0001493152-26-011636
SEC filingelectroCore, 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.
In FY2025 ending Dec 31, electroCore reported net sales of $32.0M, a 27% YoY increase from $25.2M in FY2024, fueled by VA prescription sales (71.2% of revenue) and Truvaga wellness growth. Gross profit climbed 30% to $27.8M (87% margin vs 85%), but operating expenses rose 22% to $40.9M, yielding a $13.2M operating loss (-2% YoY widening). Net loss expanded 17% to $14.0M (-$2 EPS, flat YoY), with other expense at $0.8M from debt and non-recurring items. Balance sheet shows $18.7M total assets, -$1.7M equity, $20.4M liabilities (incl. $6.6M long-term debt). Cash + securities $11.6M supports operations amid $8.2M cash burn.
Revenue breakdown: US Rx $24.1M (+25% YoY, VA dominant at 71.2%), General Wellness $5.5M (+97%, Truvaga DTC), Outside US $1.9M (+6%, NHS MTFM), TAC-STIM $0.4M (-65%). Growth drivers include gammaCore/Quell VA sales via FSS/Lovell, Truvaga ecommerce/retail expansion. No international segment >10%. 2026 outlook ties to VA/Lovell contracts (FSS to 2030), potential Quell OTC relaunch.
Gross margin improved to 87% from 85% on product mix (wellness higher margin). COGS $4.2M (+12%). Op ex: SG&A $38.2M (+22%, sales variables/legal), R&D $2.7M (+16%). Op margin -41% vs -48%. Losses persist from commercialization investments; no profitability timeline stated.
Ops cash use $8.2M (+18% YoY) from loss/partially offset by payables. Investing +$3.9M (securities sales). Financing +$7.6M (Avenue $7.5M loan). Ending cash $7.0M (+equiv), securities $4.6M; total liquidity $11.6M. Debt $6.6M (Avenue, repayments 2027-29). Current liabilities $11.3M, assets $18.7M; equity deficit -$1.7M. Shelf/ATM available for needs.
Management highlights VA/Lovell for 2026 sales, NICE review risk for UK. Shelf $100M, ATM $19.8M for capital. R&D focus Emerald/app; wellness scaling. Risks: losses, liquidity (going concern note), customer concentration (VA 71%), competition, regulation. No specific guidance; substantial doubt on 12-month viability without adjustments.