Electrocore Llc (ECOR)
NASDAQ:ECOR
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Electrocore
(NASDAQ:ECOR)
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Rating:50Neutral
Price Target:
$7.00
▲(15.13% Upside)
Action:ReiteratedDate:03/20/26
The score is held back primarily by weak financial durability—ongoing losses/cash burn and a notably weakened balance sheet with negative equity—despite strong revenue growth and high gross margins. Technicals are neutral-to-slightly supportive, while the earnings call was constructive on growth initiatives but tempered by expense pressure, liquidity concerns, and limited formal 2026 guidance.
Positive Factors
Multi-year revenue growth & high gross margins
Sustained revenue expansion from ~$3.5M to ~$32.0M and mid-80% gross margins indicate durable unit economics and market demand. High gross margins provide structural leverage to drive future operating profit as fixed costs are absorbed, supporting a credible path to profitability if growth continues and Opex is managed.
Negative Factors
Weakened balance sheet / negative equity
Transition to negative shareholders' equity and a rise in debt to ~$9.4M materially reduce financial flexibility. Negative equity increases refinancing and covenant risk, constrains strategic optionality, and makes the company more dependent on capital markets or dilutive financings to fund growth and operations over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth & high gross margins
Sustained revenue expansion from ~$3.5M to ~$32.0M and mid-80% gross margins indicate durable unit economics and market demand. High gross margins provide structural leverage to drive future operating profit as fixed costs are absorbed, supporting a credible path to profitability if growth continues and Opex is managed.
Read all positive factors
Electrocore (ECOR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$49.15M
Dividend YieldN/A
Average Volume (3M)33.66K
Price to Earnings (P/E)―
Beta (1Y)1.73
Revenue Growth27.90%
EPS Growth1.62%
CountryUS
Employees73
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.34
Shares Outstanding8,083,558
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 Cap1.05
Enterprise Value/Revenue1.61
Enterprise Value/Gross Profit1.85
Enterprise Value/Ebitda-4.49
Forecast
1Y Price Target
$15.00Price Target Upside146.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.93
Revenue Forecast (FY)$42.59M
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:Mar 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
The call highlighted strong top-line momentum — record Q4 revenue, double-digit annual growth (27% YoY), meaningful expansion in the general wellness channel (Truvaga +93% YoY) and early adoption in the VA/federal channel — along with strategic actions (leadership transition, experienced COO hire, Quell OTC launch) positioned to accelerate growth. Offsetting these positives are material operating cost increases, a wider GAAP net loss ($14.0M), modestly reduced cash balances (~$11.6M), nonrecurring other expenses, and limited near-term formal guidance due to the leadership transition. Overall, growth and commercial traction are clear, but profitability, expense control and liquidity remain important near-term challenges.Positive Updates
Record Quarterly and Strong Annual Revenue Growth
Q4 2025 revenue reached a record $9.2 million, up 31% year-over-year; full year 2025 net sales were $32.0 million, up 27% versus 2024, and exceeded revenue and EPS analyst consensus.
Negative Updates
Widening Net Loss
GAAP net loss increased to $14.0 million ($1.65 per share) in 2025 versus a net loss of $11.9 million ($1.59 per share) in 2024, driven by higher operating and other expenses.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Strong Annual Revenue Growth
Q4 2025 revenue reached a record $9.2 million, up 31% year-over-year; full year 2025 net sales were $32.0 million, up 27% versus 2024, and exceeded revenue and EPS analyst consensus.
Read all positive updates
Company Guidance
Management said it sees full‑year 2026 revenue “potentially” growing ~30% year‑over‑year but, due to the leadership transition, is not providing detailed guidance now and will revisit formal guidance when appropriate; they expect the majority of 2026 revenue to continue coming from U.S. federal channels (VA). Management reiterated planned commercialization actions (new COO Michael Fox, expanded VA sales headcount) and a soft launch of Quell OTC in H1‑2026 — any Quell OTC revenue would be incremental to the ~30% outlook — and emphasized preserving operating discipline to move toward profitability. For context, they reported Q4‑2025 revenue of $9.2M (+31% YoY) and FY‑2025 revenue of $32.0M (+27% YoY), prescription revenue of ~$26M (+23% YoY) with Quell contributing $1.5M, approximately 13,400 VA patients on gammaCore (roughly 2% penetration) and facility coverage up from ~170 a year prior; FY‑2025 general wellness revenue was $5.5M (+97%) including Truvaga $5.4M (+93%), Q4 wellness $1.4M (+31%), ROAS ~ $2.10 (vs. $1.80 in Q3), adjusted EBITDA net loss of $8.7M and GAAP net loss of $14M in 2025.Electrocore Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
28
Negative
Cash Flow
30
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 32.03M | 25.18M | 16.03M | 8.59M | 5.45M |
| Gross Profit | 27.79M | 21.40M | 13.23M | 6.98M | 4.07M |
| EBITDA | -11.48M | -10.90M | -17.76M | -22.28M | -19.66M |
| Net Income | -13.97M | -11.89M | -18.83M | -22.16M | -17.22M |
Balance Sheet | |||||
| Total Assets | 18.67M | 20.47M | 16.10M | 24.76M | 42.83M |
| Cash, Cash Equivalents and Short-Term Investments | 11.61M | 11.97M | 10.33M | 17.71M | 34.69M |
| Total Debt | 9.40M | 4.14M | 626.00K | 699.00K | 761.00K |
| Total Liabilities | 20.38M | 12.93M | 8.66M | 7.67M | 6.18M |
| Stockholders Equity | -1.71M | 7.54M | 7.44M | 17.09M | 36.65M |
Cash Flow | |||||
| Free Cash Flow | -8.25M | -6.95M | -14.87M | -16.64M | -13.63M |
| Operating Cash Flow | -8.19M | -6.95M | -14.67M | -16.64M | -13.63M |
| Investing Cash Flow | 3.88M | -8.52M | -206.00K | 0.00 | 18.22M |
| Financing Cash Flow | 7.63M | 8.44M | 7.49M | 0.00 | 25.68M |
Electrocore Technical Analysis
Negative
6.08
Price Trends
6.44
Negative
5.92
Positive
5.76
Positive
Market Momentum
-0.03
Negative
45.76
Neutral
37.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ECOR, the sentiment is Negative. The current price of 6.08 is below the 20-day moving average (MA) of 6.38, below the 50-day MA of 6.44, and above the 200-day MA of 5.76, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 45.76 is Neutral, neither overbought nor oversold. The STOCH value of 37.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ECOR.
Electrocore Risk Analysis
Electrocore disclosed 127 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% | |
51 Neutral | $28.43M | -1.58 | -312.04% | ― | -70.54% | 70.03% | |
50 Neutral | $49.15M | -2.73 | -2072.11% | ― | 27.90% | 1.62% | |
46 Neutral | $37.09M | -6.63 | -91.34% | ― | 250.35% | 83.06% | |
43 Neutral | $12.67M | -1.57 | -335.47% | ― | 18.76% | 60.09% | |
42 Neutral | $26.57M | -2.45 | -95.35% | ― | 64.99% | -25.54% |
* Healthcare Sector Average
ECOR
Electrocore
6.08
0.20
3.40%
MYO
Myomo
0.69
-3.76
-84.49%
MODD
Modular Medical
4.91
-21.85
-81.65%
NMTC
NeuroOne Medical Technologies
0.73
0.18
32.43%
VVOS
Vivos Therapeutics
1.21
-1.04
-46.22%
ADGM
Adagio Medical Holdings
1.28
0.47
58.02%
Electrocore Corporate Events
Business Operations and StrategyFinancial Disclosures
ElectroCore Announces Record Preliminary 2025 Revenue Guidance
Positive
Jan 20, 2026
On January 20, 2026, ElectroCore provided preliminary, unaudited guidance indicating it expects record full-year 2025 revenue of approximately $31.8–$32.0 million, representing about 26% growth over 2024’s $25.2 million, with fourth-qu...
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.