electroCore, Inc.

electroCore, Inc. (ECOR) reported FY2025 net sales of $32.0M, up 27% YoY from $25.2M in FY2024, driven by higher prescription gammaCore and Quell Fibromyalgia sales to the VA (71.2% of revenue) and growth in general wellness Truvaga products. Gross profit rose 30% to $27.8M, with gross margin expanding to 87% from 85%, reflecting favorable product mix and efficiency. Total operating expenses increased 22% to $40.9M, primarily from $38.2M in SG&A (up due to variable sales costs and legal fees), leading to a loss from operations of -$13.2M (vs -$12.2M prior). Net loss widened to -$14.0M from -$11.9M, or -$2 per basic/diluted share (unchanged YoY), impacted by $0.8M other expense including Avenue debt interest. Cash, cash equivalents, and marketable securities stood at $11.6M, down from prior amid $8.2M operating cash use. Net cash from financing ($7.6M, Avenue loan) and investing ($3.9M securities sales) supported liquidity. Forward-looking, 2026 revenue expected from VA/Lovell channels; shelf registration ($100M available) and ATM ($19.8M) provide capital access, but ongoing losses and $20.4M liabilities raise going concern risks.

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