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Electrocore
(NASDAQ:ECOR)
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Rating:46Neutral
Price Target:
$6.50
▲(5.01% Upside)
Action:Reiterated
Date:08/07/26
ECOR’s score is held down primarily by weak financial durability—persistent operating losses, ongoing cash burn, and balance sheet deterioration (negative equity with rising debt)—despite strong revenue growth and very high gross margins. Technical signals are mixed and do not provide a strong trend confirmation. The earnings call adds support via reaffirmed growth guidance and improving adjusted EBITDA, but near-term liquidity and profitability risks remain central.
Positive Factors
Top-line Revenue Growth
Sustained multi-year revenue growth shows expanding commercial traction and increasing market adoption of gammaCore and related products. This scale supports operating leverage potential, improves coverage negotiation leverage with payors, and makes a path to fixed-cost absorption more achievable over months.
Negative Factors
Persistent Cash Burn
Ongoing negative operating and free cash flow reflect that core operations still consume material capital. Even with improved trends, continued cash burn creates near-term financing needs, increases dilution or debt risk, and pressures execution timelines for commercialization and R&D over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Top-line Revenue Growth
Sustained multi-year revenue growth shows expanding commercial traction and increasing market adoption of gammaCore and related products. This scale supports operating leverage potential, improves coverage negotiation leverage with payors, and makes a path to fixed-cost absorption more achievable over months.
Read all positive factors
Electrocore (ECOR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$54.86M
Dividend YieldN/A
Average Volume (3M)33.66K
Price to Earnings (P/E)―
Beta (1Y)1.86
Revenue Growth31.90%
EPS Growth-10.81%
CountryUS
Employees83
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.70
Shares Outstanding9,015,885
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$15.00Price Target Upside142.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.48
Revenue Forecast (FY)$41.92M
Electrocore Business Overview & Revenue Model
Company Description
electroCore, Inc. is a commercial-phase medical device enterprise whose focus lies in developing and bringing to market a variety of non-invasive vagus nerve stimulation (nVNS) therapies. Currently, the firm is advancing gammaCore, a prescription-...
How the Company Makes Money
Electrocore makes money primarily by commercializing its gammaCore non-invasive vagus nerve stimulation (nVNS) technology. Revenue is generated from sales of gammaCore therapy access (which, depending on market and channel, may be structured as de...
Electrocore Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call communicated a strong quarter of execution: record revenue, significant YoY growth, higher gross margins (87%), and meaningful improvement in adjusted EBITDA loss, all while reaffirming full-year guidance. Management also highlighted multiple catalysts (VA and DoD expansion, TruVega international launch, Quell OTC relaunch, R&D/clinical progress including PTSD work) and added experienced commercial leadership. Key risks discussed include a decrease in cash balances, Q1 seasonal cash burn and near-term capital timing, ongoing GAAP losses driven by nonrecurring charges, concentrated product penetration in the VA (only ~2.5%), and historically variable TACSTIM revenue. On balance, the positives around accelerating revenue, margin expansion, improving adjusted EBITDA, product and channel momentum, and clear operational priorities outweigh the near-term financial and execution risks presented on the call.Positive Updates
Record Quarterly Revenue and Strong Top-Line Growth
Q1 2026 revenue of $9.6M, the highest quarter on record, up 43% year-over-year. Company reaffirmed full-year 2026 revenue guidance of ~30% growth (roughly $9M–$10M incremental vs. $32M in 2025).
Negative Updates
GAAP Net Loss and EPS Deterioration (Transition Costs)
GAAP net loss was $5.3M in Q1 2026 vs $3.9M prior-year (+~36%), and net loss per share was $0.59 vs $0.47. The increase was driven primarily by $1.9M of nonrecurring leadership transition costs; excluding those, net loss per share was $0.37.
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Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong Top-Line Growth
Q1 2026 revenue of $9.6M, the highest quarter on record, up 43% year-over-year. Company reaffirmed full-year 2026 revenue guidance of ~30% growth (roughly $9M–$10M incremental vs. $32M in 2025).
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 revenue guidance of ~30% growth (roughly $9M–$10M incremental versus $32M in 2025, implying ≈$41.6M total), citing Q1 results as support: record revenue $9.6M (+43% YoY), VA prescription device revenue $7.9M (+48% YoY) with prescription gammaCore +26% and Quell surpassing its first >$1M quarter (cumulative Quell ~$2.7M, including ~$2.5M Quell fibromyalgia in the VA), ~15,000 VA patients treated (~2.5% penetration of the addressable VA headache market); consumer TruVega revenue $1.6M (+44% YoY; $1.5M TruVega, +38% YoY) with ROAS ≈2.37 (+14% QoQ) and return rates 12–15%; gross profit $8.4M and gross margin expanded to 87% (+200 bps YoY); GAAP net loss $5.3M and adjusted EBITDA loss improved 24% to $2.3M (from $3.1M); cash, cash equivalents and marketable securities ~$8.8M (vs $11.6M at 12/31/25); R&D $740K; SG&A $12.9M (including $1.9M nonrecurring leadership transition costs and $300K legal); other expense $276K—while management stopped short of a breakeven quarter, they pointed to operating leverage, mid‑80s gross margins, VA/federal expansion, TruVega and Quell rollouts, TACSTIM upside, and a next‑generation mobile platform (2027) as the catalysts underpinning the guidance.Electrocore Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
22
Negative
Cash Flow
26
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 36.97M | 32.03M | 25.18M | 16.03M | 8.59M | 5.45M |
| Gross Profit | 32.18M | 27.79M | 21.40M | 13.23M | 6.98M | 4.07M |
| EBITDA | -12.50M | -11.70M | -10.72M | -17.76M | -22.00M | -17.69M |
| Net Income | -14.77M | -13.97M | -11.89M | -18.83M | -22.16M | -17.22M |
Balance Sheet | ||||||
| Total Assets | 17.06M | 18.67M | 20.47M | 16.10M | 24.76M | 42.83M |
| Cash, Cash Equivalents and Short-Term Investments | 10.04M | 11.61M | 11.97M | 10.33M | 17.71M | 34.69M |
| Total Debt | 9.56M | 9.40M | 4.14M | 626.00K | 699.00K | 761.00K |
| Total Liabilities | 19.85M | 20.38M | 12.93M | 8.66M | 7.67M | 6.18M |
| Stockholders Equity | -2.79M | -1.71M | 7.54M | 7.44M | 17.09M | 36.65M |
Cash Flow | ||||||
| Free Cash Flow | -12.76M | -8.25M | -6.95M | -14.87M | -16.64M | -13.63M |
| Operating Cash Flow | -12.74M | -8.19M | -6.95M | -14.67M | -16.64M | -13.63M |
| Investing Cash Flow | 2.82M | 3.88M | -8.52M | -206.00K | 0.00 | 18.22M |
| Financing Cash Flow | 12.65M | 7.63M | 8.44M | 7.49M | 0.00 | 25.68M |
Electrocore Risk Analysis
Electrocore disclosed 136 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% | |
48 Neutral | $39.03M | -2.80 | -142.02% | ― | 6.68% | -146.95% | |
48 Neutral | $8.40M | -0.27 | -382.50% | ― | -100.00% | 87.37% | |
46 Neutral | $54.86M | -3.36 | 524.69% | ― | 31.90% | -10.81% | |
45 Neutral | $14.71M | -1.94 | -98.33% | ― | 4.94% | 39.27% | |
45 Neutral | $5.70M | -0.18 | -2239.18% | ― | 33.77% | -20.22% |
* Healthcare Sector Average
ECOR
Electrocore
8.09
3.78
87.70%
MYO
Myomo
1.42
-0.34
-19.32%
MODD
Modular Medical
2.20
-19.49
-89.86%
NMTC
NeuroOne Medical Technologies
1.63
-2.80
-63.19%
VVOS
Vivos Therapeutics
0.32
-4.26
-92.93%
ADGM
Adagio Medical Holdings
0.68
-0.67
-49.41%
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.