ECOR · electroCore, Inc.

electroCore's first quarter 2026 results reflect a meaningful inflection point, with record quarterly revenue of $9.6 million, a 43% increase year-over-year. The growth was driven by continued strength in the U.S. prescription channel, particularly within the VA, where gammaCore revenue grew 26% and the number of purchasing VA facilities increased to 200. The Quell Fibromyalgia franchise, acquired from NeuroMetrix in May 2025, contributed over $1.0 million in quarterly revenue for the first time, with cumulative sales of $2.7 million since acquisition. The direct-to-consumer Truvaga brand grew 38% year-over-year to $1.5 million, supported by improved marketing efficiency (ROAS of 2.37x) and international expansion into the UK. Gross margin expanded to 87% from 85%, reflecting favorable product mix. GAAP net loss widened to $5.3 million from $3.9 million, primarily due to $1.9 million in one-time leadership transition expenses. Excluding these costs, adjusted EBITDA net loss improved 24% to $2.3 million, demonstrating operating leverage as the platform scales. Management reaffirmed full-year 2026 revenue guidance of approximately 30% annual growth over 2025. The company ended the quarter with $8.8 million in cash and marketable securities, down from $11.6 million at year-end 2025. Key operational highlights include the appointment of Michael Fox as COO in April 2026, continued pipeline progress with the expected launch of Quell Relief for lower extremity pain in H2 2026, and enrollment in a PTSD clinical study. The VA channel remains the primary growth driver, with approximately 2.5% penetration of the estimated addressable VA headache market.