electroCore, Inc. (NASDAQ:ECOR) Q1 2024 Earnings Call Transcript

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Unidentified Analyst: And lastly, now that Truvega Plus is — at least as I look at it in a cleaner sale, you buy, you’ve got it forever. You keep recharging it, you don’t have to reload or anything. Have you thought about or where are you in possibly marketing it through other channels or other people beyond just your limited exposure on the Internet mean theoretically, again, it could be at a drug store or it could be a health nutrition stores, it could be, QVC, you name it, lots of different places. So what are you able to talk about expanding beyond just you and the internet?

Dan Goldberger: Yes. I really appreciate the opportunity to expand on it. And look, we think those are all very important 2025 initiatives. It’s the first new product launch that the company has done in a long time with a new team of people. We wanted to keep a lid on it, so to speak, for the first 30, 60 days. Right now, it’s going very smoothly. We haven’t had any significant product problems. And so if we run another 30 days, the way the first 30 days have gone, the return rates stay where they are, then I think you’ll see us looking to more aggressively expand into a variety of other direct-to-consumer distribution channels, both brick-and-mortar as well as Internet sales.

Unidentified Analyst: Okay. Thank you, Dan.

Dan Goldberger: Thank you, Walter. Appreciate your interest.

Operator: Our next question is from Nicholas Sherwood with Maxim Group. Please proceed with your question.

Nicholas Sherwood : Hey, guys. Congrats on the quarter. My first question is, do you have any update on your agreement with Joerns Healthcare?

Dan Goldberger: So the update, and I think it was — some of it was in our prepared remarks, most of the work is now on our side to develop prescriber champions. The back office is in place. And by back office, I mean the ability to have a prescription accepted at Joerns adjudicated. They were fully loaded into their computer system. We have to — we — our field sales team has to generate the demand, and they’re just getting started doing that and frankly, having a lot of fun doing it. We’re getting excellent reception. You don’t see it in the revenue yet, but I think we will before the end of the year.

Nicholas Sherwood: Awesome. And then switching gears to Truvega Plus, do you see any sort of — I guess it’s not necessarily like SaaS revenue, but do you see sort of like recurring revenue coming from the about purchases or subscriptions?

Dan Goldberger: Yes. That’s in our product development pipeline for 2025 and 2026. It’s absolutely the vision to do to take full advantage of the mobile app connectivity, not just for our product, but to interact with other health and wellness apps with Apple Health. And then the data can also become a value proposition. So — but not this year.

Nicholas Sherwood : Absolutely. And then one more — more of a high-level question. You had partnered with the NFL this last season. Have you received any further interest from them or any other sports leagues or athletes that you can speak about at this time?

Dan Goldberger: So a lot of interest, nothing that I can speak about publicly. And specifically, the NFL research program, they won’t even tell us which teams are using it, which is very frustrating as a football fan.

Q – Nicholas Sherwood : Yes. Maybe DraftKings doesn’t want to sort of find that either, but —

Dan Goldberger: Exactly.

Nicholas Sherwood: Looking at — and finally, just I think I may have missed these earlier, but what was the DEA, DOD prescribing facility count and also the cash pay prescriber account?

Dan Goldberger: Yep, that’s handy, Brian. We’re looking at. We’re looking for our own numbers. 151 VA facilities up from 124 a prescription prescribers 2023, up from 1,218.

Nicholas Sherwood: Awesome. Thank you so much, and thank you for answering all my questions. I’ll return to the queue.

Dan Goldberger: Of course. Thanks for your interest.

Operator: We have reached the end of the question-and-answer session. I’d now like to turn the call back over to Dan Goldberger for closing comments.

Dan Goldberger: Thank you, operator. We appreciate everybody joining today’s call. Our employees continue working tirelessly to deliver products and therapies that improve the health and wellness of patients and customers alike. The team has done a great job of staying scaling the business, responding to the needs of our customers, launching a new product. And all of that has resulted in the accelerating growth that we just reported. I also want to say thanks to the health care professionals and their patients for their loyal support of gammaCore therapy and to the growing number of consumers who have adopted Truvega products as a tool to improve their general wellness. You all have a great day.

Operator: This concludes today’s conference. You may disconnect your lines at this time, and we thank you for your participation.

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