Electrocore (ECOR) AI Stock Analysis

• Market Cap: $45.34M
• Dividend Yield: N/A
• Average Volume (3M): 76.24K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: 41.54%
• EPS Growth: 42.59%
• Country: US
• Employees: 73
• Sector: Healthcare
• Sector Strength: 39
• Industry: Medical - Devices
• EPS (TTM): -0.47
• Shares Outstanding: 7,420,618
• 10 Day Avg. Volume: 76,135
• 30 Day Avg. Volume: 76,240
• PEG Ratio: -0.11
• Price to Book (P/B): 1.07
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.10
• Enterprise Value/Market Cap: 0.03
• Enterprise Value/Revenue: 0.01
• Enterprise Value/Gross Profit: 0.06
• Enterprise Value/Ebitda: -0.03
• 1Y Price Target: $18.50
• Price Target Upside: 203.78% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 53 Neutral
• Price Target: $6.50 ▲(6.73%Upside)

The overall score reflects strong revenue growth and strategic corporate actions, tempered by ongoing financial challenges and technical indicators suggesting mixed market sentiment. The company's strategic initiatives and recent acquisitions offer potential upside, but profitability remains a concern.

Positive Factors

Acquisition

The acquisition increases the company’s total addressable market and diversifies its portfolio of non-invasive wellness products, which should be additive to growth.

Distribution

ECOR can leverage its established distribution platform to accelerate prescriptions of the Quell technology without added operating expenses.

Market Expansion

The VA hospital system represents a significant opportunity for expansion of Quell products as it is currently being sold in only two hospitals.

Negative Factors

Revenue Guidance

Lower-than-expected 2025 revenue guidance introduced, with the company expecting $30M, representing 19.1% y/y growth, below prior consensus and estimates.

Sales Variability

Analyst is lowering estimates and the 12-month price target to $12 from $25 due to quarterly TAC-STIM sales variability and updated outlook on Quell's commercial pathway.

Stock Decline

The stock decline is mostly attributed to the company not issuing forward guidance, which it has done in the past.

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 sale of its gammaCore device and related accessories. The company sells its products directly to healthcare providers, patients, and through strategic partnerships with distributors. Revenue is also generated from commercial payers and government reimbursement programs, which cover the cost of the gammaCore device for eligible patients. Additionally, Electrocore may engage in licensing agreements or collaborations to expand the application of its nVNS technology to other therapeutic areas, thus potentially creating additional revenue streams. Partnerships with healthcare organizations and participation in clinical trials further support its business model by validating the efficacy of its products and facilitating market access.

Electrocore Financial Statement Overview

Summary

Electrocore has shown significant revenue growth, indicating a strong market for its products. However, the company struggles with profitability and relies on external financing due to negative operating cash flows and high liabilities.

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	26.46M	25.18M	16.03M	8.59M	5.45M	3.50M
Gross Profit	22.55M	21.40M	13.23M	6.98M	4.07M	1.76M
EBITDA	-11.35M	-10.90M	-17.76M	-22.33M	-19.66M	-24.18M
Net Income	-12.23M	-11.89M	-18.83M	-22.16M	-17.22M	-23.51M
Balance Sheet
Total Assets	16.04M	20.47M	16.10M	24.76M	42.83M	31.52M
Cash, Cash Equivalents and Short-Term Investments	7.76M	11.97M	10.33M	17.71M	34.69M	22.63M
Total Debt	4.18M	4.14M	626.00K	699.00K	760.87K	2.99M
Total Liabilities	11.68M	12.93M	8.66M	7.67M	6.18M	7.87M
Stockholders Equity	4.37M	7.54M	7.44M	17.09M	36.65M	23.64M
Cash Flow
Free Cash Flow	-8.74M	-6.95M	-14.87M	-16.64M	-13.63M	-20.10M
Operating Cash Flow	-8.74M	-6.95M	-14.67M	-16.64M	-13.63M	-20.10M
Investing Cash Flow	-4.02M	-8.52M	-206.00K	0.00	18.22M	-7.96M
Financing Cash Flow	8.62M	8.44M	7.49M	0.00	25.68M	18.95M

Electrocore Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.09
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 6.09 is above the 20-day moving average (MA) of 5.43, above the 50-day MA of 5.62, and below the 200-day MA of 10.20, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 62.17 is Neutral, neither overbought nor oversold. The STOCH value of 72.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ECOR.

Electrocore Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ICAD	60 Neutral	$103.29M	―	-16.53%	―	-4.15%	3.49%
NVNO	58 Neutral	$68.92M	―	-52.88%	―	―	29.64%
APYX	54 Neutral	$97.51M	―	-130.26%	―	-6.27%	16.76%
ECOR	53 Neutral	$45.34M	―	-276.15%	―	41.54%	42.59%
Sector *	52 Neutral	$7.53B	0.32	-61.76%	2.28%	16.60%	1.56%
MODD		$39.52M	―	-131.58%	―	―	―
TELA	52 Neutral	$80.69M	―	-267.29%	―	12.78%	15.53%

Electrocore Corporate Events

Electrocore Completes Merger with NeuroMetrix

On May 2, 2025, electroCore, Inc. announced the completion of its merger with NeuroMetrix, Inc., which positions electroCore as a diversified leader in non-invasive health and wellness solutions. The acquisition of NeuroMetrix’s Quell Fibromyalgia Solution expands electroCore’s portfolio of non-invasive bioelectronic therapies, enhances its commercial reach, particularly within the VA Hospital System, and is expected to significantly increase its addressable market for chronic pain and wellness conditions. As a result of the merger, NeuroMetrix became an indirect wholly-owned subsidiary of electroCore, and its shares will be de-listed from the Nasdaq Capital Market.