olivLaw · US equity research
electroCore, Inc. ECOR
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
electroCore is a bioelectronic technology company that develops non-invasive vagus nerve stimulation devices for headache and fibromyalgia, along with consumer wellness products. It is growing mainly through the US veterans channel, but it still depends on additional funding, so its outlook depends on execution and access to capital.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, electroCore, Inc. (ECOR) stock was 8.40 USD (+16.18% on the day), with market capitalisation 75.7 m USD, beta 1.59, 52-week range 4.42–12.29 USD. Latest reported quarter (Q2 2026): revenue of 9.5 m USD (+28.0% YoY), net income of -3.1 m USD, diluted EPS -0.33 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 6.51 – 9.52
- in the upper half of the band · %B 0.63 · band width 37.6%
- SMA 50 / 200
- 9.36 / 7.75
- mixed trend
- MACD (12, 26, 9)
- -0.51 / -0.59
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.1% | −2.0% | −15.1 pp | — |
| 3 months | +28.6% | −2.2% | +30.8 pp | — |
| 6 months | +26.1% | +4.3% | +21.9 pp | — |
| Year to date | +87.3% | +10.6% | +76.7 pp | — |
| 1 year | +69.7% | +10.5% | +59.2 pp | −2.6% |
| 3 years | +35.9% | +73.7% | −37.7 pp | −29.1% |
| 5 years | −42.7% | +61.7% | −104.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.6 m | 7.0 m | 6.7 m | 7.4 m | 8.7 m | 9.2 m | 9.6 m | 9.5 m |
| Cost of revenue | 1.1 m | 994.0 k | 1.0 m | 939.0 k | 1.2 m | 1.1 m | 1.2 m | 1.3 m |
| Gross profit | 5.5 m | 6.1 m | 5.7 m | 6.4 m | 7.5 m | 8.2 m | 8.4 m | 8.2 m |
| Research & development | 521.0 k | 805.0 k | 642.0 k | 511.0 k | 662.0 k | — | — | — |
| SG&A | 7.6 m | 8.3 m | 8.9 m | 9.4 m | 9.7 m | 10.2 m | 12.9 m | 10.1 m |
| Operating income | -2.7 m | -3.1 m | -3.8 m | -3.5 m | -2.9 m | -2.9 m | -5.3 m | -2.8 m |
| Depreciation & amortisation | 185.0 k ≈ | 168.0 k | 155.0 k | 121.0 k ≈ | 118.0 k ≈ | 107.0 k | 21.0 k | 6.0 k ≈ |
| Interest expense | 5.0 k | 5.4 k | 5.0 k | 4.5 k | 3.3 k | 2.1 k | 4.0 k | 3.3 k |
| Pre-tax income | -2.5 m | -3.2 m | -3.9 m | -3.7 m | -3.4 m | -3.0 m | -5.6 m | -3.1 m |
| Income tax | 0 ≈ | 29.0 k | -48.0 k | 0 ≈ | 0 ≈ | 51.0 k | -321.0 k | 0 ≈ |
| Net income | -2.5 m | -3.2 m | -3.9 m | -3.7 m | -3.4 m | -3.0 m | -5.3 m | -3.1 m |
| Diluted EPS | -0.31 | -395.49 ≈ | -0.47 | -0.44 | -0.40 | -341.98 ≈ | -0.59 | -0.33 |
| Operating cash flow | -1.4 m ≈ | -1.3 m | -4.4 m | -623.0 k ≈ | -1.7 m ≈ | -1.5 m | -3.0 m | -3.5 m ≈ |
| Capex | — | — | 37.0 k | 25.0 k ≈ | 4.0 k ≈ | 0 | 2.0 k | 4.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 993.0 k | 2.4 m | 3.5 m | 5.5 m | 8.6 m | 16.0 m | 25.2 m | 32.0 m |
| Revenue YoY | +22.4% | +140.7% | +46.3% | — | +57.6% | +86.6% | +57.1% | +27.2% |
| Net income | -55.8 m | -45.1 m | -23.5 m | -17.2 m | -22.2 m | -18.8 m | -11.9 m | -14.0 m |
| Net income YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -4.36 | -4.69 | -3.42 | -1.59 | -1.65 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| net % | -5,621.7% | -1,888.8% | -672.5% | -315.9% | -257.9% | -117.5% | -47.2% | -43.6% |
| Free cash flow | -47.4 m | -45.1 m | unavailable | unavailable | unavailable | -14.9 m | unavailable | -8.3 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.0 m USD
- Financial debt
- 6.6 m USD
- Net debt
- -428.0 k USD
- Equity
- -1.7 m USD
- Total assets
- 18.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.38x
- ROE
- unavailable
- ROA
- -71.4%
- FCF margin
- -25.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.5 m | 5.5 m | 8.6 m | 16.0 m | 25.2 m | 32.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 1.7 m | 1.4 m | 1.6 m | 2.8 m | 3.8 m | 4.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 1.8 m | 4.1 m | 7.0 m | 13.2 m | 21.4 m | 27.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Research & development | 4.2 m | 2.5 m | 5.5 m | 5.3 m | 2.4 m | — | SEC (XBRL)· 12 Mar 2025verified |
| SG&A | 21.8 m | 21.6 m | 24.3 m | 27.2 m | 31.2 m | 38.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | -24.7 m | -20.0 m | -22.9 m | -19.3 m | -12.2 m | -13.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 399.2 k | 382.0 k | 548.0 k | 962.0 k | 760.0 k | 501.0 k | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | -24.3 m ≈ | -19.7 m ≈ | -22.3 m ≈ | -18.3 m ≈ | -11.4 m ≈ | -12.7 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Interest expense | 341 | — | 4.0 k | — | 18.4 k | 14.9 k | SEC (XBRL)· 19 Mar 2026verified |
| Pre-tax income | -24.7 m | -18.1 m | -22.6 m | -19.0 m | -12.0 m | -14.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | -1.2 m | -851.0 k | -431.0 k | -186.0 k | -93.0 k | 3.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Net income | -23.5 m | -17.2 m | -22.2 m | -18.8 m | -11.9 m | -14.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | — | -4.36 | -4.69 | -3.42 | -1.59 | -1.65 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | — | 3.9 k | 4.7 k | 5.5 m | 7.5 k | 8.5 k | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.2 m | 34.7 m | 17.7 m | 10.3 m | 3.7 m | 7.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Receivables | 270.5 k | 438.0 k | 401.0 k | 717.0 k | 1.4 m | 1.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | 876.4 k | 1.4 m | 2.0 m | 2.2 m | 1.7 m | 1.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 25.1 m | 37.5 m | 21.2 m | 14.3 m | 16.3 m | 15.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 244.0 k | 147.0 k | 50.0 k | 204.0 k | 158.0 k | 382.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 31.5 m | 42.8 m | 24.8 m | 16.1 m | 20.5 m | 18.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 2.1 m | 938.0 k | 2.1 m | 2.2 m | 1.8 m | 2.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | 311.6 k | — | — | — | — | — | SEC (XBRL)· 11 Mar 2021verified |
| Long-term debt | — | — | — | — | — | 6.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Current liabilities | 5.9 m | 5.5 m | 7.0 m | 8.1 m | 9.2 m | 11.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 7.9 m | 6.2 m | 7.7 m | 8.7 m | 12.9 m | 20.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | 23.6 m | 36.6 m | 17.1 m | 7.4 m † | 7.5 m † | -1.7 m † | SEC (XBRL)· 19 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -20.1 m | -13.6 m | -16.6 m | -14.7 m | -6.9 m | -8.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Capex | — | — | — | 206.0 k | — | 66.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Free cash flow | — | — | — | -14.9 m ≈ | — | -8.3 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Investing cash flow | -8.0 m | 18.2 m | — | -206.0 k | -8.5 m | 3.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 18.9 m | 25.7 m | — | 7.5 m | 8.4 m | 7.6 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 75.7 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -40.0% | 50 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 55.1% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1,095.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -12.9% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial50/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
electroCore, Inc. (ECOR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 32.0 m USD in 2025; YoY growth 27.2%; net margin -40.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 55.1%
What contradicts it
- Interest coverage: -1,095.5x
- FCF yield: -12.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 126.5 bn | 24.3 | 10.7% | 13.9% | +8.4% | −6% / +25% |
| LIVNLivaNova PLC | 5.2 bn | 27.8 | 15.4% | 12.8% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.5 m | — | -59.2% | -63.1% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 75.7 m | — | — | -40.0% | +27.2% | +70% / +36% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
1- and 3-year price returns: for ECOR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
electroCore is a bioelectronic technology company that develops non-invasive vagus nerve stimulation devices for headache and fibromyalgia, along with consumer wellness products. It is growing mainly through the US veterans channel, but it still depends on additional funding, so its outlook depends on execution and access to capital 13.
SWOT
Strengths
- The company has steadily growing revenue, high gross margins and a customer base in the veterans channel.
- The nVNS technology has clinical data that supports medical use.
- Federal supply contracts give stable access to a major customer.
Weaknesses
- Concentration of revenue on one customer makes the company vulnerable to policy changes.
- Operating losses persist and sales and marketing costs are high.
- Experience in direct-to-consumer sales is limited.
Opportunities
- Expansion into private insurance systems could open new markets for gammaCore.
- Relaunching Quell through the direct-to-consumer channel could add revenue.
- Lower sales costs under the new incentive plans could improve profitability.
Threats
- The need for additional funding may lead to dilution or unfavorable terms.
- Payors may refuse reimbursement, limiting adoption of the products.
- New competing therapies could reduce the company's market share.
Risks
- Dependence on financinghigh
The company states it may not have sufficient cash flow and liquidity for its planned activities and could be forced to reduce operations 1.
- Customer concentrationhigh
A single majority customer means revenue depends on one government buyer.
- Payor reimbursementmedium
Refusal or reduction of reimbursement could limit sales of prescription products 1.
- Leadership transitionmedium
The leadership transition could cause delays and loss of institutional knowledge 2.
- Advertising costslow
Rising media costs could make consumer marketing unprofitable 3.
Investment thesis
What would need to be true (bull case)
- If growth in veterans channel and Quell sales continues, revenue could exceed current estimates.
- Sales force restructuring could reduce costs and improve operating results.
- If private payor coverage expands, the addressable market could grow significantly.
What would break the thesis
- Dependence on a single government customer could expose the company to sudden policy or contract changes.
- Without clear funding sources, the company could be forced into dilution or into reducing activities.
- If payors do not accept non-invasive therapies, adoption could remain limited.
What to watch
- Veterans channel sales trend and delivery against the full-year growth guidance2026
- Quell sales and any relaunch of Quell in the direct-to-consumer channel2026
- Liquidity level and use of available financing linesnext 10-K
- Achievement of positive Adjusted EBITDA2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
electroCore is a bioelectronic technology company whose mission is to improve health through non-invasive technologies. Its main products are gammaCore, a non-invasive vagus nerve stimulation device for primary headache, and Quell Fibromyalgia for chronic pain 2. The company also sells consumer products, Truvaga and TAC-STIM, for general wellness and human performance 2.
Revenue comes from prescription medical devices and non-prescription wellness products sold in the United States and select overseas markets. In fiscal 2025 the US Department of Veterans Affairs accounted for 71.2% of revenue, showing high concentration on a single customer 1.
The company acquired the Quell line from NeuroMetrix in May 2025, and Quell sales are growing fast from a small base 3. Quell sales reached 1.3 million USD in the second quarter of 2026, growth of roughly 700% year over year.
Segments
Prescription devices (gammaCore and Quell)
This is the main growth driver, with US prescription sales rising and gammaCore sold mainly to the Department of Veterans Affairs 3. The veterans channel is essential for this line, and federal supply contracts are fundamental to access.
Wellness products (Truvaga and TAC-STIM)
Truvaga is sold direct to consumers through the company website and retail partners, while TAC-STIM targets active-duty military and professional organizations 2. The company cut Truvaga spending because of higher media costs, which slowed sales in this segment 3.
Market context
The market for non-invasive headache and chronic pain treatment is small, and adoption depends on coverage and reimbursement by payors, which do not always cover non-invasive bioelectronic devices 1. In a limited market, adoption by physicians and patients depends on clinical data and access through large public channels.
Growth depends heavily on expanding beyond the veterans channel, especially through private insurance systems and direct-to-consumer sales, where the company has limited experience 1.
Trends
- Payor coverageheadwind
Private and public payors may refuse or limit reimbursement for non-invasive devices, which could slow adoption of prescription products 1.
- Federal procurementmixed
Federal supply contracts and the Lovell partnership could simplify government sales but concentrate revenue on a single buyer 3.
- Direct-to-consumer modelmixed
Direct sales of Quell and Truvaga could add new revenue, but pricing pressure in this channel could affect prices in the core channels 1.
- Advertising costsheadwind
Rising media prices led the company to cut Truvaga spending, showing that consumer marketing can be costly to sustain 3.
Competitive position
The company competes with other neuromodulation solutions and drug therapies for migraine and chronic pain, though the sources do not identify these competitors in detail. Competition is most intense in the direct-to-consumer channel, where established companies have strong relationships with e-commerce and telehealth platforms 1.
The company's advantage lies in clinical data for nVNS and federal contract access, but a new competing product or a cheaper therapy could reduce its market share 1.
- Established telehealth and e-commerce consumer health companies
The sources mention such competitors generically without naming them.
- Other neuromodulation therapies
Competing therapies could reach the market and change payor perception.
- Pharmaceutical migraine therapies
Drugs are alternatives for the same clinical indications.
- Consumer wellness products
Competition in the Truvaga segment comes from similar consumer products.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report09 Sept 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Proxy statement20 Jul 2026
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Annual report19 Mar 2026
- Current report19 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / electroCore, Inc. · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / electroCore, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / electroCore, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.