Electrocore (ECOR) AI Stock Analysis

• Market Cap: $36.78M
• Dividend Yield: N/A
• Average Volume (3M): 52.19K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.66
• Revenue Growth: 27.90%
• EPS Growth: 1.62%
• Country: US
• Employees: 73
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.40
• Shares Outstanding: 7,995,903
• 10 Day Avg. Volume: 42,239
• 30 Day Avg. Volume: 52,191
• PEG Ratio: 0.19
• Price to Book (P/B): 16.08
• Price to Sales (P/S): 4.82
• P/FCF Ratio: -17.46
• Enterprise Value/Market Cap: 1.07
• Enterprise Value/Revenue: 1.32
• Enterprise Value/Gross Profit: 1.54
• Enterprise Value/Ebitda: -3.11
• 1Y Price Target: $18.50
• Price Target Upside: 302.17% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -1.66
• Revenue Forecast (FY): $30.78M

• Rating: 55 Neutral
• Price Target: $4.50 ▼(-2.17% Downside)

Electrocore's strong revenue growth and strategic initiatives are overshadowed by ongoing profitability challenges and a weak technical outlook. The negative P/E ratio and lack of dividend yield further impact the valuation. While the earnings call provided positive guidance, the delay in achieving profitability and legal challenges remain concerns.

Positive Factors

Revenue Growth

Strong revenue growth indicates increasing market acceptance and potential for scaling, which is crucial for long-term business sustainability.

Strategic Initiatives

The acquisition and integration of NeuroMetrix enhance product offerings and market reach, supporting long-term growth and competitive positioning.

Product Innovation

The study highlights the TAC-STIM device's potential in military and cognitive applications, expanding market opportunities and reinforcing innovation leadership.

Negative Factors

Profitability Challenges

Delayed profitability indicates ongoing financial challenges, which can strain resources and limit strategic flexibility in the near to medium term.

Legal Challenges

Legal challenges can divert resources and impact brand reputation, potentially affecting market position and financial performance over time.

Cash Flow Issues

Negative cash flow from operations indicates reliance on external financing, which may affect financial stability and growth investment capacity.

Electrocore Business Overview & Revenue Model

Company Description

Electrocore, Inc. is a medical technology company focused on non-invasive neurostimulation therapies. It specializes in developing devices for the treatment of various neurological and psychiatric conditions, with its flagship product being the gammaCore device, which is used for the acute and preventive treatment of cluster headaches and migraines. The company operates primarily in the healthcare sector, leveraging advanced technology to provide effective solutions for pain management and chronic conditions.

How the Company Makes Money

Electrocore generates revenue primarily through the sale of its gammaCore devices and disposable electrodes, which are used in conjunction with the device. The company operates a direct sales model targeting healthcare providers and patients, and it also engages in partnerships with pharmaceutical companies and healthcare systems to broaden its market reach. Additionally, Electrocore may benefit from reimbursement agreements with insurance providers, which facilitate access to its products for patients and drive sales. The company continually seeks to expand its product pipeline and may explore licensing agreements or collaborations that can provide additional revenue streams.

Electrocore Financial Statement Overview

Summary

Electrocore has shown impressive revenue growth, but profitability remains a challenge with negative net income and EBIT margins. The balance sheet shows a high level of liabilities compared to equity, and cash flow is negative, indicating reliance on external financing.

Income Statement

Electrocore has shown a consistent growth in revenue over the years, with a notable increase from $2.39 million in 2019 to $25.18 million in 2024. However, the company is still facing significant profitability challenges, as evidenced by negative net income and EBIT margins across the years. Despite the revenue growth, the company has not yet achieved positive net profit margins or EBIT margins, indicating that cost control and operational efficiency are areas for improvement.

Balance Sheet

The company's balance sheet reflects a relatively high level of liabilities compared to its equity, with a debt-to-equity ratio of 0.55 in 2024. Stockholders' equity has remained relatively stable from 2023 to 2024, but the equity ratio has decreased due to a rise in total liabilities. The company maintains a reasonable cash position, which provides some liquidity cushion. However, the consistent negative net income impacts the overall return on equity.

Cash Flow

Electrocore's cash flow situation shows significant negative operating cash flows, indicating that the company has not yet reached a sustainable cash-generating position from its core operations. Free cash flow has improved slightly but remains negative, suggesting that the company is still reliant on external financing to support its operations and growth. The operating cash flow to net income ratio is poor due to persistent negative earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	29.84M	25.18M	16.03M	8.59M	5.45M	3.50M
Gross Profit	25.67M	21.40M	13.23M	6.98M	4.07M	1.76M
EBITDA	-12.68M	-10.90M	-17.76M	-22.28M	-19.66M	-23.88M
Net Income	-14.16M	-11.89M	-18.83M	-22.16M	-17.22M	-23.51M
Balance Sheet
Total Assets	21.41M	20.47M	16.10M	24.76M	42.83M	31.52M
Cash, Cash Equivalents and Short-Term Investments	13.20M	11.97M	10.33M	17.71M	34.69M	22.63M
Total Debt	10.81M	4.14M	626.00K	699.00K	761.00K	2.83M
Total Liabilities	22.48M	12.93M	8.66M	7.67M	6.18M	7.87M
Stockholders Equity	-1.07M	7.54M	7.44M	17.09M	36.65M	23.01M
Cash Flow
Free Cash Flow	-7.97M	-6.95M	-14.87M	-16.64M	-13.63M	-20.05M
Operating Cash Flow	-7.90M	-6.95M	-14.67M	-16.64M	-13.63M	-20.05M
Investing Cash Flow	2.86M	-8.52M	-206.00K	0.00	18.22M	-7.96M
Financing Cash Flow	8.04M	8.44M	7.49M	0.00	25.68M	18.90M

Electrocore Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 4.6 is below the 20-day moving average (MA) of 4.81, below the 50-day MA of 5.05, and below the 200-day MA of 5.89, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 35.40 is Neutral, neither overbought nor oversold. The STOCH value of 13.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ECOR.

Electrocore Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ECOR	55 Neutral	$36.78M	-2.56	-337.84%	―	27.90%	1.62%
NMTC	52 Neutral	$37.01M	-9.36	-91.34%	―	250.35%	83.06%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MYO	51 Neutral	$35.84M	-3.23	-100.51%	―	64.99%	-25.54%
VVOS	48 Neutral	$17.71M	-1.00	-335.47%	―	18.76%	60.09%
ADGM	46 Neutral	$21.82M	-0.19	-210.36%	―	-70.54%	70.03%

Electrocore Corporate Events

Electrocore Finalizes Stock Sale to Settle Legal Fees

On September 30, 2025, Electrocore, Inc. entered into securities purchase agreements with institutional and accredited investors for the sale of 360,737 shares of common stock to settle outstanding legal fees. The transaction, which closed on October 2, 2025, did not involve cash proceeds and the shares were issued under exemptions from registration, with plans to file a registration statement for resale within 90 days.