electroCore, Inc. (ECOR)

[Polyphemus]

Quarterly call has come & gone. Unfortunately but predictably, more of the same mess. Basic problems seem to be (1) strategic mistake in targeting a pain / headache indication (a bit of a waste basket diagnosis) traditionally addressed with medications; (2) competition with other Class II / low barrier to entry devices; and (3) a physical embodiment/product concept that does not put $ into the pockets of prescribers, which might motivate this group to change prescribing behavior. In light of the above, clinical data is apparently a very weak marketing tool. Questions from FDA about prevention indication suggest that the clinical data set is not compelling. Talking about slow PBM coverage is a complaint, not a solution.

CEO needs to revise corporate strategy, hopefully without internal interference.