electroCore Announces First Quarter 2026 Financial Results
Rhea-AI Summary
electroCore (Nasdaq: ECOR) reported Q1 2026 net sales of $9.6 million, up ~43% year‑over‑year, with 87% gross margin and GAAP net loss of $5.3 million. Adjusted EBITDA net loss improved 24% to $2.3 million. The VA remained the largest channel; Quell and Truvaga contributed growth. The company reaffirmed ~30% full‑year 2026 revenue growth guidance and reported cash and marketable securities of $8.8 million at March 31, 2026.
Positive
- Net sales +43% to $9.6M in Q1 2026
- Gross margin 87% for the quarter
- Adjusted EBITDA net loss improved 24% to $2.3M
- Quell quarterly sales surpassed $1.0M for first time
- VA reach expanded to 200 facilities; ~15,000 VA patients
Negative
- GAAP net loss of $5.3M in Q1 2026
- Operating expenses rose to $13.7M including $1.9M one‑time
- Cash and marketable securities fell to $8.8M at 3/31/26
Key Figures
Market Reality Check
Peers on Argus
ECOR showed a pre-news gain of 4.64% with elevated volume, while peers were mixed: RBOT up 16.22%, MYO up 1.57%, NMTC and MODD down. Only MODD appeared in momentum scans, so trading looked company-specific rather than a broad medical-device move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 19 | Full-year 2025 earnings | Positive | -4.7% | Record 2025 net sales of $32.0M and ~30% 2026 growth guidance with leadership changes. |
| Nov 05 | Q3 2025 earnings | Positive | +23.2% | Record Q3 2025 net sales of $8.7M, guidance raise, and outlook for positive adjusted EBITDA. |
| Aug 06 | Q2 2025 earnings | Positive | -29.1% | Record Q2 2025 revenue of $7.4M with high margins but increased operating expenses and losses. |
| May 07 | Q1 2025 earnings | Positive | -23.8% | Q1 2025 net sales of $6.7M up 23% year-over-year, with higher operating expenses and GAAP loss. |
| Mar 12 | Full-year 2024 earnings | Positive | -26.5% | 2024 net sales of $25.2M, up 57%, and improved net loss and cash burn metrics. |
Earnings releases have often seen negative price reactions despite record revenue and guidance, with 4 of the last 5 tagged earnings events selling off on otherwise positive operational updates.
Over the past year, electroCore has consistently reported record revenue growth and improving adjusted EBITDA in both quarterly and annual results, with full-year 2024 and 2025 net sales reaching $25.2M and $32.0M respectively. Quarterly updates in 2025 highlighted rising VA and wellness sales, but also persistent GAAP losses. Leadership changes and 2026 guidance for roughly 30% revenue growth were introduced in March 2026. Today’s Q1 2026 report continues this pattern of strong top-line expansion and high gross margins alongside ongoing operating losses.
Historical Comparison
In the past year, ECOR’s five earnings-related releases saw an average move of about -12.18%, often selling off despite record growth. Against that backdrop, a positive move of 4.64% around this Q1 2026 report would represent a milder, more constructive reaction than typical earnings responses.
Earnings updates have shown a progression from 2024 to 2025 and into 2026 of steadily rising revenue, high gross margins, and improving adjusted EBITDA, while GAAP losses persist and management guides to roughly 30% annual revenue growth.
Regulatory & Risk Context
An effective resale registration on Form S-3 filed Oct 3, 2025 covers up to 762,508 shares of common stock for selling stockholders. The company is not issuing new securities under this registration and does not receive proceeds from these stockholder resales.
Market Pulse Summary
This announcement highlights record Q1 2026 net sales of $9.6M, up 43% year-over-year, with an 87% gross margin and a 24% improvement in adjusted EBITDA loss to $2.3M. At the same time, GAAP net loss of $5.3M and cash of $8.8M underscore continued burn. The company reaffirmed guidance for roughly 30% 2026 revenue growth and remains heavily leveraged to VA and wellness channels, with an existing resale registration for 762,508 shares.
Key Terms
adjusted ebitda financial
gross profit margin financial
non-invasive vagus nerve stimulation medical
ptsd medical
return on advertising spend financial
roas financial
AI-generated analysis. Not financial advice.
First quarter 2026 net sales of
Net loss of
Company to host a conference call and webcast today, May 6, 2026, at 4:30 pm EDT
ROCKAWAY, N.J., May 06, 2026 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a bioelectronic technology company, today announced financial results for the first quarter ended March 31, 2026. The Company reported record quarterly revenue of
“Our first quarter results reflect what we believe is a meaningful inflection point for electroCore,” said Joshua Lev, Interim President and Chief Financial Officer of electroCore. “Quarterly revenue of
Recent Operational Highlights
Veterans Affairs Channel Continues to Drive Prescription Growth
The VA continued to be the Company’s largest growth driver in the first quarter. Prescription gammaCore revenue grew approximately
Quell Adoption Continues
Sales of the Quell product line surpassed
Truvaga Expands Internationally with Improved Marketing Efficiency
Truvaga revenue grew approximately
Pipeline Advances with Quell Relief Launch and Next-Generation Mobile App
The Company expects to launch Quell Relief for lower extremity pain later in the second half of 2026 and is developing a next-generation mobile application designed to complement Truvaga and Quell, with the potential to support future recurring revenue opportunities.
Continued Progress Towards Future Indications
The body of evidence supporting the therapeutic potential of non-invasive vagus nerve stimulation, or nVNS, continues to expand. A new publication in Frontiers in Neuroscience titled “Adjunctive non-invasive vagus nerve stimulation for chronic mild traumatic brain injury with comorbid post-traumatic stress disorder: a post-hoc analysis” highlighted findings on the potential benefits of adjunctive non-invasive vagus nerve stimulation in patients with mild traumatic brain injury and post-traumatic stress disorder, or PTSD.
Additionally, approximately 20 participants have been enrolled in a clinical study conducted by Acacia Clinics in collaboration with the Vagus Nerve Society designed to evaluate the safety and effectiveness of electroCore’s gammaCore ® device as an adjunctive treatment for symptoms associated with PTSD.
Michael Fox Joins as Chief Operating Officer
Michael Fox joined electroCore as Chief Operating Officer in April 2026, bringing more than 35 years of commercial leadership experience across complex healthcare markets, including extensive work within federal systems and the VA.
“Joining electroCore at this stage of the Company’s growth was a clear opportunity,” said Michael Fox, Chief Operating Officer of electroCore. “The platform is generating meaningful revenue with gross margins that compare favorably to many medical device peers, and the operating leverage opportunity is substantial. My focus will be on scaling our commercial organization efficiently — ensuring that incremental revenue translates into bottom-line improvement.”
First Quarter 2026 Financial Results and Select Guidance
For the first quarter of 2026, electroCore reported net sales of
| Three months ended March 31, | ||||||||
| Channel: | 2026 | 2025 | ||||||
| United States – Rx | $ | 7,421 | $ | 5,005 | ||||
| General Wellness | 1,588 | 1,106 | ||||||
| Outside the United States | 502 | 498 | ||||||
| TAC-STIM | 42 | 90 | ||||||
| In-License / Other | 31 | 20 | ||||||
| Total Net Sales | $ | 9,584 | $ | 6,719 | ||||
Gross profit increased
Research and development expense was
Selling, general and administrative expense was
General and administrative expense increased
Total operating expenses in the three months ended March 31, 2026 were
GAAP net loss in the first quarter of 2026 was
Adjusted EBITDA net loss in the first quarter of 2026 was
Adjusted EBITDA net loss is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measure” below for additional information and a reconciliation to GAAP net loss.
Total cash, cash equivalents, and marketable securities at March 31, 2026, was approximately
Full Year 2026 Outlook
For the full year of 2026, the Company is reiterating revenue guidance of approximately
Webcast and Conference Call Information
electroCore’s management team will host a webcast and conference call today, May 6, 2026, beginning at 4:30 PM EDT.
Investors must register here to receive login credentials and be able to ask questions on the call. All attendees who prefer to participate in “Listen Only” mode may dial in as follows:
Dial-In: (646) 931-3860
Webinar ID: 856 5438 2775
Passcode: 895430
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 bioelectronic technology company whose mission is to improve health and quality of life through innovative non-invasive bioelectronic technologies. The Company’s leading prescription products are gammaCore non-invasive vagus nerve stimulation, or nVNS, indicated for the treatment of primary headache conditions, and Quell Fibromyalgia. The Company also commercializes its handheld and personal-use Truvaga and TAC-STIM™ nVNS products, which utilize bioelectronic technologies to promote general wellness and human performance.
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, Quell products, and other potential new products and markets; revenue guidance for the full year of 2026; the Company’s ability to continue as a going concern;, the Company’s ability to raise additional capital; and the Company’s liquidity position, respectively, and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “designed,” “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, Truvaga, and Quell, the risk the Company may not be able to maintain its listing on the Nasdaq Capital Market, the impact of an ongoing leadership and management transition, 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 including its Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
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, | ||||||||
| 2026 | 2025 | |||||||
| Net sales | $ | 9,584 | $ | 6,719 | ||||
| Cost of goods sold | 1,220 | 1,013 | ||||||
| Gross profit | 8,364 | 5,706 | ||||||
| Operating expenses: | ||||||||
| Research and development | 740 | 642 | ||||||
| Selling, general and administrative | 12,940 | 8,886 | ||||||
| Total operating expenses | 13,680 | 9,528 | ||||||
| Loss from operations | (5,316 | ) | (3,822 | ) | ||||
| Other (income) expense: | ||||||||
| Interest and other income | (52 | ) | (83 | ) | ||||
| Interest expense | 318 | 5 | ||||||
| Other expense | 10 | 159 | ||||||
| Total other expense | 276 | 81 | ||||||
| Loss before income taxes | (5,592 | ) | (3,903 | ) | ||||
| Benefit from income taxes | 321 | 48 | ||||||
| Net loss | $ | (5,271 | ) | $ | (3,855 | ) | ||
| Net loss per share of common stock - Basic and Diluted | $ | (0.59 | ) | $ | (0.47 | ) | ||
| Weighted average common shares outstanding - Basic and Diluted | 8,953 | 8,289 | ||||||
| electroCore, Inc. Condensed Consolidated Balance Sheet Information (unaudited) (in thousands) | ||||||
| March 31, 2026 | December 31, 2025 | |||||
| Cash and cash equivalents | $ | 4,852 | $ | 7,035 | ||
| Marketable securities | 3,978 | 4,576 | ||||
| Total assets | 15,482 | 18,667 | ||||
| Current liabilities | 12,313 | 11,348 | ||||
| Total liabilities | 21,170 | 20,376 | ||||
| Total stockholders’ deficit | (5,688 | ) | (1,709 | ) | ||
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-based compensation expense, inventory reserve changes, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation and intellectual property litigation, benefit from income taxes, and non-recurring transaction charges associated with the acquisition of NURO and other business development activities, 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) | 2026 | 2025 | |||||
| GAAP net loss | $ | (5,271 | ) | $ | (3,855 | ) | |
| Depreciation and amortization | 21 | 155 | |||||
| Stock-based compensation | 1,036 | 540 | |||||
| Inventory reserve change | 33 | (88 | ) | ||||
| Severance and other related charges | 1,425 | 180 | |||||
| Acquisition related expenses | - | 145 | |||||
| Interest and other (income) expense | 266 | (83 | ) | ||||
| Benefit from income taxes | (321 | ) | (48 | ) | |||
| Non-recurring one-time charges | 485 | - | |||||
| Adjusted EBITDA net loss | $ | (2,326 | ) | $ | (3,054 | ) | |
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.
