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Med Tech Co. Well-Poised for Revenue Growth This Year

Source: Swayampakula Ramakanth

 

January 26, 2023 (Investorideas.com Newswire) New revenue sources already in place are expected to boost cash flow 72% over the next 12 months, noted an H.C. Wainwright & Co. report.


The outlook for bioelectronic medicine firm, electroCore Inc. (ECOR:NASDAQ), in 2023 is positive, given its recent and projected revenue growth, reported H.C. Wainwright & Co. analyst Dr. Swayampakula Ramakanth in a Jan. 18 First Take research note.

"We are encouraged by the preliminary financial results the company achieved in 2022 and management's ability to continuously seek new avenues to drive revenue growth," Ramakanth commented.

This company, developing noninvasive vagus nerve stimulation therapy to treat multiple medical conditions, offers investors significant potential return. This is indicated by the large difference between electroCore's current share price (US$0.40) and H.C. Wainwright's per-share target price on the company (US$2.75). ElectroCore is Buy rated.

Revenue Growth Expected

The New Jersey-based company is expected to increase revenues this year by 72%, generating about US$14.6 million (US$14.6M) as a result, noted Ramakanth. This would follow a 52% year-over-year revenue growth in 2022, totaling US$8.5M and up from US$5.5M.

Last year's Q4 was particularly strong, Ramakanth pointed out. Revenue for that quarter alone is estimated to be US$2.5M, 68% higher than Q4/21's US$1.5M. This growth is due, in part, to electroCore's sales of gammaCore products to the Veterans Affairs (VA)/Department of Defense (DOD).

"With VA centers returning to pre-pandemic patient traffic and with published clinical data regarding the efficacy of gammaCore in reducing symptoms associated with acute withdrawal in opioid use disorder patients, we expect deeper penetration of the device within the VA system in 2023," wrote Ramakanth.

New Revenue Streams

Revenue is expected to come from three additional places this year, according to Ramakanth. If they "are successful and become meaningful contributors, our current full-year 2023 revenue estimate could prove conservative."

One source of revenue is electroCore's distribution agreement with Joerns Healthcare to sell gammaCore to patients in certain managed care health systems. Incoming revenue from this is expected to start in H2/23.

Another revenue channel, which opened in Q4/22 but is expected to also ramp up in H2/23, is sales of TAC-STIM, a new product for offering under the BOOST, or Air Force Biotech Optimized for Operational Solutions and Tactics, program, for human performance, noted Ramakanth. Full product deployment is anticipated later this year.

The third revenue stream is from sales of Truvaga, electroCore's handheld noninvasive vagus nerve stimulator launched online in December 2022.

Disclosures:

1) Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.

4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

Disclosures For H.C. Wainwright & Co., electroCore, Inc., January 18, 2023

H.C. Wainwright & Co, LLC (the "Firm") is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Swayampakula Ramakanth, Ph.D., Arthur He, Ph.D. and Sean Lee , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst's household has a financial interest in the securities of electroCore, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of December 31, 2022 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of electroCore, Inc..

A family member of the Research Analyst serves as an intern at electroCore, Inc. and, while the firm policy prohibits sharing of information between family members we are disclosing this matter for your consideration. Additionally, the Research Analyst's family member does not have a financial interest in electroCore, Inc.. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The firm or its affiliates received compensation from electroCore, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did not receive compensation from electroCore, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in electroCore, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results.

This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request.

H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report.

H.C. Wainwright & Co., LLC's and its affiliates' salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report.

The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst's judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

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