Electrocore (ECOR) AI Stock Analysis

• Market Cap: $52.37M
• Dividend Yield: N/A
• Average Volume (3M): 33.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.67
• 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: 29,982
• 30 Day Avg. Volume: 33,656
• 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: 0.93
• Enterprise Value/Revenue: 1.63
• Enterprise Value/Gross Profit: 1.89
• Enterprise Value/Ebitda: -3.83
• 1Y Price Target: $15.00
• Price Target Upside: 147.12% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $6.50 ▲(7.08% Upside)

The score is held back primarily by weak financial performance—persistent losses, negative free cash flow, and a riskier balance sheet (higher debt and negative equity). Technicals are supportive with the stock above major moving averages, but overbought signals temper near-term upside. Raised revenue guidance and strong gross margins help sentiment, while negative P/E and lack of dividend limit valuation support.

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., 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 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

Revenue has scaled meaningfully with very strong gross margins (~85–86%), but the company still posts large losses (TTM net margin ~-48%) and ongoing cash burn (TTM operating cash flow/free cash flow ~-7.9M). The balance sheet adds risk with sharply higher debt and negative equity in TTM.

Income Statement

Revenue has scaled meaningfully over time (from ~$3.5M in 2020 to ~$25.2M in 2024 and ~$29.8M in TTM (Trailing-Twelve-Months)), and gross margin is very strong (~85% in 2024 and TTM), indicating attractive unit economics. However, profitability remains weak: EBIT and net income are still deeply negative (TTM net margin around -48%), showing operating expenses continue to outweigh the gross profit despite improved scale versus earlier years.

Balance Sheet

Leverage and capitalization have deteriorated: total debt increased sharply (to ~$10.8M in TTM from ~$4.1M in 2024), while stockholders’ equity turned negative in TTM (about -$1.1M). This combination elevates financial risk and limits flexibility, even though total assets are relatively stable (~$20–21M). Returns on equity remain highly negative, reflecting ongoing losses and weakened balance sheet support.

Cash Flow

Cash generation is a key concern. Operating cash flow and free cash flow are consistently negative across all periods, including TTM (both roughly -$7.9M), implying continued cash burn to fund operations. There is improvement versus 2022–2023 burn levels, but the business still does not internally fund itself, increasing dependence on financing (debt or equity) until profitability and cash flow break-even are achieved.

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: Neutral
• Last Price: 6.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Neutral. The current price of 6.07 is below the 20-day moving average (MA) of 6.61, above the 50-day MA of 5.51, and above the 200-day MA of 5.60, indicating a neutral trend. The MACD of 0.41 indicates Positive momentum. The RSI at 46.74 is Neutral, neither overbought nor oversold. The STOCH value of 7.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ECOR.

Electrocore Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ECOR	52 Neutral	$52.37M	-3.38	-337.84%	―	27.90%	1.62%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MYO	51 Neutral	$33.67M	-3.01	-100.51%	―	64.99%	-25.54%
NMTC	50 Neutral	$42.11M	-10.96	-91.34%	―	250.35%	83.06%
VVOS	43 Neutral	$15.29M	-0.77	-335.47%	―	18.76%	60.09%
ADGM	43 Neutral	$21.82M	-0.19	-210.36%	―	-70.54%	70.03%

Electrocore Corporate Events

ElectroCore Announces Record Preliminary 2025 Revenue Guidance

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.