electroCore Announces Second Quarter 2026 Financial Results
Rhea-AI Summary
electroCore (Nasdaq: ECOR) reported second quarter 2026 net sales of $9.5 million, up about 28% from $7.4 million a year earlier, led by U.S. VA prescription gammaCore and direct-to-consumer Truvaga, plus strong Quell Fibromyalgia uptake.
Quell sales reached $1.3 million, growing roughly 700% year-over-year and 30% sequentially, with cumulative Quell revenue of about $4.0 million since May 2025. Truvaga revenue was $1.3 million, up 27% year-over-year but down 17% sequentially after reduced marketing spend. VA gammaCore revenue grew about 11% year-over-year, with approximately 16,400 VA patients treated, or 2.7% estimated VA headache market penetration.
Gross profit rose to $8.2 million, though gross margin slipped to 86.5% from 87.3% on higher inventory reserves. GAAP net loss narrowed to $3.1 million (–$0.33 per share) from $3.7 million (–$0.44), and adjusted EBITDA net loss improved to $1.8 million from $2.4 million. Cash, cash equivalents, and marketable securities totaled about $10.0 million at June 30, 2026. The company raised 2026 revenue guidance to more than 30% growth over 2025 and targets positive adjusted EBITDA in Q3 2027, supported by commercial reorganization, expanded VA-focused sales coverage, and expected reductions in sales, marketing, and transaction-related expenses.
Positive
- Q2 2026 net sales $9.5M, up ~28% year-over-year
- Quell revenue $1.3M, ~700% YoY growth and 30% sequential increase
- Adjusted EBITDA net loss improved to $1.8M from $2.4M YoY
- GAAP net loss narrowed to $3.1M from $3.7M YoY
- Full-year 2026 revenue guidance raised to >30% annual growth
- VA gammaCore penetration about 16,400 patients, ~2.7% of estimated market
Negative
- GAAP net loss remained $3.1M in Q2 2026
- Cash, cash equivalents, and securities declined to ~$10.0M from $11.6M
- Gross margin decreased to 86.5% from 87.3% due to higher inventory reserves
- Total operating expenses rose to $10.9M from $9.9M year-over-year
- Total stockholders’ deficit widened to $(2.8)M from $(1.7)M
- Truvaga revenue down 17% sequentially to $1.3M despite 27% YoY growth
News Explained
At June 30, stockholders’ deficit was $2,790 thousand, while weighted-average common shares were 9,404 thousand versus 8,316 thousand a year earlier.
The August 6 release reports the quarter ended June 30; its balance-sheet and share-count disclosures add a larger common-share base and a stockholders’ deficit to the reported position.
Weighted-average basic and diluted common shares outstanding were 9,404 thousand in the second quarter of 2026 versus 8,316 thousand in the second quarter of 2025, so the reported per-share loss was measured across more shares.
At June 30, cash and equivalents were
Market Reaction – ECOR
Following this news, ECOR has declined 1.54%, reflecting a mild negative market reaction. Our momentum scanner has triggered 7 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $6.60. Trading volume is very high at 3.1x the average, suggesting heavy selling pressure.
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Second quarter 2026 net sales of
Net loss of
Increasing 2026 revenue guidance to greater than
Company to host a conference call and webcast today, August 6, 2026, at 4:30 pm EDT
ROCKAWAY, N.J., Aug. 06, 2026 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR) (“electroCore” or the “Company”), a bioelectronic technology company, today announced financial results for the second quarter ended June 30, 2026. The Company reported quarterly revenue of
“This quarter marked a new era for our company as we implemented significant changes across our commercial organization to better position us for long-term success,” said Joshua Lev, Interim President and Chief Financial Officer of electroCore. “While these actions required investment and focus throughout the quarter, we believe they have strengthened our foundation, improved operating efficiency, and enhanced our ability to accelerate revenue growth. We are encouraged by the early results, and we believe these changes will help us drive sustainable top-line growth and achieve positive Adjusted EBITDA in the third quarter of 2027.”
Recent Operational Highlights
Veterans Affairs Channel Continues to Drive Prescription Growth
The VA continued to be the Company’s largest growth driver in the second quarter. Prescription (Rx) gammaCore revenue grew approximately
Quell Adoption Accelerates
Sales of the Quell product line were
Truvaga Spend Decreases as Media Costs Expand
Truvaga revenue grew approximately
Evolution of the Commercial Organization
To promote sustained growth, the Company has made material structural changes to the commercial organization. The Company doubled the number of sales regions from three to six, promoting greater accountability in smaller geographic territories. The Company recruited, contracted, and trained 17 new 1099 representatives with renewed focus on new patients and refill rates at the individual VA account level and helped diversify revenue across a larger number of accounts.
These changes are also structured to improve our cost efficiency over time. The Company has redesigned the sales incentive plan to reduce sales and marketing expense as a percentage of revenue. The redesigned plan realigns the Company’s sales territories, eliminating overlapping, inefficient coverage that added cost without building durable accounts and should result in a reduction in incentive compensation variable expense from approximately
In addition, moving forward Lovell Government Services will be the Company’s primary Federal Supply Schedule contract holder across all electroCore products, in both the VA and DoD markets. That will simplify how the Company’s products move through federal procurement and positions the Company to scale federal growth more efficiently and is expected to eliminate roughly
Beyond the VA, the Company contracted a 1099 representative with a specific mandate to grow the Company’s presence within the Kaiser Permanente Georgia system and hired a W-2 employee to bring dedicated focus and expertise to Department of Defense and federal workers' compensation.
Second Quarter 2026 Financial Results and Select Guidance
For the three months ended June 30, 2026, electroCore reported net sales of
| Three months ended June 30, | |||||||||
| Channel: | 2026 | 2025 | |||||||
| United States – Rx | $ | 7,447 | $ | 5,693 | |||||
| General Wellness | 1,306 | 1,014 | |||||||
| Outside the United States | 503 | 469 | |||||||
| TAC-STIM | 185 | 181 | |||||||
| In-License / Other | 9 | 24 | |||||||
| Total Net Sales | $ | 9,450 | $ | 7,381 | |||||
| Six months ended June 30, | ||||||||
| Channel: | 2026 | 2025 | ||||||
| United States – Rx | $ | 14,868 | $ | 10,703 | ||||
| General Wellness | 2,894 | 2,114 | ||||||
| Outside the United States | 1,005 | 967 | ||||||
| TAC-STIM | 227 | 271 | ||||||
| In-License / Other | 40 | 45 | ||||||
| Total Net Sales | $ | 19,034 | $ | 14,100 | ||||
Gross profit increased
Research and development expense was
Selling, general and administrative expense was
General and administrative expense decreased
Total operating expenses in the three months ended June 30, 2026 were
GAAP net loss in the second quarter of 2026 was
Adjusted EBITDA net loss in the second 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 June 30, 2026, was approximately
Full Year 2026 and Select 2027 Outlook
The Company is raising its full-year 2026 revenue guidance to greater than
A reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP measure is not provided because the timing and magnitude of certain reconciling items cannot be reasonably predicted without unreasonable effort.
Webcast and Conference Call Information
electroCore’s management team will host a webcast and conference call today, August 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: 849 0856 5421
Passcode: 305949
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 and select Adjusted EBITDA guidance for 2027; 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 risk that expected cost savings from the revised sales incentive compensation structure and the Lovell arrangement will not materialize, FDA regulatory matters that may affect the Quell product line, 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. AND SUBSIDIARIES | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net sales | $ | 9,450 | $ | 7,381 | $ | 19,034 | $ | 14,100 | ||||||||
| Cost of goods sold | 1,273 | 939 | 2,493 | 1,952 | ||||||||||||
| Gross profit | 8,177 | 6,442 | 16,541 | 12,148 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | 818 | 511 | 1,558 | 1,153 | ||||||||||||
| Selling, general and administrative | 10,131 | 9,437 | 23,071 | 18,323 | ||||||||||||
| Total operating expenses | 10,949 | 9,948 | 24,629 | 19,476 | ||||||||||||
| Loss from operations | (2,772 | ) | (3,506 | ) | (8,088 | ) | (7,328 | ) | ||||||||
| Other (income) expense: | ||||||||||||||||
| Interest and other income | (40 | ) | (68 | ) | (92 | ) | (151 | ) | ||||||||
| Interest expense | 321 | 5 | 639 | 10 | ||||||||||||
| Other expense | 6 | 228 | 16 | 387 | ||||||||||||
| Total other expense | 287 | 165 | 563 | 246 | ||||||||||||
| Loss before income taxes | (3,059 | ) | (3,671 | ) | (8,651 | ) | (7,574 | ) | ||||||||
| Benefit from income taxes | - | - | 321 | 48 | ||||||||||||
| Net loss | $ | (3,059 | ) | $ | (3,671 | ) | $ | (8,330 | ) | $ | (7,526 | ) | ||||
| Net loss per share of common stock – Basic and Diluted | $ | (0.33 | ) | $ | (0.44 | ) | $ | (0.91 | ) | $ | (0.91 | ) | ||||
| Weighted average common shares outstanding – Basic and Diluted | 9,404 | 8,316 | 9,180 | 8,302 | ||||||||||||
| ELECTROCORE, INC. AND SUBSIDIARIES | ||||||
| Condensed Consolidated Balance Sheet Information | ||||||
| (unaudited) | ||||||
| (in thousands) | ||||||
| June 30, 2026 | December 31, 2025 | |||||
| Cash and cash equivalents | $ | 8,501 | $ | 7,035 | ||
| Marketable securities | 1,543 | 4,576 | ||||
| Total assets | 17,064 | 18,667 | ||||
| Current liabilities | 11,674 | 11,348 | ||||
| Total liabilities | 19,854 | 20,376 | ||||
| Total stockholders’ deficit | (2,790 | ) | (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 June 30, | Six months ended June 30, | |||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| GAAP net loss | $ | (3,059 | ) | $ | (3,671 | ) | $ | (8,330 | ) | $ | (7,526 | ) | ||||
| Depreciation and amortization | 6 | 124 | 27 | 276 | ||||||||||||
| Stock-based compensation | 755 | 506 | 1,791 | 1,045 | ||||||||||||
| Inventory reserve change | 102 | (55 | ) | 135 | (143 | ) | ||||||||||
| Severance and other related charges | 58 | - | 1,483 | 180 | ||||||||||||
| Acquisition related expenses | - | 228 | - | 373 | ||||||||||||
| Reserve for bad debt charge | - | 548 | - | 548 | ||||||||||||
| Interest expense (income) | 281 | (58 | ) | 547 | (141 | ) | ||||||||||
| Benefit from income taxes | - | - | (321 | ) | (48 | ) | ||||||||||
| Non-recurring one-time charges | 104 | - | 589 | - | ||||||||||||
| Adjusted EBITDA net loss | $ | (1,753 | ) | $ | (2,378 | ) | $ | (4,079 | ) | $ | (5,436 | ) | ||||
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.
