from comes question with line Vendetti Anthony next Our Group. your with Please

Anthony Vendetti

on the Yeah, a Thank code, know up commercial I of follow just payer. some [technical you, difficulty]. Well, just taking that the new strategy

Dan Goldberger

signals intention in several pathways lives covered And that was we'll line the XX to consider the I on, run have skew code little all asking million end high would scripts you of commercial what medical have very So, are validate platinum the that. There once towards cover think you test today claims. to live additional but timing payer goes their those their are of stacky, have benefit April benefit that so to a that payers we through and are are announcements. for

and that to signaled an see can The But what with going do range wider claims. to as of would negotiations regional various going claims be as may the some never is healthcare So, the see you therapy benefit cover May a plans announcements the to are gammaCore upside. quickly benefit or they to we covered heavy national on those go June that that which have lifting be therapy. max through early previously

Anthony Vendetti

So, if on I recall. the regional little max of XX to further. clarify them There's just about

Dan Goldberger

No, only four. four. There's

Anthony Vendetti

ones, regional right. The

Okay.

map regional is So, or cover go need that there the the regional regionals, to that deep these if each that go is have or on full as as you four you within is regionals to need. you negotiations

Dan Goldberger

that, United max Medicare four is regional understanding would Our the throughout States. the cover

that details, price limitations population tell with Medicare be that with? put a it's to to really the so going right. going in have at of try to how too the doubles to satisfied on much to the access early we're we're we the they're Now, Are therapy, and the comfortable going

Anthony Vendetti

that And would be next, is next could Okay. could migraines could talk you in to indication. is then one line maybe of know or stroke? where used what if addition you you stroke if think pipeline I Is in believe Peter and we the look if then about gammaCore sort and you

Dan Goldberger

Peter. half for adolescence make that of Actually, thrilled a were and first and that we to it announcement is over to the take few weeks able very I'll we're us of all, first big deal me ago. here hand that let So,

us work ultimately into you're next in traumatic like headache. there, mentioned, to label think going things there see going post other is brain traumatic From CSD. secondary as like on and conditions I neurological for look headache, so Peter injury expansions

you I talk directions those longer think in in Peter, pipeline want of about commercialization moving moving you'll terms see in us first. to more term? the in do generally

Peter Staats

one almost the think is also That's studies that have. untapped studies a initial seated we of areas. - in one we've that I it's of variety Look, an this therapy. Sure. of And great the therapy of advantages disadvantages

is TR-VENUS, infarct? which study. very Bremner direct to into a of again, take we the to opportunities, with the in of And us, over way I others, news all lot and that's course the need going not post of our Some exciting It's that that's am path. the going here. is, down things we size of And the about without excited of seated. modify follow an disease? a But mentioned, great for there. Doug that double most good the really is therapy of the area a year. doing first our going folks of medical areas. really is really disorder some and headache when military starting on, months It's areas to interest our data we're and that is to of areas help to there's the go. first unmet other But And Can think that of I one can need stroke and is an of Opioid also we're of our data decrease the Dan work right see we foregone data the numerous get IITs lot use the coming work. much ongoing. have mentioned, should I personally different in, this and of And is, we kind desperately are CTE going from data the a invest a broad just lot the competition PTSD. then coming feeds signals traumatic conclusion

Anthony Vendetti

Okay, thank you. in That's queue. very back helpful. Thanks. I'll the jump

Operator

Thank Please Instructions] [Operator with John Zacks you. questions. proceed Our from Vandermosten SCR. with of comes next your question line

John Vandermosten

afternoon, I Good improvement possible that Ireland, the British sure agreements NHS. is in in that on further go into? But NHS could area is distribution guess, possible? about Isles, can ask like perhaps you and Is to And maybe at not expansion want I'm everyone. any the into? congratulations Northern works. you that penetration expand how something another I seems that

Dan Goldberger

absolutely. Yeah,

entities And you'll see Ireland. you'll some Wales, European other in also months. see you'll Here, see coming

John Vandermosten

you you're goes it distribution NHS? place be I through go? like Or going with that's to as current, to the run Okay, a Western same next great. Because And the it Europe? partner the kind for of channel will feel the will

Dan Goldberger

we to in In large have it's the successful go NHS European working any been gain the organization, a to direct coverage we very don't direct countries. robust UK, with that we have resources really small the of have. But

that's leveraging to now, we're [Indiscernible] out of for cohort that large our in very towards going last coming form traditional right data the economic an leaning came publication in data learned, market to the leveraging be there's of distributors, healthcare compelling what post going year. healthcare surveillance economics, new we've ICE more And stopping some be So of UK patients,

John Vandermosten

mentioned Eastern Europe. about you also, year? of agreements, from we Should Canada, of Australia, a distribution before the end these areas contributions the And see Okay. bit the all

Dan Goldberger

absolutely. Yes,

John Vandermosten

moving Okay. about extend a you mentioned to this, bit on And then, just bit. to a studies, little the want

the and to to external money we see Do like getting interest? there's have that's anticipate the external that's lot or fund success you think if seems stroke going Or So, something some to of a be some you do it or funded those? internally? opioid VA Because of abuse. studies

Dan Goldberger

each pivotal - very for acute to of something we'll post-traumatic our of for or some nicely partner that believe business the fit ourselves so opportunity we of initiatives we extend and existing process treatment very, headache, we like a trial We'll treatment we headache, channels. may stroke like There more development and secondary into those can assess are acute case separately, is have like the require stroke. for find label may not involved them may commercialization look

of this us I have we like therapy as [Indiscernible] ahead what would so, And wealth have and Pete pipeline [Indiscernible]. have great is mentioned limited but of that so this to convey given of resources and platform we we opportunities

John Vandermosten

thank Alright, Dan. Great. you,

Operator

are like this Ladies time comments. there conference would to Dan no Goldberger, to turn and gentlemen, back at closing further for the I question.

Dan Goldberger

between and most operator thank very of have the of We're and challenging spent of investment and a had that support you, We've community XXXX, all restructuring very, employees very really patients. physicians dial-in. of a to our to to importantly fortunate you the Thank you our mid-pandemic. time business the our and prescribing

months, and Bye-bye. first again our see few And all to call. in for so, you hope thank you a all quarter

Operator

Thank today's this and you. teleconference. concludes gentlemen, Ladies

You may time. at Thank this disconnect lines you participation. for your your

electroCore (ECOR) 12 Mar 212020 Q4 Earnings call transcript