Electrocore Llc (ECOR)
NASDAQ:ECOR
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Electrocore
(NASDAQ:ECOR)
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Rating:47Neutral
Price Target:
$6.50
▲(0.00% Upside)
Action:Reiterated
Date:05/09/26
The score is held down primarily by weak financial sustainability (persistent losses, negative free cash flow, and negative equity), which outweighs strong gross margins and improving revenue trajectory. The earnings call adds support through reaffirmed ~30% growth guidance and improving adjusted EBITDA, while technical indicators are neutral-to-mildly positive and valuation is constrained by negative earnings.
Positive Factors
Revenue growth and guidance
ElectroCore has meaningfully scaled revenue (from $5.5M in 2021 to $32.0M in 2025 and $34.9M TTM) and delivered a record quarter. Reaffirmed ~30% guidance signals durable demand expansion across channels, improving the firm's ability to leverage fixed costs and progress toward sustainable profitability as scale continues.
Negative Factors
Negative cash flow and funding sensitivity
Operating and free cash flows remain materially negative, and cash balances declined materially in Q1. The company continues to rely on external financing to fund operations; persistent negative cash generation raises refinancing and dilution risk and constrains ability to invest in commercialization or R&D during adverse capital market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and guidance
ElectroCore has meaningfully scaled revenue (from $5.5M in 2021 to $32.0M in 2025 and $34.9M TTM) and delivered a record quarter. Reaffirmed ~30% guidance signals durable demand expansion across channels, improving the firm's ability to leverage fixed costs and progress toward sustainable profitability as scale continues.
Read all positive factors
Electrocore (ECOR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.54M
Dividend YieldN/A
Average Volume (3M)33.66K
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue Growth31.90%
EPS Growth-10.81%
CountryUS
Employees73
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.81
Shares Outstanding8,295,707
10 Day Avg. Volume29,982
30 Day Avg. Volume33,656
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)-22.29
Price to Sales (P/S)1.19
P/FCF Ratio-4.62
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue1.66
Enterprise Value/Gross Profit1.90
Enterprise Value/Ebitda-4.33
Forecast
1Y Price Target
$16.62Price Target Upside155.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-1.44
Revenue Forecast (FY)$41.96M
Electrocore Business Overview & Revenue Model
Company Description
electroCore, Inc., a commercial stage medical device company, engages in the development and commercialization of a range of non-invasive vagus nerve stimulation (nVNS) therapies. The company is developing gammaCore, a prescription-only nVNS thera...
How the Company Makes Money
ElectroCore generates revenue primarily from selling and providing access to its gammaCore nVNS therapy through commercial channels and healthcare reimbursement. Key revenue streams include: (1) sales and/or recurring access programs for gammaCore...
Electrocore Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call communicated a strong quarter of execution: record revenue, significant YoY growth, higher gross margins (87%), and meaningful improvement in adjusted EBITDA loss, all while reaffirming full-year guidance. Management also highlighted multiple catalysts (VA and DoD expansion, TruVega international launch, Quell OTC relaunch, R&D/clinical progress including PTSD work) and added experienced commercial leadership. Key risks discussed include a decrease in cash balances, Q1 seasonal cash burn and near-term capital timing, ongoing GAAP losses driven by nonrecurring charges, concentrated product penetration in the VA (only ~2.5%), and historically variable TACSTIM revenue. On balance, the positives around accelerating revenue, margin expansion, improving adjusted EBITDA, product and channel momentum, and clear operational priorities outweigh the near-term financial and execution risks presented on the call.Positive Updates
Record Quarterly Revenue and Strong Top-Line Growth
Q1 2026 revenue of $9.6M, the highest quarter on record, up 43% year-over-year. Company reaffirmed full-year 2026 revenue guidance of ~30% growth (roughly $9M–$10M incremental vs. $32M in 2025).
Negative Updates
GAAP Net Loss and EPS Deterioration (Transition Costs)
GAAP net loss was $5.3M in Q1 2026 vs $3.9M prior-year (+~36%), and net loss per share was $0.59 vs $0.47. The increase was driven primarily by $1.9M of nonrecurring leadership transition costs; excluding those, net loss per share was $0.37.
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Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong Top-Line Growth
Q1 2026 revenue of $9.6M, the highest quarter on record, up 43% year-over-year. Company reaffirmed full-year 2026 revenue guidance of ~30% growth (roughly $9M–$10M incremental vs. $32M in 2025).
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 revenue guidance of ~30% growth (roughly $9M–$10M incremental versus $32M in 2025, implying ≈$41.6M total), citing Q1 results as support: record revenue $9.6M (+43% YoY), VA prescription device revenue $7.9M (+48% YoY) with prescription gammaCore +26% and Quell surpassing its first >$1M quarter (cumulative Quell ~$2.7M, including ~$2.5M Quell fibromyalgia in the VA), ~15,000 VA patients treated (~2.5% penetration of the addressable VA headache market); consumer TruVega revenue $1.6M (+44% YoY; $1.5M TruVega, +38% YoY) with ROAS ≈2.37 (+14% QoQ) and return rates 12–15%; gross profit $8.4M and gross margin expanded to 87% (+200 bps YoY); GAAP net loss $5.3M and adjusted EBITDA loss improved 24% to $2.3M (from $3.1M); cash, cash equivalents and marketable securities ~$8.8M (vs $11.6M at 12/31/25); R&D $740K; SG&A $12.9M (including $1.9M nonrecurring leadership transition costs and $300K legal); other expense $276K—while management stopped short of a breakeven quarter, they pointed to operating leverage, mid‑80s gross margins, VA/federal expansion, TruVega and Quell rollouts, TACSTIM upside, and a next‑generation mobile platform (2027) as the catalysts underpinning the guidance.Electrocore Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
23
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.90M | 32.03M | 25.18M | 16.03M | 8.59M | 5.45M |
| Gross Profit | 30.45M | 27.79M | 21.40M | 13.23M | 6.98M | 4.07M |
| EBITDA | -13.36M | -11.48M | -10.90M | -17.76M | -22.28M | -19.66M |
| Net Income | -15.38M | -13.97M | -11.89M | -18.83M | -22.16M | -17.22M |
Balance Sheet | ||||||
| Total Assets | 15.48M | 18.67M | 20.47M | 16.10M | 24.76M | 42.83M |
| Cash, Cash Equivalents and Short-Term Investments | 8.83M | 11.61M | 11.97M | 10.33M | 17.71M | 34.69M |
| Total Debt | 9.48M | 9.40M | 4.14M | 626.00K | 699.00K | 761.00K |
| Total Liabilities | 21.17M | 20.38M | 12.93M | 8.66M | 7.67M | 6.18M |
| Stockholders Equity | -5.69M | -1.71M | 7.54M | 7.44M | 17.09M | 36.65M |
Cash Flow | ||||||
| Free Cash Flow | -6.87M | -8.25M | -6.95M | -14.87M | -16.64M | -13.63M |
| Operating Cash Flow | -6.84M | -8.19M | -6.95M | -14.67M | -16.64M | -13.63M |
| Investing Cash Flow | -26.00K | 3.88M | -8.52M | -206.00K | 0.00 | 18.22M |
| Financing Cash Flow | 7.68M | 7.63M | 8.44M | 7.49M | 0.00 | 25.68M |
Electrocore Technical Analysis
Positive
6.50
Price Trends
6.45
Positive
5.99
Positive
5.79
Positive
Market Momentum
0.02
Negative
50.15
Neutral
55.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ECOR, the sentiment is Positive. The current price of 6.5 is above the 20-day moving average (MA) of 6.38, above the 50-day MA of 6.45, and above the 200-day MA of 5.79, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 50.15 is Neutral, neither overbought nor oversold. The STOCH value of 55.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ECOR.
Electrocore Risk Analysis
Electrocore disclosed 136 risk factors in its most recent earnings report. Electrocore reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Electrocore Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $30.07M | -2.37 | -114.87% | ― | 6.68% | -146.95% | |
47 Neutral | $55.54M | -2.56 | 836.32% | ― | 31.90% | -10.81% | |
46 Neutral | $37.09M | -4.71 | -119.92% | ― | 10.98% | 41.82% | |
46 Neutral | $20.50M | -0.91 | -312.04% | ― | -100.00% | 100.00% | |
44 Neutral | $9.89M | -0.68 | -335.47% | ― | 16.05% | 27.95% |
* Healthcare Sector Average
ECOR
Electrocore
6.32
1.71
37.24%
MYO
Myomo
0.81
-2.44
-74.98%
MODD
Modular Medical
3.30
-25.80
-88.66%
NMTC
NeuroOne Medical Technologies
4.51
0.55
13.89%
VVOS
Vivos Therapeutics
0.72
-2.32
-76.45%
ADGM
Adagio Medical Holdings
0.90
-0.32
-26.23%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.