ECOR - Earnings call transcript Q1 2022

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Operator

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

begin. may You

Rich Cockrell

for all today’s earnings electroCore’s Thank participating call. you in

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

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

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

Dan Goldberger

for joining and call. us Thank on today’s Hello, thanks everybody, you, Rich.

quarter for business. XX% cash first a more $X.X ended of for the of start Kingdom hit XXXX Gross quarter in making net March operations up first solid slow first was $X.X performance a Revenue than and XXXX, used the March United was business million, U.S. Our and margins record the approximately for sequentially. XXXX in XX, XX, our to expanded the XX% quarter about increasing approximately XX% million XXXX. ended quarter over in

Our pay by and prescription through office gCDirect to a U.S. to about initiatives allows head our we channels in dispense a to collect are patient team. to and expect the XXXX. home currently commercial that XXX of to continue prescriber rest cash starting for our prescribers experience accelerate, We have directly those We send it directly the therapy program processing our work payment. customer with active

a process telehealth questionnaire purchases own good gConcierge in a therapy to shopping to model prescriber are a to into the use. from We a a program, physician gammaCore our obtain transfer established where their adjudicated website off personal Consumers to to XX electroCore our their have from inventory additional inventory. January XXXX we prescribers in E-commerce and at directly own patient channels provides a an dispensed and their is start. for therapy allow go a a that move Sapphire prescription then can obtain by cart price,

to $XXX,XXX the from XX% United United of in campaigns the digital through $XXX,XXX quarter XX, staying first March are investing through XXX XXXX XX, and through over prescriptions channels quarter with to Net XXXX. Net and a awareness or training patients providing treatment channels ensure customer these our VA XXX $XXX,XXX were in VA the are channel Defense, Approximately commercial from they compliance XXXX. purchased of DoD and that first Our approximately XX medical and of for with came of therapeutic million, hospitals their revenue Kingdom. compared military total quarter our programs. States We have of A and care sales plan and headache in health social XX% effort quarter to $X.X hospitals of pay compared up drive U.S. clinics. is of support search Affairs Note March commercial in experience the initially to in the VA available increase various facilities as paid Veterans Department and following the media Department revenue in team to gammaCore all an XXXX, patients U.S. first to to first new or was as of ended there and of the quarter clinics protocol. patients from our continue cash military and in X,XXX DoD, the the headache products an increase for $XXX,XXX in the from XXXX.

outside the the United in as $XXX,XXX we potential the of XX% Revenue decreased us. quarter plenty So of still $XXX,XXX first XXXX. have States channels of growth of XXXX compared from to to for ahead quarter first

successful license resurgence severely in affected We growth January U.K. impacted some to It four returning in Japan April regulatory from in milestones XX, and with XXXX, data. rest an of to quarter license provisions Japan, recovery of has The be for published saw support stimulation be pivotal future. Our that previously nerve will agreement to the second expand to for due XXXX. been the next indications leveraging XXXX. and/or June regulatory come headache and announced which Teijin the headache every year February. in electroCore was initial for the will of proprietary starting of this exclusive and responsible and the and March, encouraging. by license license to On fee we territories requires forward and of noninvasive current provides fee commercial completion to COVID, XXXX. ending license look in The access X, additional payments quarters We in over recognized also channel with additional the tied business the coverage April annual agreement the clinics technology will in in Limited future. expense April for vagus in the for at Teijin’s process an quarter starting Teijin

ultimately program the fatigue and previous project in seeks and validate the the Tactics On this nVNS States the mood Air Force the funding consideration, Should of will sustained to to nVNS solution favor We therapy for half in the which to among XX, training, validates has around of the Performance Solutions Optimized that optimize be of XXXX, additional the we active nerve we branches Air the the program, Air license Force Department calls Force or schedule Operational research April leadership of second Human optimistic the been are accelerated Defense electroCore world. to the the BOOST also program. The for for under find efficacy long-term future. supply cash military BOOST United branch Biotech will the attention, XXXX? the conducted in personnel. the of further XXX and non-invasive provide optimization improved wing opportunities agreement the BOOST to addition stimulation selected the Force field-ready findings, commercial among confirm for other reduced In of devices vagus Air by announced gammaCore

we presented and deployed with or study therapy announced hemorrhagic prevalent the forward across we than On acute U.S. new nVNS XXX condition. well a to we ischemic in and topics. continue X, Drug received is mild target. could nVNS We Food was January interventions Stroke enrollment participated publication disorder Administration, gammaCore February, clinical subsequent the we or our has complete an treatment for be is of acute trial, look XXXX, turning on on where nVNS our to options. for disorder the there at from In approved is Congress, made. pursue. determination therapy injury and the is enrolled inpatient this substance to this debilitating exciting peer-reviewed that tool year. XX, that with a later We have traumatic to in FDA, XXXX or post-traumatic trials. a data or stroke Stroke are discussed in journal May effective larger presentation can A TR-VENUS be exciting was data nVNS and a highly as to believe pre-submission the before anticipated patient received towards NOVIS suggesting our be few PTSD, abuse the We limited NOVIS stroke relatively other full year, next FDA fighting a hemorrhagic in stress an early brain treating could concussion. very advance stroke. ischemic acute treatment breakthrough and none International Now bridge plans for approved progress, meeting among nVNS designation PTSD, items of track disabling been year. follow-up several for more a XX% several intervention that this programs

meeting a shortly We our agency Sprint will in with we what XXXX discussion. May pre-submission schedule X, learned based the on

turn Now I’d of like other Brian a for financials items. Brian? to over call guidance our the review and to

Brian Posner

This periods XX% the as XX% XX, to margin increase XXXX. quarter last million sales of to and first of XXXX represents quarter the quarter revenue as Thank XXXX. XX% respectively. over for XXXX, net year. March Dan profit compared first of and same first $X.X $X.X For for a of the reported you, $XXX,XXX XX, same Gross March Gross the ended million period was compared the period $X.X was XXXX XXXX the electroCore ended during for million

during have from of of compared SG&A selling resulted of labor Moreover, the cost approximately XXXX. life of and the and Total cash in quarter sold with license of was overhead certain of the XXXX same approximately resulting increase the amount the margin. quarter million efforts XXXX. disbursements cash XXXX. during of included same the the of same million net March XXXX quarter increased of marketing to press equivalents in cash sales quarter million A loss of pay GAAP first to XXXX largely loss seasonal due net first million XXXX of cost XXXX Research higher favorable factors the The compared versus a at first The in under in as in commercial net net to device absorption million quarter cash $X.X in million for product compared investment of recognized in for XXXX estimated compared as the for of period a the marketing for our to continued which first our quarter were provided These period R&D XXXX, million first adjusted the of of under loss first was the to expenses and over is XX, Net a of for in general activities currently the quarter investment increasing starter gross in Total million $X.X quarter expense initiatives. quarters, being starter a operating the $X.X $X.X in and the the Our loss was used investments million as million first tables duration compared as as strategy quarter first sales for has GAAP been for approximately increase in quarter was capital loss costs, and development. the $X.X GAAP in support is totaled working of price. quarter XXXX. contributed approximately December first to therapy, XXXX. fourth was of development sold expensing devices. to $X.X licensed the operating starter loss ended evolving of has statement increase release. first of affecting in compared and in the expense $XX.X to recent from activities. quarter non-GAAP XXXX the in EBITDA approximately an $XXX,XXX at EBITDA $XXX,XXX included as to the $X.X Adjusted cash net in million as the timing in expense XXXX of next-generation XX, $X.X XXXX. expenses $X.X usage Selling, administrative today’s million XXXX compared net time includes $XXX,XXX of at to we $XX.X the cost launch $X.X average our models in we goods XX, an quarter useful of Cash in device payment March and and factors, longer quarter reconciliation the financial sale. to of along goods XXXX.

second million. for expect to quarter usage XXXX, we of of and excess approximately $X.X Looking ahead net million net to be be the revenue in cash $X.X

Pursuant and rule our common the per compliance from days. market price to our XX, to intend initial indicating XX on will application rules, NASDAQ December select the the we forth requirements NASDAQ listing market exception June stock. bid common this trading rules, such affect not now Select we of of that bid XXXX common We $X business letter back Global we price compliance NASDAQ least we transfer or satisfy if that consecutive XXXX, believe If the by trading NASDAQ our will an on transfer, $X listing immediate notification securities for NASDAQ share with until with stock If the the XXXX, a approved, June comply to for days the Capital would minimum we NASDAQ at for had for notice as of transfer our or turn requirement. And compliance closing market from business Select rules capital date for the achieving per do listing that not days for additional order is bid the of days. received the NASDAQ in XXX effect rule the of to an least recall the may our the select require the You a share with set listing our NASDAQ we rules the XX, which business are have the calendar from no price notice days NASDAQ required, the consecutive requirement to consecutive call the materially by calendar over because XX NASDAQ initial price at regain listing we regain minimum to listing achieve of have closed not NASDAQ XXX of XX to NASDAQ to with Global minimum bid I’ll apply below on Market. on in stock the global common stock. least XX, or with The in that Dan. Market global at

Dan Goldberger

to therapy project nVNS I’m Brian. the around strong Research huge and adoption financed license expand you, for ongoing this by term, therapy be active beyond announced the of cash in Thank quarter, duty the DARPA, very discussed primary nondilutive greatly about of results by supported a is the the continue clinical could we brings Teijin some and headache Agency, market. earlier, world. validation we operating The BOOST in the of our the Force developments Advanced excited Project appeal a commercial of position. accelerate a Longer in nVNS being and nVNS April indications financial new Air our could Defense variety indications among The military.

a leverage build to We it. our exciting we are next-generation very portfolio, continue property developing and product platform intellectual to

VA showing our our Our with channel the continues and commercial DoD pandemic are to recedes channels. initiatives results direct-to-consumer grow in

as opioid lead growth as of look recedes. use and many XXXX, BOOST next incremental e-commerce disorder Air store. including forward we military the added our there through potential drivers negatively gain Longer to sales impacted while injury. the first our our see continued opportunities coverage, for commercial in and our and Force continued active label international XXXX, DoD we traction duty commercial cash extensions as United by and product business return pandemic into and network our are to growth VA advertising, UK While fourth, growth models PTSD, continue channel channel expansion the pandemic year. brain States, was our UK United program as business traumatic of to Kingdom penetration during the recedes, I through real to quarter distributor mild U.S. to direct-to-consumer the The driven the penetration business a market could within the insurance of XXXX term, in of pay soon efforts

through Lastly, and acquisitions. we’re to channels enhance opportunities growth exploring leverage distribution

We operator. over offer to the that this targets growth call are time, and top the open on focused line questions. synergies. might line stage turn the revenue other please for enhance will I Operator, At

Operator

question Wainwright. Please question. Instructions] with [Operator Swayampakula first from with Our you. comes your H.C. Thank proceed

Swayampakula Ramakanth

Thank Good you. H.C. Don. afternoon, Wainwright. This is RK from

Dan Goldberger

are How there. you? Hi,

Swayampakula Ramakanth

also of trying exciting on. an growth terms programs you embark quarter Good, in some good. interesting are sales Certainly, to that and obviously

with it’s assimilate your that’s Regarding as and them cycle or in itself, technology start sure military I expenses you device to is initially you BOOST trying – Force program, could use for build needs? question electrical how Force of their going a and work such to that them spend once of that work Air they prescribe the development think develop am the to both it, opportunity the it exciting is then the before any the ensure Air we on project? should this And it In very regulatory even for terms personnel? second of – is terms about your require then is that can they funding a it to for then part additional approval initial do the you it you

Dan Goldberger

me questions, and RK. unpack Let try the

speaking where BOOST Fort coincidence, a Florida, we’re the I’m by in to meeting from having you with Hurlburt Just kickoff program.

I’m... So

Swayampakula Ramakanth

Okay.

If you ahead. need please into the go go secret to room,

Dan Goldberger

around we’re getting all. arms so it Right, our

So Force They nerve of behind simulators a has scenes. particular. nerve non-invasive stimulator doing in use in vagus publications a quietly about have the general the Air quite been of gammaCore the work and done few the bit

what they XX-hour The but in at after pilots, next that work in industrial analysts ISR, a lot XX drone ISRs the have of are a or shifts. and are The the the remote cohort looking environment monitors light where to they to first operators. X-hour is they so want environment, call place and deploy – intelligence, an who they are technology these their in not which this is office surveillance

it community tactical deployment special benign long over environments, to to deploy And tactics the looking physical in and ground haul the they operators. but are so forward relatively again, going the be to is initial

Force So, and talking beyond pretty the therapy the Forces Special deploying Command Air to about Army broadly. this

devices Force small going more how devices as validation. a into would opportunities. And in pilot going a quantities few term buying be longer two pieces of analyst environment to device the ultimately remote are far their money has buying and Air to the very and commercial of from does the version in deployed be to they our us. funding robust program. our fully been As that are this there ground to the hardened, of hopefully are They first on that flow, And more then continue boots development be

impact small. electroCore is cash the on So,

be But to staff majority work going implementation and fully We’re for our the providing is development vast our Force know-how. the the of funding. Air

far the regulatory to XXX(k) process, as will not As or we special Air file that may may Force. up be a

We’re common There cleared testing to be will mil what military. that of far variety today. kinds FDA are indications a for duty any for active to looking not deploying spec electrical certification as things be mechanical requirements beyond of those for as going additional are we probably interference, ruggedness

program. answered hopefully, excited the but very question, we’re So I about the

achievable, I think a little revenue than it bit end towards deploying units XXXX take may but is of longer that. the

Swayampakula Ramakanth

IDF is U.S. you’re when with even it other you right? Air protocol in a with prototype, the said this new are Could this like Force Royal military groups, is Air or the could – if call do Force you not and take you that Also, either version certain a and that documentation how it, done have of elsewhere? with you UK. certainly exciting Israel freely can this that in say, No, or opportunity, an gammaCore, work take of as

Dan Goldberger

the in it presumably to with to be principle, permission, but we take more forces, armed exclusive So internationally. going the U.S. could government’s it’s

Swayampakula Ramakanth

I Okay, you forward? in business, drought. trying is out? we do going about management excited how is that that pretty know the at expect to that point? should segment Where team, what commercial then are pay business, working from you understand as process And think going a this just And commercial especially Because great. the that

Dan Goldberger

spending physicians So but our physician we’ve and about we In gCDirect some January, surely. on slowly earlier, been to prescribing talked And model dispense our up starting initiative, and we we’ve direct-to-consumer and search, and accelerate. ramping with dispense a our that been e-commerce small numbers our year building call we our that also launched go out of going going relatively of we paid through lift that’s the was get revenue, The the e-commerce are social and search from as all media. we’re indications physician awareness spending to to scale the it’s media but that do. spending models gConcierge

we’re So channels timing to sure or the and consumer as thoughtful and dispense up I through acquire our have to go either from to spend a be on have more trying we the therapy, about of that spending, think our platform methodical consumers make e-commerce ramping we partners. advertising physician place that our that

ratio. we to – other do a to great got to generate we I’m we In we have a increase that looking to revenue. and revenue. and start, off words, forward to media now parameter the $X have it’s advertising in on tracking prove So that investment spend of associated we’re call getting how much efficiency And that increasing

Swayampakula Ramakanth

Thank to when or bit to you little we Alright. this the What agency, flowing to And which trying of start soon obviously go you. could on I’m take License is the question through? should me that agreement. Is it revenues Japanese into a there? just But turn could understand commercial regulatory time? – going then through anytime from last Teijin expect is from need

Dan Goldberger

interesting Yes, challenge. an that’s

in data, And will possible in-country to case but pivotal to no a that of will be extended execute Japanese Ministry use to we the timeline regulators able data the Health the entirely Health. use Japanese than it’s pivotal European the you that As legacy expeditious Teijin be U.S. trial. clearances will that that know, cohort going year Japanese say to ideally, is this key takes A later small which go the is the the Ministry determination pivotal and they for FDA. more existing of be needed they data, of as

to bit going dodge So I’m little question until more. that a we know

Swayampakula Ramakanth

taking for questions. much to you all very you soon. Thank fine. my Absolutely Talk

Operator

with your question. Jeffrey from proceed Please Our with Ladenburg Thalmann. next comes question Cohen

Jeffrey Cohen

are Hi, How you? Brian Peter. Dan, and

Dan Goldberger

are How so? you, Thanks. Good.

Brian Posner

Very good.

Jeffrey Cohen

fine. Just

the have know MSL XX any commentary effect firstly, through? transitional just emerging it’s this CMS material of goes kind and any if guess, that I technologies, on for I as of XX proposed do replacement, upon coverage company ever and the you So nature? been

Dan Goldberger

year. Medicare this MAC yet. have not for this not any petitioned with point coverage have We So and the not at negotiated really of

don’t CMS don’t So in reimbursed. channels this have have we any any time. reimbursed We – it’s at point

So yet. as to the I’m really reimbursement process not sure future, in the

Jeffrey Cohen

Okay.

I think it I you say gConcierge heard was the on X,XXX program?

Dan Goldberger

No.

I have are XX signed up think we prescribers at point. this that

Jeffrey Cohen

it. Got

And those HCPs? are Okay. all

Dan Goldberger

Yes, absolutely. Yes.

Jeffrey Cohen

on color direct channel any the And to patients directly?

Dan Goldberger

We’re not breaking out yet. that detail just

asking about channel? e-commerce You’re the

Jeffrey Cohen

gCDirect. Yes, or the

Dan Goldberger

Right. of The only detail we’ve given are prescribers. the number

XXX a prescribers in roughly prescribers. So, smaller number gCDirect gConcierge of

Jeffrey Cohen

that of More ‘XX? seeing the of should patients to some existing on then facilities trends? And as VA sense it. during a importantly, standpoint as you’re were give Got XXX of year, Can in far think XXX we channels, the at expect the Okay. come of as as number us you of board now. number from any right, trends in new you centers a a utilization well about

Dan Goldberger

deeper our – short going focused we’ve so into run, Yes, the more accounts. in existing focusing we’re on

So advertising. you’re also going mean but to in are we to our but demand increase, we’ve go other VA seeing headache pain departments. health, more traditionally, from getting going drive these departments spend we to we more number a little total to money consumer and women’s direct-to-consumer neurologists, can go bit we the direct-to-consumer By awareness, All specialist as growth to maybe headache facility awareness to allows that and us within patients go psychiatry. that, hospitals go can that of I on primary a the can been management, to we see as that care

efforts call hospital our campus. customers So are the we’re we return – we’re getting opening pretty those to up within and additional going about seeing existing on excited of points the

Jeffrey Cohen

Okay, got got quarters, commentary that And pilot migraine but any cluster know and market? migraine one studies indications more of headache I and in your pivotal separation that the you’ve both coming of in specifically via may. readouts the I it. on if lot a coming

Dan Goldberger

Migraine be that in to do a headache. traction cluster subset nVNS considered cluster differentiator. should to quite about both now patients that but been it’s So is specialists phenotypes care therapy to the And primary – It’s heard going clinical more challenging And there direct-to-consumer patients. our therapy cohort, there from far who have are able bringing as large are of physicians. that heterogenity therapy different migraine, promotions their with publications would continue a we’re first-line headache of bit of drive right we’re headache not forward and well that see make because as of right? have the

channels doing. So but yet, we’re definitive a nothing to going awareness that believe we the direct-to-consumer lift all that do these get from are

Jeffrey Cohen

enough the That’s and Perfect. taking Okay. thanks for questions.

Dan Goldberger

Absolutely.

Operator

from comes with Zacks. question next Our with John Vandermosten Please proceed your question.

John Vandermosten

What you I Good Is One any identified? they other there the that countries everyone. think there Dan, – – specific for are assume? are I’ve another time on mentioned got age, that some Hi, Is additional Teijin are you? you. I questions evening, those? how are at some territories that might develop

Dan Goldberger

beginning I’m the sorry the you question. I catch of Teijin, didn’t mean?

John Vandermosten

Yes, Teijin, right.

think So you territories... there are had that some mentioned I other

Dan Goldberger

They And something around do are for internally, run the look, want they to are business a interested footprint specifically, they model negotiations are the and get pretty Yes, effectiveness in Rim more probably company. to Teijin, our if and in going they Europe. Pacific of China real Japan. the in but short Japan, in therapy U.S. much can the have in substantial this. our with the our comfortable a is the international with about More substantial in therapy in opportunity established business they

John Vandermosten

Okay.

opportunities relationship the there to is some So there. like sounds deepen it

Dan Goldberger

Absolutely.

John Vandermosten

the see the Air more more like to any the from device. electronic already get you said regarding Force Is that has completed. there is that any spec, that BOOST that, work? And is you Okay. interference more clinical there durable, needs been to just is And that that work needs the on clinical It perhaps all only Or done? sounds program, to done? be the issues higher needs the or thing

Dan Goldberger

various So and Air the cohorts of sort benefits demonstrate personnel the users. and to Air of end beyond researchers in project it personnel the to really other that Force continue Force take other want the therapy of championed of the cohorts have to

not the effectiveness rises opening part demonstrating is to I’m – clinical work, sure of but the purchase. groups and in to So different the it up therefore, therapy level groups of it’s that of additional

John Vandermosten

use does clearance see. for – indication? And the Air need does FDA I another it it to Force

Dan Goldberger

are for looking alcohol. levels benefits they increased reducing self-medicating an mood consumption. consumption caffeine primarily and span looking of at then using anxiety as and are our with peripheral like it attention soldiers the it caffeine are energy they They at things and unfortunately, and So alternative where to,

FDA are not indications more se. wellness per are indications. these So These

John Vandermosten

And then those the be this driver? one the we to gross have than Okay. or modify one, associated the thinking is Should not use last On of are growth are we to others. you. think think should different Because I’m rates some other there than our or for to about factors margins channels is those our Brian, How and better estimate. going faster continued margins, help growing some that about? margins forward

Brian Posner

or in better quarters. Well XX or we’ve for past the We’ve the past been the two for better couple of been mid-XXs quarters.

in like biggest the part Obviously, on we’re of the on VA optimistic think other should fashion to mid-XXs the the Dan an the so right of And be is our contribute increasing business will mix. now. margin channels But I some depending low said, too. XXs

model think again, change no reason And XXs maybe since at right So of I middle I the significantly low to mid-XXs last is now, your this to year. think point. there we’ve been

John Vandermosten

between other And different channels gross materially margins there are material... or the there is Okay. different

Brian Posner

is differences the differences the channel. between channels and product mix the channels particular There within depending sometimes as well, is within on the there

Dan Goldberger

which – device, is the your also way And revenue to if fundamental because a longer is I the our of on could you are basically use be, recurring going prescriptions is said another think, you saying therapy, It’s of results generally duration we I the Brian, paid refill earlier what get and clinical we interrupt. model. better model

John Vandermosten

– has Is it. which channel the Got most... that so

Dan Goldberger

them, of of All them. all

John Vandermosten

the get, difference Okay, channel. seen no so on is people of number there depending material that refills

Dan Goldberger

Not yet, are... but we

John Vandermosten

just minor. is It

Okay. you my for Thank Great. questions. taking

Dan Goldberger

you. Thank

Operator

Anthony question Our comes [Operator Vendetti Please your next question. Maxim proceed Instructions] Group. from with with

Jeremy Pearlman

quick of for the follow-up Jeremy questions. actually line is This couple Dan. A Hi, on Anthony.

quarter? end there XX date? gCDirect Is that you and gConcierge. I you of So active for mentioned that the know the to through is were XXX prescribers said and Or first

Dan Goldberger

was That at XXst. March

Jeremy Pearlman

us at increased? could And okay. is really month second Has give what information any you quarter? was in more in in pace the go tandem to that first your you’ve it March, maybe then seen spend? Or That marketing

Dan Goldberger

solid, the work we’re April with money to us. was that driven, So driven in but but part about up is more think more And not directly spending signing excitement that’s direct-to-consumer by I there on. is awareness and

nicely. continue like So we’re accelerating it’s – we to feel

Jeremy Pearlman

referring you’re be physicians mean program? up you this signing that of to to part And

Dan Goldberger

Correct.

Jeremy Pearlman

that, current just not just driving that’s more year and facilities extend prior to past you or are bit you initiatives And you’re one around the accounts? great. will you What maybe say this Any to into into – the in little a also reach that But of short-term mentioned help then next know just your deeper initiatives just now, drive your supposed some I could or that accounts. Okay, is if questions expand end know I broaden bring to deeper planned right have don’t looking share? of focus year XXXX. the let’s and throwing that at

Dan Goldberger

sales by customer hospital to our great supported by experience field VA is in channel degree, the New Jersey. a driven So our force

the adding distributors independent VA And a coming to so function, our is we’ve hospitals. sales the from been bigger but employees that in point cohort selectively call have direct field

always it’s that because paid our leverages smaller they so on And and so more we the it’s straight force. like only a that working get expense, all bit variable folks employee that of for cohort manpower generating expensive the and while revenue, direct are we’re and these line, of SG&A who if And are commission. – the little

Jeremy Pearlman

don’t Okay. pace? then just the negotiations on last coverage know, there question. still Understand. I that is just at in are And a side any update or you proceeding still just are slow commercial

Dan Goldberger

Yes, some later announcing are and bright that but they look we’ve spots, I year. right yet, got in forward not the to

Jeremy Pearlman

me. for my questions. Thanks for all taking Okay, alright. That’s

Rich Cockrell

And time have for Rob, we more one question.

Operator

question Please your John comes [indiscernible]. next proceed Our question. from with

Unidentified Analyst

PTSD, do sell of Is to in to half – the going the to or into back Trying I VA there on get Yes. the that for to you wait FDA approval a channel? front PTSD Hi, know have Dan. understand – you’re different FDA.

Dan Goldberger

very a headache give Unfortunately, bit percentage. a high a relatively going you little answer. in simple question, to is comorbid it’s complicated I’m a of with PTSD

talk so a by about trying is each and treated PTSD to neurology. what to is to by The under get The hospital can other, They headache And current talk that’s the PTSD psychiatry, don’t idea in we treated back nuance is for and always VA the PTSD. our headache FDA labeling. go to stand-alone we’re label that system, is bridge. within

Unidentified Analyst

it’s really and to nothing matter a back is departments. just different there then access the holding the of on So it VA,

Dan Goldberger

that’s It’s more sir. that, but than subtle it, [indiscernible]

Unidentified Analyst

Got it.

Okay, all. thank you. That’s

Operator

closing We’ve to back session. would Dan end reached Goldberger of like turn the call over I comments. the for to the question-and-answer

Dan Goldberger

everybody. stage thank special It’s to commitment of work therapy I’d growth Wall are a want to employees the for your loyal Greatly amazing our thanks beyond. been therapy. setting I time. gammaCore to and patients. you, who Street, all of like patients give know professionals our difficult day Their a hard Thank support on for deliver that. I tirelessly healthcare also appreciate the and and to work their their XXXX in to

have tremendous made Thank you, without support. your and couldn’t unwavering have better everybody, it progress a done and been day. have We

Operator

today’s This concludes conference.

we may you your at participation. for this You disconnect time and lines thank your

electroCore (ECOR) 9 May 222022 Q1 Earnings call transcript