Earnings call transcript: Electrocore Q2 2025 revenue rises, stock steady

Electrocore LLC reported a 20% year-over-year increase in revenue for Q2 2025, reaching $7.4 million. Despite this positive growth, the company posted a net loss of $3.7 million, equating to a loss of $0.44 per share. The stock price remained stable in aftermarket trading, closing at $6.93, marking a slight increase of 1.02% from the previous close. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculations, though it’s worth noting the stock has declined over 58% in the past six months. The company remains optimistic about its financial outlook, projecting a cash balance of approximately $10.5 million by the end of 2025.

Key Takeaways

• Revenue increased by 20% year-over-year to $7.4 million.
• Gross margins improved slightly to 87%.
• The company launched new products and completed a strategic acquisition.
• Stock price saw a minor increase of 1.02% post-earnings.

Company Performance

Electrocore’s performance in Q2 2025 reflects a solid revenue growth trajectory, with InvestingPro data showing impressive revenue growth of 41.5% over the last twelve months. The company’s focus on non-invasive vagus nerve stimulation and the integration of its TRUVEGA device with the Apple Health app are key contributors to its revenue increase. While maintaining strong gross margins of 85.2%, the company continues to expand its market presence, particularly in the VA Hospital System. For deeper insights into Electrocore’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.

Financial Highlights

• Revenue: $7.4 million, up 20% year-over-year.
• Net loss: $3.7 million, or $0.44 per share.
• Gross margins: 87%, up from 86% last year.
• Cash balance: $7.4 million as of June 30, 2025.

Outlook & Guidance

Electrocore projects full-year revenue for 2025 to reach $30 million. The company needs quarterly revenues between $11.5 million and $12 million to achieve cash positivity. InvestingPro analysis reveals the company operates with a moderate debt level, with a debt-to-equity ratio of 0.96. Investments in health and wellness channels are expected to accelerate, with broader adoption of the TRUVEGA device anticipated in 2026. Analyst consensus is notably bullish, with price targets ranging from $12 to $25 per share. Additionally, a new debt facility provides up to $12 million in additional cash, supporting future growth initiatives.

Executive Commentary

CEO Dan Goldberger emphasized the company’s commitment to science and data as guiding principles, stating, "Science and data will always be our North Star." He also highlighted the strategic timing for growth investments, saying, "We believe the time is right to invest in growth to create long-term value."

Risks and Challenges

• Patent infringement disputes with an Eastern European competitor could impact market share and legal expenses.
• Achieving cash positivity requires significant revenue growth.
• Market saturation in the VA Hospital System may limit future sales growth.
• Macroeconomic pressures could affect consumer spending and investment capabilities.

Electrocore’s Q2 2025 earnings reflect a company in transition, focusing on innovation and strategic market expansion while navigating financial challenges. The company’s future success will depend on its ability to capitalize on new product launches and expand its market presence.

Full transcript - Electrocore LLC (ECOR) Q2 2025:

Conference Operator: Greetings, and welcome to the Electrocor Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants have been placed in a listen only mode. We’d ask you to please make sure that you mute yourself. A question and answer session will follow the formal presentation. And as a reminder, this call is being recorded.

It’s now my pleasure to introduce you to your host, Dan Goldberger, Electrocor’s Chief Executive Officer.

Dan Goldberger, Chief Executive Officer, electroCore: Thank you all for participating in today’s electroCore earnings call. Joining me today is Joshua Lev, our Chief Financial Officer and our Investor Relations firm, FNK IR. Earlier today, electroCore published results for the second quarter ended 06/30/2025. A copy of the press release is available on the company’s website. Before we begin, I’d like to remind you that management will make statements during the call that include forward looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Any statements contained in this call that are not statements of historical facts should be deemed to be forward looking statements. All forward looking statements, including without limitation any guidance, outlook or future financial expectations or operational activities and performance are based upon the company’s current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements. Accordingly, you should not place undue reliance on these statements. For a list of the risks and uncertainties associated with the company’s business, please see the company’s filings with the Securities and Exchange Commission.

Electrocord disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward looking statements, whether because of new information, future events or otherwise. This conference call contains time sensitive information that is accurate only as of the live broadcast today, 08/06/2025. I wanna take a moment and welcome James Theophilus to our board of directors as an independent director. Mister Theophilus is a very accomplished young man and a successful executive at Microsoft, including prior roles in the global health care and life sciences business for Microsoft, helping with the integration of Nuance and the launch of multiple health care specific products for Microsoft. He now serves on the Azure plus AI team, leading all go to market for finance at Microsoft for this product family.

The Theophilus family has been an equity investor in Electricor since inception almost twenty years ago, and I don’t think they’ve sold any significant amount of their position in all that time. I look forward to working with Mr. Theophilus to build shareholder value at Electricor. Turning to our results, Electricor posted record revenue in the second quarter and continues to evolve from a single product into a broad based bioelectronic technology company. We now offer a growing suite of medical devices and wellness products that service both medical and consumer markets.

The VA hospital system continues to be our largest customer and as expected, we returned to above market growth in that channel. We closed the acquisition of Neurometrics on May 1 and the integration has been completed ahead of schedule. We’ve added serious talent to our team headlined by Kelly Benning as Senior Vice President of Tri Vega and James Theopolis as an Independent Director, along with other superstars in all functional areas of the company. For those who are new to the story, electroCore pioneered noninvasive vagus nerve stimulation. Today, the company offers a growing suite of noninvasive bioelectronic technologies that reduce chronic pain and improve quality of life for patients and wellness consumers in The United States and select international markets.

Our expanding portfolio is supported by a robust pipeline of indications and applications driven by clinicians, researchers and wellness advocates. Science and data will always be our North Star. Our five year compound annual growth rate is about 58%. In the 2025, revenue reached a record $7,400,000 up 20 year over year and 10% sequentially. Gross margins remained strong at 87%, up slightly from 86% last year.

We model gross margins in the mid-80s going forward. VA revenue grew 12% sequentially from $4,700,000 in Q1 to $5,300,000 in the 2025. As of 06/30/2025, 188 VA facilities have purchased prescription gammaCore products, up from 175 a year ago. The VA Headache Centers of Excellence estimates approximately 600,000 patients are being treated for headache in the VA hospital system, including approximately twenty four thousand cluster headache patients. We’ve now dispensed gammaCore devices to approximately ten thousand seven hundred veterans, roughly two percent of the addressable headache market we see within the VA system.

The total addressable market within the VA channel is even larger if we include headache in post traumatic stress disorder patients or headache in mild traumatic brain injury patients. We believe there are as many as five hundred and fifty thousand fibromyalgia patients in the VA hospital system based on published incidents and prevalence data. Our recently acquired wholly owned subsidiary, Neurometrics, has dispensed less than 500 qual fibromyalgia simulators since launch in 2024. So we believe there’s plenty of room to grow here as well. We focused on our success and opportunity in the VA channel while deferring investments in the larger commercial insurance channels.

We intend to turn our attention to commercial market access later this year, and we’re hopeful those efforts will bear fruit in the future. Our direct to consumer general wellness brand, TRUVEGA, posted $1,000,000 in q two sales. That’s 74% year over year growth, but a frustrating sequential decline. I’m confident that Trudega will return to sequential growth under Kelly’s leadership and the initiatives we have in place. Our revenue return on advertising spend for the period was approximately two point zero, meaning for every $1 spent on media, we generated nearly $2 of revenue.

Return rates across our e commerce platforms are approximately 10% to 11%, consistent with prior periods. Truvega has now sold over 16,000 handsets, powering more than 1,100,000 user sessions on our mobile app. We plan to accelerate marketing and promotional investments in our TrueVega platform to drive growth in 2026 and beyond. We believe that a TrueVega copycat from Eastern Europe has been infringing our patents and trademarks. You may have seen some filings in federal court in the District Of New Jersey about our escalating dispute.

I’m sure you’ll understand if we refrain from commenting beyond the public filings. As Kelly develops her strategic plan, we expect to add new use cases and target demographics for our NVNS products and launch additional health and wellness offerings such as Quell Relief for lower extremity pain. Based on the opportunities in front of us, we are now investing in people, marketing and product to accelerate growth and drive scale in 2026 and 2027. This is a strategic decision to prioritize growth and long term value creation, likely delaying company wide profitability. Our U.

S. Prescription channel recorded revenue of $394,000 during the quarter ended 06/30/2025, down 17% year over year. As expected, many cash pay prescription customers have transitioned to the TruVega brand as awareness grows. And as of 06/30/2025, we’ve enrolled 182 TruVega Plus partners, including 49 gs concierge accounts who offer both product lines. Through the 2025, these customers accounted for approximately $355,000 of TRUVEGA sales, representing what would be a 14% year over year increase through the first six months of the period in that commercial space.

We expect the transition to wellness offerings to continue in this channel as we look forward to adding new products such as Qualified Bromelga to these accounts as well. Revenue from outside The United States was $465,000 for the quarter, down 9% from the same period last year. Most of our OUS revenue continues to be generated in The United Kingdom by prescription gammaCore sales funded by NHS and we modeled flat revenue from this category for the time being. We entered into a term debt facility with Avenue Capital on 08/04/2025, which provided approximately $7,200,000 of additional net cash at closing. A second tranche of $4,500,000 may become available to the company as well.

The term of the loan is forty eight months earning cash interest at 12.5% initially. The floating rate will be calculated as WSJ prime plus 5% with that 12.5% floor. Avenue Capital has been granted 106,351 shares of Ecor common as a commitment fee and up to $2,500,000 of the principal amount is convertible at $8.46 per share. Additional disclosure is available in our 10 Q. This facility gives us increased liquidity as we invest in growth and I believe we are pursuing our growth strategy from a position of strength.

Josh will discuss operating expense, cash trajectory and guidance in more detail later in the call. However, our cash balance as of 06/30/2025 was $7,400,000 That means our cash balance decreased by only $613,000 in the three months ended 06/30/2025 and a total of approximately $5,000,000 in the first half of the year. We expect to consume about $4,000,000 of cash in the second half of the year to execute our plan, including these accelerated investments, which would put our pro form a cash balance at 12/31/2025 at approximately $10,500,000 including the first tranche from the Avam Capital loan. As I mentioned above, we’ve decided to accelerate certain investments in the second half of the year to set the stage for significant revenue growth in 2026 and 2027. These investments will be directed towards Trivega initiatives and future prescription indications.

Our Board and management believe the time is right to invest in growth to create long term value. As a result, our operating expenses will increase and the revenue we require to be cash positive will increase accordingly. On our May 25 conference call, I said that we needed $9,500,000 of quarterly revenue to be cash positive. Based on our more aggressive growth strategy, we’ll now need 11,500,000.0 to $12,000,000 of quarterly revenue to cover our increased operating expense plan and demonstrate positive cash from operations. That means 55% to 62% more than the $7,500,000 of revenue we just posted and I expect that we’ll be able to hit those metrics later in 2026.

It’s important to remember that the contribution margin of our business model is still roughly 55% or more. Once we generate enough gross profit to cover our operating expenses, operating margins could increase dramatically. Now I’ll turn the call over to Josh for a review of our financials and select guidance. Josh?

Joshua Lev, Chief Financial Officer, electroCore: Thank you, Dan. Net sales for the 2025 were $7,400,000 an increase of 20% as compared to $6,100,000 for the 2024. The increase of $1,200,000 is due to an increase in net sales across our prescription and general wellness products. Gross profit for the second quarter was $6,400,000 as compared to $5,300,000 for the second quarter last year. Gross margin was 87% compared to 86% for the second quarter last year.

Total operating expenses in the second quarter were approximately $9,900,000 as compared to $7,900,000 in the second quarter last year. Research and development expense in the second quarter was $511,000 as compared to $635,000 in the second quarter last year. This decrease was primarily due to reduced development costs. For the remainder of 2025, we expect our research and development expense to be higher than the comparable periods in 2024. Selling, general and administrative expense in the second quarter was $9,400,000 as compared to $7,300,000 in the 2024.

This increase was primarily due to the greater investment in selling and marketing costs consistent with our increase in sales, dollars 548,000 of bad debt expense associated with the tax and receivable, increased expenses associated with professional fees and increased rent expense associated with the Rockaway lease expansion. For the remainder of 2025, we plan on continuing to make targeted investments in product, people, sales and marketing to support our commercial efforts. GAAP net loss was $3,700,000 or a loss of $0.44 per share as compared to GAAP net loss of $2,700,000 or a net loss of $0.38 per share in the 2024. The increase in GAAP net loss is primarily attributed to an increase in selling, general and administrative expense, partially offset by an increase in gross profit. Adjusted EBITDA net loss was $2,400,000 as compared to adjusted EBITDA net loss of $1,900,000 in the 2024.

A reconciliation of GAAP net loss to non GAAP adjusted EBITDA net loss has been provided in the financial statement tables included in today’s press release. Cash, cash equivalents, restricted cash and marketable securities at 06/30/2025, totaled approximately $7,400,000 as compared to approximately $12,200,000 as of 12/31/2024. Net cash used in operating activities for the 2025 was $623,000 as compared to $4,400,000 in the 2025. Total cash used in operating activities in the first half of the year was approximately $5,000,000 Change in net cash in the 2025 was $613,000 from the 2025. This significant reduction in net cash used is primarily due to changes in working capital as well as an increase of $526,000 of cash from the Neurometrics balance sheet.

In August 2025, the company raised net proceeds of approximately $7,200,000 through a term debt facility with Avenue Capital. Pro form a cash as of 06/30/2025, including proceeds of the term debt would have been $14,600,000 We are reiterating our full year revenue outlook. For the full year of 2025, we expect total revenue to be approximately $30,000,000 and net cash used for the next two quarters to be between $3,900,000 and $4,400,000 Pro form a cash balance at 12/31/2025 would have been approximately $10,500,000 including the first tranche from the Avenue Capital loan. And now I’ll turn the call back to Dan.

Dan Goldberger, Chief Executive Officer, electroCore: Thank you, Josh. I believe we have a tremendous amount of momentum moving into the 2025. Revenue in the VA has returned to sequential growth, and the integration of Neurometrics has been completed ahead of schedule. We’re moving into the 2025 with new bioelectronic products and technologies that we believe fit extremely well into our established channels and are increasing our efforts and investment to become a significant player in the health and wellness space. Although we expect profitability to be delayed as we increase spending on TRYVEGA, our new debt facility can provide us up to approximately $12,000,000 of additional cash to execute on our plan.

Demand for gammaCore in the VA channel continues to grow based on clinical performance and our increased presence in the field. Our VA business returned to growth in the second quarter, and we’re launching Prescription Quell Fibromyalgia through our field sales organization. We rely on our field sales organization to drive revenue growth in the VA hospital and other prescription and B2B channels. We completed a restructuring of our field sales function earlier this year, and we currently have approximately 80 straight commission sales agents, including subrets, managed by 12 territory business managers who are salaried employees. Five of our 12 territory business managers are relatively new, so we expect the size of our ten ninety nine team to continue growing in the 2025.

TRUVEGA Plus has been favorably received by the market since its April 2024 launch. The brand continues to show tons of potential as a direct to consumer general wellness offering. We sell TRUVEGA products direct to consumer through our e commerce site, www.truvega.com. We’ve hired a new digital health executive, Kelly Benning, to manage our health and wellness commercial strategy and accelerate adoption of our TRUVEGA product line in direct to consumer, business to business to consumer channels such as TruVega Partners, Perks at Work and through a handful of resellers. We continue exploring the expansion of the TruVega proposition through new product offerings, new features like the integration with the Apple Health app, and we’ll be increasingly more aggressive with those infringing our patent portfolio.

The pipeline of interest from different branches of our active duty military continues to develop for our tax products, and TACSIM revenue will continue to be hard to predict as active duty units evaluate and purchase in bulk for pilot deployment. We’re getting better at validating requests for proposals for TACSIM and our funnel currently holds approximately $500,000 of open quotes. For the 2025, our sales and marketing expense increased sequentially by approximately $300,000 while sales grew by roughly $660,000 showing continued operating leverage as we make further investments to drive sales in the future. We incurred the expense of several new W-two hires during the period that will become productive in the back half of the year and demonstrate the leverage we need to become cash positive in the future. As we continue to add new products to our established channels, we will also continue working towards additional indications for prescription gammaCore to treat post traumatic stress disorder and other clinical opportunities.

We really have not experienced much tariff exposure. Our tariff expense doubled from $2,800 in Q1 twenty twenty five to $5,600 in q two twenty twenty five, but those amounts are obviously very small. In summary, I believe we are poised for accelerating growth, and we’ll be increasing our investment in the health and wellness channel through the 2025 with the expectation of broader TRUVEGA adoption in 2026 and beyond. With the new term debt facility, we believe we have access to enough cash to execute on this plan. At this time, we’ll turn the call over to the operator for questions.

Conference Operator: Thanks, Dan. We’re now going to open the floor for Q and A. As a reminder, the best way to ask a question is to use the raise your hand feature located at the bottom of your Zoom screen, or if you’re dialed in by dialing 9, that will raise your hand. Once you’ve raised your hand, the operator will place you in the queue to speak. When it’s your your turn, you’ll be prompted and unmuted so you can ask your question live.

Just a quick reminder, in addition to everything we do on our end, you may need to manually unmute your microphone when called on. You can also type your question into the q and a widget on your screen. We’ll monitor that panel and address questions from there as well if time allows. If we’re unable to get to your question today due to time constraints, someone from the Investor Relations team will follow-up with you after the call. Let’s pause a brief moment now to get everyone a chance to raise their hand and submit a question.

Our first question will come from Jeff Cohen of Ladenburg. Jeff? Jeff, we just need an unmute.

Jeff Cohen, Analyst, Ladenburg: Hello. Hello, Dan and Josh. Can you hear me okay?

Dan Goldberger, Chief Executive Officer, electroCore: Hi, Jeff.

Jeff Cohen, Analyst, Ladenburg: Wonderful. Much better. So just a few questions from Aaron. Firstly, Dan, could you provide any insight into Truvega as far as composition of revenue with the two current SKUs that you have in the marketplace?

Dan Goldberger, Chief Executive Officer, electroCore: Yeah. It’s been a an upside surprise to me, but our $500 Truvega Plus, mobile app enabled Truvega Plus is accounting for about 80% of our revenue in the category, and the less expensive Truevega three fifty is lagging far behind.

Jeff Cohen, Analyst, Ladenburg: Got it. Okay. That’s nice to hear. So, secondly, could you talk a little bit about, have you actually, pursued any legal activity as far as patent infringement? And if so, are you doing that through The US courts or some type of ICC court filings that we should expect to to hear about?

Dan Goldberger, Chief Executive Officer, electroCore: So there’s a there’s some cross complaints have been filed in federal court in the District Of New Jersey, and we’re not gonna comment beyond what’s in those public filings.

Jeff Cohen, Analyst, Ladenburg: Okay. Was there any cost associated during the second quarter, or do we expect to see some of that in the third quarter, or you’ll let us know?

Dan Goldberger, Chief Executive Officer, electroCore: Yeah. There were some legal expense that would have been incurred in the first and second quarter of this year.

Jeff Cohen, Analyst, Ladenburg: Got it. And then lastly for us, you made some reference to new products in q three. So should we be expecting new products in the marketplace? And if so, could you talk about it? Do you expect them to be DTC or b two b type of products?

Dan Goldberger, Chief Executive Officer, electroCore: So I don’t think I explicitly said new products. The Quell fiber the prescription Quell Fibromyalgia, the production line is now up and running in Rockaway. And in late June, we started to make samples and demos available to our Salesforce. So there that’s a that is a product launch, but we’ve talked about the product historically. So I’m I’m not sure if that rises to the level of a new product.

But from a revenue point of view, it’s gonna start we think it will start generating material revenue in the back half of this year.

Jeff Cohen, Analyst, Ladenburg: Got it. Okay. Thanks for taking the questions. That does it for us. Congrats on the quarter.

Dan Goldberger, Chief Executive Officer, electroCore: Appreciate it, Jeff.

Conference Operator: As a reminder, if you have a question, please use the raise your hand button or dial 9. While we build the queue, I’ll take a question that was submitted by Andrew Wren. How much are you increasing marketing spend on an annualized basis?

Dan Goldberger, Chief Executive Officer, electroCore: So we haven’t been you know, thank you for the question, Andrew, but we’ve we’re not breaking out components of s g and a, and and total s g and a fluctuates quite a bit with timing. So I’m afraid I I can’t explicitly answer that question. I think you’ll see our s g and a line go up five to 6%. Month of the month. For media.

Well, the the so sorry. I’m stumbling here a little bit. SG and A in our prescription businesses scales with revenue because there’s a large commission component. And in our direct to consumer business, there’s a component that that scales with revenue around media and advertising spend. The blended average of all of that is about 30%.

And so if if revenue goes up 20% like it did this quarter, then that variable component of SG and A, would go up 30% of 20%, so about 6%. Sorry to be so vague about it.

Conference Operator: Okay. Our next question is coming from Charles Wallace of HCW.

Dan Goldberger, Chief Executive Officer, electroCore: I think you need to unmute.

Conference Operator: To to unmute, there you go.

Charles Wallace, Analyst, HCW: Hi. Hi. This is, Charles on for, RK. Thanks for taking my questions. I guess, first from me, can you kind of comment on what ultimately led you guys to, on the decision to ramp up spending now and potentially delaying profitability?

And then, the second question is, can you comment on the contribution of Amazon sales to the handsets in the quarter? Thank you.

Dan Goldberger, Chief Executive Officer, electroCore: Yeah. So we’re we don’t have much to say about Amazon just yet. We’re still working out some issues with the the plumbing and how orders get transferred from Amazon to our fulfillment. And as far as the timing goes, you know, we’ve we’ve restructured our sales force on the prescription side. We’re seeing very exciting green shoots in our direct to consumer business.

We closed the acquisition of Neurometrics. We’ve been able to attract some some really compelling talent in you know, starting with James Theophilus and and Kelly Benning, who both bring quite a bit of digital health direct to consumer know how. So, you know, for all those reasons, the time is now to put our our foot on the gas pedal and and drive, more aggressive revenue growth. And there’s plenty of leverage in the income statement with our 85, 86% gross margins. So we’re very confident that we’re gonna get to breakeven in a reasonable amount of time.

Charles Wallace, Analyst, HCW: Fantastic. Thanks for taking my question.

Dan Goldberger, Chief Executive Officer, electroCore: Of course.

Conference Operator: Again, if you have a question, please use the raise your hand button or press 9. Dana, it appears that has exhausted the questions. Can I turn the call back over to you?

Dan Goldberger, Chief Executive Officer, electroCore: I Robert, I think there’s a question in the chat box about neuro prep Neurometrics products sold over the counter. Historically historically, certain versions of Quell were available direct to consumer through under the over the counter label, Amazon. Now that we have production line

Jeff Cohen, Analyst, Ladenburg: up minutes, I’ll call you right back.

Dan Goldberger, Chief Executive Officer, electroCore: Now that we have the production line up and running, first, we wanna take advantage of our prescription opportunity in the VA hospital system, and and we’ll be looking at how how or when to relaunch Quell, through our direct to consumer channels. And then I I think there was another question about timing.

Conference Operator: Yep. Let me read that out, from from the the the q and a widget. How will this investment impact the time to profitability, and what are your thoughts on 2026 and profitability?

Dan Goldberger, Chief Executive Officer, electroCore: So the we we believe that the investments are gonna accelerate revenue growth. Right? We just we just announced 20% year on year revenue growth. We wouldn’t be making these investments if we didn’t think that that sequential and year on year growth rate wouldn’t increase. We need to, you know, we need to get to 11 and a half million of quarterly revenue from seven and a half.

That’s 50% plus or minus revenue growth, and I’d love to see that happen sooner or rather than later.

Conference Operator: Great. Thank you, Dan. One more question from the text box. Can you talk about the return on advertising, that you’re seeing and how that has trended, on the Triveda side?

Dan Goldberger, Chief Executive Officer, electroCore: Yeah. I think we said in in the script that, for the quarter just ended, our media efficiency ratio was two point o. In other words, a dollar of advertising spend generated $2 of revenue. That’s a little bit lower than previous periods. We’ve got a variety of initiatives.

And as I mentioned, some digital health executives joining the team where I think we’re gonna be able to return those KPIs to where they were late last year.

Conference Operator: Okay. And what appears to be the final question, can you talk about Truvaga and Apple Health and and how that effort’s going and what the compatibility is there?

Dan Goldberger, Chief Executive Officer, electroCore: Oh, great question. Yeah. So few months ago, we announced the integration of Truvega into Apple Health. In and of itself, that’s not a great deal great big deal, but there are a tremendous number of third party apps that that offer diagnostic information, heart rate, breath rate, quality of sleep. And so it gives us access to that much, much larger biohacker ecosystem, through the API, that lets us talk to Apple Health.

So, some of some folks in the biohacker community have have been very active in coming up with use cases, and I look forward to being able to make announcements about that later this year. Well,

Conference Operator: thank you very much, Sam. That concludes the the questions that were submitted. I now turn the call back over to you.

Dan Goldberger, Chief Executive Officer, electroCore: Great. Thank you, everybody. Appreciate your time. So many people and and and counterparties have have helped us get to this point. Special thanks to James Theophilus and and his family office for their patience and support with us.

Special thanks to the team at Avenue Capital for providing the the liquidity, that we’ve gotten access to, and, we look forward to great things going forward.

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