Earnings call transcript Q4 2022

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Operator

Hello, and welcome to the electroCore Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast [Operator Instructions].

As a reminder, this conference is being recorded.

It’s now my pleasure to turn the call over to Nicole Jones at CG Capital. Please go ahead, Nicole.

Nicole Jones

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

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

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

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

call over will I to Dan. that, With turn the

Dan Goldberger

expanded $X.X from $XXX,XXX record the advancing increase a you US December vagus reported Nicole. for for pay you, $XXX,XXX over various joining year of nicely prior year progress and commercial the year XX, full stimulation million. call. today's us XXXX. a XXXX, cash the million Gross $X.X XXXX of $X.X XX% and record December year fourth year We ended full to to uses. for $X.X the compared for nerve in ended made of the XXXX. margins in We great revenue sales XX% from for million quarter XXXX increase full thank on XXXX non-invasive everyone, sales commercial Thank the XXX% was for million XX, came our programs channel XXXX. in US as XXXX, Revenue from Hello

US of grow Channel, We revenue in and to of initiatives Commercial have which the continue in terms number several prescribers.

expectations. around numbers Our cash XXXX through at far has XXXX. $XXX,XXX sales so the fourth pay earnings XXX exceeded X,XXX We're increase stress, launch of could in product February, end we'll almost at has anxiety the programs, XXXX, of soft continue sleep online prescriber December of indicator January the clinician direct-to-consumer of the prescription prescribers quarter and and launch On and additional additional XX, first a provide In to announced and grown We months gCDirect have an product for XXXX. growth. of XXXX, end our the of prescribers the show future our which be pleased XXXX. but leading XXX we the December dispense prescribers future performance available of by Truvaga, growth Truvaga, truvaga.com. we calls, strong In generated line, new few gConcierge the metrics added without greatly wellness in to ended believe the our early from a with Truvaga

patient with how Joerns while and will handle will in-servicing will VA system. The billing that be to devices agreement select to within adjudications, also million care and add we electroCore dispensed. with managed system. we covered patients with Joerns Healthcare, Joerns similar its ship we provide distribution will year, the lives Joerns the XX.X believe directly collections, During health more LLC work electroCore support. announced will and pay a business than hospital for model

sales full increase on the We XXX as clinicians Joerns XXXX of a XX, care gammaCore field. VA compared total the business the continue and products continued for of and the managed other to implementation were to through systems. compared sales or million, work facilities facilities Department of and treatment quarter with be departments experience our the of agents Department Veterans XXXX, XXXX. will managers penetration team government channel, purchased DoD, government We the within through year sales number fourth our growth $X.X those in territory Net anticipate of to and Affairs the team, from through XX% as military December field those $X.X in have facilities within XXX customer and of Defense DoD in the an responsible million educating or including VA,

Operational XX, Force commitments of April an for fatigue seeks and non-invasive XXXth by optimization which Biotech to announced purchase XXXX, performance States, among or the we've and contract. personnel. we will conducted branch of be been sustained reduced first BOOST selected improved training, nerve attention, gammaCore Optimized received More the of under stimulation Tactics funding contractor and and BOOST Program, agreement human Defense Research signed the leadership Air On that of in mood under Solutions for The vagus has the accelerated additional the our Department the that validate efficacy United recently, nVNS optimize Force, with Air the prime program.

offerings XXXX the the ways for nVNS $XXX,XXX as attributed was responders our associated the States the commercialize XXXX. the year Revenue XXXX, full compared product channels for licensing from to increased revenue the TAC-STIM sales for in initial above. active all X% to being nVNS year the In in program $X.X branches under exploring TAC-STIM fees establishing Japan. the available government abroad. to We the channel million to with $X.X In million product are to of and and exclusive and relationship military of BOOST of $XXX,XXX make contributed the outside United product to first developed reported we're full United XXXX, States human duty performance brand in

the was and possible to where trial of finance support Addiction. treat Now Stimulation on On pivotal that to On Antonio, Journal, submission substance XX, Vagus announced held the Texas Stimulation, data on conducted or University a the the University We the opioid in regulatory Institute XXth use Cervical in grant Meeting Emory treatment pivotal its XXXX, Drug in for the discussed jointly of and turning from X, subsequently National Tech behavioral IDA to Annual an of injury indication reviewed that peer the Care and reduces Society's pre-submission Nerve announced September manuscript, in we participated TBI. And which October future the by Brain support patients the an company of they're brain indicated Transcutaneous of with XXXX, sponsored acute from to with a in withdrawal. publication IDA Georgia meeting and with has of San our FDA we clinical gammaCore the progress. entirety. presentation in trial a physiological withdrawal manifestations disorder oral at role symptoms likely Neurocritical traumatic

the TBI nVNS RXX Disorders be potential National the and funded of Stroke. exploratory benefits research Neurological grant an by will Institute development on of Additional on from work and

about updates opportunities. provide to continue our pipeline will and other We

for to of the call other Now, over I'll our turn items. guidance review Brian Brian? and a financials

Brian Posner

period reported Thank XXXX. in to ended million XX, you, of representing electricCore $X.X December XX% of quarter Dan, compared $X.X same the for the XXXX, net million, sales growth

charge gross compared for year XXXX. the full $XXX,XXX related compared full for the in major would company's the XX% to fourth useful included the reported for the was for Gross year of the XX% compared Affairs, the $X Gross For sales of of in sales XX% million US year estimate XXXX. fourth December useful charge year million, life margin profit full estimated Department the $X.X XXXX is XXXX. as full compared to US Veterans the the XXXX. XXXX $X.X all was the change quarter to XX% in commercial sales growth net $X.X million the Gross quarter certain XX% margin for life increase $X.X $X.X of million year to the XXXX, as XX, sales for XXXX. XXXX full across increase been including The for quarter fourth of $X.X ended for of million to have year a to XX% of to excluding Gross from net an company and for channels, in XXXX. to channel the as The net due was the million of of quarter representing was compared quarter the licensed of change of as assumption for XXXX US. Gross of the fourth profit the fourth the margin profit full million XXXX products. quarter outside

Total $XX.X increase Research same connected and as the quarter in operating full in compared of million $X.X the quarter to targeted for to the quarter in million of as integrated year XXXX XXXX. million was million $X.X $X.X of full of increase around development of smartphone the $XX.X loss to to million a were net $X.X quarter intellectual loss full a SG&A in support XXXX. investments million million compared net efforts in investments and iterations fourth as our period full revenue XXXX delivery million XXXX to $X.X that the GAAP for our increase expenses and year was $XXX,XXX in SG&A $XX.X $XX.X fourth quarter, expense million year-over-year in the to the for of GAAP primarily for for fourth fourth product XXXX $X.X for increase was our general quarter $XXX,XXX the $X.X the the for development. to as million was full XXXX. net and loss and compared in million loss the million a Selling, efforts, XXXX period by year the as the the expenses administrative our XXXX leverage the our was XXXX driven drove to therapies. XXXX. for of million including XXXX compared of in XXXX. product of cash This Note commercial sales Again, full Total $XX.X expense pay spend. expense XXXX. largely as due of the for $X.X the for for the $X.X from investment XXXX particularly $XXX,XXX full signaling the QX support to full compared around $XX.X compared sales R&D compared initiatives. corresponding same as accelerating GAAP future year primarily loss in in year property expense targeted due fourth marketing our the the new was compared the year as implementation million XXXX. for a GAAP was year year marketing net was non-invasive operating platform, This to fourth XXXX. to of increase smartphone is to quarter were million

non-GAAP to compared statement year release. loss quarter loss the net net fourth to activities in loss used of XXXX. totaled quarter a loss XX, net used been operations. compared $XX.X was year was used in in million $X.X of the of loss net December for in and compared is XXXX. the to in has of year financial loss cash loss cash operating was reconciliation of reported $X.X XXXX Cash, in operating in EBITDA cash compared XXXX. million to of equivalents EBITDA fourth to increase as EBITDA in net our of net press in $XX.X a EBITDA restricted full million an in This XX, cash as of ended Net million tables loss $X today's as as XX, Adjusted net from A of $XX due $XX.X primarily December the GAAP $XX million Net the as the million included as at XXXX. to XXXX $XX.X million for to of increase adjusted the activities compared $X.X provided was for December XXXX million XXXX full million the a the cash loss full quarter adjusted Adjusted XXXX. fourth quarter million XXXX

to million our Looking full million at that channels to $X are for revenue the products TAC-STIM by more for we net million XX% $XX We full from new again and in of be than year brands million believe for to will ahead, XXXX, guiding year the could revenue. full headache Truvaga grow $XX more $XX year. and the legacy the least than

first seasonal the the increased in usage now And affecting cash working to quarter quarter evolution. net XXXX call in investment I'll of expect to largely factors to to We over compared product capital, fourth the Dan. XXXX, increase due back as turn

Dan Goldberger

our the long Thank about prospects. more and you, operating into about even results I'm carrying year-over-year Brian. I'm and super term excited momentum the XXXX, enthusiastic we're company's

have Continued investments reflected revenue as covered business in in greatly therapy XXXX. and our expanded growth market the models cash pay realized by nVNS the

we channel in DoD future to have continues We of strong for direction Orders our new military our which wellness bode We in are lift enthusiastic our are XXXX. Truvaga. and the the the trending result initial very could believe initial TAC-STIM add well right the we’ll to also metrics adoption which for in continue January evaluate investments which our sales all quarter. in been are pay may results about in by in The our human accelerate progresses. our military. the active-duty commercial could of year performance the within and a Force may project product, among channels nice build the of first February, our financed outpacing VA expanded adoption Truvaga our quarters. nVNS Interest of cash expectations, as believe revenue the Air branches being BOOST proposition, different for Similarly, from to

Our positive initiatives cash results. pay are showing

directly ramp is revenue are this programs covered coverage announcement prescribers dispense generate to expected to material patients and practices directly as the could number increase nVNS, their with than physician make from to Our Further available chain. out, we solutions. product growing performance insurance supply treat new will of or lives expected health opioid launches platform faster later working year. disorder earlier headache, through for discussed Joerns use digital The access dramatically electriCore. new gammaCore we human our disorder, launched post stress be and/or look app-enabled technology featuring XXXX, product additional towards we to can indications wellness traumatic and provide That in for as continue in our the up that

and app business VA models, I active sleep, and TAC-STIM penetration development the new brand advertising development directed by the that'll increased continued performance our military including see pay duty anxiety for consumer new United driven enabled beyond, channel, beyond many BOOST the our wellness, by potential growth in further Air consumer growth drivers Truvaga platform health our driven spend by States, in in channel of commercial XXXX US cash further product an DoD of solutions facilitate models. by to and human and efforts, of product facing the program the business financed for leveraging the unlock in Force digital and

expenses in reduction operating first that'll quarter a instituted quietly [indiscernible] for We of XXXX the about $XXX,XXX XXXX. by of remainder reduce

would regained a X, the quarter While open February, the we fourth split put reverse company NASDAQ shares in XX like that In market common out on profitability. our the to for are closing, and we of XXXX, in implemented during XXXX. we're operations March requirements I XXXX. compliance primarily for looking one path listing focused with streamline on to directors ways revenue constantly also point several In the of to growth,

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

Operator

[Operator from first is Ladenburg Jeffrey today Instructions] coming Our from Cohen Thalmann. question

Jeffrey Cohen

Thanks read verbose for the out.

of the programs I sponsorship you've few it and talked some a reduction you there. programs. grants pushing out of or that talk talk like and if tie got lot sounds questions SG&A, OpEx know So and from that's small these a R&D wonderful then own. there's into about about our maybe It's R&D all and out and forward about coming

should of programs? as we for for will, less, a more far as if you you but anticipate level getting So R&D similar

Dan Goldberger

much some to And us vagus XXXX. exciting, very is app I from to platforms, shifting First in the in rift. the we to launch and like models. addition the family dodge about was question up turn clinical platform XXXX that get to business product expect going new a that of traditional towards bit various opportunity XXXX of freedom nerve about it'll work a and talk opens into livelihoods. in is in quite to ongoing spending -- Jeff, with able stimulation be people's connected development of our that the R&D platform The work health all, too I'm that gives don't to new the for we’ll digital lead

as So nature on you into side it's know, the look for product product that quite XXXX. a of bit we as development is innovation the of lumpy. And go

outlay and up end upfront with tails as then a launch. large off product You towards get engineering that work you

then use but group As be financed Bremner's Drug far Abuse both as on post would working indications disorder go, with the XXXX that, for us the next and opioid those following opportunities. Institute National up stress disorder by are Dr. traumatic probably is of

Jeffrey Cohen

payers you prescribers you nice that there Are expect upon the deductibles the or bit? end of it sounds space? Can to recently and lumpiness and quarter would about you any as through. in you talk first continue like of carrying toward a as the gone a uptick kind that it's far year, sounds you that the It at had trajectory go, seeing the like is going have

Dan Goldberger

better for numbers So commercial most is business our or worse, those pay. of by prescriber cash driven

while do so cards or cash deductible portion of HSA cycle business. using cards, are to our pay the FSA folks really we their are on And exposed their We not that the have of those patients cash very component small do the but covered now. slowdown quarter, pay indeed hopefully in first a right small insurance but and cohort it's compared growing to

Jeffrey Cohen

to commentary on or from you on Brian and for think high financial like 'XX on side. reason we XXs, thinking lower for it previously environment lastly labor think got I there margins, strong were chains the overall that But very some XXXX higher then perhaps given front? out there. headwinds Any supply looks or the And away was the any

Brian Posner

But we remarks, prepared had until where been have our we said in in up we change an XXs were this quarter that we XX% estimate. consistently charge. over without that as No, the

north So well. are fairly still XX% we XXXX we that comfortable to going are as of see in

Jeffrey Cohen

And or major lower the do the portion that direct of Truvaga drive business that or higher from you expect consumers levels? previous to to

Brian Posner

at significant won't way. impact I point, a have think either it this

or So overall percent I'm gross very again the going better with comfortable margin forward.

Operator

is from Your next Zacks. Vandermosten question coming from John

John Vandermosten

out could on coming that here some and call Zacks. some it OUS a areas start your VA guidance, million you areas I year-over-year if the brackets we looks with wondering And on have of the it's the it you To from where coming from? down over I how what and But I other question guess, break like earlier was said think just growing you you the program. there see more do is $X think TAC-STIM of in Truvaga XXXX? legacy, at

Dan Goldberger

pieces Our it. VA two to hospital business has

The are our we paid I accounts able is field have them reps. them hospitals. grow call deeper is These existing to increasingly, And new first sales. the folks call XX.XX the customer who agents up our we sales second going into and opening been straight commissions. trade in get

the year-on-year ‘XX year grow as business. and ‘XX we variable So XX% to from that. it's all before grew right, expense hospital VA it the The the we pandemic, XX% business through

XX%, So least Jeff, time. our largely accounts. business, growth just pay commercial cash I'm go as The as existing chatting at this year, we was that and I recruit channel this XX% XX.XX at in into for looking deeper reps with to continue US is

year, a basis, cash that that's sign announcement Joerns nNVS on a prescriber the numbers effect interested And new in multiplier a pay should is we lives and we're offering will about prescriber another covered those But a that's very be Although, therapy by in have exciting million the bureaucracy system, the back that business access get going forward. about. our driven giving half could numbers. up as worked to come cash of out Kaiser we that the the on hospital talking us pay the upside to XX once

been it's smaller than growing starting So XX% and more far numbers. that XX%, from

exciting truvaga.com. I go take acceleration fourth But the We of TAC-STIM that everybody the Truvaga, to the our revenue new some And of the listening, our starts. in we can new So think lots products business Truvaga from have reason launch. rest at in year. go we way very, aggressively channels through The in already all a start grow very reported by and year. our quarter, as the back who's TAC-STIM, of please half very through fast look products the year, for as at especially of this

John Vandermosten

you mentioned that at up that. gross a keeping had margin, was XXXX? looking to to Brian, had helping we something on lot that And Jeff the inventory expect of margin. gross know I I Should that And continue remember through you

might start that have and manufactured when to inventory? out wondering using Just run you newly

Brian Posner

XXXX. mentioned some coming new as Well, for scheduled we products Dan out, have

So the our some with down outlines supply out XXXX. inventory have comfortable for road. But still we'll now we're chain for right levels very

John Vandermosten

required So range no $XX million you’ve… going probably in to $XX demand be is to new anticipated million manufacturing satisfy to that

Brian Posner

than we No, that, The of be fine. should fine. be should we the should revenue cover cost more

John Vandermosten

I have last coming have that is And And year's applicable next announced? at that patents have we of five me just to Dan, recently. you'd granted new think, associate the that on new up. all were Can those to products? maybe the of one some for you you been that least launch there mentioned patents products also some

Brian Posner

patents. speaking, two We have two we of families broadly have

because the talking Air performance is are The the first about where traditionally nerve the to taking moving Force doing patents as health space. they're our phone other would the what around into mobile technology cognition, digital that group of and and broadly, our they're attention now work I'm talking other using around enabled And product is indications that not around non-invasive where stimulation term think second is And the indications. Army of vagus human indication. you platform about the app medical it a extending

speaking, is by new broadly of nerve communicates an vagus covered that so family with And patents. stimulation this app,

Operator

with coming Wainwright. is RK question from H.C. Next

Ramakanth Swayampakula

you good year, just an even provided. especially guidance and that with you looks to year better like had certainly It looking your a you're

Can going of confidence? gives sort In your guidance highlight are now. you the up you just of confidence that you bit the terms in quite that of a things some where from

Dan Goldberger

is two and stream our last we XXXX largest in expect years hospital business. revenue VA Our the for

and The will that the access street year normal I'm impacted COVID, we're first full increased feet by on sort hand excited by reps. the was the we have, to ‘XX about just XX.XX because very for number the half recruiting of multiplied one have back of XXXX on that of we

And smaller we to at to XXXX. XX% or ought so like growing able XXXX, be from business cash the GC grow that first probably but least XX% starting XXXX. XX% XXXX numbers, over we and are numbers. over Similarly, our gConcierge, in XXXX off the some pay gCDirect, growing prescriber in more XX% numbers -- Prescriber in of rattled couple of months of

So half momentum see we to announcements the going I think through in to up any even the Kaiser go that back The access that's accelerating counting not system as year. opening year, of the of and the that. Joerns

exceed very we base few miss in on reasons reasons that lots it. headache XX% why So growth business of why and we'll our should

Ramakanth Swayampakula

So little just just to of kind some of bit things which you stated. dig a those into deeper

BOOST and the also interested centers more program. in of VA the I'm terms In

contract the be contract the that BOOST if Is have other a anything in would full stated have us that over the spread have the sense, it that than can is the a saying more revenue just set going numbers? sense this the You you in there for time just a you a year? can program. even at is quarter say be up, you contract being How in give hand or you to you that

Dan Goldberger

products. deployment quotations for Special number Forces now we quarter orders And But small the be dozen second BOOST above in quarter. the the been have of some in specific there have and Special half over a deployment and of and revenue getting we’ll the BOOST out contract Air Army contract, in about Force certain Forces. will for -- we units of So current have

We have Special not Navy Forces yet. anything gotten from

year. on BOOST some as be collect So will revenue program recognized be contract, this in the we deployment orders R&D those while now small them. quarters of And and was when and significant could we ship second third product getting the it specific a are and

Ramakanth Swayampakula

to their cash adding the you almost that on you year test get for business, are trying program, it? in that going just getting there going patients to you to And to just in in some to the you adding people pay then prescribers? you Because a have and prescribers these prescribers? of on this is take relationship bit So the more know the of the get correlation a until Is to I how kind working system. little feel want prescribers of constantly commercial relationship number between would in But are you now. point plus or had number I'm into your understand scripts, this comfortable increase to with more test when is longer it, prescriptions where understand

Dan Goldberger

more So company. I great and have neurology have we to few question slice that's a Historically, it a a been ways.

Over increased of we have the course XXXX, dramatically our call point.

cash from practices, already cash pain And clientele. and chiropractors, again traditional clientele. have then third another pay and one are of pay model roughly from medicine integrated which base neurology a third-third So come practices. which come medicine, of But our prescriber functional our model prescriber XXXX third a business in adds the or already have

are The enthusiastic So in a embraced pain traditional in open already there have their neurology, because these about have slower But demographic markets generally insurance. to clientele that traditional pay other uptake. I'm and segments adopt, cash very already business the direction. their minded model two is

Ramakanth Swayampakula

I imagine, Joerns to multiple the And about last would Joerns similar organizations one talking question there are Healthcare. me, then Healthcare. country in from

for organizations, start in you see look parallel that these trying Joerns So all to conversations are of waiting to strategy, other before growth or are how ongoing? are terms you executes your

Dan Goldberger

adjudicate in that out exactly DME particular model. collect work patient office the that lot is No, or There We co-pays you're goes plan deductibles right. benefit patient. that a the from business to want what launch to Joerns that make is of back prescription, sure figure on, smoothly

more working before So make it take smoothly try sure national. we we channel want to is all that to

Operator

[Operator Maxim Our question Anthony from Group. from next is Vendetti Instructions] coming

Unidentified Analyst

This is for I'll time Anthony. right Thomas jump and my the you into on answer taking to the it. questions, line I just appreciate

on spoke the little team more kind a just you're out with you enough do and could that you briefly looking full you color forward, at little Truvaga of bit little the you've going more the provide And that in sales firstly, start you're So you you are strategy a provide trends or to call. expecting to it seen guys commercial on maybe have XX.XX launch? an to way how But And bit with build color? Is product? when guys you team could marketing initial guys then of guys I a your meet have on to internal the be demand to a know looking sales expect sure to going just product? making a meet reps demand. or Truvaga the

Dan Goldberger

vagus assets, building to story. the influencers in are primarily turns And been XXXX, for prescription. We've truvaga.com topical went -- the business simulation, right not we wellness that now. that is so January channel. going to sales surprising of It full wellness on nurse We've through medical nerve out a Search. and community of that December in sleep to is live first people. and late February not money various two social model And anxiety vagus have treats e-commerce So does it started therapy some spending first product that out and an month pick exclusively stick year, of up is media a product the in healthy stress model. and the were It a so for it's device, last number been need a e-commerce somewhat Google

a as pretty e-commerce that we're as model business traditional how an business med grow can excited about rep model. tech sales opposed to So

Unidentified Analyst

commercial expect products? do you with any full to Truvaga you have insight on a the And launch when do

Dan Goldberger

We're on right that comment not going now. to

Unidentified Analyst

number know that or ago to the just topic see at. because guys order of kind I you of was of guys were were and you to that were the spoke relaunch the I on you a going your guys which like just know e-commerce, had couple hits you just trying calls kind just then listed about, you back curious where And I of to launch And decreased. e-commerce you mentioned gone or down platform. had in Google, were spending

you just at relaunching levels then were entirety has with where with you're where the the just of was again, that and I back that, So wondering gotten of platform? at to kind historical

Dan Goldberger

frankly telehealth XXXX, a our in and reasons. was we prescription launched headache for a therapy variety with So that for disappointing partner of

breath require this relationship, deep chose consumer new launch wellness product So instead completely to down to that does that not a we shut direct took prescription. and a

Unidentified Analyst

Those the questions time. taking I'll the for I are you and all in right jump queue. I have the back appreciate now,

Operator

Kemp from Next Markets. question coming from is Capital Brookline Dolliver

Kemp Dolliver

efforts additional to you First of reps do think terms that to opportunity? What with pursue you'll Kaiser. regard need level XX.XX in of

Dan Goldberger

very be reliably you is up Kaiser prescriptions have about getting in And better we're We be neurology of scaling once we know we we're more demonstrate the animal. through Kaiser of the to going California. sales to of the vocal that the a clinical it. going and number assets chain big a bureaucracy then apply aggressive much has that number as about of we're champions supply lack small department already The bureaucracy, systematic for term, a So been in challenge Kaiser.

it calendar event not based. So is based,

Kemp Dolliver

mentioned largest which but some have is footprint, you density markets. other Well, California, in they their some do

then on and you'll like California [Multiple So it focus initially to the other or go California markets Speakers] sounds exclusively?

Dan Goldberger

Exactly. footprint. to we in make go things before do other and to California where that sure the work Colorado they have a states No, we're Georgia and going significant

Kemp Dolliver

Second question and NHS to relates the currency.

but stable or negative does for be, neutral, are to going way you two sounds questions, in point contributor a still a NHS in like say, you -- is look any at how help? it's And how currency XXXX. So this

Dan Goldberger

My question. quick… good a That's

Kemp Dolliver

assume Let's from there… steady and state go

Dan Goldberger

I'm NHS we got by The to number NHS by robust driven is specialists of news And headache Service. is have get to relatively bad the going our headache the system on. currency, that effectively of specialist. headache good within news the So it is Health are authorized hedge business to coverage the National not But the rationed through try and that NHS. a that under waiting see time in number specialists small to is

business our logistics a of quickly on how grow. can those sort So keep throttle

the the way doing is to neurologists, of team a But in lobbying within headache United up to of Kingdom the not system. a to to business. less much Our task to get change us open a Herculean that's just [specific] pay larger NHS NHS their attention specialists cohort Sisyphean, prescription

prescribers unless can trying to So but we to are to until grow number digits of available going open convince us. we keep single that or high it's NHS the up

Operator

question for back reached We management you. or the further our I'd closing end session. like floor turn any Thank to answer of and to over comments.

Dan Goldberger

Yes. but not Thank special the new consumer to at you’re two lines. grow please only encourage you, everybody time headache truvaga.com. employees new look take tirelessly product everybody. I greatly making thanks to working of go our have who launch our appreciate We business offerings entirely today. a want I at give all product been to

healthcare for Of course, to stimulation Thanks, a nerve their want of good thank also vagus the day. technology. their and our I and loyal professionals support have patients

Operator

conclude does today's That teleconference webcast. you. Thank

You your your day. a lines at time, thank may We you participation this wonderful and disconnect for have today.

electroCore (ECOR) 8 Mar 232022 Q4 Earnings call transcript