ROCKAWAY, N.J. - electroCore, Inc. (NASDAQ: ECOR), a bioelectronic medicine and wellness company, today revealed outcomes from a consumer study on its Truvaga Plus product. The independent third-party research, conducted earlier this year, indicates that users experienced improvements in sleep, focus, stress, energy, and mood after using the product.
The study involved 39 participants who used Truvaga Plus at home twice daily for a period of 30 days. Self-assessment evaluations were collected at 7 and 30 days. By the end of the study, 82% of users reported feeling calmer and mentally healthier, 77% more alert and relaxed, 74% experienced better sleep and improved mood, and 67% had increased energy.
Among those who reported better sleep, 72% claimed to have gained an additional 30 minutes to over 2 hours of sleep each night.
Following the trial, 87% of participants expressed a likelihood to continue using Truvaga Plus for ongoing wellness benefits. Dan Goldberger, CEO of electroCore, expressed enthusiasm about the study's findings, highlighting the absence of problems reported and the potential for broader adoption of the company's health and wellness products.
Truvaga Plus is a handheld vagus nerve stimulator designed to activate the vagus nerve non-invasively, aiming to balance the nervous system. The product is intended for general wellness and is not designed to diagnose or treat medical conditions.
The company's forward-looking statements suggest a positive outlook for the commercialization of its medical devices and consumer product offerings in the United States and select overseas markets. Still, these statements are subject to various factors, including the ability to raise additional funding and the effects of market competition.
The information presented here is based on a press release statement from electroCore, Inc.
InvestingPro Insights
As electroCore, Inc. (NASDAQ: ECOR) continues to explore the consumer wellness space with its Truvaga Plus product, financial metrics and analyst insights from InvestingPro provide a broader context for evaluating the company's market position and future prospects.
With a market capitalization of $34.21 million and a substantial revenue growth of 86.57% in the last twelve months as of Q4 2023, electroCore has shown a significant increase in sales. This is further underscored by an even more impressive quarterly revenue growth of 102.77% in Q4 2023, highlighting a strong end-of-year performance.
Despite these gains, electroCore faces challenges as evidenced by its negative P/E ratio of -1.86, indicating that it is not currently profitable. The company's gross profit margin stands at a robust 82.51%, yet an operating income margin of -117.31% reflects ongoing operational costs that exceed gross profits.
This data aligns with the InvestingPro Tips indicating that while electroCore holds more cash than debt, it is quickly burning through cash and analysts do not anticipate the company will be profitable this year.
For investors and stakeholders considering the long-term viability of electroCore, these financial insights are crucial. The company does not pay a dividend, which is common for firms focused on growth and reinvestment.
With additional InvestingPro Tips available, users can gain an even deeper understanding of electroCore's financial health and strategic positioning by visiting https://www.investing.com/pro/ECOR. To access these insights and more, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are a total of 5 additional InvestingPro Tips listed for electroCore, providing a comprehensive analysis for informed decision-making.
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