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ECOR

electroCore, Inc.

ECOR

electroCore, Inc. • NASDAQ
$5.05 ▲ 3.06% (+0.15)
Market Cap $40.37 M
52w High $19.49
52w Low $4.16
Dividend Yield 0%
P/E -2.95
Volume 11.31K
Outstanding Shares 7.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.689M ▲ $10.354M ▲ $-3.405M ▲ -39.187% ▲ $-0.4 ▲ $-3.044M ▲
Q2-2025 $7.381M ▲ $9.948M ▲ $-3.671M ▲ -49.736% ▲ $-0.44 ▲ $-3.512M ▲
Q1-2025 $6.719M ▼ $9.528M ▲ $-3.855M ▼ -57.375% ▼ $-0.47 ▼ $-3.628M ▼
Q4-2024 $7.046M ▲ $9.123M ▲ $-3.228M ▼ -45.813% ▼ $-0.43 ▼ $-2.491M ▲
Q3-2024 $6.554M $8.14M $-2.497M -38.099% $-0.31 $-2.651M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.201M ▲ $21.412M ▲ $22.485M ▲ $-1.073M ▼
Q2-2025 $7.145M ▼ $14.559M ▼ $13.446M ▲ $1.113M ▼
Q1-2025 $7.759M ▼ $16.041M ▼ $11.676M ▼ $4.365M ▼
Q4-2024 $11.969M ▼ $20.471M ▼ $12.927M ▲ $7.544M ▼
Q3-2024 $12.947M $21.045M $11.59M $9.455M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.405M ▲ $-1.669M ▼ $-1.326M ▼ $7.484M ▲ $4.484M ▲ $-1.673M ▼
Q2-2025 $-3.671M ▲ $-623K ▲ $185K ▼ $3K ▼ $-404K ▼ $-648K ▲
Q1-2025 $-3.855M ▼ $-4.355M ▼ $4.5M ▲ $180K ▼ $327K ▲ $-4.392M ▼
Q4-2024 $-3.228M ▼ $-1.255M ▲ $-501K ▲ $371K ▲ $-1.479M ▲ $-1.255M ▲
Q3-2024 $-2.497M $-1.363M $-4.09M $-52K $-5.373M $-1.363M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily for several years, but it is still very small relative to a typical commercial medical device company. The business is clearly moving from a very early stage toward a more meaningful commercial footprint, but it remains in the “building phase.” Gross profit has been positive and improving, which suggests the underlying product economics are reasonable once devices are sold. The main drag on results is not product cost, but the level of spending on operations, commercialization, and development. Operating and net losses have been persistent, though they appear to be slowly narrowing. In simple terms, the company is still firmly loss‑making, but the direction of travel is toward better efficiency and scale, not deterioration. The path to break‑even, however, is not yet visible from these figures alone and will depend heavily on sustaining strong growth without letting costs rise just as quickly.

Balance Sheet

Balance Sheet The balance sheet is small and fairly light. Total assets are modest, and the equity base has been shrinking over time as losses accumulate. This is typical for a young, R&D‑heavy medical technology company, but it does mean there is less of a cushion to absorb prolonged setbacks. The company has essentially no financial debt, which is a clear positive: it reduces interest burden and gives more flexibility than a levered balance sheet. The trade‑off is that cash has been drawn down over time, and the current cash position looks thin relative to ongoing losses. Overall, financial leverage risk is low, but funding risk is meaningful: unless cash flow improves materially, the company will likely need to rely on new capital sources (equity, partnerships, grants, or similar) to support its strategy.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting the ongoing cost of commercial build‑out, clinical work, and corporate overhead. The scale of the burn is not extreme in absolute terms, but it is steady and has not yet flipped toward self‑funding. Free cash flow tracks operating cash flow closely because investment in physical assets is minimal. Most spending is on people, trials, and commercial activities rather than factories or heavy equipment. This profile fits an innovation‑driven med‑tech company: low capital intensity but high operating cash needs. The core question going forward is whether revenue growth can catch up fast enough to reduce the burn before cash reserves need to be replenished again.

Competitive Edge

Competitive Edge electroCore operates in a differentiated niche within medical devices, focused on non‑invasive vagus nerve stimulation. Its technology targets conditions like migraine and cluster headache, with regulatory clearances in the United States and broader indications in Europe. The company’s competitive strengths include a substantial patent portfolio, early‑mover status in non‑invasive vagus nerve stimulation, and accumulating clinical data supporting efficacy in several indications. These factors create barriers to entry and help with both physician acceptance and potential reimbursement. However, electroCore remains a small player in a healthcare landscape populated by much larger device and pharmaceutical companies. It must fight for attention, coverage, and formulary placement, and it competes not only with direct device rivals but also with established drug therapies. Commercial execution, physician education, and payer relationships are therefore critical to turning its technological edge into a durable market position.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of electroCore’s strategy. Its non‑invasive vagus nerve stimulation platform underpins a broad pipeline that stretches from headache disorders into areas like gastrointestinal motility issues, stroke, Parkinson’s disease, post‑concussion symptoms, PTSD, addiction, and even human performance. The company has built an extensive patent estate that covers its stimulation signals, delivery methods, and treatment approaches. It is also adding clinical evidence through peer‑reviewed studies in neurology and related fields, gradually strengthening the medical case for its technology. Recent moves into wellness and performance applications, plus the acquisition of additional neurostimulation assets, show a willingness to expand beyond a single product or indication. The upside is a larger opportunity set; the risk is that R&D and commercial resources could become stretched across too many fronts at once, prolonging the time to meaningful profitability.

Summary

electroCore is a small, innovation‑driven medical device company that appears to be transitioning from pure development into early commercial scaling. Revenue is growing from a low base, gross margins look supportive, and losses are gradually improving but still significant. The balance sheet carries no meaningful debt but has a limited equity and cash cushion, making future access to capital an important consideration. Cash burn remains steady and will likely continue as the company funds clinical programs and market expansion. Strategically, electroCore’s strengths lie in its distinctive non‑invasive vagus nerve platform, strong intellectual property, and growing clinical evidence. Its challenges center on scale: converting technological and regulatory advantages into broad adoption, reimbursement, and sustainable profitability in a market dominated by much larger competitors. Overall, the story is one of promising technology and clear differentiation, paired with the usual risks of a small, loss‑making med‑tech company that still needs to prove it can turn its scientific lead into a robust, self‑funding business.

NEWS

November 10, 2025 · 4:05 PM UTC

electroCore to Participate at the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum

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November 5, 2025 · 4:05 PM UTC

electroCore Announces Third Quarter 2025 Financial Results

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October 23, 2025 · 8:11 AM UTC

electroCore to Announce Third Quarter September 30, 2025 Financial Results on Wednesday, November 5, 2025

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October 3, 2025 · 4:05 PM UTC

electroCore Announces Inducement Grant under NASDAQ Listing Rule 5635(c)(4)

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September 30, 2025 · 8:00 AM UTC

gammaCore® Non-Invasive Vagus Nerve Stimulation (nVNS) as an Adjunctive Treatment Associated with Improvements in Persistent Post-Concussion Symptoms

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