electroCore, Inc.
- Open
- 5.76
- Day high
- 6.25
- Day low
- 5.74
- Prev close
- 5.78
- Volume
- 39K
- Mkt cap
- $49M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -8.6
- P/S
- 1.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$20K over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions mixed (13F)
electroCore, Inc. (ECOR) is a Healthcare company listed on NASDAQ. The stock is down 19% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4).
electroCore, Inc. (ECOR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ECOR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.59 | $-0.59 | +0.0% | $10M | +6.4% |
| Mar 19, 2026 | $-0.35 | $-0.34 | +2.9% | $9M | +1.5% |
| Nov 5, 2025 | $-0.36 | $-0.40 | -11.1% | $9M | +9.8% |
| Aug 6, 2025 | $-0.32 | $-0.35 | -9.4% | $7M | -5.9% |
| Mar 12, 2025 | $-0.34 | $-0.40 | -17.6% | $7M | -0.1% |
| Mar 13, 2024 | $-0.55 | $-0.61 | -10.9% | $5M | +4.4% |
| May 3, 2023 | $-1.00 | $-1.24 | -24.0% | $3M | -5.8% |
| Mar 8, 2023 | $-1.11 | $-1.22 | -9.9% | $3M | +8.5% |
| Nov 3, 2022 | $-1.05 | $-1.20 | -14.3% | $2M | -12.6% |
| Aug 4, 2022 | $-1.20 | $-1.20 | +0.0% | $2M | +6.9% |
| May 5, 2022 | $-0.75 | $-1.20 | -60.0% | $2M | +7.1% |
| Mar 10, 2022 | $-1.05 | $-1.05 | +0.0% | $1M | -0.7% |
ECOR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 29, 2026 | Lev Joshua S.officer: CFO and Interim President | Sell | 6,667 | $9.00 |
| May 26, 2026 | Errico Thomas J.director | Buy | 9,992 | $5.99 |
| May 22, 2026 | Lev Joshua S.officer: CFO and Interim President | Sell | 3,000 | $6.50 |
| Apr 14, 2026 | Goldberger Daniel Sother: Former Officer and Director | Sell | 16,072 | $6.02 |
| Apr 14, 2026 | Fox Michaelofficer: Chief Operating Officer | Grant | 70,000 | — |
| Jan 28, 2026 | Lev Joshua S.officer: Chief Financial Officer | Grant | 2,889 | — |
| Jan 28, 2026 | Lev Joshua S.officer: Chief Financial Officer | Grant | 25,000 | — |
| Jan 28, 2026 | Goldberger Daniel Sdirector, officer: Chief Executive Officer | Grant | 20,375 | $7.47 |
| Jan 28, 2026 | Goldberger Daniel Sdirector, officer: Chief Executive Officer | Grant | 26,000 | — |
| Dec 5, 2025 | Lev Joshua S.officer: Chief Financial Officer | Sell | 2,500 | $5.05 |
| Dec 3, 2025 | Goldberger Daniel Sdirector, officer: Chief Executive Officer | Buy | 1,000 | $4.84 |
| Nov 14, 2025 | Lev Joshua S.officer: Chief Financial Officer | Sell | 2,166 | $6.18 |
| Sep 12, 2025 | Bonfiglioli Elenadirector | Grant | 30,549 | — |
| Sep 4, 2025 | GANDOLFO JOHN Pdirector | Grant | 19,011 | — |
| Sep 4, 2025 | PATTON THOMAS Mdirector | Grant | 19,011 | — |
Source: ECOR SEC Form 4 filings, latest May 29, 2026. For informational purposes only — not investment advice.
See the full ECOR insider & 13F page →electroCore, Inc. company profile
Overview
electroCore, Inc. (NASDAQ:ECOR) is a commercial-stage medical device company founded in 2005 and headquartered in Rockaway, New Jersey. The company specializes in developing and commercializing non-invasive vagus nerve stimulation (nVNS) therapies through its flagship gammaCore technology platform. Since going public in 2018, electroCore has expanded beyond prescription medical devices into direct-to-consumer wellness products and military performance applications. In 2024, the company strategically acquired NeuroMetrix to broaden its bioelectronic health portfolio, positioning itself as a diversified player in the emerging field of bioelectronic medicine.
Business
electroCore operates in the bioelectronic medicine industry, which uses electrical stimulation to treat medical conditions by targeting the body's nervous system. The company's core technology centers around non-invasive vagus nerve stimulation (nVNS), a therapeutic approach that delivers mild electrical pulses to the vagus nerve through the skin without requiring surgical implantation. The vagus nerve is one of the longest nerves in the human body, connecting the brain to major organs and playing a crucial role in regulating various bodily functions including heart rate, digestion, and inflammation. Traditional vagus nerve stimulation required surgically implanted devices, but electroCore's innovation allows for external stimulation through a handheld device placed on the neck. The company operates through several distinct business segments: 1. Prescription Medical Devices (approximately 70% of revenue): The flagship gammaCore Sapphire is FDA-approved for treating acute migraine and episodic cluster headaches in adults. This rechargeable, handheld device is prescribed by healthcare providers and primarily sold through the Veterans Affairs (VA) hospital system, which represents the company's largest customer base with over 175 facilities purchasing the device. 2. Direct-to-Consumer Wellness Products (approximately 15% of revenue): The Truvaga product line targets consumers seeking relief from stress, anxiety, and sleep issues. Unlike the prescription gammaCore, Truvaga is marketed as a wellness device and sold directly to consumers through e-commerce channels including Amazon and the company's website. 3. Military and Performance Applications (approximately 10% of revenue): The TAC-STIM product is designed to enhance human performance in military settings, potentially improving focus and cognitive function for personnel such as drone operators and analysts. This segment operates under government contracts with the Department of Defense. 4. International Markets (approximately 5% of revenue): electroCore sells its prescription devices in international markets, though this represents a smaller portion of overall revenue. Following the 2024 acquisition of NeuroMetrix, the company added the Quell product line, which targets fibromyalgia pain management, expanding its addressable market within the chronic pain management space.
Revenue model
electroCore generates revenue through multiple business models tailored to its diverse product portfolio and customer segments. For its prescription medical devices, the company operates on a direct sales model to healthcare institutions, particularly VA hospitals. Healthcare providers purchase the gammaCore devices and bill insurance or government programs for patient treatments. The VA hospital system, representing the largest revenue source, purchases devices through multi-year federal supply schedule contracts. Individual VA facilities order devices based on their patient needs, with the company targeting approximately 600,000 headache patients and 550,000 fibromyalgia patients within the VA system. The direct-to-consumer wellness segment follows a product sales model where consumers purchase Truvaga devices directly through e-commerce platforms. Devices are sold at retail prices ranging from consumer wellness pricing, with the company maintaining gross margins around 85%. This segment benefits from recurring revenue potential as devices have consumable components and customers may upgrade to newer models. The military performance segment operates through government contracts where the Department of Defense purchases TAC-STIM devices for specific programs and research initiatives. Revenue can be lumpy depending on contract timing and government budget cycles. Several factors influence the company's margins and profitability. Positive margin drivers include the company's high gross margins (approximately 85%) due to the relatively low manufacturing costs of the electronic devices compared to their selling prices, economies of scale as production volumes increase, and the potential for recurring revenue as customers replace or upgrade devices. The VA hospital system provides stable, predictable demand with multi-year contracts reducing sales volatility. Margin pressures come from the significant sales and marketing expenses required to educate healthcare providers about nVNS therapy, regulatory costs associated with maintaining FDA approvals and pursuing new indications, competition from traditional pharmaceutical treatments for migraine and cluster headaches, and the challenge of obtaining broader insurance coverage for the prescription devices. The company also faces cash burn from ongoing research and development investments in new indications and product improvements. The business model's success depends heavily on expanding market penetration within existing channels, particularly deeper adoption within VA hospitals, and successfully obtaining additional FDA approvals for new medical indications such as PTSD, which could significantly expand the addressable market.
Competitive moat
electroCore's competitive moat is moderate but developing, primarily built around its proprietary nVNS technology platform and regulatory approvals, though it faces significant competitive pressures from established pharmaceutical treatments. The company's strongest moat elements include its FDA approvals and regulatory expertise in the nVNS space. Obtaining FDA clearance for medical devices requires substantial clinical trial data, regulatory knowledge, and financial resources that create barriers for new entrants. electroCore has established relationships with regulatory bodies and accumulated clinical evidence supporting its technology across multiple indications. The company's intellectual property portfolio around its specific nVNS delivery methods and device designs provides some protection, though the broader concept of electrical stimulation therapy is not proprietary. The VA hospital system relationship represents a significant competitive advantage, as these institutional relationships are difficult to replicate and provide stable, recurring revenue. The company has built specialized sales expertise in navigating government procurement processes and established trust with VA healthcare providers. This channel requires specific contracting capabilities and understanding of government purchasing cycles that competitors would need to develop. However, electroCore's moat faces several vulnerabilities. The company competes directly with established pharmaceutical treatments for migraine and cluster headaches, including both prescription medications and over-the-counter options that have decades of physician familiarity and patient acceptance. Major pharmaceutical companies have significantly larger sales forces, marketing budgets, and research capabilities. Additionally, other medical device companies could potentially develop competing nVNS or alternative electrical stimulation technologies. The direct-to-consumer wellness market presents limited moat protection, as numerous companies offer stress and anxiety relief devices with varying technologies. Consumer loyalty in wellness products tends to be lower than in prescription medical treatments, and the market is susceptible to new entrants with innovative marketing approaches or celebrity endorsements. The company's expansion into the fibromyalgia market through the Quell acquisition faces competition from established pain management approaches and other medical device companies. While electroCore benefits from being an early mover in non-invasive nVNS therapy, the competitive landscape could intensify as the market validates the approach and attracts larger competitors with greater resources.
Risks & safety
electroCore presents moderate to high financial risk with limited margin of safety, characterized by ongoing cash burn and dependence on external financing despite recent operational improvements. **Cash Burn and Solvency:** - Current cash position of $3.8 million as of Q1 2025, down from $10.3 million in Q2 2024 - Quarterly cash burn of approximately $4.4 million in Q1 2025 - Free cash flow negative $4.4 million in Q1 2025, though improved from $6.9 million annual burn in 2024 - Management projects annual net cash use of $3.8-4.3 million for 2025, targeting cash neutrality at $9 million quarterly revenue - Current ratio of 1.52, indicating adequate short-term liquidity coverage - Total debt-to-equity ratio of 0.96, representing moderate leverage **Valuation Metrics:** - Trading at 6.3x trailing revenue (based on $25.2 million 2024 revenue) - Negative EBITDA of $3.8 million in Q1 2025, making traditional valuation metrics less meaningful - Price-to-book ratio of 12.7, indicating premium valuation relative to tangible assets - Enterprise value reflects the cash burn and growth investment phase **Other Considerations:** - Revenue growth trajectory showing 57% increase in 2024, suggesting business model validation - High gross margins of 85% indicate potential profitability once scale is achieved - Dependence on VA hospital system creates customer concentration risk - Recent acquisition of NeuroMetrix adds integration execution risk
Recent development
Over the past several years, electroCore has executed a strategic transformation from a single-product prescription medical device company into a diversified bioelectronic health platform. The most significant development was the 2024 acquisition of NeuroMetrix, which added the Quell fibromyalgia product line and expanded the company's addressable market within chronic pain management. This acquisition represents a major strategic pivot toward building a comprehensive portfolio of bioelectronic therapeutic devices. The company has successfully diversified beyond prescription-only products with the launch and expansion of Truvaga, its direct-to-consumer wellness device. Initially launched in late 2022, Truvaga has shown impressive growth with 187% revenue increase in Q1 2025, reaching over 14,000 handsets sold. The product evolution included launching Truvaga Plus with mobile app integration and expanding distribution channels to include Amazon and corporate wellness programs. In the military sector, electroCore developed TAC-STIM for human performance enhancement, targeting military personnel such as drone operators and analysts. This represents an entirely new application of nVNS technology beyond traditional medical indications, supported by Department of Defense BOOST program funding. The company has also expanded its distribution and partnership strategy, signing agreements with Spark Biomedical for opioid withdrawal treatment devices and establishing relationships with Joerns Healthcare for broader commercial distribution. These partnerships allow electroCore to leverage its sales infrastructure while expanding its product portfolio without significant internal development costs. Research and development efforts have focused on expanding FDA-approved indications for gammaCore, with ongoing clinical work in PTSD, gastroparesis, stroke treatment, and opioid use disorder. The PTSD indication represents a particularly significant opportunity given the large veteran population within the VA hospital system. Operationally, the company has improved its financial discipline, reducing cash burn from $14.7 million in 2023 to $6.9 million in 2024 while maintaining revenue growth. Management has implemented more systematic sales force expansion and established clearer pathways to profitability, targeting cash neutrality at $9 million quarterly revenue levels.
ECOR company profile · for informational purposes only — not investment advice.
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