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what it is
ElectroCore makes non-invasive nerve-stimulation devices for headaches and wellness.
how it gets paid
Last year Electrocore made $25M in revenue. gammaCore prescription devices was the main engine at $13.5M, or 54% of sales.
what just happened
Revenue hit $23M, but EPS stayed deep in the red at -$1.31.
At a glance
C++ balance sheet — some cracks in the foundation
55/100 earnings predictability — expect surprises
-$1.59 fy2024 eps est
$25M fy2024 rev est
48.3% operating margin
xvary composite: 28/100 — weak
What they do
electroCore makes non-invasive nerve-stimulation devices for headaches and wellness.
You are not buying a giant factory. You are buying a 73-person company with 86.1% gross margin. Gross margin means what stays after product costs. So what: each sale leaves room before overhead eats the room.
How they make money
$25M
annual revenue
gammaCore prescription devices
$13.5M
+18.0%
TruVaga consumer wellness
$5.0M
+32.0%
TAC-STIM performance use
$2.5M
+41.0%
Other medical products
$2.0M
+5.0%
Accessories and other
$2.0M
0.0%
The products that matter
prescription headache treatment
gammaCore
$21M · 84% of revenue
it generated an estimated $21M of the company’s $25M in annual revenue. when one product carries 84% of sales, that product is the story.
core revenue engine
consumer wellness device
Truvaga
$4M · 16% of revenue
this is the direct-to-consumer bet. it contributes an estimated $4M in annual revenue, which means it matters strategically more than it matters financially, at least for now.
consumer test case
high-margin device platform
gross profit model
86.1% gross margin
86.1% gross margin means the product economics are not the problem. the problem is everything below gross profit, where the company still loses 47.5% of revenue after all expenses.
the key tension
Key numbers
$25M
annual revenue
That is tiny next to a $49M market cap. You are paying for a business that still needs scale.
48.3%
operating margin
For every $100 of sales, about $48 vanished before interest and taxes.
$11.6M
cash
That is the cushion against losses. It is barely above the $10M debt load.
86.1%
gross margin
The device itself keeps most of the sale. The problem is everything after product costs.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $10M (17% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ECOR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $23M, but EPS stayed deep in the red at -$1.31.
Sales rose 162% vs. prior year. Gross margin held at 86.1%, so the issue is overhead, not product cost.
$6M
revenue
-$1.31
eps
86.1%
gross margin
the number that mattered
Revenue was $23M, up 162% vs. prior year. That is the part of the report that looked like a business.
source: company earnings report, 2026
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What could go wrong
the #1 risk is cash burn outrunning the path to positive adjusted EBITDA.
high
cash runway
The company ended 2025 with $11.6M in cash, down from $13.2M the prior quarter. Its quarterly operating loss was about $3.5M.
At the recent burn rate, you are looking at roughly four quarters of cash. That raises financing and dilution risk before the late-2026 profitability target arrives.
high
gammaCore concentration
gammaCore generated an estimated $21M, or 84%, of FY2024 revenue. That means reimbursement, physician adoption, and indication-specific demand all hit the same income statement line.
A setback here would pressure most of the business at once. When 84% of revenue comes from one product, diversification is not there to save you.
med
execution gap
Management’s late-2026 plan points to $12M in quarterly revenue and positive adjusted EBITDA. Current quarterly guidance is $9.0–$9.2M.
That gap is the whole story. If revenue does not climb meaningfully from here, the margin profile will not matter enough to avoid another capital raise.
med
supply chain disruption
The filings say the company works to maintain inventory and has a qualified secondary contract manufacturer. That helps, but it does not remove the risk.
A manufacturing disruption could delay shipments and pressure a business that only generated $25M in annual revenue to begin with.
The combined risk picture is simple: this business needs revenue to move from roughly $9M a quarter toward $12M before the cash clock runs out.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 2025 earnings report
March 19, 2026 is the next hard checkpoint. You want revenue at or above the $9.0–$9.2M guide and clear language on the path to positive adjusted EBITDA.
metric
the $12M quarterly revenue target
Management’s late-2026 profitability plan assumes roughly $12M in quarterly revenue. Current guidance is $9.0–$9.2M, so you need real progress, not just optimistic language.
trend
cash versus burn
Cash fell to $11.6M from $13.2M in the prior quarter. If that decline continues while operating losses stay near $3.5M, the financing question moves to the front of the page.
risk
how much of the story is still gammaCore
gammaCore is 84% of revenue. You want to see that core business hold up while Truvaga becomes more than a side experiment.
Analyst rankings
earnings predictability
55 / 100
earnings are harder to model here. in human-speak, analysts should not sound more certain than the business is.
published analyst stance
2 strong buy
Two analysts rate the stock a Strong Buy. That tells you sentiment is optimistic, not that execution risk disappeared.
source: institutional data
Institutional activity
institutional ownership data for ECOR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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