Electrocore (ECOR) AI Stock Analysis

• Market Cap: $38.86M
• Dividend Yield: N/A
• Average Volume (3M): 44.10K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• Revenue Growth: 30.16%
• EPS Growth: 22.51%
• Country: US
• Employees: 73
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.44
• Shares Outstanding: 7,995,903
• 10 Day Avg. Volume: 39,541
• 30 Day Avg. Volume: 44,105
• 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: 1.05
• Enterprise Value/Revenue: 1.47
• Enterprise Value/Gross Profit: 1.72
• Enterprise Value/Ebitda: -3.32
• 1Y Price Target: $20.13
• Price Target Upside: 314.20% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 58 Neutral
• Price Target: $5.00 ▲(2.88% Upside)

Electrocore's overall stock score reflects strong revenue growth and strategic acquisitions, but is weighed down by profitability challenges, negative cash flow, and a bearish technical outlook. The focus on long-term growth is promising, but current financial metrics indicate significant risks.

Positive Factors

Revenue Growth

The consistent revenue growth highlights the company's expanding market reach and successful product adoption, which are crucial for long-term business sustainability.

Strong Gross Margins

High gross margins indicate effective cost management and pricing power, which can support profitability once revenue scales further.

Strategic Investments

Investments in growth areas like the Truvaga brand and new prescription indications can enhance competitive positioning and drive future revenue expansion.

Negative Factors

Profitability Challenges

Persistent profitability issues suggest challenges in cost management and operational efficiency, which could hinder long-term financial stability.

High Liabilities

A high debt-to-equity ratio can limit financial flexibility and increase risk, especially if revenue growth does not translate into profitability.

Negative Cash Flow

Negative cash flow from operations suggests the company is not yet self-sustaining, which could pose risks if external funding becomes constrained.

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 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 Money

Electrocore generates revenue primarily through the sales of its gammaCore devices, which are FDA-cleared for the acute and preventive treatment of cluster headaches and migraines. The company operates a direct sales model, selling its products to healthcare providers and patients, and also explores partnerships with health insurance providers to facilitate patient access and reimbursement for its therapies. Additionally, Electrocore may benefit from strategic collaborations and research agreements that enhance its product offerings and market reach, contributing to its overall earnings.

Electrocore Financial Statement Overview

Summary

Electrocore has demonstrated impressive revenue growth, but profitability remains elusive with negative net income and EBIT margins. The balance sheet shows a high level of liabilities relative 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	27.70M	25.18M	16.03M	8.59M	5.45M	3.50M
Gross Profit	23.69M	21.40M	13.23M	6.98M	4.07M	1.76M
EBITDA	-12.28M	-10.90M	-17.76M	-22.33M	-19.66M	-24.18M
Net Income	-13.25M	-11.89M	-18.83M	-22.16M	-17.22M	-23.51M
Balance Sheet
Total Assets	14.56M	20.47M	16.10M	24.76M	42.83M	31.52M
Cash, Cash Equivalents and Short-Term Investments	7.39M	11.97M	10.33M	17.71M	34.69M	22.63M
Total Debt	4.23M	4.14M	626.00K	699.00K	760.87K	2.99M
Total Liabilities	13.45M	12.93M	8.66M	7.67M	6.18M	7.87M
Stockholders Equity	1.11M	7.54M	7.44M	17.09M	36.65M	23.64M
Cash Flow
Free Cash Flow	-7.60M	-6.95M	-14.87M	-16.64M	-13.63M	-20.10M
Operating Cash Flow	-7.60M	-6.95M	-14.67M	-16.64M	-13.63M	-20.10M
Investing Cash Flow	94.00K	-8.52M	-206.00K	0.00	18.22M	-7.96M
Financing Cash Flow	502.00K	8.44M	7.49M	0.00	25.68M	18.95M

Electrocore Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.86
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 4.86 is below the 20-day moving average (MA) of 5.01, below the 50-day MA of 5.05, and below the 200-day MA of 7.91, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 44.28 is Neutral, neither overbought nor oversold. The STOCH value of 36.85 is Neutral, 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	―	$38.86M	-2.86	-210.58%	―	30.16%	22.51%
NMTC	―	$41.25M	―	-95.39%	―	145.48%	67.36%
Sector *	―	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MYO	―	$36.48M	-4.25	-68.32%	―	93.07%	13.25%
VVOS	―	$22.59M	-1.60	-262.03%	―	2.65%	70.21%
ADGM	―	$22.30M	―	―	―	15.00%	71.57%

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.

The most recent analyst rating on (ECOR) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Electrocore stock, see the ECOR Stock Forecast page.

Electrocore Expands Board with New Appointments

On September 2, 2025, electroCore, Inc. appointed Elena Bonfiglioli as a new Class II member of its Board of Directors, expanding the Board from seven to eight members. Bonfiglioli, a seasoned healthcare executive with extensive experience at Microsoft, is expected to bring valuable insights into AI transformation and strategic partnerships in the health sector. Additionally, Thomas J. Errico, M.D., was appointed as the new chairman of the Board, succeeding F. Peter Cuneo following his retirement. The company’s annual meeting also included votes on several proposals, including the election of three Class I Directors and the ratification of CBIZ CPAs as the independent registered public accounting firm. However, a proposal to declassify the Board did not pass due to insufficient votes.

The most recent analyst rating on (ECOR) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Electrocore stock, see the ECOR Stock Forecast page.

ElectroCore’s Earnings Call: Record Revenue Amid Challenges

ElectroCore’s recent earnings call presented a balanced view of the company’s current performance, highlighting both positive achievements and notable challenges. The company reported record revenue and strong growth in its VA channel, signaling promising developments. However, the sequential decline in Truvaga sales and an increased net loss underscore the hurdles ElectroCore faces. Strategic investments are being made to accelerate growth, though these may delay the path to profitability.

Electrocore Reports Strong Revenue Growth in Q2 2025

Electrocore, Inc. is a commercial-stage bioelectronic technology company specializing in non-invasive neuromodulation therapies for chronic pain and wellness, leveraging innovative bioelectronic technologies.