electroCore Announces First Quarter 2025 Financial Results
Rhea-AI Summary
electroCore (NASDAQ: ECOR) reported strong Q1 2025 financial results with net sales of $6.7 million, representing a 23% increase from Q1 2024. The company's core revenue excluding TAC-STIM grew by 29% year-over-year to $6.6 million. Key growth drivers included higher sales of prescription gammaCore™ in the VA market, international market expansion, and strong performance of Truvaga™ wellness products.
The company maintained a robust gross margin of 85%. However, operating expenses increased to $9.5 million, resulting in a GAAP net loss of $3.9 million ($0.47 per share). The quarter included $665,000 in seasonal and non-recurring expenses related to Form 10-K filing, severance, and the NeuroMetrix acquisition.
electroCore provided full-year 2025 guidance of approximately $30.0 million in total revenue and projects net cash usage of $3.8-4.3 million for the next three quarters. The company closed the quarter with $8.0 million in cash and equivalents.
Positive
- Net sales increased 23% year-over-year to $6.7 million
- Core revenue excluding TAC-STIM grew 29% year-over-year
- Strong gross margin maintained at 85%
- Truvaga™ wellness products showed significant growth of 187%
- VA channel sales grew 22% to $4.7 million
- Strategic acquisition of NeuroMetrix completed, expanding bioelectronic platform
Negative
- GAAP net loss increased to $3.9 million from $3.5 million in Q1 2024
- Operating expenses increased to $9.5 million from $8.4 million year-over-year
- U.S. Commercial sales declined 33% to $289,000
- Cash position decreased to $8.0 million from $12.2 million in December 2024
News Market Reaction
On the day this news was published, ECOR declined 23.79%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
First quarter 2025 net sales of
Closed the acquisition of NeuroMetrix, Inc. (“NeuroMetrix”); first quarter 2025 unaudited Quell net sales of approximately
Company to host a conference call and webcast today, May 7, 2025 at 4:30 PM EDT
ROCKAWAY, N.J., May 07, 2025 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a commercial-stage bioelectronic technology company, today announced financial results for the first quarter ended March 31, 2025.
Recent Highlights
- Reported first quarter 2025 revenue of
$6.7 million , a23% increase over first quarter 2024 - Revenue excluding TAC-STIM totaled
$6.6 million , reflecting29% year-over-year growth - Announced the closing of the acquisition of NeuroMetrix, further expanding electroCore’s bioelectronic platform
“electroCore delivered continued growth in the first quarter, increasing total revenue
First Quarter 2025 Financial Results and Select Guidance
For the first quarter of 2025, electroCore’s net sales totaled
| (in thousands) | Three months ended March 31, | % Change | |||||||||
| Channel | 2025 | 2024 | |||||||||
| Rx gammaCore™ – VA | $ | 4,721 | $ | 3,875 | 22 | % | |||||
| Rx gammaCore – U.S. Commercial | 289 | 433 | -33 | % | |||||||
| Outside the United States | 513 | 449 | 14 | % | |||||||
| Truvaga™ | 1,106 | 385 | 187 | % | |||||||
| Total Before TAC-STIM™ | 6,629 | 5,142 | 29 | % | |||||||
| TAC-STIM | 90 | 301 | -70 | % | |||||||
| Total Revenue | $ | 6,719 | $ | 5,443 | 23 | % | |||||
Gross profit was
Total operating expenses were approximately
Research and development expense was
Selling, general and administrative expense was
GAAP net loss in the first quarter of 2025 was
Adjusted EBITDA net loss in the first quarter of 2025 was
The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NeuroMetrix, or other one-time charges. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.
Cash, cash equivalents, restricted cash and marketable securities at March 31, 2025 totaled approximately
Full Year 2025 Outlook
The Company is today providing preliminary guidance for the full year of 2025. For the full year of 2025, we expect total revenue to be approximately
Webcast and Conference Call Information
electroCore’s management team will host a conference call today, May 7, 2025, beginning at 4:30 PM EDT. Investors must register at the following link to receive login credentials and be able to ask questions on the call: Q1 2025 Financial Results Weblink.
Attendees who prefer to participate in “Listen Only” mode may dial in as follows:
Dial In: +1 646 931-3860
Webinar ID: 885 4355 1292
Passcode: 419231
Additional dial-in numbers can be found here: Additional ECOR Q1 2025 Dial In Numbers
An archived webcast of the event will be available on the “Investors” section of the company’s website at: www.electrocore.com.
About electroCore, Inc.
electroCore, Inc. and its subsidiaries (“electroCore” or the “Company”) is a commercial stage bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies. For more information, visit www.electrocore.com.
Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about, electroCore’s business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments; business prospects around its prescription gammaCore product, general wellness Truvaga and TAC-STIM products, and other potential new products and markets, revenue and net cash usage guidance for the full-year 2025, the contribution of meaningful revenue by year end of NeuroMetrix and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” and other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore, TAC-STIM, and Truvaga, electroCore’s results of operations and financial performance, inflation and currency fluctuations, and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall economic and market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.
Contact:
ECOR Investor Relations
(973) 302-9253
investors@electrocore.com
| electroCore, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) | |||||||||
| Three months ended March 31, | |||||||||
| 2025 | 2024 | ||||||||
| Net sales | $ | 6,719 | $ | 5,443 | |||||
| Cost of goods sold | 1,013 | 888 | |||||||
| Gross profit | 5,706 | 4,555 | |||||||
| Operating expenses | |||||||||
| Research and development | 642 | 399 | |||||||
| Selling, general and administrative | 8,886 | 8,005 | |||||||
| Total operating expenses | 9,528 | 8,404 | |||||||
| Loss from operations | (3,822 | ) | (3,849 | ) | |||||
| Other (income) expense | |||||||||
| Interest and other income | (83 | ) | (225 | ) | |||||
| Other expense | 164 | 4 | |||||||
| Total other expense (income) | 81 | (221 | ) | ||||||
| Loss before income taxes | (3,903 | ) | (3,628 | ) | |||||
| Benefit from income taxes | 48 | 122 | |||||||
| Net loss | $ | (3,855 | ) | $ | (3,506 | ) | |||
| Net loss per share of common stock - Basic and Diluted | $ | (0.47 | ) | $ | (0.53 | ) | |||
| Weighted average common shares outstanding - Basic and Diluted (see Note 11) | 8,289 | 6,617 | |||||||
| electroCore, Inc. Condensed Consolidated Balance Sheet Information (unaudited) (in thousands) | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Cash and cash equivalents | $ | 3,777 | $ | 3,450 | ||||
| Restricted cash | $ | 250 | $ | 250 | ||||
| Total assets | $ | 16,041 | $ | 20,471 | ||||
| Current liabilities | $ | 7,856 | $ | 9,152 | ||||
| Total liabilities | $ | 11,676 | $ | 12,927 | ||||
| Total equity | $ | 4,365 | $ | 7,544 | ||||
(Unaudited) Use of Non-GAAP Financial Measure
The Company is presenting adjusted EBITDA net loss because it believes this measure is a useful indicator of its operating performance. Management uses this non-GAAP measure principally as a measure of the Company’s core operating performance and believes that this measure is useful to investors because it is frequently used by the financial community, investors, and other interested parties to evaluate companies in the Company’s industry. The Company also believes that this measure is useful to its management and investors as a measure of comparative operating performance from period to period. Additionally, the Company believes its use of non-GAAP adjusted EBITDA net loss from operations facilitates management’s internal comparisons to historical operating results by factoring out potential differences caused by gains and charges not related to its regular, ongoing business, including, without limitation, non-cash charges and certain large and unpredictable charges such as restructuring expenses.
The Company defines adjusted EBITDA net loss as GAAP net loss, adjusting to exclude non-operating gains/losses, depreciation and amortization, stock-compensation expense, inventory reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NeuroMetrix or other one-time charges. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss is provided in the financial statement table below.
| Three months ended | ||||||
| March 31, | ||||||
| (in thousands) | 2025 | 2024 | ||||
| GAAP net loss | $ | (3,855 | ) | $ | (3,506 | ) |
| Depreciation and amortization | 155 | 206 | ||||
| Stock-based compensation | 540 | 484 | ||||
| Inventory reserve change | (88 | ) | - | |||
| Severance and other related charges | 180 | - | ||||
| Legal fees associated with stockholders' litigation | - | - | ||||
| Interest and other (income) expense | (83 | ) | (225 | ) | ||
| Benefit/expense from income taxes | (48 | ) | (122 | ) | ||
| Non-recurring one-time charges | 145 | - | ||||
| Adjusted EBITDA net loss | $ | (3,054 | ) | $ | (3,163 | ) |
The Company’s use of a non-GAAP measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of its results as reported under GAAP. Some of these limitations are: (i) the non-GAAP measure does not reflect interest or tax payments that may represent a reduction in cash available; (ii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and the non-GAAP measure does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (iii) the non-GAAP measure does not reflect the potentially dilutive impact of equity-based compensation; and (iv) the non-GAAP measure does not reflect changes in, or cash requirements for working capital needs; other companies, including companies in electroCore’s industry, may calculate adjusted EBITDA net loss differently, effectively reducing its usefulness as a comparative measure.
Because of these and other limitations, you should consider the non-GAAP measure together with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and other GAAP results. A reconciliation of GAAP net loss to non-GAAP adjusted EBITDA net loss has been provided in the preceding financial statements table of this press release.
FAQ
What were electroCore's (ECOR) Q1 2025 revenue and growth rate?
How did the NeuroMetrix acquisition affect electroCore's Q1 2025 results?
What is electroCore's (ECOR) revenue guidance for 2025?
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What was electroCore's (ECOR) performance in the VA channel for Q1 2025?
