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Electrocore Llc (ECOR)
NASDAQ:ECOR
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Electrocore
(NASDAQ:ECOR)
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Rating:50Neutral
Price Target:
$6.50
▲(4.00% 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
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 (ECOR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$50.52M
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 Cap1.04
Enterprise Value/Revenue1.63
Enterprise Value/Gross Profit1.88
Enterprise Value/Ebitda-4.56
Forecast
1Y Price Target
$15.00Price Target Upside140.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.93
Revenue Forecast (FY)$42.59M
Electrocore Business Overview & Revenue Model
Company DescriptionelectroCore, 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 therapy for the acute treatment of pain associated with migraine and episodic cluster headache in adults. Its lead product is gammaCore Sapphire, a rechargeable and reloadable handheld device for regular or intermittent use over many years. The company was incorporated in 2005 and is headquartered in Rockaway, New Jersey.
How the Company Makes MoneyElectroCore 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 devices and related consumables or usage-based components where applicable, delivered through distributors, pharmacies, or other fulfillment partners; (2) reimbursement-driven revenue from payors (e.g., private insurers and government programs) when gammaCore is covered for approved indications—this depends on coding, coverage policies, and prescription fulfillment; and (3) government and institutional channels, including supply arrangements where gammaCore is purchased for use in specific populations (e.g., military/VA-related pathways) when such programs are in place. Additional contributing factors can include strategic commercialization partnerships and distribution agreements that expand market reach and facilitate reimbursement and fulfillment; specific partner names or contract terms are null if not publicly specified in the available information. The company’s earnings are therefore influenced by prescription volumes, coverage decisions and reimbursement rates, the size and performance of its sales/distribution network, and continued clinical/regulatory progress that can expand eligible indications and covered patient populations.
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.Q4-2025 Updates
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.
Prescription Segment Growth (VA Focus)
Prescription revenue increased 23% year-over-year to $26 million driven by gammaCore and Quell adoption in the VA hospital system; approximately 13,400 VA patients have used gammaCore, representing roughly 2% penetration of the addressable VA headache market — indicating meaningful runway for expansion.
General Wellness Channel Expansion (Truvaga)
General wellness Q4 revenue was $1.4 million (+31% YoY) and full year general wellness revenue was $5.5 million, up 97% versus 2024. Truvaga sales were $5.4 million for the year, up 93% YoY, with increased direct-to-consumer traction, media endorsements, and retail placements (e.g., Best Buy).
Quell Acquisition Contributed Revenue
Following the Quell acquisition in May 2025, Quell-related revenue contributed $1.5 million to 2025 results and the company plans a Quell OTC (Quell Relief) launch in H1 2026 to further expand the product offering.
Improved Marketing Efficiency
Return on advertising spend (ROAS) improved to approximately $2.10 in the recent period versus $1.80 in Q3 2025. E-commerce conversion metrics remained around 12%–15% and excluding a one-time $0.5 million Truvaga clinical trial order, Truvaga grew ~40% sequentially.
Adjusted EBITDA Slightly Improved
Adjusted EBITDA net loss narrowed modestly to $(8.7) million for full year 2025 compared to $(9.0) million in 2024, reflecting incremental operational improvements after acquisition-related adjustments.
Leadership and Commercial Strengthening
CEO announced retirement effective April 1, 2026 with a planned transition (Joshua Lev as Interim President/CFO) and the hiring of Michael Fox as COO (experienced in federal/VA commercialization), designed to provide continuity and accelerate growth in the VA and federal channels.
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.
Rising Operating and SG&A Expenses
Total operating expenses rose to approximately $40.9 million in 2025 from $33.6 million in 2024. Selling, general & administrative expense increased to $38.2 million (up $7.0 million year-over-year), with sales & marketing up $4.3 million and G&A up $2.7 million driven by legal fees, implementation investments and transaction-related costs.
Other Nonrecurring Expenses and Interest
Other expense totaled $0.8 million for 2025, increasing by $1.0 million year-over-year due to nonrecurring items (including a $0.5 million change in an estimated liability) and interest expense associated with term debt financing.
Decline in Cash and Marketable Securities
Cash and marketable securities were approximately $11.6 million as of December 31, 2025, down from $12.2 million reported previously, highlighting liquidity pressure given continued operating losses.
No Detailed 2026 Guidance Due to Leadership Transition
Although management cited potential for ~30% revenue growth in 2026, the company did not issue detailed guidance because of the leadership transition, introducing near-term visibility uncertainty for investors.
Low VA Penetration Despite Momentum
Management estimates only ~2% penetration of the addressable VA headache market despite adoption momentum, indicating that current commercial footprint remains early-stage relative to opportunity.
Sequential Truvaga Flat Quarter Due to One-Time Order
Truvaga revenue was flat sequentially in Q4 when including a one-time $0.5 million clinical trial order; while management said excluding that order would imply ~40% sequential growth, the presence of one-time items complicates trend assessment.
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
Strong multi-year revenue growth and very high gross margins are positives, but the company remains structurally unprofitable with persistent operating losses and ongoing cash burn. Balance-sheet resilience weakened materially with stockholders’ equity turning negative and debt rising, increasing liquidity/funding risk.Income Statement
Revenue growth has been strong over the last several years (from ~$3.5M in 2020 to ~$32.0M in 2025), and gross margin is very high (mid-80% range in 2023–2025). However, the company remains structurally unprofitable with persistently negative operating profit across all years shown (2025 EBIT of about -$13.2M), indicating operating costs are still far above the current revenue base. Net income also remains negative in the most recent year where it is provided (2024), and profitability has not yet reached an inflection despite improving scale.42
Neutral
Balance Sheet
Leverage and capitalization deteriorated meaningfully in the latest period: total debt rose to ~$9.4M in 2025 while stockholders’ equity turned negative (about -$1.7M). That shift materially weakens financial flexibility and increases refinancing and liquidity risk versus prior years (2021–2024 showed positive equity and more moderate debt levels). Total assets are relatively stable (~$18.7M in 2025 vs ~$20.5M in 2024), but the move to negative equity is a major red flag for balance-sheet resilience.28
Negative
Cash Flow
Cash generation remains pressured: operating cash flow and free cash flow are consistently negative across all periods, including roughly -$8.2M of operating cash flow and -$8.3M of free cash flow in 2025. While cash burn has improved versus 2022–2023 (when operating cash flow was roughly -$16.6M and -$14.7M), the business is still not self-funding and likely reliant on external capital to sustain operations and growth.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
Neutral
6.25
Price Trends
6.58
Negative
5.79
Positive
5.69
Positive
Market Momentum
<0.01
Positive
44.86
Neutral
48.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ECOR, the sentiment is Neutral. The current price of 6.25 is below the 20-day moving average (MA) of 6.95, below the 50-day MA of 6.58, and above the 200-day MA of 5.69, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.86 is Neutral, neither overbought nor oversold. The STOCH value of 48.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
50 Neutral | $50.52M | -2.73 | -473.98% | ― | 27.90% | 1.62% | |
47 Neutral | $27.32M | -2.45 | -95.35% | ― | 64.99% | -25.54% | |
46 Neutral | $39.54M | -6.63 | -91.34% | ― | 250.35% | 83.06% | |
43 Neutral | $12.77M | -1.57 | -335.47% | ― | 18.76% | 60.09% | |
43 Neutral | $23.93M | -0.74 | -210.36% | ― | -70.54% | 70.03% |
* Healthcare Sector Average
ECOR
Electrocore
6.25
-1.19
-15.99%
MYO
Myomo
0.71
-4.81
-87.16%
MODD
Modular Medical
0.18
-0.92
-83.36%
NMTC
NeuroOne Medical Technologies
0.78
-0.19
-19.59%
VVOS
Vivos Therapeutics
1.22
-2.49
-67.12%
ADGM
Adagio Medical Holdings
1.13
0.31
37.80%
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-quarter 2025 revenue anticipated at $9.0–$9.2 million, roughly 30% higher than the prior-year period. The company reported that it ended 2025 with about $11.6 million in cash, cash equivalents and marketable securities, down from $13.2 million as of September 30, 2025, and said it plans to give a more detailed operational and financial update with its full fourth-quarter and full-year 2025 results in March 2026, underscoring continued top-line expansion but also highlighting the importance of cash management for investors and other stakeholders.
The most recent analyst rating on (ECOR) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Electrocore stock, see the ECOR Stock Forecast page.
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.