electroCore Announces Full Year 2025 Financial Results and Organizational Changes
Rhea-AI Summary
electroCore (Nasdaq: ECOR) reported record full year 2025 net sales of $32.0 million, up ~27% from $25.2 million in 2024, driven by U.S. prescription growth and a 97% rise in general wellness sales.
GAAP net loss was $14.0 million; adjusted EBITDA loss improved to $8.7 million. Total cash was $11.6 million at December 31, 2025. The company provided 2026 revenue guidance of approximately 30% growth and announced CEO Dan Goldberger will retire April 1, 2026, with Joshua Lev named interim President and Michael Fox hired as COO.
Positive
- Total revenue +27% to $32.0 million in 2025
- U.S. prescription sales $24.07 million, up 25% year-over-year
- General wellness sales +97% to $5.55 million
- Gross margin improved to 87% (from 85%)
- 2026 revenue guidance ~30% annual growth
Negative
- GAAP net loss widened to $14.0 million in 2025
- SG&A expense increased $7.0 million to $38.2 million
- Total operating expenses rose to $40.9 million in 2025
- One-time charges included $0.5 million CVR liability and $0.5 million bad debt
Key Figures
Market Reality Check
Peers on Argus
Peer moves are mixed: NMTC and RBOT showed gains (RBOT up 20%), while IINN and MODD declined. Momentum scanner also flags IINN up slightly and MYO down, reinforcing a stock-specific rather than sector-wide pattern for ECOR.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | +23.2% | Record Q3 2025 sales and raised full-year 2025 revenue guidance. |
| Aug 06 | Q2 2025 earnings | Positive | -29.1% | Record Q2 revenue and higher gross profit but larger operating expenses and net loss. |
| May 07 | Q1 2025 earnings | Positive | -23.8% | Strong Q1 sales growth with higher operating expenses and continued GAAP losses. |
| Mar 12 | Full-year 2024 earnings | Positive | -26.5% | Record 2024 revenue and margin expansion but substantial operating costs and losses. |
| Nov 13 | Q3 2024 earnings | Positive | +1.5% | Record Q3 2024 revenue with improving losses and cash position. |
Earnings releases have often seen selling pressure, with 3 of the last 5 tagged earnings events drawing negative next-day moves despite revenue growth.
Over the past year, electroCore’s earnings reports consistently highlighted double‑digit revenue growth and expanding gross margins, but also persistent GAAP losses. Events on Nov 5, 2025, Aug 6, 2025, and May 7, 2025 showed rising sales yet drew negative price reactions. The Mar 12, 2025 full‑year 2024 results likewise combined strong growth with a wider cost base. Today’s full‑year 2025 update continues this theme, adding 2026 growth guidance and leadership changes.
Historical Comparison
Across 5 recent earnings releases, ECOR’s average next-day move was -10.96%, showing a tendency for investors to fade growth-focused but loss-making results. Today’s setup again pairs record revenue with continued net losses.
Successive earnings reports show sustained double‑digit revenue growth, high gross margins, and gradually improving adjusted EBITDA net loss, but GAAP losses and operating expenses remain elevated.
Regulatory & Risk Context
An effective S-3 resale registration dated Oct 3, 2025 covers up to 762,508 common shares for selling stockholders. The company is not selling securities under this registration and will not receive proceeds from any stockholder resales.
Market Pulse Summary
This announcement reports record 2025 revenue of $32.0 million with an 87% gross margin, alongside higher operating expenses of about $40.9 million and a $14.0 million GAAP net loss. Management also guides to roughly 30% revenue growth in 2026 and details CEO succession plus new leadership roles. Investors may track progress on adjusted EBITDA improvement, execution on growth channels, and the impact of leadership changes through upcoming quarters.
Key Terms
gaap financial
adjusted ebitda financial
term debt financing financial
cvr agreement regulatory
AI-generated analysis. Not financial advice.
Record full year 2025 net sales of $32.0, an increase of
Announces the retirement of Dan Goldberger as Chief Executive Officer in addition to other key executive management changes
Company to host a conference call and webcast today, March 19, 2026, at 4:30pm EDT
ROCKAWAY, N.J., March 19, 2026 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) ("electroCore" or the “Company”), a bioelectronic technology company, today announced full year 2025 financial results.
- Reported record full year of 2025 revenue of
$32.0 million , an increase of approximately27% over full year of 2024. - Cash, cash equivalents, and marketable securities (“Total Cash”) of
$11.6 million at December 31, 2025. - Full year 2026 revenue guidance of approximately
30% annual growth. - Announced Chief Executive Officer, Dan Goldberger will retire effective April 1, 2026, and Joshua Lev will be taking on the role of interim President and Chief Financial Officer.
- Hired Michael Fox as Chief Operating Officer, strengthening the sales management team through his strong track record of driving significant revenue growth across the VA system and other key channels.
Full Year 2025 Financial Results and 2026 Select Guidance
For the year ended December 31, 2025, electroCore reported net sales of
| (in thousands) | Full year ended December 31, | ||||||||
| Channel: | 2025 | 2024 | % Change | ||||||
| United States – Rx | $ | 24,073 | $ | 19,307 | 25 | % | |||
| TAC-STIM | 422 | 1,197 | -65 | % | |||||
| Outside the United States | 1,892 | 1,785 | 6 | % | |||||
| In-License / Other | 96 | 82 | 17 | % | |||||
| General Wellness | 5,549 | 2,811 | 97 | % | |||||
| Total Net Sales | $ | 32,032 | $ | 25,182 | 27 | % | |||
Gross profit increased
Research and development expense of
Selling, general and administrative expense of
Total operating expenses for the full year of 2025 was approximately
Other expense of
GAAP net loss for the full year of 2025 was
Adjusted EBITDA net loss for the full year 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 changes, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation and the intellectual 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.
Total Cash at December 31, 2025, was approximately
Full Year 2026 Outlook
For the full year of 2026, the Company is providing revenue guidance of approximately
Organizational Changes
The Company also announced that electroCore’s Chief Executive Officer, Dan Goldberger, will be retiring effective April 1, 2026. In addition, the Company announced that Joshua Lev will assume the role of interim President and Michael Fox will be joining the Company as Chief Operating Officer in April of this year.
“On behalf of the Board of Directors, I want to thank Dan for his dedicated leadership and many contributions to the Company's growth,” said Dr. Thomas Errico, founder, investor, and Chairman of the Board of Directors of electroCore. “We are grateful and fortunate that he will continue advising the Company as a consultant for the next year.”
"I am honored to assume the role of Interim President in addition to my responsibilities as CFO,” said Joshua Lev, CFO of electroCore. “I would like to extend our sincere appreciation to Dan for his leadership and the foundation he leaves behind. We are experiencing robust momentum, and I believe we are very well positioned to define the bioelectronic technology category and remain very optimistic about our prospects for 2026 and beyond.”
Webcast and Conference Call Information
electroCore’s management team will host a webcast and conference call today March 19, 2026, 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: electroCore FY 2025 Financial Results Weblink.
Attendees who prefer to participate in “Listen Only” mode may dial in as follows:
Dial-In: (646) 931-3860
Webinar ID: 886 9421 4883
Passcode: 014212
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 two leading prescription products to treat chronic pain syndromes through non-invasive neuromodulation technology are gammaCore non-invasive vagus nerve stimulation, or nVNS, and the Quell Fibromyalgia. Additionally, the Company commercializes its handheld and personal use Truvaga and TAC-STIM TM nVNS products utilizing 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, respectively, 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, Quell, 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. | ||||||||
| Consolidated Statements of Operations | ||||||||
| (in thousands, except per share data) | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Net sales | $ | 32,032 | $ | 25,182 | ||||
| Cost of goods sold | 4,244 | 3,785 | ||||||
| Gross profit | 27,788 | 21,397 | ||||||
| Operating expenses | ||||||||
| Research and development | 2,735 | 2,360 | ||||||
| Selling, general and administrative | 38,206 | 31,199 | ||||||
| Total operating expenses | 40,941 | 33,559 | ||||||
| Loss from operations | (13,153 | ) | (12,162 | ) | ||||
| Other (income) expense: | ||||||||
| Interest and other income | (298 | ) | (572 | ) | ||||
| Interest expense | 590 | 389 | ||||||
| Other expense | 518 | - | ||||||
| Total other expense (income) | 810 | (183 | ) | |||||
| Loss before income taxes | (13,963 | ) | (11,979 | ) | ||||
| (Provision) benefit from income taxes | (3 | ) | 93 | |||||
| Net loss | $ | (13,966 | ) | $ | (11,886 | ) | ||
| Net loss per share of common stock - Basic and Diluted | $ | (1.65 | ) | $ | (1.59 | ) | ||
| Weighted average common shares outstanding - Basic and Diluted | 8,483 | 7,483 | ||||||
| electroCore, Inc. | |||||||||
| Condensed Consolidated Balance Sheet Information | |||||||||
| (in thousands) | |||||||||
| December 31, 2025 | December 31, 2024 | ||||||||
| Cash and cash equivalents | $ | 7,035 | $ | 3,700 | |||||
| Marketable securities | $ | 4,576 | $ | 8,519 | |||||
| Total assets | $ | 18,667 | $ | 20,471 | |||||
| Current liabilities | $ | 11,348 | $ | 9,152 | |||||
| Total liabilities | $ | 20,376 | $ | 12,927 | |||||
| Total stockholders' equity (deficit) | $ | (1,709 | ) | $ | 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, accounts receivable reserve charges, non-recurring recruiting fees, severance and other related charges, legal fees associated with stockholders’ litigation and the intellectual 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.
| Year ended | |||||||
| December 31, | |||||||
| (in thousands) | 2025 | 2024 | |||||
| GAAP net loss | $ | (13,966 | ) | $ | (11,886 | ) | |
| Depreciation and amortization | 501 | 760 | |||||
| Stock-based compensation | 1,930 | 1,870 | |||||
| Inventory reserve change | 41 | - | |||||
| Write-off of licensed devices | 150 | - | |||||
| Severance and other related charges | 360 | - | |||||
| Acquisition related expenses | 1,005 | 225 | |||||
| Reserve for bad debt charge | 548 | - | |||||
| Interest and other (income) expense | 240 | (183 | ) | ||||
| Provision (benefit) from income taxes | 3 | (93 | ) | ||||
| Non-recurring one-time charges | 500 | 277 | |||||
| Adjusted EBITDA net loss | $ | (8,688 | ) | $ | (9,030 | ) | |
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 (ECOR) full year 2025 revenues and growth rate?
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