electroCore, Inc. Q4 FY2025 earnings call

• Daniel Goldberger announced his retirement as CEO effective April 1, 2026, and the Board appointed Joshua Lev as Interim President. Michael Fox will join as Chief Operating Officer in April. - Thomas Errico recognized Dan Goldberger's leadership and highlighted the clinical foundation of the portfolio, including the gammaCore device with substantial scientific evidence from peer - reviewed publications and trials, and the potential of the nVNS platform for broader indications. - Joshua Lev mentioned the focus on executing the strategy of increasing sales in covered entities like the VA system and driving long - term value through market expansion with Truvaga, and the investment in people, marketing, and product development to accelerate growth in 2026 - 2027 while maintaining operating discipline.

In the fourth quarter of 2025, revenue was $9.2 million, up 31% year-over-year, and full year 2025 revenue was $32 million, 27% over 2024. Prescription revenue (gammaCore and Quell) in the VA hospital system increased 23% year-over-year to $26 million, with $1.5 million from Quell assets acquired in May 2025. Approximately 13,400 VA patients used the gammaCore device, estimated at 2% penetration of the addressable VA headache market. General wellness channel fourth quarter revenue was $1.4 million, 31% year-over-year growth, and full year general wellness revenue was $5.5 million, 97% increase compared to 2024, primarily driven by $5.4 million in Truvaga sales, up 93% from 2024. Excluding a one - time $500,000 order, Truvaga revenue grew ~40% sequentially. Return on advertising spend for the period was approximately $2.10.

• The company believes full year 2026 revenue has the potential to continue growing at approximately 30%. - In light of the leadership transition, detailed guidance is not issued at this time and will be revisited when appropriate.

Q: Talk about the channels, VA and DTC for gammaCore and Quell and OUS channels.

A: From the VA channel, they've increased 1099s and are expecting Michael Fox to accelerate growth. In DTC, focus on driving traffic to truvaga.com via affiliates and influencers. For OUS, NHS England is a focus but has bottlenecks, and they're developing infrastructure in other countries with distributors.

Q: About new leadership dynamics, will Michael focus on VA and Joshua on wellness ex - VA?

A: Michael's background is in driving commercial organizations and could cover VA, other federal and commercial systems, while day - to - day Truvaga activities fall in Dan's court for now.

Q: Prior VA contracts and adjustment with Michael?

A: At present, no adjustment expected as VA contract already has products listed.

Q: Deemphasis on TAC - STIM with Dan leaving?

A: No, TAC - STIM has a robust pipeline and Michael's experience in federal systems could pull forward revenue opportunities.

Q: Quell relief launch, VA DoD channels, and guidance?

A: Quell relief to launch in first half of 2026, OTC product, soft launch to test, and revenue from it is incremental to 30% guidance.

Q: Return on advertising spend goal for 2026?

A: Goal is to have it above 2, hover around 2 - 2.5 on average.

Q: Insurance reimbursement coverage updates and barriers?

A: Work with Kaiser, got on contract and will focus on developing KOLs, with hope for Kaiser success in 2026 and other insurers later.